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 [...]
November 10, 2020 Summary of the Circular issued by MCA on 09/11/2020 Defaulting LLPs can avail the benefits under LLP Settlement Scheme, 2020 with respect to belated documents due for filing till 30/11/2020 Through this circular, Defaulting LLPs which haven’t filed returns that are due to be filed by 30/11/2020 (as against original [...]
October 30, 2020 Summary of the circular and notification issued by IBBI and SEBI issued on 29/10/2020 Procedure to submit online application to the Board for initiating Corporate Insolvency Resolution Process (CIRP) under IBC,2016 Further to the amendments made to Rules 4, 6 and 7 of Insolvency and Bankruptcy (Application to Adjudicating [...]
October 22, 2020 Summary of the circular issued by MCA on 20/10/2020 MCA dispenses with the requirements towards minimum residency of Directors of a Company for FY 2020-21 Further to its earlier circular dated March 24, 2020 pertaining to financial year 2019-20, MCA has now dispensed with the requirement of at least [...]
October 19, 2020 Summary of the notification issued by MCA on 16/10/2020 Procedural amendment with respect to Private Placement offers made to Qualified Institutional Buyers under the Companies Act 2013 and its Rules Through this amendment, it will now suffice if the company that makes an offer or invitation to subscribe to [...]
Prior to the COVID-19 pandemic, board meetings through video conference facility meant one or two members attending through the Video Conference (VC) and the majority attending in person. Post March 2020, Board meeting through VC means almost all members attend through it. Given this change, there is a need to [...]
October 14, 2020 Summary of the Circular Issued by SEBI SEBI issues circular for standardisation of procedure to be followed by Debenture Trustee(s) in case of ‘Default’ by Issuers of listed debt securities After consultation with stakeholders involved, SEBI vide its circular dated October 13, 2020 has decided to standardize the procedure [...]
October 12, 2020 Summary of the Notification issued by SEBI & Circular Issued by IBBI 1. SEBI notifies LODR (Third Amendment) Regulations, 2020 SEBI vide its notification dated October 8, 2020 has taken enhanced measures towards securing the interests of Debenture Holders. The key highlights are: Mandating a minimum of 100% asset [...]
