Corporate Law

New Guidelines issued by FSSAI for FSSAI Registration Services

The scheme of auto generation of FSSAI Registration Certificate is discontinued practices with effect from 30th April, 2019.  Now, the application after submission and payment of requisite fees forwarded for scrutiny which is required to be completed by Fssai within  7 days. If the FSSAI Application is not approved or denied or inspecte...

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Brief New Process of Limited Liability Partnership (LLP) Incorporation

The Ministry of Corporate Affairs (MCA) of India notified revised rules for Incorporation of Limited Liability Partnership (LLPs) effective w.e.f 02nd October, 2018. The LLP (Second Amendment) Rules, 2018 introduced the revised procedure for incorporation of the LLPs and related e-forms. New Process of Incorporation of LLPs: 1. Introducti...

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Prevention of Money Laundering Act (PMLA), 2002- (Part-3)

PMLA, 2002 (Part-3) CHAPTER-IV Obligations of Banking Companies, Financial Institutions and Intermediaries Total Section in Chapter- IV – Five Section 12 Reporting entity to maintain records (l) Every reporting entity shall- (a) maintain a record of all transactions, including information relating to transactions covered under clause (b...

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Effect of non filing of E-Form Active

As per MCA notice flashed on its website, in case eForm ACTIVe is not filed by the Company on or before June 15, 2019, the compliance status for such company shall be marked as 'ACTIVE Non-compliant' and Directors of such 'ACTIVE non-compliant' companies shall be marked as 'Director of ACTIVE non-compliant company'....

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Employee Stock Option Plan – Meaning, Benefits and Process

Introduction Traditionally, ESOPs were given to remunerate senior employees and to acknowledge their proven contribution to the company. However, in modern times, ESOPs are used as compensation and motivational tool as startups can’t afford to spend high salaries in the beginning stage. Employee Stock Options in India has gained immense...

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Government Reduces Rate of ESI Contribution from 6.5% to 4%

The Government of India has taken a historic decision to reduce the rate of contribution under the ESI Act from 6.5% to 4%(employers’ contribution being reduced from 4.75% to 3.25% and employees’ contribution being reduced from 1.75% to 0.75%). Reduced rates will be effective from 01.07.2019.This would benefit 3.6 crore employees and ...

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Cabinet approves Special Economic Zones (Amendment) Bill, 2019 

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved to introduce a Bill, namely, the Special Economic Zones (Amendment) Bill, 2019 that is the Bill to replace the Special Economic Zones (Amendment) Ordinance, 2019 (12 of 2019).  The Bill will be introduced in ensuing session of the Parliament....

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Aadhaar cannot be made compulsory unless provided by law

Making Aadhaar people friendly  No individual to be compelled to provide proof of Aadhaar number unless provided by law Aadhaar number on voluntary basis to be accepted as KYC document Cabinet approves The Aadhaar and Other Laws (Amendment) Bill, 2019  In a major move aimed at making Aadhaar making people friendly, the Union Cabinet, ch...

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CCI imposes penalty on Chemists & Druggists Association & Pharmaceutical Companies 

Competition Commission of India (‘Commission’) has found Madhya Pradesh Chemists and Druggist Association (‘MPCDA’), Indore Chemists Association (‘ICA’), Himalaya Drug Company (‘HDC’) and Intas Pharmaceuticals Limited (‘IPL’) along with some of their office bearers/officials to be in contravention of the provisions of ...

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Traders & Farmers to get pension coverage : Major Decision by Govt

In Some Major decisions Government has decided to give pension coverage to Traders, PM-KISAN Scheme extension to include all eligible farmer families irrespective of the size of land holdings and Pension scheme to secure lives of 5 crore farmers in three years. 1. Traders to get pension coverage! Cabinet clears pension scheme for traders ...

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Delhi VAT on electrical equipment used in generation & distribution of electricity, supplied to DlSCOM

Commissioner of Trade & Taxes Vs Schneider Electric India Pvt. Ltd. (Delhi High Court) - The DlSCOMs provided certificates to the assessees, stating that supplies made by Schneider to DlSCOMs need not be included in the taxable turnover being valid deduction allowed under the Act read with Rule 11 of the DST Rules. Schneider (as well as other assessees in appeal, in this batch) claimed ...

