Entries by Vinod Kothari Consultants

EXCEPTION TO CONSOLIDATION: GUIDE TO THE MEANING OF SEVERE AND LONG-TERM RESTRICTIONS

By Beni Agarwal (beni@vinodkothari.com) Introduction For the group enterprises, as the Companies Act provides, there is a requirement to prepare and present Consolidated Financial Statements. However there are a certain number of conditions which if satisfied may exclude a subsidiary from consolidation for preparation of consolidated financial statements. This article talks about one such restriction […]

LIQUIDATION PROCESS (SECOND AMENDMENT) REGULATIONS

– Richa Saraf and Devisha Dhanuka (resolution@vinodkothari.com) Pursuant to Notification No. IBBI/2017-18/GN/REG028, dated 27.03.2018, the very first amendment was brought into Regulation 32 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 w.e.f. 01.04.2018 to permit sale of the corporate debtor as a going concern. The insertion, as aforementioned, was brought in […]

RBI’s Interoperability guidelines for PPIs- A move to promote Digitalization

By Simran Jalan (simran@vinodkothari.com) Introduction Interoperability is the ability of customers to use a set of payment instruments seamlessly with other users within the segment. It enables a payment system to be used in conjunction with other payment systems. It allows Prepaid Payment Instruments (PPI) issuers and other service providers to undertake, clear and settle […]

PRIORITY OF TAX DUES IN LIQUIDATION?

By Kasturi Chowdhury (resolution@vinodkothari.com)   The manner of distribution of the assets of a company during liquidation is fraught with ambiguity and settlement of such claims arising out of it has inconvenienced the parties concerned since the advent of the Insolvency and Bankruptcy Code, 2016 (“Code”).  In a recent ruling, the judgement of the Hon’ble […]

RBI’s dissent on the PSS Bill, 2018

By Simran Jalan (simran@vinodkothari.com) Introduction An Inter-Ministerial Committee was formed to finalise Payment and Settlement System Bill, 2018 to amend the Payment and Settlement System Act, 2007 (“PSS Act”). The Bill seeks to foster competition, consumer protection, systemic stability and resilience in payment sector and establish an independent Payments Regulator Board (“PRB”) to regulate the […]