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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...

CCI to observe principles of natural justice while disagreeing with DG report

26 April 2016

Observing that Competition Commission of India (CCI) had, at no stage of the proceedings, after the receipt of investigation report, given any notice to the appellants indicating/incorporating the reasons for its disagreement with the findings/conclusions recorded by the Jt. DG that the appellants had not formed any cartel or acted in contravention ...

Stamp duty on inter-state amalgamations – Court Order represents ‘instrument’

26 April 2016

The full bench of the Bombay High Court has held that two orders of two different High Courts pertaining to the same scheme of amalgamation are independently different instruments, since the said orders of the High Courts are upon two different petitions by two different companies. In this regard, the Court has observed that the scheme of the l...

Foreign investment in Indian companies – Amendments

4 March, 2016

The Reserve Bank of India (RBI) has amended the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 to insert the definition of “manufacture” and to amend the definition of “Ownership and Control” as stated under the Guidelines for calculation of total foreign ...

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