Entries by Staff Publication

Abridged Board’s Report for Small Companies and OPC

By Simran Jalan (corplaw@vinodkothari.com) Background: MCA vide its notification dated July 31, 2018[1] has brought the Companies (Accounts) Amendment Rules, 2018 which broadly deals with two changes: Additional disclosures for companies other than small companies and OPCs; Abridged list of contents for small companies and OPCs Even though the aforesaid amendment in the said Rules […]

LOOK- BACK PERIOD VIS-À-VIS FRAUDULENT TRANSACTIONS

By Richa Saraf  (richa@vinodkothari.com) Sections 45, 49, 66, 69 of the Insolvency and Bankruptcy Code, 2016 requires and empowers the Liquidator to apply to the Adjudicating Authority for appropriate orders in case of any vulnerable transactions that the Liquidator comes across during the process of liquidation. Such transactions may either be with respect to breach […]

Prior approval from NHB for 10% change in foreign shareholding

By Rajeev Jhawar (rajeev@vinodkothari.com) The National Housing Bank (NHB) came out with a notification on 19th July, 2018[1], (‘Notification’) amending the Housing Finance Companies (National Housing Bank) Directions, 2010 with respect to change in control of housing finance companies. Scenario prior to the Notification The original provisions issued on 9th February, 2017[2], were influenced from […]

SEBI’s yet another attempt to give domestic bond market a push

By Rajeev Jhawar (rajeev@vinodkothari.com) In a vibrant market, resides a healthy economy. On the budget day, India sought to expand its bond market beyond the traditional ambit of sovereign debt. In pursuant to this, Securities and Exchange Board of India has initiated to diversify borrowings of Indian corporates by mandating to raise at least a […]

Interim Compensation to the Payee of the Dishonoured Cheque

By Shreya (legal@vinodkothari.com) Background: Negotiable Instruments are the principal instruments for fulfilling commercial obligations and they play a very significant role in the modern trade and business community. Law relating to negotiable instruments is provided in the Negotiable Instruments Act, 1881(“the Act”) as amended from time to time. Dishonour of cheque due to insufficiency of […]

Subordination of Operational Creditors under IBC: Whether Equitable?

Vinod Kothari and Sikha Bansal The authors can be reached at resolution@vinodkothari.com   Why this Article? Section 53 of the Insolvency and Bankruptcy Code (IBC) puts unsecured financial creditors above the claims of the governments. These unsecured financial creditors may, actually, be even related parties, and therefore, the underlying financial transaction may be in the […]