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FDI Policy relaxed for construction sector

6 November, 2014 The Indian Government has approved amendments to Foreign Direct Investment Policy (FDI) relating to Construction Development Sector. According to the press release issued after the Cabinet meeting, the minimum area requirement of 10 hectares for serviced housing plots has been removed and the minimum built-up area has been reduced to 20,000 sq metres of minimum floor area.  A...

Competition law – Requirement of notice when directing ‘further’ investigation

16 September, 2014 Notice before directing further investigation under Section 26(7) of the Competition Act is not required to be given to the person against whom information was provided. Delhi High Court in this case decided on 3-9-2014 was of the view that reasons given by Supreme Court in the case of Steel Authority of India for holding that no notice/hearing is required to be given to th...

Company Law Settlement Scheme 2014 introduced

22 August, 2014 Ministry of Corporate Affairs has introduced Company Law Settlement Scheme 2014. This scheme provides for condoning delay in filing of annual documents (Annual Return and Financial Statements) on the MCA 21 electronic registry. The Scheme, which will come into force from 15-8-2014 and remain in force till 15-10-2014, grants immunity from prosecution and allows for reduced ad...

Directors liable for breach of RBI Regulations irrespective of sanction of amalgamation

22 August, 2014 The Delhi High Court has on 1-8-2014, in a case relating to sanction of amalgamation scheme, held that if it is found that the transferee-company has violated any provision of the Reserve Bank of India Act then the Directors of such company, who are guilty of said breach, shall continue to be liable irrespective of the sanction of the amalgamation scheme. The Regional Director...

Arbitration - Disputes alleging ‘fraud’ and ‘misrepresentation’ capable of resolution

22 August, 2014 Bombay High Court on 31-7-2014  has held that ‘fraud’ and ‘misrepresentation’ as defined under Sections 17 and 18 of the Contract Act are well accepted grounds which would vitiate ‘free consent’ and consequently the contract itself and therefore, as a general rule, it cannot be said that once fraud and misrepresentation are alleged in the context of a contract, the subject mat...

Competition law – Relevant market and locus standi for moving CCI

28 July, 2014 Competition Appellate Tribunal (COMPAT) on 4-7-2014 has held that there cannot be a restrictive ‘relevant market’ on the basis of a singular feature in the impugned goods (car in this case). The decision of the Competition Commission of India (CCI) which found the relevant market to be market for luxury cars sold in India, was hence upheld by the COMPAT rejecting the plea of the...

Related party transactions - Section 188 of Companies Act clarified

28 July, 2014 Prohibition of any related party from voting in any special resolution of the company to approve any contract or arrangement (as specified in Section 188 of the Companies Act, 2013) is applicable only to the contract or arrangement for which the special resolution is being passed. MCA General Circular No. 30/2014, dated 17-7-2014 issued for this purpose clarifies that the term...

E-voting clarified

19 June, 2014 Voting through electronic means i.e. e-voting as contained in Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration) Rules, 2014 is not mandatory till 31st of December, 2014. The Ministry of Corporate Affairs has, on 17th June, clarified certain aspects of these provisions on e-voting.  According to General Circular No. 20/201...

CLB not empowered to order issue of shares

17 June, 2014 The Company Law Board (CLB) does not have power under Section 111 of the Companies Act, 1956 to decide on right to shares and decree suits for specific performance as well as order rectification of register. The Bombay High Court examined the powers of the CLB as regards ordering rectification of register when on facts, there was no agreement to purchase shares, no consideration...

Committees to be constituted within one year

17 June, 2014 Public companies with a paid up capital of Rs. 10 crore or more, or having turnover of Rs. 100 crore or more, or having in aggregate, outstanding loans or borrowings or debentures or deposits exceeding Rs. 50 crore and/or more, and which were not required to constitute Audit Committee or the Nomination and Remuneration Committee under the erstwhile Companies Act, 1956, are now r...

Appointment of Independent Directors – Certain issues clarified

17 June, 2014 Ministry of Corporate Affairs has clarified that transactions like availing telecom services, courier services, etc., between a company and its independent director that are on par with products or services that are provided by the company to any member of the general public including price, will not create ‘pecuniary relationship’ with the said company as contemplated under Sec...

Reference to arbitration in cases of void or voidable contracts – SC lays down guidelines

6 June, 2014 The Supreme Court of India has, on 28th of May, 2014 declined to accept the proposition that whenever a contract is alleged to be void ab-initio, the courts exercising jurisdiction under Section 8 and Section 11 of the Arbitration and Conciliation Act, 1996 are rendered powerless to refer the disputes to arbitration. The Apex Court in this regard relied on an earlier judgement in...

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