Specific provisions relating to ‘mergers and acquisitions’ and ‘one person companies’ as brought into force after introduction of Companies Act, 2013 are discussed at length, in two articles, in this issue of Corporate Amicus. First article highlights a few key changes made in the new Act and concludes that though the 2013 Act has some ambiguities, nevertheless it is an attempt to fine tune the process by making it more efficient and in turn effective.
Other updates covered in this issue include notifications by Reserve Bank of India defining ‘Group Company’ for the purpose of FDI Policy and allowing third party payments for import and export transactions. Large companies in Special Economic Zones (SEZs), can now be permitted for a period up to 3 years, instead of earlier specified period of one year, to sub-contract production or any production process in DTA. Under Ratio decidendi, this issue covers order of Bombay High Court holding that workmen dues are payable till official winding up of company and that the same is not to be limited up to the time of appointment of Provisional Liquidator. An important decision by Delhi High Court on liability of partner of a firm is also covered in this November 2013 issue.