Company Law - Corporate Law Reporter

Registration of One- Person Company

Draft Rules have been prepared with regard to ˜One- Person Company™ registration system for small entrepreneurs and would be notified in due course after stakeholders™ comments and legal vetting. Giving this information in written reply to a question in the Lok Sabha, Minister of Corporate Affairs, Shri Sachin Pilot, however, said that the relevant provisions… Read More

Policy for Corporate Governance in India

On account of increasing importance of businesses to the economics and complexities of operating in an inter-dependent world necessitated this Ministry to constitute a Committee to formulate a Policy document on Corporate Governance under the Chairmanship of Shri Adi Godrej on 07.03.2012. The Committee has since submitted its report to the Central Government. Giving this information in… Read More

Spending Under Corporate Social Responsibility

Section 135 of the Companies Act, 2013 dealing with Corporate Social Responsibility (CSR) requires companies under its purview to spend at least two percent of its average net profit made in the three immediately preceding financial years to be spent on its CSR policy. Giving this information in written reply to a question in the… Read More

Statutory Status to the Serious Fraud Investigation Office

Under the provisions of the recently enacted Companies Act, 2013, Serious Fraud Investigation Office (SFIO) has been accorded statutory status. Various other provisions of the Companies Act, 2013 would enable SFIO to be more effective in conducting investigations. Steps have also been taken to induct technology and skilled manpower to improve the functioning of SFIO.… Read More

Implications of insertion of the word ˜person™ – Section 186 of the Companies Act, 2013

Disclaimer: The views expressed in this article are solely the views of the author and are not connected in any way with the views of the Company/ or the Group where the author is employed. By: Narendra Singh, Company Secretary, Essel Mining & Industries Limited (An Aditya Birla Group Company) ----------------------------------------------------------------- BACKGROUND The term ˜person™… Read More

SEBI Simplification of Demat Account opening process

CIRCULAR CIR/MIRSD/12/2013 December 04, 2013 The Managing Directors CDSL and NSDL Sub: Simplification of demat account opening process 1. SEBI has taken a number of steps in the recent past to simplify the Account opening and KYC process in the securities markets. In continuation of the efforts in the same direction, it has now been… Read More

Illustrative format of Statement of Assets & Liabilities in SEBI (ICDR) Regulations, 2009

CIRCULAR CIR/CFD/DIL/15/2013 December 3, 2013 To All Registered Merchant Bankers Dear Sir/Madam, Sub: Illustrative format of Statement of Assets & Liabilities in SEBI (ICDR) Regulations, 2009 1. Regulation - (2)(IX)(B)(9)(f) of Part-A of Schedule VIII of SEBI (ICDR) Regulations, 2009 provides for the illustrative format of Statement of Assets and Liabilities in offer document which… Read More

Right Of First Refusal: A Contractual Restriction On Transfer Of Shares

Introduction Among various provisions of incorporating documents such as shareholder™s agreement in a corporation, an item will often appear labeled ROFR / Right of First Refusal. ROFR is a contractual right that obliges the selling shareholder not to sell its shares in the company to a third party without offering his shares to another party… Read More

Consultation Paper seeking Public Comments on proposed SEBI (Research Analyst) Regulations

The consultation paper and draft SEBI (Research Analyst) Regulations have been placed on the SEBI website for public comments. Comments are invited on the Consultation Paper and draft Regulations latest by December 21, 2013. The full text of the Consultation Paper and draft Regulations is available on Corporate Law Reporter (www.corporatelawreporter.com) for download. Consultation Paper and Draft… Read More

Circular on Infrastructure Debt Fund (IDF) Foreign Institutional Investors (FIIs) which are long term investors

CIRCULAR CIR / IMD / DF / 20 / 2013 November 29, 2013 All Mutual Funds/Asset Management Companies Trustee Companies/Boards of Trustees of mutual funds Sir / Madam, Sub: Circular on Infrastructure Debt Fund (IDF) Foreign Institutional Investors (FIIs) which are long term investors 1. SEBI, vide Circular CIR / IMD / DF / 7… Read More

SEBI Circular on extension of timeline for alignment of employee benefit schemes with the SEBI (ESOS and ESPS) Guidelines, 1999

CIR/CFD/POLICYCELL/14/2013 November 29, 2013 To All Stock Exchanges All Registered Merchant Bankers Dear Sir/Madam, Sub: SEBI Circulars No. CIR/CFD/DIL/3/2013 dated January 17, 2013 and - CIR/CFD/DIL/7/2013 dated May 13, 2013 - Extension of time line for alignment 1. SEBI vide circular No. CIR/CFD/DIL/3/2013 dated January 17, 2013, inter alia, made certain amendments to the Equity… Read More

New Amendments in Securities Contracts (Regulation) Rules, 1957 with regards to LLPs

The Gazette of India EXTRAORDINARY PART II - SECTION 3 - SUB-SECTION (i) MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 24th October, 2013 G.S.R.705(E).-In exercise of the powers conferred by section 30 of the Securities Contracts (Regulation) Act, 1956, (42 of 1956), the Central Government hereby makes the following rules further… Read More

SEBI releases Paper seeking public comments on proposals for allowing certain class of companies to file shelf prospectus for public issuance of non-convertible debt securities

Proposals for allowing certain class of companies to file shelf prospectus for public issuance of non-convertible debt securities - Paper seeking public comments Every issuer is required to file a Prospectus with Registrar of Companies before making a public issue. To enable frequent issuers to raise money, without undergoing the procedure for filing Prospectus for every issuance, the… Read More