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June 2018

Corporate Amicus: March 2018

by Pulkit Chaturvedi

Companies (Amendment) Act, 2017 – An analysis

The Companies (Amendment) Act, 2017 was notified on January 3, 2018. The article in this issue of Corporate Amicus discusses at length various provisions of the Amendment Act, including, provision for abridged form of annual returns for companies other than one person and small companies, non-reopening of accounts after eight years, revision in provision to do away with dual requirements under the SEBI Act, 1992 and the Companies Act, expansion of definition of ‘related party’, expansion in scope of ‘small company’, etc. Further, the author discusses certain clauses that were present in the Bill but could not eventually see the light of the day in the Amendment Act. According to him, the Amendment Act will be helpful in promoting ease of doing business in India, however had the Bill been passed without amending the original wording, it would have been much more efficient and helpful to the current corporate regime in India...

 

Notifications and Circulars

  • Companies (Removal of Difficulties) Order, 2018 amends Section 169(1) to provide for removal of re-appointed independent director by special resolution only
  • Acceptance of Bank Guarantees by Clearing Corporations in International Financial Services Centre (IFSC)
  • Draft Companies (Beneficial Interest and Significant Beneficial Interest) Rules, 2018 issued – Rules distinguish between a ‘beneficial owner’ and ‘registered owner’
  • IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2017 and IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 amended
  • IBBI seeks public feedback on contents of Request for Proposal
  • RBI introduces Ombudsman Scheme for NBFCs
  • SEBI prescribes additional methods of achieving minimum public shareholding
  • Banning of Unregulated Deposit Schemes Bill, 2018 approved by Union Cabinet

 

Ratio decidendi

  • Limitation period for filing appeals from Orders of NCLT – Supreme Court observes that reliance cannot be placed upon Section 433 of the Companies Act, to invoke provisions of the Limitation Act
  • Synchronized trading executed with a view to manipulate markets is in violation of SEBI Regulations – Supreme Court

 

March, 2018/Issue-78 March, 2018/Issue-78

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