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Proposed changes in the Companies Act, 2013 – Decriminalization of various offences

Since the inception of the Companies Act, 2013 (“Act”), the Government of India (“Government”) has undertaken and continues to undertake various amendments to the Act including the recent amendment dated July 31st, 2019, in which approximately 21 (twenty-one) criminal offences were decriminalized and re-categorized as civil offences. Since then there have been constant deliberations to […]

Finance Minister announces major reduction in Corporate Tax Rates

Finance Minister Smt. Nirmala Sitharaman at the 37th GST Council Meet held today i.e. September 20th 2019 has announced to reduce the corporate taxes for domestic companies and new local manufacturing companies through an ordinance. The highlights of the Taxation Laws (Amendment) Ordinance of 2019 (“Ordinance”) are enumerated below: A new provision has been inserted […]

IBC proceedings maintainable against a company whose name has been struck off by the Registrar of Companies

The Hon’ble National Company Law Appellate Tribunal (“NCLAT”) has held that the Corporate Insolvency Resolution Process (“CIRP”) can be initiated against a company whose name has been struck off by the Registrar of Companies (“ROC”) on an application filed under section 7 or section 9 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) by any […]

Union Cabinet approves proposal for review of FDI policy on various sectors

On August 28th, 2019 the Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved proposal for review of the Foreign Direct Investment (“FDI”) policy. The proposed changes in the policy will result in easing the FDI rules for various sectors such as coal mining, contract manufacturing, single brand retail trading and media etc. […]

Arbitration and Conciliation (Amendment) Act, 2019 notified

With effect from August 09, 2019, the Government notified the Arbitration and Conciliation (Amendment) Act, 2019 (“Amendment Act”), which shall come into force on date further notified by the Central Government in the Official Gazette.   The salient features of the Amendment Act are as follows:   1.  Establishment of Arbitration Council of India   […]

Supreme Court upholds the rights of home buyers as financial creditors under IBC

The Hon’ble Supreme Court of India on August 9, 2019 has upheld the constitutional validity of the amendment which granted the status of financial creditors to home buyers as per the provision specified under the explanation to section 5 (8) (f) of the Code inserted vide the Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 […]

Reserve Bank of India liberalizes the framework of External Commercial Borrowings

The Reserve Bank of India (RBI) has rationalized the end-use provisions of External Commercial Borrowings (‘ECBs’) vide RBI/2019-20/20 A.P. (DIR series) Circular no. 04 dated July 30, 2019 (‘Circular’). Key changes introduced by the RBI through the Circular are reproduced herein below: 1.) ECBs with a minimum average maturity period (‘MAMP’) of 10 (ten) years […]

Parliament passes the Insolvency and Bankruptcy Code (Amendment) Bill, 2019

The Insolvency and Bankruptcy Code (Amendment) Bill, 2019 (“Bill”) was passed by the Rajya Sabha on 29th July, 2019 and thereafter the Lok Sabha on 1st August 2019 provided its assent to the Bill, to amend the Insolvency and Bankruptcy Code, 2016 (“Code”). The Bill seeks to to inter-alia, enhance the time limits for completion of the corporate […]

Introduction of Web-Based services for filing of DIR-3 KYC

The Ministry of Corporate Affairs (MCA) recently on 25th July 2019 issued the Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2019. As per the amended rules the MCA introduced web – based services for filing of the DIR-3-KYC-WEB on the MCA portal. The key-points introduced as per the amended rules are as follows: The […]

Union Government reduces the rate of ESI contribution

On 13th June 2019, the Ministry of Labour and Employment, Government of India, issued a notification no. G.S.R. 423 (E) amending Rule 51 of the Employees’ State Insurance (Central) Rules 1950 to reduce the rate of contribution required to be made by both employers and employees’ under the Employees’ State Insurance Act, 1948 (Act) from […]

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