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SEBI (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) (AMENDMENT) REGULATIONS, 2020
Background Securities and Exchange Board of India (“SEBI”) vide its notification dated 16th June, 2020 has issued the Substantial Acquisition of Shares and Takeovers (Amendment) Regulations, 2020 (“SAST”) under which promoters are provided with relaxation of holding more than 25% of the stake in listed companies upto 35% without triggering an open offer obligation. Key...Continue Reading
RELAXATION IN HOLDING BOARD MEETINGS THROUGH VIDEO CONFERENCING
AMENDMENT IN COMPANIES (MEETING OF BOARD AND ITS POWERS) RULES, 2014 Background Ministry of Corporate Affairs (“MCA”) vide its Circular dated 15th June, 2021 has issued Companies (Meeting of Board and its Powers) Amendment Rules, 2021 and has omitted Rule 4 of the Companies (Meeting of Board and its Powers) Rules, 2014 furthermore has provided...Continue Reading
Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2020
Independent Directors to get registration on Databank Background Ministry of Corporate Affairs (“MCA”) vide its notification dated 29th April, 2020 has issued the Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2020 which extended the period for registration of Independent Directors in the Databank from “Five” (5) months to “seven” (7) months effective from...Continue Reading
SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) (AMENDMENT) REGULATIONS, 2020
Background Securities and Exchange Board of India (“SEBI”) vide its notification dated 16th June, 2020 has issued the “Issue of Capital and Disclosure Requirements (Amendment) Regulations, 2020” (“ICDR”) under which time line of raising the funds through issuance of Equity Shares by way of Qualified Institutions Placement (QIP) has been reduced from six months to...Continue Reading
LLP Settlement Scheme, 2020
INTRODUCTION It has been observed that due to applicability of additional fee on late filing, which in case of inordinate delay could actually become a financial burden, a large number of Limited Liability Partnerships (LLPs) have remained non-compliant, mainly on account of their inability to pay late fees for the cumulative period of delay. As...Continue Reading
Labour Reform- An Era of Substantial Change
Ministry of Labour and Employment, Government of India has conveyed its firm intent that forty-four central legislations pertaining to labour, industrial and environment-related will be merged and subsumed into four codes. The first code (i.e. Code on wages, 2019) has already become law on August 08, 2019, after receiving the assent of the President of...Continue Reading
Labour codes: There can be a big change in the employee’s salary structure
The new wage code was to be implemented from April 1, but the Ministry of Labour postponed it. Media reports said that if the same is implemented from 1st July, then there can be a big change in the salary structure. Once the wages code comes into force, there will be significant changes in the...Continue Reading
“EMPANELMENT OF INDEPENDENT DIRECTORS- A WELCOME STEP OR AN ANOTHER NIGHTMARE FOR ‘INDEPENDENT DIRECTORS’ ”
Independent directors have a crucial role to play for keeping good governance practices. Ministry of Corporate Affairs (“MCA”) along with Indian Institute of Corporate Affairs (IICA) has developed a databank of Independent Directors in accordance with the provisions of Section 150 of the Companies Act, 2013. APPLICABILITY: Individual already acting or aspiring to become Independent...Continue Reading