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January 16, 2023
MMJC Insights dated 16 Jan, 2023
Is monthly business update or operational update provided to stock exchanges by listed companies a UPSI or not? Guidance given by the Securities and Exchange Board of India (‘SEBI’) on creation of a ‘Suspense Escrow Demat Account’ Is the Company Secretary solely liable to ensure compliance with Secretarial Standards? Is the interest Component part of
January 6, 2023
Independent Directors must guard themselves u/s 463 to justify their Board decisions
The onus to curtail corporate frauds and risks without doubt lies on the IDs to use their wisdom in decision making by balancing between trust and inspection as a tool. Section 463 safeguards independent directors if they have acted honestly and reasonably and relieves them, either wholly or partly, from the liability. Our Partner – Makarand
January 6, 2023
The Chamber of Tax Consultants – December, 2022
Order of Adjudicating Officer of Securities and Exchange Board of IndiaName of the Case: In the matter of Bombay Dyeing and Manufacturing Company Limited In the matter of Yadubir Singh Sajwan (Petitioner/Financial Creditor) & Ors. v Som Resorts Private Limited (Respondent/Corporate Debtor) at National Company Law Tribunal (NCLT) New Delhi dated 2nd August 2022
January 6, 2023
Extension of time for Holding Virtual general meetings
Our previous article dated 16th December 2022 was about the convening General meeting through video conferencing (VC) or other Audio-Visual Means (OAVM). In that article, we discussed at length the evolution of provisions of Companies Act, 2013 (the Act) with respect to conducting Board Meetings as well as General meetings through VC or OAVM. We
December 16, 2022
Planning to Conduct shareholders meeting through VC – Hurry up
Background: The Covid -19 pandemic was an unprecedented global crisis. During these times of pandemic, rigorous restrictions were placed on public movement, thereby forcing businesses to go digital and consequently relaxations w.r.t provisions of law were also granted so that one can cope up with these challenging times, and comply with law and run the
December 16, 2022
LODR Sixth Amendment
Securities and Exchange Board of India [“SEBI” or “Board”] vide its Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Sixth amendment) Regulations, 2022 [LODR Sixth amendment] amended certain provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 [SEBI LODR]. An analysis of these amendments is presented
December 6, 2022
The Chamber of Tax Consultants – November, 2022
Order of Adjudicating Officer of Securities and Exchange Board of IndiaName of the Case: In the matter of IZMO Ltd – Disclosure to Stock Exchange and Annual report should be in sync. SEBI penalizes company for not being consistent In the matter of Mr. Pankaj Dhanuka, Insolvency Professional (IP) order dated 12th April 2022 passed
December 6, 2022
Advance received in Ordinary Course vs. Deposits
Deposit” includes any receipt of money by way of deposit or loan or in any other form by a Company, but does not include such categories of amount as may be prescribed in consultation with the RBI. Further, Rule 2 (1)(c) of the Companies (Acceptance of Deposits) Rules, 2014, provides an inclusive definition of deposits.
November 25, 2022
Filing of Annual return by Auditors
Background: As per Section 132 of the Companies Act, 2013 read with National Financial Regulatory Authority (NFRA) Rules, 2018, certain companies and other entities as prescribed in these NFRA Rules and their auditors are governed by NFRA. NFRA 2 – Compliance MCA has prescribed Form NFRA-2 as the Annual Return which is to be filed
November 6, 2022
The Chamber of Tax Consultants – October, 2022
Order of Adjudicating Officer of Securities and Exchange Board of IndiaName of the Case: In respect of Carnation Industries Limited – Wherein SEBI Questions Audit Committee regarding their course of action when statutory auditor qualified his report? In the matter of Somesh Choudhary- Suspended Director at M/s Global Fragrances Private Limited (Appellant) vs. Knight Riders