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March 2018

Corporate Amicus: January 2018

by Rohit Subramanian Pulkit Chaturvedi

Aiming greater transparency on sale of packaged commodity online

Legal Metrology (Packaged Commodities) Rules, 2011 have been recently amended to introduce substantive changes to bring e-commerce entities under its ambit. The amendment is effective from 1st of January, 2018. Tracking various amendments in the PC Rules, including mandatory declaration to be displayed by an e-commerce entity on the digital and electronic network which will undoubtedly add on to the operational costs of the e-commerce entity, it is felt that ideally e-commerce operators should revise their contract with their vendors, suppliers, etc., for more stringent representations and warranties specifically related to the accuracy of information displayed on the e-commerce platform. It would be interesting to note whether e-commerce entities operating a market-place model would fit within the contours of exemptions provided in the provisions. According to the author, only the manner of implementation of these rules in the times to come shall reveal whether the government is considerate towards the practical difficulties…

 

Condonation of Delay Scheme, 2018

Non-filing of annual financial statements and annual returns with the Registrar of Companies in the prescribed forms is an offence under the provisions of Companies Act, 2013. Identifying many companies who had not filed the returns, Ministry of Corporate Affairs had some time back struck them off from the register of companies. Now with a view to provide an opportunity to the non-compliant, defaulting companies to rectify the default, MCA has notified a Scheme - Condonation of Delay Scheme, 2018, effective from 1-1-2018 till 31-3-2018. Going through the nuances of the scheme, the second article in this issue of Corporate Amicus states that the Scheme may prove beneficial for bona fide directors and defaulting companies who had not been able to file financial statements due to any genuine reasons.

 

Notifications

  • SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2017 and SEBI (Infrastructure Investment Trusts) (Amendment) Regulations, 2017 notified to streamline and provide clarity on the SEBI (Real Estate Investments Trusts) Regulations and SEBI (Infrastructure Investments Trusts) Regulations, respectively
  • Enhancing Fund Governance for Mutual Funds – SEBI issues Circular aimed at protecting interests of investors in securities and enhancing governance structure for Mutual Funds
  • IRDAI (Investment by Private Equity Funds in Indian Insurance Companies) Guidelines, 2017 issued for formation of new-age insurance companies leading to deeper penetration and growth of insurance industry

 

Ratio decidendi

  • Illegal removal of Managing Director and transfer of shares to third party – NCLAT sets aside NCLT Order
  • Non-restoration of name of company in Register of Companies when company failed to satisfy NCLT that it, at the time of striking-off of its name from the Register of Companies, had been carrying on business or was in operation – NCLT

 

January, 2018/Issue-76 January, 2018/Issue-76

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