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Companies Act

Takeover offer provisions of Companies Act updated

The Ministry of Corporate Affairs has notified section 230(11) and section 230 (12) of the Companies Act, 2013, which pertain to takeover offers in case of an unlisted company, vide its notification dated 3...
CLARIFICATION-ON-INCONSISTENCIES-BETWEEN-COMPANIES-ACT,-IBC-India

Clarification on inconsistencies between companies act, IBC

The Supreme Court held that an employee has a right to resign from their job and cannot be forced to serve if they are not willing to stay on. An employee can be stopped...

Companies Act: Proposals to improve governance rules

By Manoj Kumar, Hammurabi & Solomon
Following the recent Companies Amendment Ordinance, 2018, in effect from 2 November 2018, the government of India now plans to bring further amendments to the Companies Act, 2013. The proposed changes considered to be...

Companies Act declarations – corporate shareholder pitfalls

By Ravi Singhania & Manish Kumar Sharma, Singhania & Partners
The Ministry of Corporate Affairs (MCA) recently notified certain provisions relating to the disclosure of significant beneficial owner in the Companies Act 2013, through the Companies (Amendment) Act 2017, and simultaneously notified relevant rules.Notification...

Amended Companies Act eases restrictions on loans

The Companies (Amendment) Act, 2017, has alleviated some of the restrictions under section 185 of the Companies Act, 2013, for a company to provide loans. Section 185 earlier prohibited a company from advancing loans/providing...

Cross-border mergers under the Companies Act, 2013

By Divi Dutta and Anant Gupta, Shardul Amarchand Mangaldas
Until 2014, all matters relating to companies, mergers, acquisitions, etc., were governed by the Companies Act, 1956. The 1956 act only allowed the merger of a foreign company into an Indian company, not vice...

Chinese companies active in Asian infrastructure

By Wang Jihong and Liu Ying, Zhong Lun Law Firm
The One Belt, One Road (OBOR) initiative accelerated during 2016. According to China’s Ministry of Commerce (MOFCOM) statistics, from January to November Chinese companies participated in 53 OBOR direct investment projects with a cumulative...

More provisions of companies act, 2013, notified

The Ministry of Corporate Affairs, via a notification dated 7 December 2016, notified a number of provisions of the Companies Act, 2013, dealing with amalgamation, compromise, arrangement, liquidation and winding up. Significant changes have...

Provisions under companies act notified

The Ministry of Corporate Affairs has notified the following provisions of the Companies Act, 2013, which came into force on 9 September:Legal advisers and bankers not to disclose certain information: section 277. Power of a tribunal...

Amendment to schedule V under companies Act

The central government has amended schedule V of the Companies Act, 2013, exercising its powers under section 467(1) and (2) of the act. The salient changes are as follows:Section II of part II relating to...

Class action suits under the Companies Act, 2013

By Jasleen Oberoi, Rudra Kumar Pandey and Vishal Nijhawan, Shardul Amarchand Mangaldas & Co
A class action enables one or more plaintiffs to file a suit on behalf of a larger group or class, wherein such class has common rights and grievances. Class action is a well-defined area...

Companies Act suggestions: A step in line with the times

By Sawant Singh and Aditya Bhargava, Phoenix Legal
India’s Companies Act, 2013, has had a chequered and a sluggish start. While it received presidential assent on 29 August 2013 and appeared in the official gazette the next day, only 98 of its...

D&O insurance and the Companies Act, 2013

By Riddhi Sancheti, Khaitan Sud & Partners
The Companies Act, 2013, has introduced significant changes which highlight the protection of the interests of shareholders and other stakeholders. This has a direct correlation to the role of the directors and officers of...

Nominee directors under the Companies Act, 2013

By Joyjyoti Misra and Arjun Rajgopal, Khaitan & Co
It has, for a long time, been a common practice for investors to appoint nominee directors on the boards of their investee companies. Nominee directors were an investor’s preferred method of participating in the...

Cross-border mergers and the Companies Act, 2013

By Kalpataru Tripathy, Promode Murugavelu and Medha Kumar, Amarchand Mangaldas
Reforms by the Indian government in the first decade of this millennium together with long pent-up aspirations of Indian corporations to go global have led to a significant number of outbound acquisitions. This along...

Companies Act 2013: new rules now in place

The Companies Bill, 2012, was passed by the Lok Sabha (lower house of parliament) on 18 December 2012 and by the Rajya Sabha (upper house) on 8 August 2013. Following presidential assent on 29...

Companies Act 2013: Changing of the guard

By Siddharth Hariani, Aditya Bhargava and Raghuveer Sarathy, Phoenix Legal
After much vacillation, the Companies Act, 2013, has finally been enacted by the Indian parliament to replace the Companies Act, 1956, which was increasingly being viewed as archaic and out of step with the...

India brings into force new Companies Act

India has enacted the Companies Act, 2013, which will replace the existing Companies Act, 1956. The provisions of the new act will be brought into effect in phases. Some of the key features of the...

Companies Act prevails over ‘later general law’

Allowing a writ petition in Registrar of Companies & Ors v Dharmendra Kumar Garg & Anr, Delhi High Court held that the provisions of the Right to Information (RTI) Act, 2005, would not override...
Amaya Singh Lex Orbis IP Practice

Section 22 of Companies Act v scope of passing off

By Amaya Singh, Lex Orbis IP Practice
Section 22 of the Companies Act, 1956, provides a remedy in terms of rectification of the name of a company which “too nearly resembles” the name of an already registered company or a registered...