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    December 22, 2018
    New Settlement Rules of SEBI
    December 20, 2018
    Ministry of Corporate Affairs Year Ender-2018
    December 19, 2018
    Third Roadshow On Competition Law organized by Competition Commission of India on 18TH December in Ahmedabad
    December 4, 2018
    Submission of Report of the Expert Committee for listing of equity shares of companies incorporated in India on foreign stock exchanges and vice versa
    December 4, 2018
    Transfer of securities only in demat form- Deadline extended till April 1, 2019
    November 22, 2018
    CCI invites comments from public in respect of the proposed acquisition of the electrical and automation business of Larsen & Toubro Limited by Schnei...
    November 20, 2018
    Invitation for public comments on the Competition Act, 2002
    November 6, 2018
    Amendments to the Companies Act, 2013 - Inviting Comments
    November 5, 2018
    Jaitley: Fair and Transparent Public Procurement will protect the revenues of the State and make sure that they are used for optimal purpose
    November 5, 2018
    CCI to hold national conference on public procurement & competition law today in Delhi
    November 2, 2018
    PM launches historic Support and Outreach Initiative for MSME Sector
    November 2, 2018
    Companies (Amendment) Ordinance, 2018 - President gives assent to promulgation of the Companies Amendment (Ordinance), 2018
    November 1, 2018
    The Prime Minister, Shri Narendra Modi to launch the MSME Support and Outreach Programme; MSME Outreach Programme to run for 100 days covering 100 Dis...
    October 31, 2018
    Committee of Experts submits its report on Regulating audit firms and the Networks
    October 24, 2018
    Competition Commission of India brings-out Policy Note on ‘Making Markets Work for Affordable Healthcare’
    October 22, 2018
    Insolvency Law Committee submits its 2nd Report on Cross Border Insolvency
    October 3, 2018
    Hon’ble Mr. Justice Sudhansu Jyoti Mukhopadhaya, Chairperson, National Company Law Appellate Tribunal delivers the IBBI Inaugural Annual Day Lecture...
    October 1, 2018
    Government in public interest moved NCLT to supersede Management of IL&FS on grounds of mismanagement
    October 1, 2018
    Firm and Decisive Government Action taken to preserve value and assets of IL& FS
    October 1, 2018
    Government constitutes Competition Law Review Committee to review the Competition Act
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    News
    All› Corp. Laws, SEBI & IBC › Corp. Laws, SEBI & IBC - 2018
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    December 22, 2018
    New Settlement Rules of SEBI
    Show AI Summary
    Settlement proceedings reform streamlines settlements, mandates disclosures, refunds and investor exit options to expedite enforcement.
    The SEBI (Settlement Proceedings) Regulations, 2018 create an integrated alternative enforcement framework that aligns quasi judicial processes with alternate dispute resolution, replacing the 2014 regime. The Regulations provide that disclosure related violations may be settled after making required disclosures, require refunds to investors where mandated by securities law, and ensure investor exit or purchase options, thereby promoting greater transparency and expeditious resolution of enforcement proceedings.
    December 20, 2018
    Ministry of Corporate Affairs Year Ender-2018
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    Corporate law amendments enhance ease of doing business, strengthen insolvency framework, financial reporting and e governance reforms.
    Major statutory and administrative reforms advanced to streamline corporate regulation and insolvency resolution. The Companies (Amendment) Act, 2017 is largely commenced with remaining rule dependent sections pending; penal provisions were reclassified to shift technical lapses to in house adjudication. Insolvency and Bankruptcy Code amendments clarified resolution applicant eligibility and voting thresholds to favour resolution, while NFRA was constituted to oversee audit quality. E governance measures including RUN, SPICe/FiLLiP, DIR 3 KYC and dematerialisation of securities were deployed to enhance transparency and registry integrity.
    December 19, 2018
    Third Roadshow On Competition Law organized by Competition Commission of India on 18TH December in Ahmedabad
    Show AI Summary
    Competition in public procurement promoted to deter cartels and encourage leniency, combining enforcement with advocacy to boost market competitiveness.
    The Roadshow focused on infusing competition into public procurement and addressing anti competitive conduct by trade associations and cartels, while promoting leniency mechanisms. Organised with the Indian Institute of Corporate Affairs, it combined advocacy and capacity building for policymakers, public sector entities, industry and advisers, emphasising the Commission's twin roles of enforcement and advocacy to foster competition friendly practices without impeding ease of doing business.
    December 4, 2018
    Submission of Report of the Expert Committee for listing of equity shares of companies incorporated in India on foreign stock exchanges and vice versa
    Show AI Summary
    Direct listing of Indian companies on foreign exchanges: public consultation invited on expert committee recommendations.
    SEBI's Expert Committee was tasked with assessing the economic case for direct cross border listings, examining legal, operational and regulatory constraints, and recommending a framework to facilitate direct listings of Indian companies abroad and foreign companies in India. The Committee submitted its report on December 4, 2018, and SEBI invited public comments in a prescribed format (name, recommendation referenced, comment, rationale) by email to designated officers, with the report published on SEBI's website.
    December 4, 2018
    Transfer of securities only in demat form- Deadline extended till April 1, 2019
    Show AI Summary
    Transfer of securities in demat form requirement extended after shareholder representations to allow additional time for compliance.
