FAQs on Purpose and Effect test for RPTs
-Team Vinod Kothari and Company | corplaw@vinodkothari.com
Loading…
Reload document 
Open in new tab For further reading on the topic –
Loading…
Loading…
Purpose and Effect Test for Related Party Transactions.
Comparative analysis between Social Sector Entities- Section 8 companies and Trusts
– Team Corplaw | corplaw@vinodkothari.com
Social sector entities can be of various types like a section 8 company, trust, societies, etc. The common idea behind these entities is the promotion of social welfare activities. Even with the common objective in place, there are various differentiating features between them. This write up is a comparative analysis between two types of social sector entities – Section 8 company and a trust.
A. Companies with Charitable objects (Sec 8 under the Companies Act, 2013)
The concept of non-profit making organizations or companies with charitable objects in India is quite old as it traces its history to the early 20th century. This concept was first introduced under the Companies Act 1913, then under the Companies Act, 1956. Now, under the Companies Act, 2013 (hereinafter “the Act”), the provision for setting up of non-profit making organizations are enumerated under section 8 of the Act read with Rule 19 and 20 of Companies (Incorporation) Rules, 2014.
Read more →MCA rationalizes 52 ROC e-Forms for V3 portal
NCLT’s powers to rectify register of members restricted in case of breach of securities laws
– Sharon Pinto, Manager | sharon@vinodkothari.com
Introduction
A recent judgment by the Supreme Court in Ifb Agro Industries Limited vs Sicgil India Limited, has put to rest the concerns regarding rectificatory jurisdiction of NCLT u/s 59 of Companies Act, 2013 (section 111A of the erstwhile Companies Act, 1956). The ruling has shed light on the scope of NCLT jurisdiction in case of rectification of the register of members, in cases where there are violations of specific laws and the facts of the case are such that the same requires proper enquiry, adjudication under the specific statute. The two major questions addressed by Hon’ble Supreme Court are as follows:
- What is the scope and ambit of Section 111A of the Companies Act, 1956 (‘Act, 1956’) / Section 59 of the Companies Act, 2013 (‘Act, 2013’), to rectify the register of members?
- Which is the appropriate forum for adjudication and determination of violations and consequent actions under the SEBI (Substantial Acquisition of Shares and Takeover) Regulations 1997 (‘SEBI SAST Regulations’) and the SEBI (Prohibition of Insider Trading) Regulations 1992 (‘SEBI PIT Regulations’)?
Directors to declare on personal disqualifications too in DIR-8
– Prapti Kanakia, Manager | prapti@vinodkothari.com
Loading…
Registration of Security Interest and Rights of Secured Creditors under IBC
– Sikha Bansal, Partner & Neha Malu, Senior Executive | resolution@vinodkothari.com
Loading…
Read our writeups on the topic –
2022 Wrapped Up: Regulatory review of corporate law developments
– Payal Agarwal, Assistant Manager (payal@vinodkothari.com)
2022 has been a relatively stable year when it comes to Companies Act, save changes in the forms and filing procedures with increasing online processes, there has been significant traction on the part of SEBI. While Structured Digital Database (SDD) remained the buzzword for the listed entities with the stock exchanges requiring them to submit quarterly compliance certificates, the stress for proper controls on insider trading remained the focal point. For social enterprises, a landmark development was the introduction of the concept of Social Stock Exchanges, which seems to be shortly getting into operational mode.
We have tried to briefly cover the major developments in corporate laws during the year 2022. You may also refer to our brief discussion of the same in this youtube video. For updates relevant to the financial sector including the overseas investment norms, refer 2022 in retrospect: Regulatory activity in the financial sector. You may also refer to our quick round-up of regulatory developments in IBC in the year 2022.
Read more →Financial entities in IFSC: A primer
– Parth Ved, Executive | parth@vinodkothari.com
Table of contents
Background
Flow of funds, just like a river, not only enriches its destination but also benefits all the stops it passes through. Having a financial hub, a stopover which enables routing billions and billions of global funds on a daily basis can definitely prove resourceful. London, New York, Singapore are some of the globally recognised financial centres, and needless to say these locations are at the forefront of financial development. India too has tried to tap into this with the setting up of GIFT-IFSC in Gujarat, and has tried to position itself as the next big global hub for financial transactions.
Through this write-up, the author tries to explain the concept of International Financial Services Centre and the applicability of domestic regulatory framework on entities set up therein.
Read more →