Month: November 2016

Comparison of Section 177(9) of Companies Act, 2013 and Clause 49 of Listing Agreement – Establishment of Vigil/Whistle-Blowing Mechanism

I. Introduction: Whistle Blowing is nothing but calling the attention of top level management to some malafide activities happening within an organization. A whistle blower may be an employee, former employee or member of an organization, a government agency, who have willingness to take corrective action on the misconduct. As per Section 177 of the …

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Open Offer under Takeover Code once made, cannot be withdrawn without any proper justification

Open Offer under Takeover Code once made, cannot be withdrawn without any proper justification Parties Pramod Jain and Others (Appellant(s)) Vs. Securities Exchange Board of India. (Respondent(s)) Citation Civil Appeal No. 9103 of 2014 Court Supreme Court of India FACTS: Mr. Pramod Jain and Pranidhi Holdings Private Limited (‘Acquirers’) along with J.P. Financial Services Private …

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SPICe–INC-32 Simple Form for Incorporating Company

SPICe – Simplified Proforma for Incorporating Company Electronically Ministry of Corporate Affairs (MCA) has recently introduced SPICe Form INC-32 which is a Simplified Proforma for Incorporating Company Electronically through Companies (Incorporation) Fourth Amendment Rules, 2016. SPICe or Form INC-32 can help incorporate a company with a single application for: reservation of name incorporation of a …

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Independent Directors – Analyzing their role and Independence

The inclusion of independent directors on the Board of Directors is considered integral to the corporate governance framework. In India, most of the companies are closely held by promoter groups from the same family. The average promoter shareholding in BSE 500 companies is estimated to be over 50%. Hence, in order to counter the dominance …

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Partners Column -November, 2016

Dear Friends, “Surgical Strikes” off late has become a common word heard everywhere from print, electronic media to social media. Initially, popularised due to the Indian Military attacks against suspected militants in Pakistan-administered Kashmir waiting across the borders to infiltrate into India to cause damage to the country. Later, this word became more popular with …

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