Companies Act

Parliament’s winter session is expected to see a bill to amend the Companies Act, with the aim of removing superfluous requirements and also harmonising the law with contemporary business needs

ICAI document to tighten corporate fraud detection norms by Nov-end; may propose Companies Act changes

The research paper, expected by end-November, will focus on early detection of corporate and IPO-related frauds, fix accountability gaps, and plug legal loopholes, drawing on analysis of 64 SEBI orders to identify systemic red flags.

Govt likely to amend companies act, tender norms to help Indian audit firms take on Big 4

Relaxing composition norms, tender reforms and capital support measures are among the changes that the ministry of corporate affairs is planning to build globally competitive domestic auditors

No tax exemption for fast-track demergers in new I-T bill, experts say will hamper ease of business

The gap in the Income-Tax Bill, 2025 may hurt MSMEs and startups, which have been relying on simplified restructuring routes

Sebi’s new rights-issue norm could dilute shareholder's stake without a vote, but proxy advisors welcome it

After its Board meeting on Sept 30, the regulator announced a set of new norms to speed up rights issue, including one on what to do with the unsubscribed portion of an issue

NCLT Ahmedabad asks ICICI Bank to share Sebi's exemption order on ICICI Securities' delisting

The directive, issued on September 19, was in response to a petition filed by Bengaluru-based portfolio manager Manu Rishi Gupta, who had raised objections to the delisting of ICICI Securities.

India's biggest solar panel maker Waaree Energies’ IPO delayed over deemed public offer non-compliance

The approval has been withheld due to apparent non-compliance with a Companies Act provision which states that an unlisted company cannot offer its shares to more than 200 people in a financial year, without making a public offering.

MCA probing Snapdeal, part of a wider investigation into past Chinese investments in 700 companies

The company says it has responded to the ministry's queries and has no Chinese investor now

Chinese nationals on Indian boards receive MCA notices

The notices allege that the Chinese nationals were in violation of a 2022 MCA circular, which makes it mandatory for Indian firms to take the Centre's clearance for such board appointments

Lawyers laud budget announcement on additional NCLT, DRT benches to reduce pendency

In order to unclog NCLT, which has been facing criticism over delays, the government plans to add new benches to exclusively hear cases filed under the Companies Act, 2013.

Govt likely to decriminalise 14 provisions in Companies Act, IBC, Competition Act

The decriminalisation of these Acts is likely to be a part of Jan Vishwas Bill II. The next edition of the Jan Vishwas Bill is likely to decriminalise a total of over 100 provisions in various Acts, including the Income-Tax Act.

Government preparing for big-bang union budget in July

The government is preparing a roadmap for the next 25 years, and drawing up plans for the first 100 days of the BJP’s third term in power.

Exclusive | Company law panel may call for more teeth against directors amid alleged irregularities at Byju's, others

The committee, which is considering stronger regulations for unlisted companies, was set up in the wake of governance issues coming to light at a number of companies.

Higher CCI exemption may encourage companies to pursue M&A route for growth: Experts

The government on March 8 raised the threshold for combination filing i.e. smaller business deals, including mergers and acquisitions, to happen without prior approval of the Competition Commission Of India (CCI). This move has been welcomed as a positive step by industry and experts.

Ashneer Grover seeks waiver of shareholding requirement to pursue case against BharatPe

The NCLT issued notice in the plea and sought for BharatPe's response to it. The case is now likely to come up for hearing in April 2024

NCLT issues notice on Zee’s plea to enforce the merger with Sony

Senior advocate Janak Dwarkadas, who appeared to ZEEL told the NCLT that since it was the tribunal that had approved the merger, it has jurisdiction to entertain petitions to implement the merger.

Around 60% Indian companies looking for new board director: Report 

About three-quarters (74 percent) cite the retirement of a director as the reason they are undergoing a refresh, and one in two (48 percent) aim to infuse new skill sets into their boards, according to the 2024 Heidrick & Struggles India CEO and Board Survey.

MC Explains: Why SC ruled that nominees cannot claim ownership of securities

The apex court said the vesting of securities in favour of the nominee was for the limited purpose of ensuring there is no confusion pertaining to the legal formalities to be undertaken upon the death of the holder.

Ashneer Grover moves NCLT, alleges oppression, mismanagement at BharatPe

The case came up for hearing on December 6, wherein his lawyer sought additional time to address the tribunal on maintainability. The case will now come up for hearing on January 11.

NCLAT resumes virtual hearings following SC order, provides guidelines for lawyers

On October 6, the apex court passed an order setting November 15 as the deadline for courts and tribunals across the country to offer the virtual hearing option.

Has India Inc modernised its thinking?

It's been ten years since the Companies Act was modernised. What has changed and what remains to be done

NCLT allows scheme of arrangement pertaining to six Haldiram companies

Haldiram had sought a demerger and an amalgamation of different sets of companies whose paid-up share capital ranged from Rs 10 lakh to Rs 10 crore

Dish TV rejects minority shareholders' demand for EGM

The board, at its meeting held on July 3, 2023, had advised the management to obtain opinion from external and independent experts to consider whether the requisition notice received on June 29, 2023, met the criteria for a valid requisition under the applicable provisions of the Companies Act, 2013 to call an EGM

MCA approves withdrawal of 7,338 prosecutions pending before various courts 

The cases being withdrawn under the Special Drive-II are corollary to the amendment brought out by the Government vide the Companies (Amendment) Act, 2020 for decriminalisation of offences under the Companies Act, 2013.

MC Exclusive: PR Sundar, Mangaiyarkarasi Sundar found to have two DINs, in violation of law

The finfluencer said he did not know about the two DINs in his name, and will be surrendering the first one on June 1