Private placement means any offer of securities or invitation to subscribe securities to a select group of persons by a company (other than by way of public offer) through issue of a private placement offer letter and which satisfies the conditions specified in section 42.  If a company, listed or unlisted, makes an offer to… Read More

A Study of Corporate Bond Market in India: Theoretical and Policy Implications

The Reserve Bank of India released on its website the DRG Study titled, A Study of Corporate Bond Market in India: Theoretical and Policy Implications. The study is co-authored by Prof. Sunder Raghavan, Professor of Finance, Embry-Riddle Aeronautical University; and Shri Ashok Sahoo, Director, Financial Stability Unit; Shri Angshuman Hait Assistant Adviser, Department of Statistics… Read More

Electoral Laws of India

S. K. Mendiratta* India is a sovereign, socialist, secular democratic republic. Democracy is one of the inalienable basic features of the Constitution of India and forms part of its basic structure (Kesavanand Bharati v State of Kerala and Others AIR 1973 SC 1461).  The concept of democracy, as visualized by the Constitution, pre-supposes the representation of the… Read More

Efficient systems and Proficient banks – Keynote address delivered by Shri G Padmanabhan, Executive Director, Reserve Bank of India, at the CIOs Conference held at IDRBT on March 10-11, 2014

Shri Sambamurthy, Dr Ramasastri, Dr Gulshan Rai, CIOs of banks, faculty and staff of IDRBT, ladies and gentlemen. I would like to express my gratitude to the Director for inviting me to deliver the keynote address at the two day Conference for the Chief Information Officers (CIO) of banks. I addressed a similar forum of… Read More

Notifications issued by the MCA on Corporate Social Responsibility- Grey areas galore

The Ministry of Corporate Affairs (MCA) with a view to roll out the requirements of Corporate Social Responsibility (CSR) from the beginning of the new financial year 2014-15 as proposed by the Hon™ble Minister of Corporate Affairs have come out with three notifications on February 27,2014 which are as under: 1)      Vide the first notification… Read More

Two-Tier Boards in Indian Corporations? An analysis

  Corporate governance practices are in a continuous state of evolution, particularly in a developing economy such as India. It is argued that corporate governance practices in India are an imperfect emulation of western practices, particularly of the Cadbury Committee Report, and subsequently, the UK Corporate Governance Code and the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley).… Read More

Meetings through Video Conferencing – Is it legally tenable

Participation by Directors in Meetings of the Board/Committee of Directors under the Companies Act, 1956 through electronic mode- Is it legally tenable. Introduction-Position under the Companies Act,2013 Section 173(2) of the Companies Act,2013 (hereinafter referred as The New Act) lends validity to the participation of Directors at a meeting of the Board either in person… Read More

Financial Regulation: Which Way Forward?

Financial Regulation: Which Way Forward? - Speech by Shri Deepak Mohanty, Executive Director, Reserve Bank of India at the Economic Conclave on the theme Indian Economy: Performance and Challenges, Gokhale Institute of Politics and Economics, Pune, February 15, 2014 I thank Prof. Rajas Parchure for inviting me to this Economic Conclave at the Gokhale Institute.… Read More

Note on New Procedure in Maharashtra for CST Forms

Sales Tax Department has changed the procedure for application of Declaration Forms w.e.f 01.02.2014 vide Circular No.4T of 2014 From M B Abhyankar Existing Procedure for online applications upto 31.01.2014 Upto 31.01.14, the e-application form was simple and the dealer had to provide basic information such as TIN no. and Name of the dealer… Read More

Procedure for Authorization of Related Party Transactions under the Companies Act, 2013 – The Conundrum that it is

Introduction Members of the professional fraternity are aware that the Companies Act 2013(hereinafter referred to as The Act) is being notified for implementation in a phased manner-not surprisingly though, considering its overwhelming slant and dependence on sub-ordinate Legislation in the form of Rules. As we write these lines, only 98 out of the 470 Sections  … Read More

The State Capitalism

By: Om Prakash Dani, Member Executive Committee, Sri Aurobindo Society, Puducherry & Vice Chairman, Sri Aurobindo Foundation for Integral Management, Past President, The Institute of Company Secretaries of India and M. S. Srinivasan, Research Associate, Sri Aurobindo Society, Puducherry  A new Avatar of capitalism has emerged in the horizon.  Recently, the well-known British magazine, Economist, brought… Read More

Corporate rights against personal rights of members

Corporate Rights Against Personal Rights Of Members Sec. 41 of the Companies Act, 1956 (Act) defines members as any person who is (1) the subscribers of the memorandum of a company or every other person who agrees in writing to become a member of a company and whose name is entered in its register of… Read More

Bring in the Foreign Investor – Drop the Retrospective Tax

It took the rupee to have a lowest ever fall for the Government to understand that the decision of retrospective amendments to tax was a big blow to the Indian economy. The foreign investor had lost trust in India after seeing the regulatory barriers and was reluctant to do business in India. There are 16… Read More

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