Mandatory Use of eBKray Auction Platform for Liquidation Processes Circular No. IBBI/LIQ/81/2025, dated 10th January 2025, issued by IBBI In continuation of efforts to streamline the liquidation process and improve transparency, the Insolvency and Bankruptcy Board of India (IBBI), through circular No. IBBI/LIQ/78/2024 dated 29th October 2024, issued directions regarding the use of the eBKray auction platform. 2. The IPs were, inter-alia, directed that they shall exclusively list the details of all the unsold assets in respect of the ongoing

Appointment of Judicial and Technical Members in the National Company Law Tribunal S.O. 132(E), dated 7th January 2025, issued by MCA In exercise of the powers conferred by section 408 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the following persons as Judicial Member and Technical Member in the National Company Law Tribunal in the pay scale of Rs. 67000-79000/- (Pre Revised) [Level 15 in the pay matrix (Rs.182200-224100) as per 7th Central Pay Commission] for a

Notification under Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007 No. SEBI/LAD-NRO/GN/2025/223, dated 2nd January 2025, issued by SEBI In terms of sub-regulation (1) of Regulation 3 of the Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007 (hereinafter referred to as “the CAPS Regulations, 2007”), the Board may require, by notification, any category of associated persons as defined in the Regulations to obtain requisite certification(s). 2. In

Measure for Ease of Doing Business - Settlement of Account of Clients who have not Traded in the Last 30 Days SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2025/1, dated 6th January 2025, issued by SEBI 1. SEBI, vide Circular no. SEBI/HO/MIRSD/DOP/P/CIR/2021/577 dated June 16, 2021 (hereinafter mentioned as ‘Circular’) and Clause 47 of Master Circular for Stock Brokers dated August 09, 2024 (hereinafter mentioned as ‘Master Circular’), issued guidelines regarding settlement of running account of client’s funds by stock brokers. 2. Currently, in terms of

Special Economic Zones (Fifth Amendment) Rules, 2024 G.S.R. 786(E), dated 26th December 2024, issued by Ministry of Commerce and Industry In exercise of the powers conferred by section 55 of the Special Economic Zones Act, 2005 (28 of 2005), the Central Government hereby makes the following rules further to amend the Special Economic Zones Rules, 2006, namely:- 1. (1) These rules may be called the Special Economic Zones (Fifth Amendment) Rules, 2024. (2) They shall come into force on the date of their

Clarifications to Cybersecurity and Cyber Resilience Framework for SEBI Regulated Entities SEBI/HO/ ITD-1/ITD_CSC_EXT/P/CIR/2024/184, dated 31st December 2024, issued by SEBI 1. Recognising the need for robust cybersecurity measures and protection of data and IT infrastructure, Securities and Exchange Board of India (SEBI) has issued ‘Cybersecurity and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities (REs)’ vide circular SEBI/HO/ ITD-1/ITD_CSC_EXT/P/CIR/2024/113 dated August 20, 2024. This framework is a necessary evolution to the changing threat landscape

Foreign Contribution (Regulation) (Amendment) Rules, 2024 G.S.R. 790(E), dated 31st December 2024, issued by Ministry of Home In exercise of the powers conferred by section 48 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010), the Central Government hereby makes the following rules further to amend the Foreign Contribution (Regulation) Rules, 2011, namely:- 1. Short title and commencement.—(1) These rules may be called the Foreign Contribution (Regulation) (Amendment) Rules, 2024. (2) They shall come into force on the 1st day of January, 2025. 2. In the Foreign

Companies (Accounts) (Second Amendment) Rules, 2024 G.S.R. 794(E), dated 31st December 2024, issued by MCA In exercise of the powers conferred by sub-sections (1) and (3) of section 128, sub-section (3) of section 129, section 133, section 134, sub-section (4) of section 135, sub-section (1) of section 136, section 137 and section 138 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Accounts) Rules, 2014,

Allowing Subscription to the Issue of Non- Convertible Securities during Trading Window Closure Period SEBI/HO/ISD/ISD-PoD-2/P/CIR/2024/180, dated 30th December 2024, issued by SEBI 1. In terms of Clause 4(3)(b) of Schedule B read with sub-regulation (1) of Regulation 9 of SEBI (Prohibition of Insider Trading) Regulations, 2015 (PIT Regulations) the trading window restrictions shall not apply in respect of transactions, such as, acquisition by conversion of warrants or debentures, subscribing to rights issue, further public issue, preferential allotment

