Corporate

A notification amending the minimum threshold of default under the Insolvency and Bankruptcy Code, 2016 (“IBC”) for initiation of insolvency proceedings under IBC to INR 1 Crore was issued in the month of March 2020. The National Company Law Tribunal (NCLT), Kochi Bench while dealing with an app...

Every company is required to have at least one director to remain in India for a period of not less than 182 days in a financial year. In an attempt to address the inconvenience caused due to the travel restrictions imposed as a result of Covid-19 outbreak in India, the Ministry of Corporate Affairs...

In terms of the Companies Act, 2013 companies are required to file audited annual financial statements within 30 days from the date of annual general meeting through e-forms with the Ministry of Corporate Affairs (MCA). Similarly, limited liability partnerships are required to file statement of acco...

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Keeping in view the aim of facilitating and promoting ease of doing business, MCA vide its notification dated August 13, 2021, notified the Limited Liability Partnership (Amendment) Act, 2021. Key amendments introduced in the LLP Act are as follows: (a) Small limited liability partnership: A concept...

Keeping in view the current situation caused by the second wave of COVID-19, the Ministry of Corporate Affairs (MCA) had granted certain relaxations to companies. These relaxations have been further extended for the benefit of all stakeholders: (a) Companies can conduct general meetings through vide...

The Department of Promotion of Industry and Internal Trade (DPIIT) has reviewed Foreign Direct Investment (FDI) Policy in relation to downward investment by Non-Resident Indian (NRI). In Press Note No. 1 (2021 series) (“PN 1”), the DPIIT has proposed to make certain additions to the FDI Policy t...

The Ministry of Corporate Affairs (MCA) has introduced significant changes1 in the process for conversion of one person company (OPC) into private or public company (a) The definition of One Person Company under Rule 3 has been amended to replace the requirement of a natural person to be resident of...

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In a significant move to boost transparency and effectiveness, the Ministry of Corporate Affairs (MCA) has introduced major changes to the corporate social responsibility (“CSR”) regime in India through notifications dated January 22, 2021. Section 135 of the Companies Act, 2013 (“Act”) has ...