    Requirement that transfers of securities be effected only in demat form, subject to exceptions for transmission and transposition, was deferred in response to shareholder representations and the compliance deadline for the demat-only transfer mandate has been extended to allow additional time for conversion and processing through depositories.
    November 22, 2018
    CCI invites comments from public in respect of the proposed acquisition of the electrical and automation business of Larsen & Toubro Limited by Schneider Electric India Private Limited and MacRitchie Investments Pvt. Limited.
    Show AI Summary
    Competition concern over proposed electrical and automation acquisition prompts public consultation and review under competition law.
    The Commission finds a prima facie appreciable adverse effect on competition from the proposed acquisition of L&T's electrical and automation business by Schneider and MacRitchie (excluding Marine and Servowatch) and has directed publication of combination details. It invites written comments, objections or suggestions from persons likely to be affected, provides submission channels, and states it will not consider unsubstantiated objections.
    November 20, 2018
    Invitation for public comments on the Competition Act, 2002
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    Competition Law Review invites stakeholder comments to update Act and align with international best practices.
    A Competition Law Review Committee will assess the Competition Act, related rules and regulations to align them with international best practices, address anti trust, merger control and cross border competition issues, and examine overlapping regulatory regimes. Stakeholders are invited to submit written comments by email on the updated Act available online; all submissions received by the deadline will be analysed by the Committee to inform potential legislative or regulatory changes.
    November 6, 2018
    Amendments to the Companies Act, 2013 - Inviting Comments
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    Corporate governance reforms tighten disclosure, beneficial owner checks, dematerialisation and enforcement powers for stronger compliance.
    Proposed amendments strengthen corporate governance, disclosure and enforcement by requiring prior government approval for changes by certain registered companies; mandating dematerialisation for specified unlisted securities; imposing a duty on companies to identify and secure compliance from significant beneficial owners; refining NFRA's divisional structure; creating an Unspent CSR Account with timed spend obligations; tightening independent director independence assessments and resignation filings; expanding disgorgement and personal liability powers for fraud; empowering Tribunal fitness inquiries and providing for vesting and administration of dissolved company property by a Board of Administrators.
    November 5, 2018
    Jaitley: Fair and Transparent Public Procurement will protect the revenues of the State and make sure that they are used for optimal purpose
    Show AI Summary
    Fair and transparent public procurement protects state revenues by promoting competition and preventing bid rigging, enhancing efficiency.
    Fair and transparent public procurement preserves State revenues and ensures optimal deployment by securing competitive prices and quality; infusing competition and redesigning tender and PPP models can yield substantial cost savings. Detection and deterrence of collusion are essential: the Competition Commission of India is developing diagnostic and digital cartel detection tools to identify bid rigging and help design tenders that promote fair competition. E procurement and government e marketplaces expand participation and reduce processing costs, supporting broader procurement reform across stakeholders.
    November 5, 2018
    CCI to hold national conference on public procurement & competition law today in Delhi
    Show AI Summary
    Competition in public procurement promoted to curb bid rigging and cartels and encourage leniency measures.
    Infusing competition in public procurement is presented as a priority; the Competition Commission of India organised a national conference in Delhi to scale up Competition Advocacy, engage policymakers and stakeholders across governments, public sector enterprises and industry, and to address detection and deterrence of anti competitive conduct in procurement, with particular focus on bid rigging, cartels and promotion of leniency as an enforcement tool.
    November 2, 2018
    PM launches historic Support and Outreach Initiative for MSME Sector
    Show AI Summary
    Access to credit for MSMEs expanded through a fast-track loan portal and mandatory market procurement reforms increasing institutional support.
    A coordinated policy package strengthens MSME support by enhancing credit access through a fast-track online loan portal and interest subventions, mandating large-company participation in an electronic receivables platform, expanding public procurement quotas with reservations for women entrepreneurs, requiring central public undertakings to use the government e-marketplace, establishing technology hubs and tool-room spokes, and simplifying compliance via single environmental consent, annualized statutory returns, randomized inspections and an ordinance for administrative correction of minor company law violations.
    November 2, 2018
    Companies (Amendment) Ordinance, 2018 - President gives assent to promulgation of the Companies Amendment (Ordinance), 2018
    Show AI Summary
    Companies Amendment Ordinance broadens in house adjudication, lowers penalties for small companies, and tightens compliance filing.
    The Companies (Amendment) Ordinance, 2018 shifts sixteen corporate offences from special courts to an expanded in house adjudication regime (increasing covered sections from 18 to 34), mandates online publication of orders, requires concomitant orders to make good defaults when levying penalties, halves penalties for small and one person companies, introduces higher penalties for repeated defaults, reintroduces a declaration of commencement of business, empowers physical verification of registered offices and removal for non operation, raises Regional Director pecuniary jurisdiction to Rs. 25 lakh, and vests the Central Government with approval powers over financial year alteration and conversion of public to private companies.
