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Recent News From Corp Comm Legal

  • Non-compliance of CSR norms to invite penal action

    Non-compliance of CSR norms to invite penal action

    Published: 09 Feb 2018

    The government is getting serious about effective implementation of prescribed CSR norms by profit making corporates. To hand out a strong message to the corporate community that no corporate will be spared for breaking the laws, the Ministry of Corporate Affairs has gives its nod to initiate penal action against 187 companies for dwindling to meet the terms of Corporate Social Responsibility (C...

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  • Overhauling the Indian medical system

    Overhauling the Indian medical system

    Published: 08 Feb 2018

    The Indian medical system has been facing flak over a variety of reasons for last few years including policy paralysis, corruption and what not. Taking cognizance, the Union Cabinet has approved the National Medical Commission Bill, 2017 (Bill) – this legislation will replace the existing Medical Council Act, 1956 and is expected to bring about rare reforms in the Indian medical system. The most...

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  • You can't evade tax authorities now ...

    You can't evade tax authorities now ...

    Published: 07 Feb 2018

    For many years, some taxpayers were successful in avoiding the scanner of the Income Tax Department (IT) by providing off-beam place of residence for communication to the IT authorities and staying elsewhere. This mechanism made it tough for IT authorities to track the tax payers to issue tax default notice. According to existing IT laws, IT department has the authority to issue the default noti...

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  • Riskometer - a warning signal to investors

    Riskometer - a warning signal to investors

    Published: 06 Feb 2018

    Protection of investor’s interest is very high on agenda of the Securities and Exchange Board of India (SEBI) these days. The primary reason could be that the capital markets are increasingly susceptible to fraudulent transactions ensuing in heavy losses to the innocent investors. At the moment, Indian capital market is witnessing all-time high valuations. As a consequence, investors are going c...

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  • IBC a boon for operational creditors

    IBC a boon for operational creditors

    Published: 05 Feb 2018

    For ages, Indian lenders or debtors kept complaining as to how there was almost no recourse or reasonable chance of recovery from erring corporates. I have been witness to some of these cases as well. Although there were restructuring mechanisms under the Sick Industrial Companies Act and Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act enabled finan...

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  • Insolvency and Bankruptcy Code amendments - an ongoing saga

    Insolvency and Bankruptcy Code amendments - an ongoing saga

    Published: 04 Feb 2018

    There is no end to IBC changes. Like it happened in demonetisation exercise, IBC provisions are undergoing frequent changes. Last month only, the Government issued an ordinance to amend the Insolvency and Bankruptcy Code (IBC) with the intent to stop persons (including promoters) with a non-performing account of more than a year who had not cleared the overdue amount, interest and other charges ...

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  • Corporate cleansing - a double edged sword

    Corporate cleansing - a double edged sword

    Published: 03 Feb 2018

    As it widely known, the Ministry of Corporate Affairs (‘MCA’), in a major crackdown has de-registered 2,26,166 companies and disqualified all their directors (more than 300,000) in 2017. After receiving representations from various de-registered companies and disqualified directors, government has introduced a scheme with the intent to provide defunct companies an opportunity to remedy the defau...

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  • SEBI tightening the screws on Credit Rating Agencies

    SEBI tightening the screws on Credit Rating Agencies

    Published: 03 Feb 2018

    Credit ratings play a very important role in providing guidance about the financial credibility of companies seeking public funds. Therefore, Credit Rating Agencies (CRA) bear a heavy responsibility to come out with credible credit ratings. Ratings dispensed by CRAs have the ability to garner / manipulate the trading and financial transactions contemplated through instruments by the companies in t...

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