Entries by Staff Publication

Secretarial Standards 3 – a voluntary guideline for companies!

-By Megha Saraf (corplaw@vinodkothari.com) Introduction The Institute of Company Secretaries of India (“ICSI”) vide its earlier notification had brought an exposure draft on Secretarial Standards-3 (“SS-3/Standards”) on Dividend which was put forward for public comments. After considering the suggestions/comments received on the draft, ICSI has finalized the Standard and has made it enforceable from 1st […]

LIBERAL INTERPRETATION OF SECTION 8 AND 9(3)(C) OF THE IBC BY THE APEX COURT

By Vishal Hablani (resolution@vinodkothari.com) Introduction: The Supreme Court with its decision on December 15, 2017, in the case Macquarie Bank Limited v. Shilpi Cable Technologies Ltd.[1], cleared the ambiguities w.r.t. interpretation of Section 8 and 9(3)(c) of the Insolvency and Bankruptcy Code, 2016 ( ‘the Code’). The decision overturned the concurring rulings laid down by […]

NO EMBARGO ON PROCEEDINGS IN FAVOUR OF CORPORATE DEBTOR U/S 14(1) OF THE CODE

-By Sikha Bansal & Vishal Hablani (resolution@vinodkothari.com) Introduction: The Insolvency and Bankruptcy Code, 2016 (“the Code”) facilitates resolution of corporate entities by providing for a “calm period” during which institution or continuation of suits or “proceedings” against the corporate debtor is prohibited. Recently in Power Grid Corporation of India Ltd. v. Jyoti Structures Ltd.[1] (Order dated […]

UNDERSTANDING THE CONCEPT OF OUTSOURCING- ENVISAGING A TOUGH ROAD AHEAD FOR THE SERVICE PROVIDERS

By Saloni Mathur (finserv@vinodkothari.com) INTRODUCTION Mr. Le Kuan Yu, Singapore’s founding father once said, “If you are depriving yourself of the outsourcing business and your competitors do not, you are putting yourself out of the business.” These words reflect upon the importance of outsourcing as a function that has become a necessity for the business […]

NHB introduces Aadhaar based OTP for HFCs

By Mayank Agarwal (finserv@vinodkothari.com) Introduction The National Housing Bank (NHB) has introduced various reforms to the existing Aadhaar based e-KYC procedure vide Circular No.85[1] issued on 8th December, 2017. Bringing certain modifications to Circular No. 72[2] issued on 23rd April, 2015 which recognizes E-Aadhaar as an Officially Valid Document (OVD) under the PML Rules, NHB […]

IBBI’s Grievance Handling Regulations to keep a check on service providers

Vallari Dubey resolution@vinodkothari.com   The Insolvency and Bankruptcy Board of India (“IBBI”) has notified a new set of regulations, named the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017 (“Grievance Handling Regulations”) vide Gazette Notification dated 6th December, 2017, effective from 7th December, 2017[1][2]. The Regulations shall seek to protect […]

ICSI’s Golden Jubilee Release-Governance Code for Charitable Entities

By Dipanjali Nagpal (corplaw@vindokothari.com) The Institute of Company Secretaries of India has released the Code for Charity Governance[1] at the 45th National Convention of Company Secretaries to bring about charitable entities within the ambit of good governance as envisioned by the Hon’ble Prime Minister Shri Narendra Modi for empowering the nation.

Defaulting LLPs under the radar of MCA – Clean India Drive Continues!

By Smriti Wadehra, (corplaw@vinodkothari.com) The recent massive clean-up operation of Ministry, whereby RoCs started issuing public notices in April, 2017 to strike off the name of the companies from the register of companies and to dissolve them unless a cause is shown to the contrary, within thirty days from the date of the notice, has come […]