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Insolvency and Bankruptcy – Recent changes

9 December, 2016

With the notification of the Insolvency and Bankruptcy Code, 2016, on May 28, 2016, matters pertaining to the reorganisation and insolvency resolution of corporate persons, partnership firms and individuals would now be regulated by a specialized regulatory body, i.e. the Insolvency and Bankruptcy Board of India (IBBI). Firstly, the Minis...

Equity shares to non-resident entity against pre-incorporation expenses

7 November 2016

The Reserve Bank of India (‘RBI’) by its Notification dated October 24, 2016, has amended the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 (‘Regulations’). Now, a wholly owned subsidiary set up in India by a non-resident entity and operating in a se...

‘Trust Deed’ just like ‘Will’ is not an arbitration agreement

7 November 2016

Supreme Court of India on 17-8-2016 has held that ‘Trust Deed’, which provides for resolving the disputes arising between the  beneficiaries of the Trust through arbitration, does not constitutes an ‘agreement’ much less an “arbitration agreement” within the meaning of Section 2(b) and 2(h) read wit...

Conversion of shares and increase of authorized share capital, when illegal

7 November 2016

In the present petition before the Supreme Court, the contention of the respondents (“Sanwalka Group”) was that the company had come under the control of the appellants (“Gupta Group”) by various actions and omissions. For the aforesaid reason, the respondents had filed a petition before the Company Law Board under ...

Foreign Direct Investment (FDI) in Non-banking Finance Companies

7 November 2016

The Reserve Bank of India by its Notification dated September 9, 2016, amended the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000. The said amendment substituted the existing caps under paragraph F.8 to annexure B under Schedule 1 of the Regulations, thereby revising the for...

Companies (Mediation and Conciliation) Rules, 2016 notified

8 October, 2016

The Ministry of Corporate Affairs vide its Notification dated 9 September, 2016 has notified the Companies (Mediation and Conciliation) Rules, 2016 (“Rules”). Section 442 of the Companies Act, 2013 authorizes the Central Government to set up a panel of experts for mediation and conciliation between parties to t...

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...

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