-Prachi Bhatia Legal Intern at Vinod Kothari & Company (resolution@vinodkothari.com) The three-judge bench of the Hon’ble Supreme Court vide its order dated 14th April, 2021, in Asset Reconstruction Limited v. Bishal Jaiswal & Anr[1] (‘ARCIL v. Bishal’) has settled the dust around acknowledgment of liability in books of corporate debtor for the purpose of section […]
– Megha Mittal (resolution@vinodkothari.com) The Insolvency and Bankruptcy (Amendment) Ordinance, 2021 (‘Ordinance’)[1] was promulgated on 5th April, 2021 to bring into force the prepackaged insolvency resolution framework for Micro, Small, Medium Enterprises (MSMEs). While the Ordinance put forth the structure of the prepack regime, a great deal was dependent upon the relevant rules and regulations. […]
-A LIMPID VIEW ON MINORITY PROTECTION RIGHTS UNDER INDIAN CORPORATE LAW Sharon Pinto, Manager, corplaw@vinodkothari.com Background The Ruling of the Supreme Court (SC) in this case has shed light on several important aspects related to majority versus the minority rule, oppression and mismanagement, role of Non-Executive Directors (NEDs), scope and powers of the Tribunal in […]
-Megha Mittal & Ajay Kumar [corplaw@vinodkothari.com] The idea that directors owe a fiduciary duty towards the company has been deep instilled in the very being of the corporate world – not only in spirit, but also in law. Section 166 of the Companies Act, 2013 (‘Act’) provides that “a director shall act in good faith […]
Time lost in SARAFESI proceedings can be excluded from limitation period for IBC initiation -By Sikha Bansal and Urmil Shah [resolution@vinodkothari.com] The recent ruling of Supreme Court (SC) in Sesh Nath Singh v. Baidyabati Sheoraphuli Co-Operative Bank Ltd., Civil Appeal No. 9198 of 2019 (Ruling) partially addresses the persistent debate on the interplay between the Limitation Act, […]
-The amendments to be applicable from FY 2021-2022 onwards! Shreya Masalia and Harsh Juneja | Executives With the ever-increasing stringency in the regulatory framework and disclosure requirements under various provisions of law, MCA, vide notification dated March 24, 2021[1] has further prescribed a list of numerous additional disclosure required in the financial statements by amending […]
For entities owned and controlled NRIs investing on non-repatriation basis Shreya Masalia | Executive Foreign investments in equity instruments by a person resident outside India (PROI) is governed by Foreign Exchange Management (Non-debt Instruments) Rules, 2019 (NDI Rules)[1] and the Consolidated FDI Policy[2] as amended from time to time. Foreign investments can be made on […]
Team Corplaw, Vinod Kothari & Company [corplaw@vinodkothari.com] [This version: 25th March, 2021] Accountants and auditors will have to grapple with a ton of new details and disclosures while preparing financial statements and audit reports, come financial year 2021-22. MCA brought, vide separate notifications dated 24th March, 2021 amendments in the Companies (Audit and Auditors) Rules,2014 […]
MCA brings a thread of amendments just before the current year ends ! The Companies (Accounts) Amendment Rules,2021 The Companies (Audit and Auditors) Amendment Rules, 2021
