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Recovery of arrears when a company is no longer a ‘sick’ company

7 October 2016

The Hon’ble Supreme Court of India, recently pronounced a judgement on a very interesting issue regarding recovery of arrears when a company is no longer a ‘sick’ company. The dispute in question pertained to demand by the Income tax department during the time the Draft Rehabilitation Scheme (scheme’) was circulated ...

Arbitration – Scope of enquiry under Section 45 to not include enquiry of legality and validity of substantive contract

7 October, 2016

The Hon’ble Supreme Court of India in its case of Sasan Power Limited v. North American Coal Corporation India Private Limited on 24 -8-2016 has held that the scope of enquiry under  Section 45 of the Arbitration and Conciliation Act, 1996, is confined only to the question – whether the arbitration agreem...

Restoration of name of company with Registrar of Companies

14 September 2016
The name of the petitioner company was struck off from the register of companies. The petitioner in this regard alleged that due procedure has not been followed by the Registrar inasmuch as no notices/ letters were received by the petitioner and no hearing was afforded to them, as mandated under Section 560 of Companies Act, 1956. ...

Environmental clearance - Requirement of public consultation, mandatory

14 September 2016
An appeal was brought before the Supreme Court challenging the order passed by the High Court which had set aside the environmental clearance granted to the appellant in the year 2010 (“EC”) for expansion of its steel plant on the ground that the said EC was granted relying on the public consultation ca...

Withdrawal of public offer when not possible

14 September 2016
Consequent to the open offer made by the acquirers, intending to acquire 75% equity share of the target company, the target company informed SEBI of it being registered with BIFR and stating that it was a sick company. The representation made by the target company was forwarded to the lead managers of the open offer. Subsequently, ...

Companies (Share Capital and Debentures) Rules, 2014 amended

20 August 2016
The Ministry of Corporate Affairs (“MCA”) has, by way of Notification dated 19-7-2016 amended the Companies (Share Capital and Debenture) Rules, 2014 (“Capital and Debenture Rules”).
Differential voting rights
Hitherto, companies could not issu...

Guidelines for public issue of units of Infrastructure Investment Trusts

2 June 2016
The SEBI (Infrastructure Investment Trusts) Regulations, 2014 introduced the concept of Infrastructure Investment Trusts (‘InvITs’). The purpose of the same was to establish a framework for InvITs and regulate their registration process. Now through Circular No. CIR/IMD/DF/55/2016, dated 11-5-2016, SEBI has laid down the guid...

Insolvency and Bankruptcy Code passed by Indian Parliament

2 June 2016
The Indian Parliament has passed the major economic reform Bill moved by the Government i.e. the Insolvency and Bankruptcy Code, 2016 (‘Code’). The law aims to consolidate the laws relating to insolvency of companies and limited liability entities (including limited liability partnerships and other entities with limited liabi...

‘Due diligence’ means doing everything reasonable, not everything possible

2 June 2016
The Securities Appellate Tribunal on 13-5-2016,  has held that even though a merchant banker has to employ its own independent due diligence, in practice, it operates with a limitation that its due diligence is based on the material brought before it by the Issuer Company. It was held that the banker cannot be expected to perform th...

Action under Negotiable Instruments Act when not affected by winding up process

2 June 2016
The Division Bench of the Bombay High Court on 6-5-2016 has held that expression ‘suit or other proceedings’ in Section 446(1) under Chapter II of Part VII of Companies Act, 1956, does not include criminal complaints filed under Section 138 of the Negotiable Instruments Act, 1881. Submission that in view of Section 446(1), th...

Nomination of director - Acceptance of deposits by Indian companies

26 April, 2016

The Reserve Bank of India has clarified that keeping deposits with an Indian company by persons resident outside India in accordance with Section 160 of the Companies Act, 2013 is a current account (payment) transaction and, as such, does not require any approval from Reserve Bank.

RBI A.P. (DIR Series) Circular No. 59, dated April 1...

Penalty for violation of SEBI provisions – Absence of definitive stand of SEBI

26 April 2016

Observing that Securities and Exchange Board of India (SEBI) was not in a position to take a definite stand on the question as to whether violation of Section 12A(b)&(c) of the SEBI Act and violation of Regulation 3(c)&(d) of SEBI (Prevention of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 constitute...

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