(Provisions of this code override the existing laws on matters pertaining to insolvency and bankruptcy) I. Introduction: The Insolvency and Bankruptcy Code, 2016 (“IBC” or “Code”) was passed in order to consolidate and amend the existing legal framework available to deal with the insolvency and bankruptcy matters. The IBC offers a comprehensive and uniform mechanism […]
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I. Introduction: Merger/amalgamation is a restructuring tool which helps companies in expansion and diversification of their business and to achieve their under lying objectives. In commercial parlance, merger essentially means an arrangement whereby one or more existing companies merge their identity into another to form a new and different entity which may or may not
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I. INTRODUCTION Section 140 of Companies Act, 2013 and Rule 7 of Companies (Audit and Auditors) Rules, 2014 states the law and procedure regarding removal of auditor before expiry of his term. II. SECTION 140(1) – REMOVAL OF AUDITOR BEFORE THE EXPIRY OF HIS TERM Section 140(1) of the Act provides for removal of auditor before
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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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I. INTRODUCTION: As per the Black’s Law Dictionary, to “Compound” means “to settle a matter by a money payment, in lieu of other liability.” This meaning clearly defines the concept of Compounding as a mechanism that provides the offender an opportunity to avoid prosecution from the offence committed by him after paying off monitory payment.
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The Ministry of Corporate Affairs (MCA) has amended the Companies (Management and Administration) Rules, 2014 with the notification of ‘Companies (Management and Administration) Amendment Rules, 2016 [amendment rules]’ Date of notification: September 23, 2016. Register of Members Under Section 88 read with rule 3 every company (having share capital) was required to maintain a register
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Imagine paying for everyday purchases directly from your bank, without the need for carrying cash. The RBI’s new interface helps you do just that Reserve Bank of India Governor Raghuram Rajan launched the much awaited Unified Payments Interface (UPI) system, as its latest offering in boosting digital money transfers. The interface has been developed by National
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The concept of Producer Companies was introduced in the year 2002 by incorporating Part IXA (section 581A to 581ZT) into the Companies Act, 1956. The proviso to Section 465 (1) of the Companies Act, 2013 provides that the provisions of Part IX A of the Companies Act, 1956 shall be applicable mutatis mutandis to a
Overseas ventures are a stepping stone to enter international market and in recent times, India has taken necessary steps to make its presence felt in the global arena. We are all aware that India has outpaced Japan and placed itself on third rank globally in terms of PPP (Purchase Power Parity). Further in the catalog
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I. INTRODUCTION: Section 12 and 13 of the Companies Act, 2013 and Companies (Incorporation) Rules, 2014 states the law and procedure regarding having a registered office of the Company and shifting of registered office of the Company. Provisions and procedures relating to shifting of Registered Office (RO) from one state to another state are as
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