The Securities Contracts (Regulation) Act, 1956 (“SCRA”) and the Securities Contracts (Regulation) Rules, 1957 (“SCRR”) prescribes various conditions with regard to securities market. Rule 19 of SCRR deals with conditions with respect to listing of securities on recognised stock exchange, whereas Rule 19A of SCRR deals with minimum public shareholding related conditions to be fulfilled
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
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
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
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
The Reserve Bank of India (RBI) vide A.P. (DIR Series) Circular No. 16 dated September 30, 2022 has revised the matrix for calculation of late submission fee (LSF) for reporting delays under FEMA with immediate effect. Earlier regime The concept of LSF was introduced for delayed reporting under various functions as below: Sr. No. Provision/Function
Corporate Social Responsibility (“CSR”) is mandatory in India for companies exceeding certain thresholds of net worth, turnover or profits. On September 20, 2022 the Ministry of Corporate Affairs (MCA/Ministry) notified various amendments to the Companies (Corporate Social Responsibility Policy) Rules, 2014. The amendments and its practical implications are as follows: 1. CSR Committee Section 135(9)
1. Introduction: The Companies Act, 2013 has categorized certain companies into smaller companies based on their paid-up capital and turnover thresholds, so as to give various relaxations from compliance. These thresholds have now been widened to accommodate more companies under the ‘small company’ bracket. 2. Amendment: On 15th September 2022 Ministry of Corporate Affairs (“MCA”)
Introduction: Ministry of Corporate Affairs (MCA) has amended Companies (Incorporation) Rules, 2014, wherein Form INC-9 i.e. Declaration to be given by Subscribers and First Directors at the time of incorporation and Form INC-32 (SPICe+) to be filed for incorporation has got modified to enforce the amendment made in FEMA (Non-Debt Instruments) Rules, 2019 in April
Background The Ministry of Corporate Affairs (MCA) has permitted holding of Annual General Meeting (AGM) through electronic mode till 31 December 2022. This relaxation includes a leeway from sending hard copies of annual reports. But a question arises that whether listed entities are exempted from sending hard copies of annual reports for FY22 based on