In last couple of months, I have come across at least three different parties asking the captioned subject matter to me. For general benefit, the point is clarified here: The Limited Liability Partnership Act, 2008 (the LLP Act) is the relevant law in India which governs the LLP. There is no specific limit on the … Continue reading Remuneration of Partners of LLP in India
Category: Transaction Advisory
Transaction advisory – covering legal compliance under Companies Act, Securities Contracts Regulations (SCRA), Listing Agreement, Legal Metrology, Trade Marks, Foreign Exchange Management Act (FEMA), Labour laws, Sick Industrial Companies (SICA), Recovery of Dues to Banks and Financial Institutions Act, 1993 (RDB Act), Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI)
Whether SFIO needs to complete the investigation within the time specified by the Central Govt.?
The Apex Court held that the period that the Central Govt. may prescribe to complete investigation u/s.212(3) is directory and no fixed period is provided for completion of investigation by SFIO; transfer of investigation by other agencies to SFIO u/s.212(2) of the Companies Act 2013 is irrevocable; when accused is directed to remand by a … Continue reading Whether SFIO needs to complete the investigation within the time specified by the Central Govt.?
THE BANNING OF UNREGULATED DEPOSIT SCHEMES ORDINANCE, 2019
Commencement, scope and overriding effect: The Ordinance called the Banning of Unregulated Deposit Schemes Ordinance, 2019 notified on 21st February 2019 came into force on the same date. It extends to the whole of India except the State of Jammu and Kashmir. The Ordinance is in addition to provisions of other law Sec.35[/efn_not]. The Ordinance … Continue reading THE BANNING OF UNREGULATED DEPOSIT SCHEMES ORDINANCE, 2019
Companies (Restriction on number of layers) Rules, 2017
Indian Companies can have only two layers of subsidiaries under the Companies Act 2013, with the government putting in place stricter norms as it continues with the clampdown on illicit fund flows. The Companies (Restriction on number of layers) Rules, 2017, notified (G.S.R. 1176(E)) by Central Government, came into effect from 20th September 2017. Meaning of … Continue reading Companies (Restriction on number of layers) Rules, 2017
Transition from High Court to NCLT, compromise, arrangement, winding-up and other matters
The Insolvency and Bankruptcy Code, 2016 (31 of 2016) Key words of Preamble to the Insolvency and Bankruptcy Code, 2016 (IBC):- reorganization and insolvency resolution of- corporate person, partnership firms and individuals – in a time bound manner for maximization of value of assets to promote entrepreneurship availability of credit balance the interest of … Continue reading Transition from High Court to NCLT, compromise, arrangement, winding-up and other matters
Companies Amendment Bill 2016: Analysis
An attempt is made to present an analysis of the Companies Amendment Bill, 2016. Posting analysis of definitions only. Analysis on other provisions would be posted in staggering mode. CLC = Companies Law Committee of Ministry of Corporate Affairs (MCA) which submitted its report in February 2016. LODR = Securities and Exchange Board (Listing Obligations … Continue reading Companies Amendment Bill 2016: Analysis
One Person Company (OPC)
One Person Company by CS Prakash K. Pandya, assisted by Ms. Krinjal Shah In India, one can have three types of limited company viz. Public Company, Private Company and One Person Company. The concept of One Person Company (OPC) was first recommended by the expert committee of Dr. J.J. Irani in 2005. It is introduced … Continue reading One Person Company (OPC)
Supreme Court on copyright in title
Supreme Court on copyright in title. Facts: Respondent claims copyright in a synopsis of a story written by him with the title “Desi Boys” which was also registered with the Film Writers Association. He sent the synopsis of the story by email to accused through his friend. Later the complainant saw the promos of a … Continue reading Supreme Court on copyright in title
Applicability of Secretarial Standards to private companies
From 01 July, 2015, every meetings of Board and committees thereof as well as General meetings need to comply with Secretarial Standards - notified by the Institute of Company Secretaries of India, after approval of the Central Government. It is applicable to all companies incorporated / registered in India. SS-1 on Board meetings can be … Continue reading Applicability of Secretarial Standards to private companies
Exemptions to Private companies under Companies Act, 2013 [05 June 2015]
Ministry of Corporate Affairs ('MCA') has issued four notifications, all dated 05 June 2015, and thereby granted several exemptions to Private companies, section 8 companies, government companies and nidhi companies. These notifications are issued under section 462 of the Companies Act, 2013 ('the Act;). This write-up is restricted to exemptions to private companies (notification G.S.R.464 … Continue reading Exemptions to Private companies under Companies Act, 2013 [05 June 2015]
