Team financial services division, (finserv@vinodkothari.com) What is a bitcoin? A bitcoin is a virtual currency first introduced in the year 2008 by an untraceable group called Satoshi Nakamoto. It’s an open source peer-to-peer crypto-graphical system (direct connections without an intermediary) where transactions happen through a public ledger called blockchain, handling users’ data anonymously. The term […]
Can an Application for resolution process of a company be filed under IBC, 2016 in case a winding up Petition is pending before a High Court? MCA Notification on transition for pending proceedings MCA notification for Companies (Transfer of Pending Proceedings) Rules, 2016[1] only provides for the transition of the litigation process from High Court […]
Introduction MCA vide its notification dated 28th February, 2017 had tried to simplify the modus operandi for transferring shares to the IEPF Authority. In doing so, it had left various questions unanswered. For instance, Rule 6 of the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2017 (‘IEPF Amendment Rules’) […]
The Insolvency and Bankruptcy Code, 2016 (“the Code”) enables a financial creditor and an operational creditor to initiate insolvency proceedings against a corporate debtor. While in case of a financial creditor, the creditor may initiate a case without serving “demand notice” on the corporate debtor; an operational creditor, before taking action under section 9, shall […]
In the recent past, the financial sector has witnessed an alarming rise in the number of stressed assets. Undoubtedly, the ability of the lender to deal with stressed assets has been time and again tested. Nevertheless, there is existence of informal as well as formal framework to deal with default on the part of the […]
Cross border merger is not a novel concept in the corporate arena. This concept has taken shape stage by stage. The origin of the cross border merger started with the foreign trade which extended to branch establishments in the foreign territory and later merging with entities of the foreign country. When it comes it Indian […]
Introduction The discussion on the existence of non-operative companies or say fake companies, are making huge rounds all over in the corporate industry with special emphasis from the wings of the government on curing the same. The Finance Minister had clearly indicated through his bold statement that actions will be initiated against the companies which […]
Several entities will be required to comply with Indian Accounting Standards (IND-AS) w.e.f. 1st April, 2017 with the comparatives for the periods ending on 31st March, 2017, or thereafter. Accordingly, the related party transactions will also be governed by IND-AS 24. Therefore, it is extremely essential to update the list of related parties in terms of […]