On 2 March 2020, the Ministry of Corporate Affairs (MCA) issued a standard operating procedure (SOP) for prosecution of independent directors (IDs) and non-executive directors (NEDs) in respect of non-compliance with the provisions of the Companies Act, 2013 (Act).
In yet another landmark decision in relation to the corporate insolvency resolution process (CIRP) of Jaypee Infratech Limited (JIL), the Supreme Court in Anuj Jain, Interim Resolution Professional for Jaypee Infratech Limited vs. Axis Bank Limited Etc. Etc. (Civil Appeal Nos. 8512-8527 of 2019)dated 26.02.2020, has laid down the law on two aspects:
Auditor’s reports are issued by the statutory auditor of the company as an end result of the audit to inter alia consolidate and summarise at the outset the key points emerging therefrom as well as to provide assurance and inspire confidence in the validity of the financial statements as it indicates compliance with applicable accounting standards. The format of auditor’s report is governed by Company (Auditor’s Report) Order. The Company (Auditor’s Report) Order, 2016 (CARO 2016) was notified on 29 March 2016.
Under the extant Foreign Direct Investment (FDI) policy, 100% FDI is permitted under the automatic route in Single Brand Retail Trading (SBRT) entities, subject to their compliance with the local sourcing requirements, whereby an SBRT entity having FDI of more than 51% must ensure that 30% of t
On the heels of the Punjab & Haryana High Court and the Bombay High Court verdicts, the Rajasthan High Court has vide its judgment in the case of Chandresh Sankla v State of Rajasthan & Others pronounced on 14 February 2020, upheld the legality of online fantasy sports gaming in India. It ruled that that such games are preponderantly a game of skill and therefore outside the ambit of gambling / betting legislations.
Appellant Ssangyong's bid for the respondent National Highways Authority of India's four-lane bypass project was accepted in 2005.
On 7 June 2019, the Reserve Bank of India (RBI) issued a revised prudential framework for resolution of stressed assets (RBI Framework) which filled the void in the pre-insolvency and Bankruptcy Code, 2016 (IBC) restructuring regime after the Supreme Court stuck down RBI's previous circular for resolution of stressed assets dated 12 Feb 2018 (12 Feb Circular) on the ground that universal and mandatory reference to IBC in ultra vires RBI's powers.
With the Narendra Modi led NDA government returning to power for a second term with a roaring majority, it is likely that stability and continuity in terms of long-term policies will benefit the economic environment in India.
The Securities and Exchange Board of India (SEBI), in its meeting on June 27 this year, approved certain key changes which financial investors may factor in while structuring transactions with public listed companies and its promoters.
In a Significant move, the Cabinet ministers of the Indian Government on 17 July 2019 cleared several amendments to the Insolvency and Bankruptcy Code 2016 (Code), which are proposed to be carried out through the Insolvency and Bankruptcy Code (Amendment) Bill, 2019 (Bill).