Prior Approval for Change in Control – Transfer of Shareholdings among Immediate Relatives and Transmission of Shareholdings and their Effect on Change in Control SEBI/HO/MIRSD/ MIRSD-PoD-1/P/CIR/2024/164, dated 27th December 2024, issued by SEBI In line with clarification provided for certain intermediaries vide circular no. SEBI/HO/MIRSD/DOR/CIR/P/2021/42, the following is clarified with respect to transfer of shareholding among immediate relatives and transmission of shareholding

Industry Standards on Reporting of BRSR Core SEBI/HO/CFD/CFD-PoD-1/P/CIR/2024/177, dated 20th December 2024, issued by SEBI 1. In order to facilitate ease of doing business and to bring about standardization in implementation, the Industry Standards Forum (“ISF”) comprising of representatives from three industry associations, viz. ASSOCHAM, CII and FICCI, under the aegis of the Stock Exchanges, has formulated industry standards, in consultation with SEBI, for

Policy for Sharing Data for the Purpose of Research / Analysis SEBI/HO/DEPA-II/DEPA-II_SRG/P/CIR/2024/178, dated 20th December 2024, issued by SEBI 1. Vide SEBI Circular No. SEBI/HO/DEPA-III/DEPA-III_SSU/P/CIR/2022/25 dated February 25, 2022 on “Approach to securities market data access and terms of usage of data provided by data sources in Indian securities market”, all market intermediaries and other data sources in Indian securities markets were advised to freely disseminate various reporting and disclosure data that are mandated by the regulators in a downloadable format.

Simplification of Offer Document SEBI/HO/IMD/IMD-RAC-1/P/CIR/2024/179, dated 20th December 2024, issued by SEBI 1. Clause 1.1.3.1 of Master Circular No. SEBI/HO/IMD/IMD-PoD-1/P/CIR/2024/90 dated June 27, 2024 for Mutual Funds (‘Master Circular’) read with Circular No. IIMARP/MF/CIR/06/793/98 dated March 31, 1998 inter alia, requires Asset Management Companies (AMCs) to submit soft copy of the Draft Scheme Information Documents with SEBI to be made available on SEBI’s

SEBI Board Decisions PR No.36/2024, dated 18th December 2024, issued by SEBI The 208th meeting of the SEBI Board was held in Mumbai today. The SEBI Board, inter-alia, approved the following: 1. Ease of doing business with respect to Business Responsibility and Sustainability Report (BRSR) With a view to facilitate ease of doing business for listed entities and their value chain partners with regard

Measures to Address Regulatory Arbitrage with respect to Offshore Derivative Instruments (ODIs) and FPIs with Segregated Portfolios vis-à-vis FPIs SEBI/HO/AFD/AFD-POD-3/P/CIR/2024/176, dated 17th December 2024, issued by SEBI 1. SEBI vide “Master Circular for Foreign Portfolio Investors, Designated Depository Participants and Eligible Foreign Investors” No. SEBI/HO/AFD/AFD-PoD- 2/P/CIR/P/2024/70 dated May 30, 2024, as amended from time to time (hereinafter referred to as the ‘FPI Master Circular’) has, inter alia,

Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024 No. SEBI/LAD-NRO/GN/2024/219, dated 16th December 2024, issued by SEBI In exercise of the powers conferred by sub-section (1) of section 30 read with clause (b) of sub-section (2) of section 11 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013, namely: — 1. These Regulations may be

Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024 No. SEBI/LAD-NRO/GN/2024/220, dated 16th December 2024, issued by SEBI In exercise of the powers conferred by sub-section (1) of section 30 read with clause (b) of sub-section (2) of section 11 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, namely: — 1. These regulations may be

Securities and Exchange Board of India (Mutual Funds) (Third Amendment) Regulations, 2024 No. SEBI/LAD-NRO/GN/2024/221, dated 16th December 2024, issued by SEBI In exercise of the powers conferred by section 30 read with clause (c) of sub-section (2) of section 11 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, namely— 1. These Regulations may be called the Securities

