Entries by Staff

Second Wave of COVID-19 Triggers Relaxations 2.0

corplaw@vinodkothari.com In order to ensure that companies remain compliant during ongoing relapse of COVID-19 pandemic, several temporary measures have been introduced by the Capital Markets Regulator w.r.t compliance under LODR regulations. The measures announced will support companies and other industrial bodies to function and meet the timelines in the period of lockdown. The list of […]

Strengthening Corporate Governance Norms in Banks – An after dose to a wounded governance system

Aanchal kaur Nagpal | finserv@vinodkothari.com Introduction A witness of serious lapses, over the past, in the banking system of India has brought the adequacy of the entire governance framework of banks into question. Banks have a huge fiduciary responsibility thereby casting a higher need of accountability. Failure or weakness in governance of a bank severely […]

FAQs: Appointment of Statutory Auditors

-Financial Services Divison (finserv@vinodkothari.com) Last updated- June 11, 2021 The Reserve Bank of India has issued Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs) under Section 30(1A) of the Banking Regulation Act, 1949, Section 10(1) of the Banking Companies (Acquisition and Transfer of […]

FAQs on refund of interest on interest

-Financial Services Division (finserv@vinodkothari.com) The Supreme Court of India (‘SC’ or ‘Court’) had given its judgment in the matter of Small Scale Industrial Manufacturers Association vs UOI & Ors. and other connected matters on March 23, 2021. The said order of SC put an end to an almost ten months-long legal scuffle that started with […]

Payment and Settlement Systems: A Primer

– Siddarth Goel (finserv@vinodkothari.com) Introduction A payment denotes the performance or discharge of an obligation to pay, which may or may not involve money transfer. Payment is therefore a financial obligation in whatever parties have agreed constituting a payment. A payment and settlement system could be understood as a payments market infrastructure that facilitates the […]

Whether expense towards Corporate Environment Responsibility (CER) be eligible as CSR spending?

Nitu Poddar, Senior Associate (corplaw@vinodkothari.com) Introduction Since the amendment in the CSR provisions on 22.01.2021, even the existing eight year old provision has gained substantial attention and deliberation by the stakeholders. This article is to discuss yet another topic on CSR which is “whether amount spend towards Corporate Environment Responsibility (CER[1]) stipulated as specific condition […]

Revision of criteria of non-company entities on which AS shall be applicable

CS Aisha Begum Ansari and Harsh Juneja (corplaw@vinodkothari.com ) Introduction For the purpose of applicability of Accounting Standards (“AS”), The Institute of Chartered Accountants of India (“ICAI”) has classified the entities into two segments – company entities and non-company entities. Non-company entities such as sole proprietors, partnership firms, trusts, Hindu Undivided Families, association of persons […]

Understanding regulatory intricacies of Payment Aggregator business

-Siddarth Goel (finserv@vinodkothari.com) Abstract The penetration of electronic retail payments has witnessed a steep surge in the overall payment volumes during the latter half of the last decade. One of the reasons accorded to this sharp rise in electronic payments is the exponential growth in online merchant acquisition space. An online merchant is involved in […]