Consultation Paper on ESG Disclosures, Ratings and Investing by Mutual Funds
– Payal Agarwal & Shreya Salampuria | corplaw@vinodkothari.com
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Archive for year: 2023
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Open in new tab Comments on SEBI consultation paper on CG norms in HVDLEs
– Team Corplaw | corplaw@vinodkothari.com
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Read our write ups on the said consultation paper:
Recent amendments relating to Corporate Bonds
– Vinita Nair, Aanchal Kaur Nagpal & Payal Agarwal | corplaw@vinodkothari.com
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Read our related resources here :
- Debenture trustees’ nominees on Corporate Boards: FAQs
- SEBI Consultation Paper on NCS regulations: Changes in Offer Doc. | Mandatory Listing | Disclosure of Issue expense
- SEBIs Consultation Paper on review of CG norms for a High Value Debt Listed Entities
- SEBI to provide debenture holders the right to object material related party transactions
SEBI proposes freezing of CEOs’ personal shareholding for continuing default of Regs & fine
– Sharon Pinto & Ajay Ramanathan | corplaw@vinodkothari.com
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Debenture trustees’ nominees on Corporate Boards: FAQs
– Team Corplaw | corplaw@vinodkothari.com
Table of Contents
| Appointment of Nominee director | Disqualification under CA, 2013 |
| Resignation, removal | Roles, responsibilities and liability |
| Board composition | Applicability and immediate actionable under present amendment |
Brief Introduction
A Nominee Director is a representative of a stakeholder/ stakeholder group (“nominator”), put by the nominator on the board of a company, to ensure that the interests of the nominator, and the general interests of the Company, are safeguarded. While, the enabling provisions for appointment of nominee director is primarily set out in Sec. 161(3) of CA, 2013 authorisation in the Articles of Association of the Company is a prerequisite. Under CA, 2013 the power to appoint director vests with shareholders. The Board has the power to appoint an additional director, alternate director and a nominee director only where specifically authorised under the AOA.
A nominee director is a director, and therefore, except for specific provisions of law, articles or the terms of the agreement under which the right of nomination comes, the position, appointment process, etc., of the nominee director are the same as those of any director. The similarities and the differences are tabulated as under:
Read more →P2P Lending in India – A Report
Register to our premium section to access the full Report
Updated: Q3, 2022-23
Report Sample
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– Team Finserv | finserv@vinodkothari.com
Our previous instalment of the report – https://vinodkothari.com/wp-content/uploads/2020/01/India-P2P-report-2019-2020-1.pdf
Our earlier write-up on the topic – https://vinodkothari.com/2021/12/p2p-lending-fintech-disruption-in-financial-intermediation/
Recent amendments relating to Corporate Bonds
– Vinita Nair, Senior Parnter | corplaw@vinodkothari.com
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Samagrata – January, 2023
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The Dos and Don’ts of Penal Charges
RBI to release guidelines on penal charges
– Tejasvi Thakkar, Executive | finserv@vinodkothari.com
Introduction
The Reserve Bank of India (‘RBI’) announced various policy measures in its Statement on Developmental and Regulatory Policies dated February 08, 2023, which includes introduction of guidelines for regulating the penal charges levied by financial institutions in case of delay or default in repayment of loans or where there is a non-compliance of ‘material’ terms and conditions. RBI observed that some of the financial institutions were levying unreasonable penal charges. It has time and again been RBI’s concern that financial institutions levy excessive charges under the garb of different names such as penal charges, penal interests, legal charges, notice charges, levy charges etc. A large number of customer grievances with respect to excessive penal charges and divergent practices have influenced the regulator to think on these lines.
Read more →Ushering the new-age TReDS Platform
– Anirudh Grover, Executive | finserv@vinodkothari.com
Receivables or debtors though from the face of it is considered as a positive thing for businesses, however when you lift the tag of positivity one can assess the true color of trade receivables. This essentially means that despite it being classified as an asset it may not be helping the business when required. For instance, ABC Ltd has 1 lakh recorded as debtors in its financials however these debtors are of no substantial use unless it is converted into liquid forms of funds. This in essence is the reason why TReDS was introduced, RBI vide Guidelines for the Trade Discounting System (TReDS) opined that the scheme for setting up and operating the institutional mechanism for facilitating the financing of trade receivables of MSMEs from Corporate and other buyers, including Government Departments and Public Sector Undertakings (PSUs), through multiple financiers is known as TReDS.
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