Classification of Corporate Debt Market Development Fund (CDMDF) as Category I Alternative Investment Fund SEBI/HO/IMD/PoD2/P/CIR/2024/174, Dated 13th December 2024, issued by SEBI 1. Corporate Debt Market Development Fund (hereinafter referred to as ‘CDMDF’ or ‘the fund’) has been set-up under Chapter III-C of SEBI (Alternative Investment Funds) Regulations, 2012 (AIF Regulations) to act as a Backstop Facility for purchase of investment grade corporate debt securities, to instill confidence

Relaxation from the ISIN Restriction Limit for Issuers Desirous of Listing Originally Unlisted ISINs (Outstanding as on 31st December, 2023) SEBI/HO/DDHS/DDHS-PoD-1/P/CIR/2024/173, dated 13th December 2024, issued by SEBI (Modification to Chapter VIII of the Master Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper) 1. Regulation 62A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as

Where the transferor-company and the transferee-company are wholly owned subsidiaries of a common parent company, the scheme of amalgamation and merger order are squarely covered under Notification No.13 dated 25th December, 1937 which exempts instrument evidencing transfer between the transferor- and transferee-companies when the transferor-company is a hundred per cent subsidiary of the transferee-company Where there is only transfer of shares in dematerialised form and the legislative intent, as

The appellant is not entitled to take benefit of the judgment of the Suo Motu Writ Petition of the Supreme Court due to COVID-19 situation for the reason that the appellant, despite having knowledge of proceedings, applied for certified copy of judgment at a much belated stage not being within the principal limitation period which expired much before the extended period granted by the said judgment of the Supreme Court

Entries in the balance sheets amount to clear acknowledgement of debt extending limitation under section 18 of the Limitation Act The statement of law that there is a compulsion in law to prepare a balance sheet but no compulsion to make any particular admission, is correct in law as it would depend on the facts of each case as to whether an entry made in a balance sheet qua

Where the appeal has been filed by the appellant on 30th May, 2022 through e-filing and the hard copy was filed on 20th June, 2022 though before coming into force the standard operating procedure ('SOP') dated 21st October, 2022 which has been made effective from 1st November, 2022 and the SOP dated 21st October, 2022 has been withdrawn by SOP dated 24th December, 2022, limitation is to be counted from the date of e-filing

To enable the Central Government to apply for an order under section 241, the conditions precedent, i.e., the Central Government is of the opinion and that the affairs of the company are being conducted in a manner prejudicial to the public interest, need to be satisfied. On fulfilment of these two conditions, an application can be filed by the Central Government under section 241 for an order The expression

In view of detailed framework the requirement to invoke discretionary power exercised under rule 11 of the NCLT/NCLAT Rules or even the power of the Supreme Court under article 142 of the Constitution no longer arises Not only is there an exhaustive framework to deal with withdrawal and settlement, but the evolution of the law and the creation of a comprehensive framework indicates an attempt to reduce reliance on

The resolution professional cannot be treated as functus officio in a situation where he was pursuing his prayers during CIRP. Therefore, it cannot be argued that the appeals filed by him in his capacity as resolution professional are not maintainable The phrase 'arising out of' or 'in relation to', as stipulated under clause (c) of sub-section (5) of section 60, is of a wide import and it is only

In view of the guidelines framed by the Insolvency and Bankruptcy Board of India, it is not open to the High Court to exercise its power of judicial review and thereby usurp upon the powers of the NCLT to inquire into the commercial wisdom of the committee of creditors whereby the resolution plan of the petitioner was rejected It is well ordained in law that the Adjudicating Authority

Once resolution plan is approved, it is binding on every creditor or shareholder irrespective of their consent Insolvency and Bankruptcy Code, 2016 - Sections 31 and 32A - Resolution plan - Effect of approval by Adjudicating Authority - Plan approved by committee of creditors and Adjudicating Authority - Is it binding on every creditor irrespective of their consent.

