Author Archive for: vishesh
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Entries by Vinod Kothari Consultants
SUPREME COURT RULING IN THE TATA-MISTRY CASE
April 5, 2021 /2 Comments/in Corporate Laws, Uncategorized /by Vinod Kothari Consultants-A LIMPID VIEW ON MINORITY PROTECTION RIGHTS UNDER INDIAN CORPORATE LAW Sharon Pinto, Manager, corplaw@vinodkothari.com Background The Ruling of the Supreme Court (SC) in this case has shed light on several important aspects related to majority versus the minority rule, oppression and mismanagement, role of Non-Executive Directors (NEDs), scope and powers of the Tribunal in […]
Role of Nominee Directors : Balance is the Key
April 2, 2021 /2 Comments/in Companies Act 2013, Corporate Laws /by Vinod Kothari Consultants-Megha Mittal & Ajay Kumar [corplaw@vinodkothari.com] The idea that directors owe a fiduciary duty towards the company has been deep instilled in the very being of the corporate world – not only in spirit, but also in law. Section 166 of the Companies Act, 2013 (‘Act’) provides that “a director shall act in good faith […]
SC gives purposive interpretation to section 238A of IBC:
March 31, 2021 /0 Comments/in Insolvency and Bankruptcy /by Vinod Kothari ConsultantsTime lost in SARAFESI proceedings can be excluded from limitation period for IBC initiation -By Sikha Bansal and Urmil Shah [resolution@vinodkothari.com] The recent ruling of Supreme Court (SC) in Sesh Nath Singh v. Baidyabati Sheoraphuli Co-Operative Bank Ltd., Civil Appeal No. 9198 of 2019 (Ruling) partially addresses the persistent debate on the interplay between the Limitation Act, […]
MCA introduces a cartload of additional disclosures in the Financial Statements
March 30, 2021 /5 Comments/in Amendments to the Companies Act 2013, Companies Act 2013 /by Vinod Kothari Consultants-The amendments to be applicable from FY 2021-2022 onwards! Shreya Masalia and Harsh Juneja | Executives With the ever-increasing stringency in the regulatory framework and disclosure requirements under various provisions of law, MCA, vide notification dated March 24, 2021[1] has further prescribed a list of numerous additional disclosure required in the financial statements by amending […]
Downstream Investment Not to Result in Indirect Foreign Investment
March 26, 2021 /0 Comments/in Corporate Laws, FEMA /by Vinod Kothari ConsultantsFor entities owned and controlled NRIs investing on non-repatriation basis Updated as on August 10, 2021 Shreya Masalia | Executive Foreign investments in equity instruments by a person resident outside India (PROI) is governed by Foreign Exchange Management (Non-debt Instruments) Rules, 2019 (NDI Rules)[1] and the Consolidated FDI Policy[2] as amended from time to time. […]
Changes in Auditors’ Report and Financial Statements to reveal camouflaged financial transactions
March 25, 2021 /1 Comment/in Amendments to the Companies Act 2013, Companies Act 2013, Corporate Laws, MCA /by Vinod Kothari ConsultantsTeam Corplaw, Vinod Kothari & Company [corplaw@vinodkothari.com] [This version: 25th March, 2021] Accountants and auditors will have to grapple with a ton of new details and disclosures while preparing financial statements and audit reports, come financial year 2021-22. MCA brought, vide separate notifications dated 24th March, 2021 amendments in the Companies (Audit and Auditors) Rules,2014 […]
Increased reporting and disclosures in the new FY
March 25, 2021 /0 Comments/in Uncategorized /by Vinod Kothari ConsultantsMCA brings a thread of amendments just before the current year ends ! The Companies (Accounts) Amendment Rules,2021 The Companies (Audit and Auditors) Amendment Rules, 2021
An Odd Scheme: Case for exclusion of schemes of arrangement from scheme of liquidation
March 22, 2021 /0 Comments/in Insolvency and Bankruptcy, Liquidation & Winding-up, Schemes and Arrangements /by Vinod Kothari ConsultantsSikha Bansal, Partner [resolution@vinodkothari.com] The Article below has also been published on the IndiaCorplaw Blog, see here The concerns around section 230 schemes in the background of insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC) have been partly addressed with the ruling of Supreme Court (SC) in Arun Kumar Jagatramka v. Jindal Steel and […]