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Company includes partnership firm | Section 141 | Negotiable Instruments Act

G Ramesh Vs Kanike Harish Kumar Ujwal & Anr. (Supreme Court of India) - G Ramesh Vs Kanike Harish Kumar Ujwal & Anr. (Supreme Court of India) In terms of the explanation to Section 141, the expression ‘company’ has been defined to mean any body corporate and to include a firm or other association of Sub-section (1) of Section 141 postulates that where an...

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Negotiable Instrument Act covers not only debt but also covers Later Liability

Madan Tiwari Vs Yashwant Kumar Sahu (Chhattisgarh High Court) - Madan Tiwari Vs State of Chhattisgarh (Chhattisgarh High Court) Purport of the special law under the Negotiable Instruments Act is to ensure that the promise to pay is abided by the person so promising. The provision under Section 139 of the NI Act is that it shall be presumed that the holder of a c...

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Workmen dues cannot be a part of liquidation estate assets: NCLT

Alchemist Asset Reconstruction Co. Ltd. Vs. Moser Baer India Limited (NCLT Delhi, Principal Bench) - Alchemist Asset Reconstruction Co. Ltd. Vs. Moser Baer India Limited (NCLT Delhi, Principal Bench) Under Section 36(4) (a) (III), the expression ‘liquidation estate’ has been defined and it is clarified that all sums due to any workman or employee from the provident fund, pension fund an...

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Death-cum-retirement gratuity not payable until conclusion of departmental enquiry or judicial proceedings pending

Shivagopal Vs State of U.P (Allahabad High Court) - Shivagopal Vs State of U.P (Allahabad High Court) (i) A government employee is not entitled to death cum retiral gratuity unless the conclusion of the departmental proceedings or the enquiry by the Administrative Tribunal or judicial proceedings which includes both civil and criminal. (ii) The law a...

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Posting of Judicial and Technical Members of NCLT

Order No. A-22012/4/ 2019-Ad.IV-MCA - (19/06/2019) - As per ACC directions contained in DoP&T's communication no. 18/10/ 2019-EO (SM.II) dated 03.05.2019 and in consultation with the President, National Company Law Tribunal (NCLT), the following Judicial and Technical Members of NCLT are posted at the Benches as under:...

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Government Reduces Rate of ESI Contribution from 6.5% to 4%

G.S.R. 423(E) - (13/06/2019) - The Government of India has taken a historic decision to reduce the rate of contribution under the ESI Act from 6.5% to 4%(employers’ contribution being reduced from 4.75% to 3.25% and employees’ contribution being reduced from 1.75% to 0.75%). Reduced rates will be effective from 01.07.2019.Thi...

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ESIC New Rates w.e.f 01.07.2019

Notification No. G.S.R. 423 (E). - (13/06/2019) - In a historic decision, the Union government has cut the contributions made by employers and employees toward the health insurance scheme of Employees’ State Insurance Corporation (ESIC). The total contribution has been cut to 4 per cent from the current 6.5 per cent. The contribution rate cut...

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Understanding Insolvency and Bankruptcy Code, 2016

Press Release No. IBBI/PR/2019/16 - (09/06/2019) - Hon’ble Mr. Justice M. M. Kumar, President, National Company Law Tribunal (NCLT) released a publication titled ‘Understanding the Insolvency and Bankruptcy Code, 2016: Analysing developments in jurisprudence’, jointly prepared by the Insolvency and Bankruptcy Board of India and Vidhi Centre fo...

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FCRA registered associations to intimate online of change in their office bearers/key functionaries

F.No. II/21022/36(0207)/2015-FCRA-II - (07/06/2019) - ll associations/persons who have been granted a certificate of registration and who have effected any change/modification in the details of their office bearers/key functionaries after their registration are hereby called upon to submit online application for additions/deletion/change of details in ...

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Recent Posts in "Corporate Law"

New Guidelines issued by FSSAI for FSSAI Registration Services

The scheme of auto generation of FSSAI Registration Certificate is discontinued practices with effect from 30th April, 2019.  Now, the application after submission and payment of requisite fees forwarded for scrutiny which is required to be completed by Fssai within  7 days. If the FSSAI Application is not approved or denied or inspecte...

Read More
Posted Under: Corporate Law |

Brief New Process of Limited Liability Partnership (LLP) Incorporation

The Ministry of Corporate Affairs (MCA) of India notified revised rules for Incorporation of Limited Liability Partnership (LLPs) effective w.e.f 02nd October, 2018. The LLP (Second Amendment) Rules, 2018 introduced the revised procedure for incorporation of the LLPs and related e-forms. New Process of Incorporation of LLPs: 1. Introducti...

