Entries by Staff Publication

SEBI specifies format for SBO reporting

By Nikita Snehil (nikita@vinodkothari.com) (corplaw@vinodkothari.com) SEBI vide its Circular[1] dated December 7, 2018, has come out with the format for the disclosure of significant beneficial ownership. The said format has been inserted in the format of the shareholding pattern of specified securities, which is submitted by the entities under Regulation 31 of the SEBI (Listing […]

PENAL INTEREST WITHIN THE SCOPE OF GST OR NOT?

By Beni Agarwal (beni@vinodkothari.com) Introduction A recent advance ruling has thrown the financial industry off its balance. The pre-ruling opinion amongst the industry members has been refuted and yet another item has been brought within the ambit of GST, that is, penal interest or overdue interest. Before the aforesaid advance ruling, which we have discussed […]

FAQs on Borrowing by Large Corporates: Unveiling the Perplexity!

By Pammy Jaiswal (pammy@vinodkothari.com) (corplaw@vinodkothari.com) Background The untiring efforts of SEBI as well as the Government in uplifting the bond market is quite commendable. SEBI has started taking long footsteps towards the accomplishment of the budget announcement by the Government for the year 2018-19. The steps include introduction of electronic bidding platform for privately placed […]

RBI temporarily relaxes the Guidelines on Securitisation for NBFCs

By Financial Services Division, finserv@vinodkothari.com   In the wake of the recent hues and cries of the entire country in anticipation of a liquidity crisis in the NBFC sector, the Reserve Bank of India, on 29th November, 2018, issued a notification[1] to modify the Securitisation Guidelines.The amendment aims to relax the minimum holding period requirements […]

ROLE OF ADJUDICATING AUTHORITY IN APPROVING/ REJECTING A RESOLUTION PLAN

By Richa Saraf and Ananya Raghavendra (resolution@vinodkothari.com) The insolvency resolution process of Binani Cements have been through various ups- and downs. On 19.11.2018, the Hon’ble Supreme Court in the case of Rajputana Properties Pvt. Ltd. v. UltraTech Cement Ltd. & Ors. dismissed Dalmia Bharat’s plea to seek stay on Ultratech’s bid for Binani Cement, upholding […]

Applicability of NFRA – body corporates under strict scanner

(This article was published in Moneylife at https://www.moneylife.in/article/nfra-to-now-regulate-audit-and-auditors-of-vulnerable-entities/55812.html)   By CS Nitu Poddar (corplaw@vinodkothari.com)   With the intent to tap financial scams that the nation witnessed and considering the existence of independent audit regulators in global economies, MCA has, after much mulling and debate, finally rolled out National Financial Reporting Authority Rules, 2018 (Rules), effective from […]