Presumption entails an obligation on the court conducting the trial for an offence under section 138 to presume that the cheque in question was issued by the drawer or accused for the discharge of particular liability Negotiable Instruments Act, 1881 - Section 139 read with section 138 - Dishonour of cheque -Presumption in favour of holder - Presumption that cheque was issued for discharge of liability - Does it

The NCLT is well within its power under rule 43 to call further evidence and documents in cases involving allegations of forgery and fabrication for forensic examination National Company Law Tribunal Rules, 2016 - Rule 43 read with section 424 of Companies Act, 2013 - Oppression and mismanagement - Power of Bench to call for further information or evidence - Cases involving allegations of forgery for forensic examination -

Proceedings initiated by the Revenue and sought to be defended as if they relate to liabilities that somehow emerge after the CIRP, are wholly misconceived and untenable. The resolution plan, upon its approval, brought a quietus to all claims pursued or capable of being pursued by the Revenue against the petitioner-assessee for any operation prior to the CIRP Insolvency and Bankruptcy Code, 2016 - Section 31 read with sections

Where Regional Director rejected application for processing scheme of amalgamation without following mandatory procedure prescribed, the impugned order is bad in law and is liable to be quashed Companies Act, 2013 - Sections 232 and 233 - Amalgamation - Petition for sanction of scheme - Central Government is taking view that amalgamation scheme is not in public interest/interest of creditors - Is it mandatory for Central Government to make

Prior no objection certificate ('NOC') from stock exchanges under section 230 read with regulation 37 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('LODR')is not required for schemes for revival of companies undergoing liquidation under the Code Sub-section (2) of section 230 refers to the requirements/disclosures for a scheme of arrangement and it does not prescribe any requirement for a prior no objection certificate ('NOC') from the

Time period of 120 days for completion of the process being a statutory scheme, it cannot be interpreted to mean that after 120 days there is no jurisdiction left in the Adjudicating Authority to extend the time when sufficient cause is shown Section 54D makes it clear that the provision does not contemplate any automatic termination of the pre-package insolvency resolution process (`PPIRP') ; it contemplates for filing of

The spirit of the order passed in the suo moto writ petition was to overcome the challenges thrown by the lockdown clamped down on account of the COVID-19 pandemic. Such an order would also extend to any action required to be taken in respect of a liquidation process as contemplated in regulation 47A The benefit of regulation 47A is made available not only for initiation of any litigation, but

Unless averments as required by sub-section (1) of section 50 are made, vicarious liability of the directors is not attracted National Housing Bank Act, 1987 - Section 50 - Offences by company - Vicarious liability of directors -Averments not made in complaint that directors were persons responsible for conduct of business by company - Can vicarious liability not be fastened on directors - Complaint against managing director - Can

Where the petitioner did not exceed his professional position to take interest in the formation of company or to promote or manage its day-to-day affairs and also, after the incorporation of the company and constitution of the Board of directors, the status and role of the petitioner as a promoter had come to an end, the obligation of non-submission of financial results and non-compliance with the provisions of SEBI (LODR) Regulations could not have been fastened and imposed on the

In this article the author has analysed the order of National Company Law Appellate Tribunal in Major Atul Dev (Retd.) v. Union of India [2024] 183 CLA 139 upholding the order of the NCLT superseding the Board of directors of the Delhi Gymkhana Club. He concludes that the order of the NCLAT brought to light the need for Government interference, but has not gone into the vires of the order of NCLT.

In this article, the author delves into section 42 of the Companies Act, 2013 which deals with offer or invitation for subscription of securities on private placement.

In this article, the author delves into the order of the Supreme Court in SBI v. Consortium of Murari Lal Jalan Civil Appeal Nos.12220-12221/2024, dated 7th November, 2024 highlighting the major problems of delay in CIRP plaguing the Code since its inception.

This article seeks to answer, as to what happened when the period of 12 years lapsed and the award had not been enforced in light of the 'automatic stay/suspension' before the decision was rendered in HCC Case?

RBI has introduced a new scale based regulation framework for regulation of non-banking financial companies ('NBFCs') in India. Under this framework, separate set of regulations are applicable to an NBFC based on its categorisation on various parameters. This article aims to apprise the readers on all RBI regulations applicable to all NBFC's based on its categorisation.

RBI has introduced a new scale based regulation framework for regulation of non-banking financial companies ('NBFCs') in India. Under this framework, separate set of regulations are applicable to an NBFC based on its categorisation on various parameters. This article aims to apprise the readers on all RBI regulations applicable to all NBFC's based on its categorisation.

