CS Vinita Nair, Partner, Vinod Kothari & Company corplaw@vinodkothari.com One of the major concerns arising from enforcement of Companies (Amendment) Act, 2017 is ensuring compliance of provisions of substituted Section 42. One of the provisions of Section 42 restricts utilization of monies received from subscribers of the privately placed issue unless allotment is made and […]
— Sikha Bansal (sikha@vinodkothari.com) (resolution@vinodkothari.com) The Insolvency and Bankruptcy Code (“the Code”) provides for resolution of corporate debtors and then liquidation, where the insolvency proceedings fail. Liquidation of a company entails settlement of claims of creditors in the staking order of their priorities. Hence, the task of collection, collation, verification, admission and rejection of […]
Issues draft rules on Section 89 and 90 CS Vinita Nair, corplaw@vinodkothari.com Amendment to Section 89 and 90 is one of the key amendments proposed in Companies (Amendment) Act, 2017 (Amendment Act). While, the Amendment Act is being enforced in phases, stakeholders have been awaiting the draft rules in relation to Significant Beneficial Ownership (SBO). […]
-By Richa Saraf & Sikha Bansal (resolution@vinodkothari.com) Resolution plan is designated to be the “way-out” for insolvent entities coming under the Insolvency and Bankruptcy Code, 2016. The resolution professional appointed by the adjudicating authority constitutes a committee of creditors, invites resolution plans from prospective resolution applicants, and places the resolution plans before the committee […]
By Chahat Jain (corplaw@vinodkothari.com) Compliance with MPS requirement will no longer be a pre-requisite in order to be eligible to undertake Qualified Institutional Placement. SEBI, in its board meeting held on December 28, 2017[1] decided to introduce Qualified Institutions Placement (QIP) and Sale of shares up to 2% held by promoters/promoter group in open market, […]
By Abhirup Ghosh, (abhirup@vinodkothari.com),(finserv@vinodkothari.com) The Reserve Bank of India (RBI), on 12th February, 2018[1], notified the “Resolution of Stressed Assets – Revised Framework” (Revised Framework). This aims to replace the four year old, “Framework for Revitalised Distressed Assets in the Economy”[2] (Framework) read with association circulars, guidelines and directions issued from time to time. To […]