    November 1, 2018
    The Prime Minister, Shri Narendra Modi to launch the MSME Support and Outreach Programme; MSME Outreach Programme to run for 100 days covering 100 Districts throughout the country
    Show AI Summary
    MSME outreach programme expands access to credit and markets through a concentrated district outreach campaign with ministerial visits.
    Launch of the MSME Support and Outreach Programme to strengthen MSMEs by improving access to credit, expanding market access, and providing hand holding and facilitation support. The Programme is a time bound outreach campaign covering one hundred districts over one hundred days, with central ministers visiting districts to brief entrepreneurs on government and financial institution facilities and encourage utilisation of these support measures.
    October 31, 2018
    Committee of Experts submits its report on Regulating audit firms and the Networks
    Show AI Summary
    Regulation of audit firms: strengthen independent oversight and checks on networks to address conflicts and market concentration.
    The Committee reviewed structures and operations of large audit networks, found risks from conflict of interest, non-audit services, opacity and market concentration, and recommended regulatory checks and institutional reform by establishing and strengthening the National Financial Reporting Authority to shift from self-regulation to independent oversight and to address contemporary challenges posed by auditors, audit firms and networks.
    October 24, 2018
    Competition Commission of India brings-out Policy Note on ‘Making Markets Work for Affordable Healthcare’
    Show AI Summary
    Information asymmetry in healthcare restricts consumer choice, prompting competition advocacy to promote transparency and pro competitive regulation.
    Information asymmetry and distributional practices constrain consumer choice and limit competition in pharmaceuticals and healthcare; the Commission recommends supply side interventions such as broader public procurement, regulated electronic drug trading, strict and consistent application of statutory quality controls to address branded generic premiums (including consideration of a one company one drug one brand one price policy), and harmonised regulatory processes to ensure uniform implementation and time bound approvals.
    October 22, 2018
    Insolvency Law Committee submits its 2nd Report on Cross Border Insolvency
    Show AI Summary
    Cross-border insolvency frameworks enable recognition of foreign proceedings and participation by foreign representatives in domestic insolvency.
    Adoption of a statutory cross-border insolvency framework by incorporating the UNCITRAL Model Law with specified carve-outs is recommended to preserve domestic primacy and public interest while enabling recognition of foreign proceedings, participation by foreign creditors and practitioners, and enhanced international cooperation; the regime emphasises direct access, recognition and remedies, cooperation between courts and practitioners, coordination of concurrent proceedings, and identification of the main proceeding via the centre of main interest (COMI).
    October 3, 2018
    Hon’ble Mr. Justice Sudhansu Jyoti Mukhopadhaya, Chairperson, National Company Law Appellate Tribunal delivers the IBBI Inaugural Annual Day Lecture.
    Show AI Summary
    Freedom to exit: insolvency law promotes orderly, creditor-led resolution while urging CoC regulation and stronger IBBI powers
    The lecture characterised the Insolvency and Bankruptcy Code, 2016 as a market-led framework for orderly resolution of viable firms and efficient exit of unviable ones, promoting economic freedom through free entry, free competition and free exit; it highlighted creditor-led control via the Committee of Creditors, recommended enhanced training for insolvency professionals, and urged greater regulatory powers for the Insolvency and Bankruptcy Board of India and specific regulations to govern Committee of Creditors conduct.
    October 1, 2018
    Government in public interest moved NCLT to supersede Management of IL&FS on grounds of mismanagement
    Show AI Summary
    Board supersession authorises appointment of new directors to prepare a time bound resolution plan to protect public interest.
    Government petitioned the tribunal alleging affairs of the holding company and group were conducted prejudicial to public interest, leading to suspension of the existing board and prohibition on its members representing the company. The tribunal approved induction of six government recommended directors; the Government issued orders appointing them. The new Board is tasked with preparing a robust, time bound resolution plan and assuming governance responsibilities after completion of due procedures.
    October 1, 2018
    Firm and Decisive Government Action taken to preserve value and assets of IL& FS
    Show AI Summary
    Board supersession under Companies Act enables management change to prevent mismanagement and secure liquidity support.
    The government applied to the Tribunal under section 241 read with 242 of the Companies Act to supersede the existing Board and appoint a new Board, citing repeated defaults, severe liquidity gap, misrepresentation of financial position, excessive leveraging and resultant systemic risk. Board replacement is presented as the necessary first step to restore market confidence and permit orderly measures-time bound asset sales, receivable realisation, liability restructuring, fresh capital infusion and temporary liquidity support-alongside investigatory steps including an SFIO probe.
    October 1, 2018
    Government constitutes Competition Law Review Committee to review the Competition Act
    Show AI Summary
    Competition law review to update the Act, align merger and antitrust rules, and address cross-border competition issues.
    Constitution of a Competition Law Review Committee to reassess and propose amendments to the Competition Act, Rules and Regulations to reflect changing business conditions. The Committee will examine international antitrust and merger control practices, address cross border competition issues, and study overlaps with other regulatory regimes and institutional mechanisms, then submit a report within three months of its first meeting.