Read More
Posted Under: Corporate Law |

Prevention of Money Laundering Act (PMLA), 2002- (Part-3)

PMLA, 2002 (Part-3) CHAPTER-IV Obligations of Banking Companies, Financial Institutions and Intermediaries Total Section in Chapter- IV – Five Section 12 Reporting entity to maintain records (l) Every reporting entity shall- (a) maintain a record of all transactions, including information relating to transactions covered under clause (b...

Read More
Posted Under: Corporate Law |

Effect of non filing of E-Form Active

As per MCA notice flashed on its website, in case eForm ACTIVe is not filed by the Company on or before June 15, 2019, the compliance status for such company shall be marked as 'ACTIVE Non-compliant' and Directors of such 'ACTIVE non-compliant' companies shall be marked as 'Director of ACTIVE non-compliant company'....

Read More
Posted Under: Corporate Law |

Employee Stock Option Plan – Meaning, Benefits and Process

Introduction Traditionally, ESOPs were given to remunerate senior employees and to acknowledge their proven contribution to the company. However, in modern times, ESOPs are used as compensation and motivational tool as startups can’t afford to spend high salaries in the beginning stage. Employee Stock Options in India has gained immense...

Read More
Posted Under: Corporate Law |

Delhi VAT on electrical equipment used in generation & distribution of electricity, supplied to DlSCOM

Commissioner of Trade & Taxes Vs Schneider Electric India Pvt. Ltd. (Delhi High Court)

The DlSCOMs provided certificates to the assessees, stating that supplies made by Schneider to DlSCOMs need not be included in the taxable turnover being valid deduction allowed under the Act read with Rule 11 of the DST Rules. Schneider (as well as other assessees in appeal, in this batch) claimed the exemption under the said Rule 11 (XI...

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Approval from Ministry of Consumer Affairs- Direct Selling Businesses

The Ministry of Consumer Affairs prescribed the guidelines for intended   direct selling business operators which is required  to  be followed to take prior approval from Ministry of Consumer Affairs. The Direct Selling Companies highly praised the consumer affairs ministry for the guidelines, which industry executives said would remo...

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Posted Under: Corporate Law |

Whether a Trade Union become an Operational Creditor under IBC

Whether a Trade Union Become an Operational Creditor Under The Insolvency and Bankruptcy Code (IBC) An operational creditor is defined under Section 5(20) of the IBC to mean “any person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred“. In order to ascertain...

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Posted Under: Corporate Law |

Prevention of Money Laundering Act (PMLA), 2002- (Part-2)

PMLA (Part-2) CHAPTER III ATTACHMENT, ADJUDICATION AND CONFISCATION Total Sections in Chapter-III – Seven Section 5 Attachment of property involved in Money- Laundering- Where the Director or any other officer not below the rank of Deputy Director authorized by the Director for the purposes of this section, has reason to believe (the re...

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Posted Under: Corporate Law |

Insolvency Professional: ‘New’ Legal Compliance Manager!

Almost two years and a half have passed and the The Insolvency and Bankruptcy Code, 2016 (IBC) has shown that the legislature wants no stone unturned to resolve the debt stuck in the NPA. It is also interesting to note that the progress has been stupendous. But, the protagonist of the show ‘Insolvency Professional ’(IP)has […]...

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Posted Under: Corporate Law |

Corporate Law News

Corporate law deals with the operations and formation of corporations and is related to contract and other commercial law. Corporations are legal entities which are created through the incorporation laws of the state, the corporation is a legal and a distinct person which can sue and can be sued, separate from the stockholders. Until a corporation formally dissolves, it has a perpetual life; the demise of its stockholders or officials does not amend the structure of the corporation. Creation, operation, and their dissolution are governed by several laws such as the Company Law, Insolvency and the Bankruptcy law, Real Estate law, Gratuity Act, Minimum wages Act, Negotiable Instrument Act, Essential Commodities, SRFAESI Act, Competition Act, FDI Regulations etc. At Taxguru, we provide you the latest corporate law news and corporate law articles. Learn about all the important developments in the corporate laws with our extensive coverage of the latest news on corporate law. Our group of expert law professionals provides a cohesive and comprehensive understanding of all the Indian corporate and other allied laws. At Taxguru, we cover all the aspects of corporate law and all the major laws and regulations as mentioned above. We regularly post blogs and articles on corporate law for the benefit of our viewers. Keep a track of all the significant notifications and updates on corporate law with us. Get to know more on the corporate law here at Taxguru.