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Understanding Corporate Social Responsibility (CSR)

By Divya Jain The Companies Act, 2013 (CA 2013) has introduced path-breaking changes in  governance mechanisms, compliances and disclosures, appointment and scope of  auditors, responsibilities of independent directors, investor protection  and mergers and acquisitions. Introduction of new concepts like   ‘corporate social responsibility’ for the first time anywhere in the world is in line wi...

Satellite Communications Policy in India – Time to revisit and revise

By Nikhil Singal Recently, the Indian Space Research Organization, popularly known as ISRO, launched a PSLV C-23 rocket carrying a French Earth Observation Satellite along with four other satellites belonging to Germany, Canada and Singapore. After the launch, the Indian Prime Minister congratulated the Department of Space, and mentioned that India’s space programme is the perfect example of ...

Committees under the Companies Act, 2013

By Anup Koushik Karavadi Introduction With an eye on improving governance the Companies Act, 2013 (2013 Act) mandates a number of Board committees for specified companies for audit, nomination and remuneration, Corporate Social Responsibility and stakeholders relationship. Clause 49 of the Listing Agreement also envisages such committees for listed entities. Audit Committee Under Sectio...

The perfect Share Purchase Agreement

By Barnik Ghosh Share Purchase Agreements (SPA) come in different colors and shapes - long, short, detailed, complicated, conditional, two or multi-party. One common thread is the need to make SPAs balanced and most importantly, enforceable. While keeping in mind the fundamentals of the transaction, a lawyer needs to prioritise the business aspects while ensuring that the legal  points are no...

Sports law reforms in India – Agenda for 2014

By Vidushpat Singhania The United Nations estimates that 3% of the total economic activity globally emanates from sports. This is significant, given that most leading industries cannot boast of such a large impact on the world GDP.  Further, the frenzy, patriotic fervor and passion generated by sports makes it the equivalent of war leading some legends like Bill Shankly to comment: “[football...

Voting rights of holders of depository receipts abroad

By Neha Yogi Depository Receipts (DR) are negotiable securities issued outside India by a depository bank against underlying rupee shares that are issued by a company incorporated in India. The DR can represent a fraction, single or multiple shares of an Indian issuer company (‘the Company’). Issuance of DRs to non-resident investors is allowed under the prevailing FDI Policy of India read wi...

Restraining legal proceedings - Recent trends

By Shikha S. Jaipuriar The general law of contract recognizes promises made for consideration as legally enforceable agreements. However, it frowns upon certain promises and prohibits their enforcement, including those that are in restraint of legal proceedings. Introduction Section 28 of the Indian Contract Act, 1872 contains one of the seven governing principles to determine when an agr...

Rights of nomination

By Natasha Garg A nominee in common parlance is understood as a beneficiary who has been so nominated to receive the benefit of a moveable asset (money) on the death of the person who is the owner of such asset and who has named the nominee in the relevant document. Nomination facility can be availed by an individual for assets/facilities like insurance policy, bank account, locker, society...

R’BIting Bitcoins

By Noorul Hassan Currencies across the globe need to have universal application and acceptability and have been given sovereign validity, sanctity by the respective countries that issue them. Each country issues its own unique currency that is valid within its territory. Currencies like the United States dollar and the Euro are accepted in many countries and are freely convertible in almost a...

The Real Estate Bill - An Overview

By Shagun Jain The real estate sector in India, despite its large size and numerous players still remains outside regulatory purview and discipline and continues to be in the unorganized sector. One sided contracts in favor of the builder, large cash transactions, lack of standardization and quality and delay in delivery of completed projects continue to plague this unorganized sector. The Ce...

Flying solo with one person companies

By Kritika Krishnamurthy           Introduction       Adam Smith in the ‘Wealth of Nations’ (1776) declared “Individuals always weigh their own interest more than the group”. He made this statement at a time when tradesmen in Europe were organizing themselves into groups to enhance their scale of business and leverage  potential markets available for their goods in exotic, far away colon...

Changing contours of mergers and acquisitions under Companies Act, 2013

By Anup Koushik Karavadi             The task of enacting a new law to regulate companies in India is complete. The Companies Act, 2013, (“New Act”) in its new avatar, mirrors several changes when compared to the law contemplated under the Companies Act, 1956 (“Old Act”). It brings in a whole new set of expected and unexpected changes to the existing regime governing Indian company law. Unde...

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