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Page 2 - Companies Law

Sebi approves new option for appointment, removal of independent directors

Sebi on Friday approved introduction of a new option for appointment and removal of independent directors from the boards of companies. The move will provide flexibility in the approval process for appointment or removal of independent directors. Once the amended rules are in place, the appointment and removal of independent directors could be done by way of two parameters -- threshold for ordinary resolution and threshold for majority of minority shareholders. Currently, the appointment, re-appointment or removal of independent directors is to be made through a special resolution. Sebi's board, during its meeting held here on Friday, approved an alternative method for the appointment and removal of independent directors appointed for the first term. Under the alternate mechanism, if the special resolution for appointment of an independent director does not get the requisite majority, then two other thresholds -- for ordinary resolution and for majority of minority shareholders --

Updated On : 30 Sep 2022 | 8:01 PM IST

Employees may have to wait longer for new wage code rules to kick in

The changes under the new wage code can only be implemented across the country once the centre receives draft guidelines from all the states and UTs

Updated On : 11 Jul 2022 | 5:14 PM IST

Crisil launches new benchmark for investment vehicle aimed at the affluent

'Sub category' will help companies and clients in comparing various alternative investment funds.

Updated On : 09 Jun 2022 | 6:53 PM IST

Company Act overhaul: Experts call for careful, balanced approach

Company law recently went through an overhaul, decriminalising more than 48 offences in one go, removing the prison sentence, and doing away with or reducing the fines.

Updated On : 21 Oct 2020 | 6:05 AM IST

Decriminalisation in Companies Act a move in the right direction? Explained

As government revisits all economic laws, decriminalisation experts have called for a calibrated approach to ensure we don't end with toothless legislations and maintain the standards

Updated On : 13 Oct 2020 | 11:27 AM IST

Amendments to companies law receives President Ram Nath Kovind's assent

The corporate affairs ministry will now notify separately when various provisions would be coming into force, according to an official

Updated On : 29 Sep 2020 | 11:10 PM IST

RS passes bill to amend companies law; various offences decriminalised

Around 48 sections of the Companies Act, 2013 are being amended to decriminalise various offences

Updated On : 22 Sep 2020 | 2:52 PM IST

Over 380,000 firms struck off under companies law in 3 years: Govt

In a written reply to the Rajya Sabha, Minister of State for Corporate Affairs Anurag Singh Thakur also said the term "shell company" is not defined under the Companies Act

Updated On : 21 Sep 2020 | 6:34 PM IST

To ease burden on NCLT, govt notifies rules for winding up of companies

In a move that will help lessen the burden on the National Company Law Tribunal (NCLT), the government has notified the rules for winding up of companies under the companies law. The Corporate Affairs Ministry has notified the Companies (Winding Up) Rules, 2020, which would be effective from April 1. Petitions for winding up of companies are subject to various conditions, including thresholds on turnover and paid-up capital. Akila Agrawal, Partner & Head (M&A) at law firm Cyril Amarchand Mangaldas, said the rules seek to inter-alia reduce the burden of the NCLT by enabling summary procedures for liquidation to be filed with the central government. "Though the draft rules had made this available only for small companies, the final rules make it available to companies that have assets of book value not exceeding Rs 1 crore; and have not taken deposits beyond Rs 25 lakh or have no secured loans beyond Rs 50 lakh or turnover beyond Rs 50 crore or paid up capital beyond Rs 1 ...