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August, 2023 - MMJC
August 31, 2023
CTC Journal – August 23
The CTC Journal for the August, 23 consists of the following: Adjudication order by the ROC – Delhi & Haryana dated 27 June 2023, for noncompliance of Section 149(8) in the matter of PTC India Financial Services Limited In the matter of Jaiprakash Associates (Appellant) vs. Neena Somani (Respondent). NCLAT New Delhi, order dated 9
August 25, 2023
MMJC Insights
This issue of MMJC insights covers the following: CSR: Compassionate Sustenance and Responsibility – Assessing Needs for abetter tomorrow. Tech-CSR: Where Innovation complements Responsibilities From Corporate Responsibility to classroom readiness: How CSR helps build a better future Are Start-Up Companies and Small Companies subject to lesser Penalties? Fair Practices Code: Safeguarding Stakeholder Interests in NBFCs
August 17, 2023
ARE START-UP COMPANIES AND SMALL COMPANIES SUBJECT TO LESSER PENALTIES?
Background: Recently, under the ROC Adjudication mechanism we have seen adjudication orders being passed with respect to start-up and small companies. In one such case, Registrar of Companies Tamil Nadu -Coimbatore (‘ROC’) passed an order against M/s. Konwert India Motors Private Limited (‘Company’/’Konwert’) on May 18, 2023. In this case, the Company was in violation
August 17, 2023
From Corporate Responsibility to classroom readiness: How CSR helps build a better future
Introduction: “The highest education is that which does not merely give us information but makes our life in Harmony with all existence.”- Rabindranath Tagore In today’s world, education is more important than ever, especially in rural areas where it is difficult for children to access quality education. Many children in rural areas lack access to
August 15, 2023
CTC Publication – July
July edition of the Chamber of Tax publication covers the following: ROC Adjudication Order – In the matter of Konwert India Motors Private Limited – Registrar of Companies, Coimbatore dated 18 May 2023 In the matter of Secure Kloud Technologies Limited (‘Appellant’) versus Securities Exchange Board of India (‘Respondent’) read with Securities Appellate Tribunal (‘SAT’)
August 11, 2023
Fair Practices Code: Safeguarding Stakeholder Interests in NBFCs
Why the Fair Practices Code? The primary business activity of a Non-Banking Financial Company (NBFC) is to grant loans to its customers. NBFCs and other financial institutions adopt different means to attract the borrowers to scale up their business. With a view to protect the rights of the borrowers and to ensure proper conduct of
August 11, 2023
Tech-CSR: Where Innovation complements Responsibilities
Introduction: In the ever-evolving landscape of business, corporate houses are increasingly recognizing the importance of incorporating social responsibility into their core strategies and technology is playing a key role in making this possible. Corporate Social Responsibility (CSR) is no longer just a buzzword, it has become a business imperative. And with technology evolving at lightning
August 4, 2023
BRSR CORE ASSURANCE & DISCLOSURE
BRSR CORE ASSURANCE & DISCLOSURE SEBI has come up with Circular No. SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122 dated 12th July 2023 where it has revised format of BRSR and provided glidepath for implementation of BRSR Core Assurance for listed entities as well as Value Chain partners. Following table can be referred for easy understanding of the applicability. Applicability of
August 4, 2023
MCA starts enforcement for Register of Contracts or Arrangements (MBP-4) miss-outs.
1. Background: Section 188 of the Companies Act 2013 (‘Act’) converses about contracts or arrangements for related party transactions (‘RPTs’). In simple terms RPT is nothing but transactions undertaken between two or more related parties’ as per Companies Act. RPTs by nature are not illegal; however, such transactions have an element of conflict of interest
August 2, 2023
External Commercial Borrowings from countries sharing land border with countries
India has been rapidly emerging as one of the preferred countries for foreign Investment. The inflow of Foreign Direct Investment has increased 20 fold in last 20 years. As per Ministry of Commerce and Industry, India gets the highest annual FDI inflow of USD 83.57 billion in FY21-22.[1] The year 2020 – 21 were few