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Overview of Regulatory Framework of Payment and Settlement Systems in India by Anita Baid
Introduction It has been a while that there has been a buzz around the emerging concept of financial technology (fintech), which seems to be evolving at an unimaginable speed. The technological development taking place globally, have compelled the traditionally cash-driven Indian economy to respond promptly to the fintech opportunities. The modern payment systems have overcome […]
Specified Bank Notes: Disclosure as part of Financial Statements by Vallari Dubey
What are Specified Bank Notes (‘SBN’)? The Central Government on recommendation of the Central Board of Directors of the Reserve Bank of India (‘the Board’) decided to cease bank notes of denomination of value of five hundred rupees and one thousand rupees as legal tender, vide notification S.O. 3407(E)[1] dated Nov 8, 2016, a scheme […]
Increased Capital Requirements for Asset Reconstruction Companies (ARCs) by Kirti Sharma, April 8, 2017
RBI Announcement With a view to increase more cash based sales of Non-Performing Assets (NPAs), the Reserve Bank of India (RBI) has amended the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 increasing the capital requirement for Asset Reconstruction Companies (ARCs) to 100 crores from 2 crores in the […]
Voluntary Liquidation Regulations: Last, but not the Least, by Sikha Bansal
The Insolvency and Bankruptcy Board of India, vide Notification No. IBBI/2016-17/GN/REG010 dated March 31, 2017 has issued the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 (“the VL Regulations”) pursuant to section 59 of the Insolvency and Bankruptcy Code, 2016 (“the Code”) and has appointed April 1, 2017 as the date on […]
Checklist on voluntary liquidation of corporate person as per Bankruptcy Code, 2016, by Barsha Dikshit and Deepa Devi
Steps of Voluntary liquidation of Corporate Person as per Insolvency and Bankruptcy Code, 2016(‘Code’) and Insolvency and Bankruptcy Board of India ( Voluntary Liquidation) Regulations, 2017 (‘liquidation Regulation’)
Consolidation of accounts of Section 8 companies- whether a correct practice?
– Vallari Dubey | corplaw@vinodkothari.com Intent of Consolidation Consolidation is a combined representation of financials of a company and its subsidiaries, joint ventures and associates. Consolidated Financial Statements (‘CFS’) reflect the aggregate wealth of the holding company. Section 129(3) of the Act, 2013 mandates the preparation of CFS in addition to Standalone Financial Statements (‘SFS’), […]
Demonetization now hits Financial Statement of Companies by Megha Saraf and Abhirup Ghosh
Background Reserve Bank of India (“RBI”) on 8th November, 2016, has took a very bold move towards the currency market of India. Ministry of Finance (“MoF”) with effect from 9th November, 2016, has brought a serious revolution in the economy of the country by withdrawing Rs. 500 and Rs. 1000 as a legal tender. Due […]
MCA amends Audit Rules and MBP Rules: its impact and analysis by Trupti Upadhyay
The Ministry of Corporate Affairs (‘MCA’) has come up with amendments in the Companies (Audit and Auditors) Rules, 2014 (“ADT Rules”) and the Companies (Meetings of Board and its Powers) Rules, 2014 (“MBP Rules”) vide notification(s) G.S.R. 307(E)[1] and G.S.R. 309(E)[2] dated 30th March, 2017. The same shall come into force from the date of […]