Archive for year: 2017
Home buyers breathe a sigh of relief
/0 Comments/in Insolvency and Bankruptcy /by Vinod Kothari ConsultantsBy Vallari Dubey, (resolution@vinodkothari.com)
IBBI amends CIRP Regulations to include claims of other creditors
IBBI has taken a step towards making positive changes in the Insolvency and Bankruptcy Board of India (‘the Code’). The amendments being brought to Regulations pertaining to Corporate Insolvency Resolution Process, provides a relief to home buyers, who are stuck in the depth of undelivered or unfinished houses. With the aid of the amendments, such home buyers can now proceed to file their claims to the Resolution Professional under the Code. Read more →
Home buyers breathe a sigh of relief: CIRP Reg. Amended in favour of other creditors
/0 Comments/in Insolvency and Bankruptcy /by Vinod Kothari ConsultantsGuidance Note to NBFCs for nomination of counsel in Delhi High Court
/0 Comments/in NBFCs, SARFAESI, Securitisation /by Vinod Kothari ConsultantsBy Richa Saraf, (legal@vinodkothari.com)
BACKGROUND:
- In exercise of its powers under sub clause (iv) of clause (m) of sub section (1) of section 2 read with section 31A of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ( “SARFAESI Act”), the Central Government issued a notification[1] dated August 5, 2016 notifying 196 Non- Banking Financial Companies (“Notified NBFCs”) as “Financial Institutions”, registered with the Reserve Bank of India (RBI) and having asset of Rs. 500 crore and above as per their last audited balance sheet, on which the SARFAESI Act is applicable. Read more →
Comparative analysis of Companies (Amendment) Bill 2017
/0 Comments/in Amendments to the Companies Act 2013, Companies Act 2013, Corporate Laws, MCA /by Vinod Kothari ConsultantsTaming UPSI and tampering disclosure requirements
/0 Comments/in Companies Act 2013, SEBI /by Vinod Kothari ConsultantsBy CS Vinita Nair | corplaw@vinodkothari.com
It is a fact that certain decisions are taken by Board impromptu/ surprise item and is not a part of the agenda. Therefore, the agenda includes an item ‘With the permission of Chairperson’ to keep the agenda flexible. It is a good thought to ponder upon that whether all tabled items are impromptu in true sense? Can companies put Unpublished Price Sensitive Information (UPSI) as tabled items and cut the prior intimation requirements? Read more →
FAQs on GST on Directors’ Remuneration
/1 Comment/in Companies Act 2013, Corporate Laws, Indirect Taxes, Taxation /by Vinod Kothari ConsultantsBy Ankit Bhalotia ,gst@vinodkothari.com
The GST law, introduced with effect from 1st July, 2017, makes a major rejig in the indirect tax system in the country. With its introduction, several concepts have been brought up, playing with the minds of the people. One such concept that has created havoc is the reverse charge mechanism and its viding applicability. Services of director i.e. sitting fees, commission has been covered under the Government notified services on which the tax would be payable on reverse charge.
Following are the some of the pertaining questions answered in respect of GST on Director Services Read more →
RBI revamps Directions for issuance of Commercial Paper
/0 Comments/in Banking Regulations, Bond Market, Capital Markets, NBFCs /by Vinod Kothari ConsultantsBy Richa Saraf, legal@vinodkothari.com
The Reserve Bank of India (RBI) vide Notification No. MRD.DIRD.01/CGM (TRS) – 2017 dated August 10, 2017 has issued Reserve Bank Commercial Paper Directions, 2017 (“New Directions”). The new guidelines are in supersession of the existing directions on Commercial Paper in the Master Directions on Money Market (Section II) RBI/FMRD/2016-17/32 dated July 7, 2016 (“Old Directions”). The following table captures the difference between the old and new directions:- Read more →