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      Corp. Laws, SEBI & IBC

      Government in public interest moved NCLT to supersede Management of IL&FS on grounds of mismanagement

      October 1, 2018

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      Government in public interest moved NCLT to supersede Management of IL&FS on grounds of mismanagement

      NCLT allows appointment of a new Board & approves induction of Six directors

      The Central Government, based on a report received from the Regional Director, Mumbai, Ministry of Corporate Affairs, concluded that the affairs of IL&FS holding Company  and its group companies are being conducted in a manner prejudicial to public interest.  With a view to preventing further mismanagement and protecting public interest, the Ministry of Corporate Affairs moved the National Company Law Tribunal (NCLT), Mumbai, under Section 241(2) read with Section 242 of the Companies Act, 2013 with a prayer to supersede the existing Board and appoint the new Board of Directors with immediate effect.  The NCLT suspended the existing board and directed that the suspended members should not  represent the company in any form with immediate effect.

      The NCLT approved the induction of 6 Directors recommended by the Government, in the first instance, consisting of Shri Uday Kotak, MD & CEO of Kotak Mahindra Bank as Non-Executive Chairman and Shri Vineet Nayyar, IAS (Retd.), Shri G.N. Bajpai, former Chairman, SEBI, Shri G.C. Chaturvedi, Non-Executive Chairperson, ICICI Bank, Dr. Malini Shankar, IAS and Shri Nand Kishore, IA&AS (Retd.) as Directors.  The new Board shall take up its responsibility with immediate effect, after following due procedures.

      The new Board is tasked with the responsibility of preparing a robust and time bound resolution plan.

      The Government has issued order appointing the above mentioned persons as Directors on the Board of IL&FS holding company.

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