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The sub-committee of Insolvency Law Committee (ILC) of the Ministry of Corporate Affairs, Government of India (MCA) in its report dated October 31, 2020 has proposed the framework for the pre-pack and prearranged insolvency resolution process which the Government may adopt...
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Analysis of the Condonation of Delay Scheme, 2018 of the Ministry of Corporate Affairs  The Scheme is by way of a General Circular No.16/2017 dated 29 December 2017. It is in exercises of powers u/Ss. 403, 459 and 460 of the...
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Diwali is one of the most anticipated and celebrated festivals in India. It is also a festival of giving gifts, which is often a challenge for compliance professionals who struggle with policies and nuances of law around this time, on...
©Cyril Amarchand Mangaldas
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The RBI has amended the Master Directions on Financial Services provided by Banks. This is a significant move permitting Banks to invest in Category II Alternative Investment Funds. As of June 30, 2017, Alternative Investment Funds (AIFs) had raised the...
©Cyril Amarchand Mangaldas
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Image credit: Scroll.in, September 26, 2017Sociologists know that the formation and survival of civilization is conditional upon the universal adherence to a framework of acceptable norms and guidelines of human conduct and interaction. Moses therefore set out as God’s message,...
©Cyril Amarchand Mangaldas
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Financial investors in India are scared of regulatory uncertainties. Not that uncertainties are exclusive to our country but it’s a critical risk factor that is assessed by those making substantial investments. Historically, one of the most important regulatory concerns for...
©Cyril Amarchand Mangaldas
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India has long recognised the right of foreign creditors to participate in the winding up of Indian companies. As early as 1961, the Supreme Court of India, in Rajah of Vizianagaram (AIR 1962 SC 500), clarified that foreign creditors have...
©Cyril Amarchand Mangaldas
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Photo credit: Indian Express, August 23, 2017Through its historic ruling delivered by a five-judge bench in the case of Shayara Bano and Ors v. Union of India on August 22nd 2017, the Supreme Court of India (SC) liberated Muslim women...
©Cyril Amarchand Mangaldas
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The ability to attract large scale Foreign Direct Investment (FDI) into India has been a key driver for policy making by the Government. Prime Minister Modi seems to be going along the right track, with India receiving FDI inflows worth...
©Cyril Amarchand Mangaldas
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On August 31st 2017, the Supreme Court of India in the case of Innoventive Industries Limited v. ICICI Bank Limited* delivered its first extensive ruling on the operation and functioning of the Insolvency and Bankruptcy Code, 2016 (Insolvency Code). The...
©Cyril Amarchand Mangaldas
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Mergers are compared to marriages. As a union of companies, they require patience and understanding, but they also involve a large amount of paperwork. Mergers, like marriages, can flourish with the right synergies, but if there are differences between the...
©Cyril Amarchand Mangaldas
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Many issues crop up from the Securities and Exchange Board of India (SEBI) letter dated August 7, 2017 (the Directions) to the BSE Limited, the National Stock Exchange of India Limited and the Metropolitan Stock Exchange of India Limited (collectively,...
©Cyril Amarchand Mangaldas
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Second in our series of Employment Law blogs on the Maternity Benefit Act. The earlier piece was published here. The Maternity Benefit Act, 1961 (MB Act) was amended by the Maternity Benefit (Amendment) Act, 2016 (MB Amendment Act) which became...
©Cyril Amarchand Mangaldas
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Offshore Derivative Instruments (ODI) have been a focal point for the Government in India and over the years, the regulatory boundaries of doing business in this space have been re-aligned by the Securities and Exchange Board of India (SEBI), quite...
©Cyril Amarchand Mangaldas
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“The foundation of every state is the education of its youth,” said Diogenes, the ancient Greek philosopher.Herein lies the crux of why education remains vital for any government across the world, often as a charitable and social responsibility.This piece intends...
©Cyril Amarchand Mangaldas
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The Maternity Benefit (Amendment) Act, 2016 (“Amendment Act”), which was passed by Parliament on March 9th, 2017, introduced certain significant changes to the Maternity Benefit Act, 1961 (“MB Act”). The Amendment Act received Presidential assent on March 27th, 2017 and...
©Cyril Amarchand Mangaldas
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Background: XYZ Private Limited has two directors in the board. Director A and Director B. One CEO C. It has two members (subscribers of shares), they are CEO C and Director A who hold 97% and 3% of shares respectively. As...
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It seems we live in an independent director-bashing era. News articles, blogs, scholarly write-ups are replete with criticism relating to independent directors, whether it’s to do with their appointment, ‘true’ independence, removal, resignation or generally their very existence! Anything remotely...
©Cyril Amarchand Mangaldas
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Until recently, whilst it was possible for a foreign company to merge with an Indian company, it was not possible for an Indian company to merge with a foreign company within the court sanctioned merger framework set out under Indian...
©Cyril Amarchand Mangaldas
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The Securities and Exchange Board of India (SEBI) recently issued an informal guidance in response to a request for an interpretive letter from Kotak Mahindra Bank Limited (KMBL) on the continual disclosure requirements under the SEBI (Prohibition of Insider Trading)...
©Cyril Amarchand Mangaldas
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