October 2020 The Ministry of Corporate Affairs (“MCA”) allowed convening of Extra-ordinary General Meetings (“EGMs”) on or before June 30, 2020 through Video Conferencing (“VC”) or any Other Audio-visual Means (“OAVM”) without the physical presence of any shareholder by General Circular 14/2020 and 17/2020 issued in April, 2020. The Companies Act, 2013 does not contain...
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October 2020 Despite requests for parliamentary committee consultations, on September 29, 2020, the controversial Foreign Contribution (Regulation) Amendment Act, 2020 (“Amendment Act”) came into force, i.e. a week after the bill was introduced in the Lok Sabha. This alert analyses some key changes under the Amendment Act. 1. Prohibition to transfer foreign contribution to “any...
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October 2020 On March 24, 2020, the Indian government had, on account of the pandemic, amended section 4 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) to increase the minimum amount of default for initiating insolvency process against corporate debtors from INR 1 Lakh (USD 1,400) to INR 1 Crore (USD 1.4 million) (“March 24...
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October 2020 Through General Circular  No. 36/2020 dated October 20, 2020, the Ministry of Corporate Affairs (“MCA”) has exempted directors and designated partners from complying with the minimum residency requirement of 182 days for Financial Year (“FY”) 2020-21. Background: As per section 149(3) of the Companies Act, 2013 (“CA 2013”), every company needs to have at...
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