Company Law - Corporate Law Reporter

MCA amends Incorporation Rules w.r.t. shifting of registered office

Ministry of Corporate Affairs vide its notification MCA dated 27th July, 2017, has amended the Companies (Incorporation) Rules, 2014 and changes has been made in Rule 28-Shifting of Registered Office within the same State and Rule 30-Shifting of Registered office from one State or union Territory to another State. Further, as per amended Rule 30,… Read More

MCA constitutes 2 committees to review 10 years old and above cases of different regions

No. 16/37/2017 -Legal Government of India Ministry of Corporate Affairs 5th Floor, “A” Wing, Shastri Bhawan, Dr. R.P. Road, New Delhi- 110001 Dated: 25.07.2017 ORDER Subject: Constitution of two Review Committee (s) for reviewing the 10 year old and above cases of different regions and in office of SFIO for withdrawal of prosecutions – regarding Pursuant… Read More

MCA clarifies applicability of exemptions to private companies under Companies Act

Ministry clarifies about the applicability of the notification No.G.S.R.583(E) dated 13th June, 2017. The exemption shall be applicable for those audit reports in respect of which financial statements pertaining to financial years-commencing on or after 1st April,2016, which are made on or after the date of the said notification. General Circular No. 08 /2017 F.No. W2014-… Read More

JLF or IBC? – Can a single dissenting lender derail the process adopted by other lenders under extant JLF Guidelines?

Reserve Bank of India (“RBI”) and Government of India (“GoI”) have been relentlessly showing their willingness to resolve the near about 6 Lakh Crores worth of Non Performing Assets in the country. Manifesting such willingness, GoI has passed the Banking Regulation (Amendment) Ordinance, 2017 to equip RBI to direct insolvency resolution of specific companies to… Read More

Voluntary Winding up under Insolvency Bankruptcy Code

The Insolvency and Bankruptcy Board of India (“IBBI”) vide its notification dated 31 March 2017 has issued the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 (“the Regulation”) and shall come into force on 1 April 2017. These regulations apply to the voluntary liquidation of Corporate persons under Section 59 of Chapter V… Read More

MCA issues corrigendum to G.S.R. 583(E), dt. 13th June, 2017

MINISTRY OF CORPORATE AFFAIRS CORRIGENDUM New Delhi, the 13th July, 2017 S.O. 2218(E).—In the notification of the Government of India, in the Ministry of Corporate Affairs, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide G.S.R. 583(E), dated the 13th June, 2017 at page 4, in paragraph number 5, in… Read More

IBBI [FAST TRACK INSOLVENCY PROCESS OF CORPORATE PERSON (CHAPTER IV OF PART II OF THE CODE)]

SECTION 55 -58 OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016, READ WITH (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 CHAPTER II, PART II OF THIS CODE (Procedural Manner) CHAPTER VII, PART II OF THIS CODE (Offences & penalties) ________________________________________________________________________________ Note: The Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency… Read More

Central Government amends Companies (Meetings of Board and its Powers) Rules, 2014

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 13th July, 2017 G.S.R. 880(E).—In exercise of the powers conferred under sections 173, 175, 177, 178, 179, 184, 185, 186, 187, 188, 189 and section 191 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further… Read More

MCA amends Companies (Meetings of Board and its Powers) Rules,2014

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (i)] GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS Notification New Delhi, the 5 July, 2017 G.S.R. -(E). - In exercise of the powers conferred under sections 173, 175,777,178,179,784,185,186,787,188, 189 and section 191 read with section 469 of the Companies Act,2013 (18… Read More

MCA issues corrigendum to NOT. 583(E), dt. 13th June,2017

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS CORRIGENDUM New Delhi, the 13 July , 2017 S.O. ................... (E). - In the notification of the Government of India, in the Ministry of Corporate Affairs, published in the Gazette of India, Extraordinary,… Read More

IBBI invites comments on the regulations notified Insolvency Code

PRESS RELEASE 4 th July, 2017 Insolvency and Bankruptcy Board of India invites comments from public on the regulations notified under the Insolvency and Bankruptcy Code, 2016. The Insolvency and Bankruptcy Code, 2016 (Code) is a modern economic legislation. Section 240 of the Code empowers the Insolvency and Bankruptcy Board of India (IBBI) to make… Read More

MOS (Finance & Corporate Affairs) releases a Compendium of CSR: Best Practices in India

The Union Minister of State (Finance & Corporate Affairs) Shri Arjun Ram Meghwal: India has had a long history of social responsibility; Underlined the need for introducing innovations to be able to effectively contribute to social development and nation building through CSR projects. The Union Minister of State for Finance and Corporate Affairs, Shri Arjun Ram… Read More

REVERSE PIERCING OF CORPORATE VEIL: AN UNEMPLOYED PHENOMENON IN INDIA

Abstract The foundation of corporate governance rests on the principle that a company is a separate legal entity, distinct from its members and its shareholders offering them financial protection. Gradually, Courts realized that this ensured limited liability of individuals is often abused to achieve their selfish goals. The necessary ascent of an equitable doctrine of… Read More