Author Archive for: vishesh
Entries by Vinod Kothari Consultants
MCA revisits the existing cap of materiality of related party transactions u/s 188
Munmi Phukon | Vinod Kothari & Company corplaw@vinodkothari.com Ministry of Corporate Affairs (MCA) has recently come out with a Notification dated 18th November, 2019 amending the Companies (Meetings and Powers of Board) Rules, 2014. The same will be effective from the date of publication in the Official Gazette. This amendment, has the impact of […]
Sectoral regulators empowered to petition insolvency of financial services providers: Central Govt notifies insolvency rules
–Vinod Kothari (resolution@vinodkothari.com) The Central Govt on 15th November notified rules of procedure for insolvency proceedings for financial services providers, thereby indicating that the resolution and liquidation process for financial services entities has been taken out from the proposed enactment dealing with distress of financial entities. Notably, the actions in case of distress of financial […]
Financial Service Provider under the clutch of IBC? Nature of the “debt” vs. Nature of the “debtor”
-Megha Mittal (resolution@vinodkothari.com) In a first of its kind, the Hon’ble National Company Law Tribunal, Principal Bench at New Delhi (“NCLT”) vide its order dated 04.11.2019[1] in the matter of Apeejay Trust v. Aviva Life Insurance Co. India Ltd., has initiated corporate insolvency resolution process against the Corporate Debtor, despite it being a financial service […]
SEBI tightens its norm on resignation of auditors
– Priya Udita resolution@vinodkothari.com OVERVIEW Observing that a lot of statutory auditors of the companies are abruptly resigning before completing their tenure either due to lack of cooperation or lack of information provided by the company, SEBI has taken the matter in its hand to strengthen the norms. Consequently, SEBI issued a Consultation Paper[1] on […]
RBI revises qualifying assets criteria for NBFC MFIs
Team, Vinod Kothari Consultants Pvt. Ltd. finserv@vinodkothari.com The RBI on November 08, 2019[1] revised the limits relating to the qualifying assets criteria, giving a much needed boost to Micro-Finance Institutions. The change in limits comes pursuant to the Statement on Developmental and Regulatory Policies[2] issued as part of the Monetary Policy Statement dated 04 October, […]
Group Insolvency: Moving from “Entity” to “Enterprise”
-Sikha Bansal (resolution@vinodkothari.com) Recently, the Working Group led by Shri U.K. Sinha, submitted its Report on group insolvency, recommending a complete framework to facilitate insolvency resolution and liquidation of corporate debtors in a “group”. The Report was submitted by the working group on 23.09.2019. See our presentation here on various aspects of group insolvency proceedings as suggested […]