Nitu Poddar and Tanvi Rastogi corplaw@vinodkothari.com Section 135 of Companies Act, 2013 dealing with the Corporate Social Responsibility (“CSR”) was amended vide the Companies (Amendment) Act, 2019 inter-alia requiring the provisions to change from “comply or explain” to “comply or suffer” by introducing penal provision for non-compliance. The amendment also provided for parking the unspent […]
-Megha Mittal (mittal@vinodkothari.com) April 2018, the Reserve Bank of India (RBI) issued a “Statement on Developmental and Regulatory Policies” (‘Circular’) dated 06.04.2018, thereby prohibiting RBI regulated entities from dealing in/ providing any services w.r.t. virtual currencies, with a 3-month ultimatum to those already engaged in such services. Cut to 4th March, 2020- The Supreme Court […]
-Financial Services Division (finserv@vinodkothari.com) Introduction In the Yes Bank restructuring proposed by the RBI[1], equity shareholders will not lose all their money, depositors, hopefully, will be fully protected, and other creditors may also sail safe. However, the first casualty is the investors in AT1 bonds, as the same have been fully written off. The returns […]
SEBI’s proposal–came late, came correct -CS Nitu Poddar, Tanvi Rastogi corplaw@vinodkothari.com Financial assistance to related entities is a quite a regular transaction. Considering the transfer of obligations, such transactions are subject to certain regulation under the Companies Act, 2013 (Act, 2013) and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR). However, despite the prohibitions […]
-Richa Saraf (richa@vinodkothari.com) The Apex Court, vide its order dated 22.01.2020, in the matter of Maharasthra Seamless Limited vs. Padmanabhan Venkatesh & Ors.[1] held that there is no requirement that the resolution plan should match the maximized asset value of the corporate debtors. Reiterating the principle laid down in the case of Committee of Creditors […]
Timothy Lopes, Executive, Vinod Kothari Consultants finserv@vinodkothari.com The world of financial services is continually witnessing a growth spree evidenced by new and innovative ways of providing financial services with the use of enabling technology. Financial services coupled with technology, more commonly referred to as ‘Fintech’, is the modern day trend for provision of financial services […]