Articles - Corporate Law Reporter

Voluntary Winding Up: Dawn of the new regulations

Introduction The winding up process leads to dissolution of the corporate entity from its existing stature of a functioning body to a dormant one. Majorly it is done to unburden the corporate entity of the debts it has previously incurred from various stakeholders, which it can’t repay under the normal functioning of its day to… Read More

Bombay HC judgement on Promotion or increase in salary in a private-establishment

(A) BRIEF FACTS: A.1 Petitioner is a registered company under the Companies Act and is publishing daily newspapers from Nagpur. Petitioner-company is an industry within the meaning of Section 2(j) and respondent is a workman under section 2 (s) of the Industrial Disputes Act, 1947. Instant petition takes an exception to the judgment and order passed… Read More

Procedure for payment of Stamp Duty on Share Certificates in Delhi

Allotment of Securities S. NO. PARTICULARS DETAILS 1. Allotment within 60 days Allotment shall be done within 60 days of receipt of application money. 2. If not allotted within 60 days, refund in next 15 days If allotment is not done within 60 days then refund the whole application money within next 15 days. 3.… Read More

Comparative analysis of existing SS-1 with revised SS-1

COMPARATIVE ANALYSIS Article No. REVISED SS-1 (w.e.f. October 01, 2017) EXISTING SS-1 (w.e.f. July 01, 2015) 1.2.2 A Meeting may be convened at any time and place, on any day. A Meeting may be convened at any time and place, on any day, excluding a National Holiday. 1.2.2 (No such Provision) A Meeting adjourned for want of… Read More

Amendment to Company Incorporation Rules: Shifting of registered office

SHIFTING OF REGISTERED OFFICE OF COMPANY Ministry of Corporate Affairs has issued the notification to further amend the Companies (incorporation) Rules, 2014 (hereinafter referred to as the principal rules) namely: the Companies (incorporation) Second Amendment Rules, 2017. They shall come into force on the date of their publication in the official gazette http://www.mca.gov.in/Ministry/pdf/CompaniesIncorporationSecondAmendmentRules2017.pdf RULE 28: Shifting… 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

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

Amendment to Investor Grievance Redressal System and Arbitration Mechanism

The SEBI (Securities and Exchange Board of India) has notified a Circular (CIR/CDMRD/DEICE/CIR/P/2017/77) on 11th July amending the Investor Grievance Redressal System and Arbitration Mechanism. The SEBI has issued the circular under Section 11(1) of the SEBI Act 1992, read with Section 10 of the Securities Contracts (Regulation) Act, 1956 to protect the interests of… 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

FAQ’s on Foreign Liabilities and Assets (FLA) annual return

The Annual Return on Foreign Liabilities and Assets (FLA) has to be filed by the Indian resident companies whosoever has received Foreign Direct Investment (FDI) and/ or made Overseas Direct Investment (ODI) in previous year(s), including the current year under FEMA 1999. The FLA return has to be filed by July 15 of every Year.… Read More

FastTrack Merger- A novel change in the restructuring of Companies

Corporate restructurings often are tailored to the needs of the business undergoing the overhaul. The main objective behind corporate restructuring is realignment of business divisions, positioning the company to be more competitive, surviving an adverse economic climate, or acting on the self-confidence of the corporation to move in an entirely new direction. In commercial parlance… Read More

Exemptions to IFSC Companies under Companies Act, 2013

In exercise of powers under the Section 462(1) of Companies Act, 2013 (“the Act”), the MCA has exempted the Companies which are licensed to operate by the RBI or SEBI or IRDA from the International Financial Services Centre (“IFSC”) located in an approved multi-services Special Economic Zone set-up under the Special Economic Zones Rules, 2006… Read More