Entries by Staff Publication

Nicco Corporation’s liquidation: Lenders, workmen may have to accept huge haircut on claims

The reserve price for Nicco Corporation’s liquidation exercise has been pegged at Rs 232 crore, which is about 62 per cent of the company’s total dues admitted by the liquidator. This simply means the lenders and workmen – the second tier of the payment waterfall under any liquidation – will have to accept substantial haircut on […]

MCA introduces form AOC 3A – form for submitting abridged financials for Ind-AS applicable companies

– By Nikita Snehil ( corplaw@vinodkothari.com) MCA vide its notification[1] dated February 27, 2018 has amended the Companies (Accounts) Rules, 2014, as per which the following proviso shall be inserted in Rule 10 which deals with statement containing salient features of financial statements referred in 1st proviso to sub-section (1) of Section 136 – “Provided that […]

Torrid time for NBFCs as FIU-IND lays down ‘High Risk’ classification

– By Saloni Mathur (finserv@vinodkothari.com) Introduction Just when the NBFCs were grappling with the outburst of RBI’s Ombudsman Scheme which was proposed to come into effect from 23rd February, 2018, FIU-IND released the list of ‘High risk NBFCs’[1] (‘List’) on account of non-compliance with the Prevention of Money Laundering Act, 2002 (‘PMLA Act’)[2] and the […]