Company Law India: Read latest Company law news & updates, acts, circular, notifications & articles issued by MCA amendment in companies Act 2013. Article on Loans Company formation XBRL, Schedule VI IFRS.
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Company Law : Ensure compliance with updated Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 for 202...
Company Law : Explore various threshold limits under the Companies Act, 2013, with detailed compliance requirements for listed, public, and priv...
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Company Law : Discover the challenges faced by the Institute of Company Secretaries of India in filing Form DPT-3 for FY 2023-24. Learn about te...
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Company Law : Delve into the NFRA order controversy with detailed analysis on penalty imposition, opinion disparities, and key issues. Gain insi...
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Company Law : It is not the scope & objective of IBC to include Banks Financial Institutions who advanced loans to Home Buyers to be considered ...
Company Law : Explore the Calcutta High Court's decision in Uphealth Holdings, INC. Vs Dr. Syed Sabahat Azim & Ors. regarding the applicability ...
Company Law : Read the full NCLT judgment where Zee Entertainment Enterprises Limited sought to withdraw its merger with Sony Groups, impacting ...
Company Law : Explore the implications of issuing duplicate debenture certificates under the Companies Act, 2013. Learn about legal remedies, as...
Company Law : Explore the detailed judgment in the Grand Developers Pvt. Ltd. vs. Nitin Batra & Ors. case by NCLAT Delhi, including key argument...
Company Law : Discover the key changes in the Nidhi (Amendment) Rules, 2024. Learn how the new rules impact Nidhi companies and their naming con...
Company Law : General Circular No- 07/2024: Forms IEPF-3 merges with IEPF-4 and IEPF-7 with IEPF-1 in MCA Version 3. Simplifying compliance for ...
Company Law : Circular No. 06/2024 MCA has waived the additional fee for filing various IEPF e-forms (IEPF-1, IEPF-1A, IEPF-2, IEPF-4) and e-ver...
Company Law : IEPF Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2024: Streamlining online transfers and updated forms. Re...
Company Law : Check out the latest Companies (Incorporation) Amendment Rules 2024 issued by Ministry of Corporate Affairs, omitting word Nidhi f...
Share transfers: We all know the settled law that the Private Company can have restrictions in its Articles restricting the right of its shareholders in transferring the shares. There can not be any such restriction in the articles of Public Companies as it is expressly prohibited under law. The Private Company can refuse to register the transfer or transmission of shares on certain grounds and the scope of refusal of registration of transfer or acceptance of transfer are very limited in Public Companies as everybody knows.
Unless there is an express bar under law and when there is an arbitration agreement either express or implied, a dispute between or among the parties can be referred to an Arbitrator or panel of Arbitrators as specifically agreed to. As everybody knows, Alternative Dispute Resolution Mechanism is mooted to reduce the burden in traditional courts and for providing a speedy relief to the parties. Arbitration and Conciliation Act, 1940 was repealed and Arbitration and Conciliation Act, 1996 was enacted with certain changes and improvements.
In exercise of the powers conferred by sub-section (1) of section 642 read with sub-section (1) of 610B of the Companies Act, 1956, the Central Government hereby makes the Companies (Central Government’s) General Rules and Forms (Second Amendment), 2010 notifying the new form no. 68.
Winding-up – a brief: The Companies Act, 1956 contain elaborate provisions as to when a Company is to be wound-up, the procedure for initiating winding-up proceedings, the role of the managerial personal if the company is wound-up by the Company Court and the liquidation process to be conducted by the Official Liquidator appointed by the Company Court.
I need not reiterate the fact that Company Law is complicated everywhere in view of its exposure, the interest of the stake holders, plethora of regulations, the stakes and the responsibility of the state or the statutory authorities. As everybody knows, in India, the jurisdiction to decide company disputes substantially rests with the Company Court and the Company Law Board.
The terms merger and amalgamation have not been defined in the Companies Act, 1956 (hereinafter referred to as the Act) though this voluminous piece of legislation contains 69 definitions in Section 2. The concept paper recently issued by the Ministry of Company Affairs, the fate of which is still unknown, contained 100 such definitions but still stopped short of defining merger or amalgamation. The terms merger and amalgamation are synonyms and the term ‘amalgamation’, as per Concise Oxford Dictionary, Tenth Edition, means, ‘to combine or unite to form one organization or structure’.
The government has found financial irregularities in 160 companies — a whopping 30 of them owned by it — thanks to the early warning system (EWS) put in place last year. After the nearly Rs 10,000-crore Satyam fraud last year, the Ministry of Corporate Affairs (MCA) in September had developed an EWS to detect corporate frauds. The software-based fraud detecting system scans companies based on 10 financial parameters set by the ministry.
When there exist serious disputes between groups, one group tends to approach Company Law Board or the Company Court. Usually, when there are serious disputes, one group approaches the Company Law Board under section 397/398 of the Companies Act, 1956 alleging oppression and mismanagement.
India is looking to recast provisions relating to mergers and acquisitions (M&As) that require ratification by the Competition Commission of India (CCI). Currently, under the Competition Act, any M&A that results in combined revenue above certain thresholds must first be cleared by CCI, a unit of the ministry of corporate affairs (MCA). The ministry also must first notify regulations regarding M&As before referring them to CCI.
I personally feel that an application under section 397/398 of the Companies Act, 1956 is a serious thing exposing serious misunderstandings between majority and minority group in the Company. We see this groupism in private limited companies and closely held public companies too at times.
