Company Law - Corporate Law Reporter

CLR Snippets | Draft National Competition Policy

A draft National Competition Policy has been prepared in consultation with all the stake-holders including the State Governments. Giving this information in written reply to a question in the Lok Sabha, Shri Sachin Pilot, Minister of Corporate Affairs, said that it has now been referred to a Committee of Secretaries for further consideration. Read More

Salient Points of SEBI Board Meeting Held on 12th August 2013

The SEBI Board met in Mumbai today and took the following decisions: 1. Amendment to the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 Illegal mobilization of money by unregistered Collective Investment Schemes The Board has approved the proposal to declare illegal mobilization of funds without… Read More

SEBI Crackdown On Entities Engaged in Unregistered Investment Advisory And Portfolio Management Activities through Short Message Services (SMSs)

SEBI had noticed that certain entities were offering intraday tips and stock advisory services to investors through Short Message Services (SMSs) via mobile phones. SEBI , as part of its investigation, obtained details of the call data records of the telephone numbers used for sending such SMSs. Thereafter, SEBI conducted a surprise visit on the… Read More

SEBI Issues a Discussion Paper on “Revision of Clause-41 of Equity Listing Agreement”

SEBI has, today, placed a discussion paper on "Revision of Clause 41 of Equity Listing Agreement", for public comments. Clause-41 of Equity Listing Agreement provides the framework for preparation, authentication and submission of Financial Results by listed companies. Based on the requests/ suggestions/ recommendations received from various market participants, some of the provisions of Clause-41 have… Read More

SEBI Circular w.r.t. testing of software used in or related to Trading and Risk Management

CIRCULAR CIR/MRD/DP/24/2013 August 19, 2013 To, All Stock Exchanges. Dear Sir / Madam, Subject: Testing of software used in or related to Trading and Risk Management SEBI vide circular SEBI/MRD/Policy/SE/15864/2003 dated August 21, 2003 advised stock exchanges to obtain an undertaking in the form of an affidavit from the members of the stock exchange stating… Read More

Investment by Qualified Foreign Investors (QFIs) in “to be listed” Indian Corporate Debt Securities

CIRCULAR CIR/IMD/FIIC/13 /2013 August 13, 2013 All SEBI registered Intermediaries/ Recognized Stock Exchanges/ Depositories/ Mutual Funds/ qualified Depository Participants (DP) Sir / Madam, Sub: Investment by Qualified Foreign Investors (QFIs) in to be listed Indian Corporate Debt Securities 1. Vide SEBI circular CIR/IMD/FII&C/17/2012 dated July 18, 2012, QFIs had been allowed to invest in listed/… Read More

M&A – At the Onset of Companies Bill

Mergers and Acquisitions have been governed by a large number of individual laws in India. However, the Companies Act, 1956 is the prime regulator of companies when it comes to its legal framework and is guiding the reconstruction of Indian companies over 50 years from now. Since then there has been a substantive growth in… Read More

SEBI Circular for Application for change in category of the Alternative Investment Fund

Securities and Exchange Board of India CIRCULAR CIR/IMD/DF/12/2013 August 07, 2013 To All Alternative Investment Funds Dear Sir / Madam, 1. SEBI (Alternative Investment Funds) Regulations, 2012 (AIF Regulations) were notified on May 21, 2012. Sub: Application for change in category of the Alternative Investment Fund Regulation 7(2) of AIF Regulations specifies as under: "An… Read More

SEBI Circular regarding Utilisation period for FII investments in Government Debt Limits

SEBI has issued a circular CIR/IMD/FIIC/11/2013 dated July 31, 2013 regarding the utilisation period for Government Debt limits. In accordance with the said circular, FIIs/QFIs shall be permitted to utilise the debt limits allocated to them in each monthly auction till the 17th day of the succeeding month. Any unutilised limit as on the 18th… Read More

Parliament Passes the Historic Companies Bill 2012

The Parliament has passed the historic Companies Bill 2012, moved by Shri Sachin Pilot, Minister of Corporate Affairs. The Bill was passed by the Rajya Sabha here today which had already been passed by the Lok Sabha many months ago (in December 2012). Shri Pilot has termed it as a historic day for the country as… Read More

CCI imposes penalty of Rs. 6.25 crores on 11 Shoe Companies

The Competition Commission of India (CCI) has imposed a penalty of Rs. 625.43 Lakhs on 11 Companies in a case filed by Director General-Supplies & Disposal (DGS&D), New Delhi relating to a tender for supply of polyester blended duck ankle boots rubber sole. CCI found these 11 Companies to have violated the provisions of Competition… Read More

Competition Commission of India to issue order in the case against Coal India Limited shortly

Competition Commission of India (CCI) is expected to issue the order in the case against Coal India Limited shortly. This was stated by Mr. Ashok Chawla, Chairman, CCI during the deliberations of the 3rd meeting of the Eminent Persons Advisory Group (EPAG) in the capital today. Mr. Chawla also informed that the case in respect… Read More

CLR Snippets | MCA Statement on Complaints against Companies

During the last three years (i.e. 2010-11 to 2012-13), 154 complaints against companies have been received in the Ministry of Corporate Affairs. Giving this information in written reply to a question in the Rajya Sabha today, Shri Sachin Pilot, Minister of Corporate Affairs, said that inspections u/s 209A and/ or Investigations u/s 235 or scrutiny… Read More