December 21, 2020 Summary of the Notification and Order issued by MCA on 17/12/2020 and 18/12/2020 1. MCA notifies applicability of Companies (Auditor’s Report), Order 2020 with effect from FY 2021-22 The Companies (Auditor's Report) Order, 2020 shall be made applicable from the financial year 2021-2022 instead of being applicable from the already [...]
Independent Directors play a vital role in the current corporate governance setup, by being the conscience keepers of the company. Disconnected from monetary gains, they are expected to do what is right and not be swayed by personal material benefits. Further, with an assured tenure as independent director they cannot [...]
December 09, 2020 Summary of the circular issued by SEBI on 09/12/2020 SEBI Issues circular to increase participation of non-institutional shareholders in e-Voting Facility Provided by Listed Entities Pursuant to regulation 44 of SEBI (LODR) Regulations, 2015, listed entities are required to provide remote e-voting facility to its shareholders, in respect of all [...]
December 07, 2020 Summary of the clarification issued by IBBI on 04/12/2020 Computation of fee payable for delay in filings under regulation 40B of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. IBBI has clarified that a fee of Rs. 500 shall be payable for filing of each form under Regulation [...]
December 03,2020 Summary of the circular issued by SEBI on 02/12/2020 SEBI issues Operational guidelines for Transfer and Dematerialization of re-lodged physical shares Further to the SEBI Circular dated 07/09/2020 fixing 31/03/2021 as the cut-off date for re-lodgement of transfer requests and stipulating that such transferred shares shall be issued only in [...]
December 02, 2020 Summary of the notification and circular issued by MCA on 27/11/2020 and 01/12/2020 respectively. Designation of Special Court for the State of Maharashtra, West Bengal and Tamil Nadu in connection to trials under Companies Act,2013, in respect of cases filed by SEBI The Central Government has notified the special courts, [...]
November 30, 2020 Summary of the circular issued by IBBI on 27/11/2020 IBBI launches electronic platform to file the list of creditors by the Resolution Professionals as required under CIRP Regulations, 2016 Further to the notification issued by IBBI on 13/11/2020, requiring the Interim Resolution Professional (IRP) or the Resolution Professional (RP) to file [...]
Related Party Transactions (RPT) are an integral part of the corporate world today. In the early stages of corporate history, RPTs were illegal and could not even be approved or ratified by unanimous shareholder resolutions. Due to practical difficulties faced by companies, at the beginning of the 20th century RPTs [...]
November 24, 2020 Summary of Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2020 issued by IBBI on November 23, 2020 These Guidelines shall come into effect for appointments as Interim Resolution Professionals (IRP), Liquidator, Resolution Professionals (RP) and Bankruptcy Trustee (BT) with [...]
November 17, 2020 Summary of the circular and notifications issued by SEBI and IBBI on 13/11/2020 I. SEBI issues Standard Operating Procedure with respect to imposition of fine and initiation of action in case of non-compliance of continuous disclosures by issuers of listed Non-Convertible Debt Securities(NCDS) and/or Non-Convertible Redeemable Preference Shares(NCRPS) and/or Commercial [...]
