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Restriction on number of layers on companies


By Pulkit Chaturvedi

The Ministry of Corporate Affairs (MCA) vide Notification S.O. 3086(E), dated September 20, 2017 notified proviso to Section 2(87) of Companies Act, 2013 (Act). The notified clause provides for the definition of ‘Subsidiary company’ and specifies that such classes of holding companies, as prescri...

Key changes in 2017 FDI Policy for single brand retail trading sector


By Anurag Pareek and Rohan Singh
 
Background
 
Foreign Direct Investment (“FDI”) upto 100 percent is allowed in single brand retail trade (“SBRT”) sector. FDI upto 49 percent is allowed under the automatic route and FDI in excess of 49 percent requires prior government appr...

Overriding effect of Insolvency and Bankruptcy Code


By Aparajitha Narayanan

Introduction:

Until the commencement of the Insolvency and Bankruptcy Code (hereinafter referred to as IBC) in May, 2016, there was no single legislation dealing with matters of insolvency and bankruptcy in India. It was widely known and accepted that a plethora of the erstwhile leg...

Code on Wages, 2017 – An Analysis


By Nikhil Singal

The labour law domain in India is a reaffirmation of India’s colonial past and industrial revolution. While current labour legislations have been significantly tailored to suit the unique conditions of the Indian industry and labour force, they are nevertheless still largely influenced by issues of a bygone era. Adding to t...

Mega merger in insurance on hold – A closer look


By Kanika Shukla

Background

The complexity surrounding transactions in relation to mergers and acquisitions can never be underscored. Such transactions undergo a prodigious milieu, which involves discussions, proposals, negotiations and most importantly, regulatory approvals.

HDFC Standard L...

Disputing a dispute under Insolvency and Bankruptcy Code, 2016


By Arun Mohanty

Debt recovery in India has been a challenge with creditors and debtors disputing  rights and obligations in legal wrangles under various provisions under applicable laws making the process time consuming and costly.

The Insolvency and Bankruptcy Code, 2016 (“IBC” or “Code”) was enacted o...

Recent Rulings on ‘Offer Period’ under Takeover Regulations


By Anu Chowdhry

Public offers in relation to acquisition of shares and takeover of public companies in India is governed by a self-contained code enshrined in the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (‘2011 Regulations’), that replaced the erstwhile SEBI (Substantial Acquisition of Shares and Takeov...

Dawn of future watchdog for foreign investment in India


By Barnik Ghosh and Sreya Bhar

Foreign investments in India are allowed in two routes; (i) automatic route, and (ii) approval route. Since, there was no approval necessary for the automatic route, several sectors were categorized into the approval route. Prior to the economic liberalization in 1991, it was an extremely difficult ...

Cross-border merger provisions notified


By L&S Corporate Law Team

The Ministry of Corporate Affairs (MCA) has notified Section 234 of Companies Act, 2013 (Companies Act), which specifically deals with cross-border mergers concerning merger or amalgamation of an Indian company with a foreign company and vice-versa, and has come into effect from April 13, 2017....

Scope of ‘Any other person’ under Companies Act, 2013


By Noorul Hassan

In two recently delivered orders of the National Company Law Tribunal (NCLT), the question under consideration was whether a person who is unable to demonstrate having an ‘interest’ in the affairs of a company, is entitled to obtain copies of such company’s statutory registers. This question gives rise to the re...

E-Waste (Management) Rules, 2016 – Highlights


By Sudeep Deshmukh

The Central Government has notified the E-Waste (Management) Rules, 2016 (the EWM Rules, 2016) which supersede the E-Waste (Management and Handling) Rules, 2011, (the EW Rules, 2011). The EWM Rules, 2016, have come into force from 1st October 2016.

The EWM Rules, 2016, apply to every manufacturer, producer, consu...

Winding Up – Legal position under Companies Act, 2013 vis-à-vis Insolvency and Bankruptcy Code, 2016

 
By Aman Parnami

Preamble

Prior to November 15, 2016, the term “winding-up” was neither defined under the Companies Act, 1956 (“1956 Act”) nor under the Companies Act, 2013 (“2013 Act”).

Section 255 of the Insolvency and Bankruptcy Code, 2016 (“...

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