With some open questions left on appointment of independent directors under the new Act, Ministry of Corporate Affairs has issued some clarifications on representations being made to it from various Industry Chambers, Professional Institutes. The clarifications are as follows: Pecuniary
External Commercial Borrowings (ECB) Policy: Refinance / Repayment of Rupee loans raised from domestic banking system. Refinancing/repayment of rupee loans raised from domestic banking system has undergone a change. Earlier, eligible Indian companies were permitted to refinance / repay the Rupee
Issue of sweat equity shares for a private company used to be regulated by Section 79A and Unlisted Companies (Issue of Sweat Equity Shares) Rules, 2003 under Companies Act, 1956. Now the same is regulated by Section 54 and Chapter
Every Company is required to maintain statutory records in the form of registers, minutes etc. throughout its life. Companies under the old Act were maintaining the same in physical form, however Companies Act, 2013 has changed the picture totally for
Issuing shares with differential rights has become more prescriptive and restrictive in Companies Act, 2013.New startups may find it difficult to meet the precondition of consistent track record of distributable profits for last 3 years. Voting Rights when there are
[slideshare id=33805419&style=border:1px solid #CCC; border-width:1px 1px 0; margin-bottom:5px; max-width: 100%;&sc=no] Author - Geetika Chandel, Associate with NovoJuris. Disclaimer: There are many details that the Act prescribes, please speak with your attorney for advice. This is not a legal opinion
Companies Act 2013 has increased monetary penalties and imprisonment. The civil and criminal liabilities are not just on directors but includes “Officers in Default”. There is heightened corporate governance requirements even for startups and unlisted companies, even though there
If the issuance of security is for a select group of people, called Private Placement, please refer to our post here. If you wish to issue shares to existing equity shareholders, then read on. When a company proposes to increase
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