In this article, the author delves into reasons for stress of senior staff in audit firms. He concludes that root cause for the stress of audit assistants is the rigid regulatory time bound norms prescribed under Regulations.

This article is intended to explain the concept of significant beneficial owner as defined in section 90 of the Companies Act, 2013 read with the Significant Beneficial Owners Rules, 2018 as amended in 2017 and 2019, respectively.

On 16th August, 2024, the Department of Economic Affairs, Ministry of Finance introduced key amendments to the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 through the Foreign Exchange Management (Non-debt Instruments) (Fourth Amendment) Rules, 2024. The amendment permits the transfer of shares between an Indian resident and a non-resident in exchange for foreign company shares as part of a share swap, streamlining cross-border investments, enhancing opportunities for foreign direct investment and overseas investment, and international collaborations while simplifying complex regulatory

This article is intended to discuss threadbare powers of the SEBI to directly regulate the payment of dividend and direct investors to establish mandatory compliances under the Companies Act, 2013 and rules made thereunder.

The green channel mechanism has proved to be a successful scheme for combination approvals. This article is intended to explain important aspects of the mechanism.

This article provides an overview of adjudication of cases pertaining to violation of section 62 of the Companies Act, 2013 which deals with the further issue of shares by a company.

In this article the author raises a question as to whether holding annual general meetings through video-conferencing in pursuance of circulars issued by the Ministry of Corporate Affairs in the wake of COVID-19, is legal.

The Competition (Amendment) Act, 2023 has introduced sections 48A and 48B in the Competition Act, 2002 which empower the Commission to pass settlement/commitment orders. This article explains the newly introduced sections.

Litigation funding, also known as third-party litigation funding, refers to the practice where an outside party provides financial resources to a plaintiff involved in litigation, in exchange for a portion of the monetary judgment or settlement. This financial support covers legal fees, court costs, and other expenses associated with pursuing a legal claim. The concept has grown in prominence over the past few decades and has sparked both support and controversy within the legal community. This article is intended to

The SEBI (LODR) Regulations, 2015 have undergone as many as 45 amendments reflecting a substantial evolution driven by Ease of Doing Business. In this article, the author has made an attempt to navigate the paradigm shift and transformation in the Regulations and its effect on the legal compliances.

This article has shed light on the nature of algorithmic trading and the regulations surrounding it.

In this brief note the author discusses two important questions that every one of us has come across in our life.

This article is intended to explain “Group of Companies” doctrine - a modern theory that challenges the conventional notions of arbitration law. It is celebrated by some, reviled by many others. Yet, its legacy continues.

The subject-matter of independent directors has been gaining a lot of importance over the years and, therefore, aspiration too from a host of professionals including company secretaries. This article attempts to deal with the evolution of independent directors as a role, touching upon the need, the context, regulatory framework, proficiency topics and tests, desired attributes, experience, thus, far and the need for Introspection.

Grievance in regard to purchase of goods, materials and services - Can a company take recourse to the provisions of the Consumer Protection Act - Company may take recourse to the provisions of the Act if it makes purchases of goods, materials or services, etc., not for resale as such but are used to manufacture goods or materials for sale, after such manufacture and to maintain itself in a position to make such manufacture.

Annual general meetings - Circular dated 19th September, 2024 - Does it give immunity from holding annual general meetings - The circular would not deprive the right of a shareholder or a member of the company from preferring and successively prosecuting such an application so made. The circular in question would not confer on a company any absolute protection.

Dishonour of cheque - Averment in the complaint - Is complainant bound to aver in the complaint - It is the bounden duty of the complainant to specifically aver in his compliant.

Competition Commission - Transparency in its proceedings in relation to discharging its functions - Natural justice demands that the notice of the enquiry should be sent to the party to the enquiry so that he gets an opportunity to defend - The status of a third party to the enquiry if changed on the orders of the Commission, the same should be communicated to the party whose status is so changed, so that an opportunity is given to him to

Articles of association - Stamp duty on its registration - Will it be necessary to pay stamp duty on every subsequent increase in authorised capital after its original registration - In case of subsequent to the increase in the authorised capital the articles of association as originally registered, it is always advisable to pay stamp duty in the States where the same has been stipulated as a percentage of the authorised capital subject to an absolute amount, till the aggregate

Contribution by joint venture partner – Is it loan for purpose of the Insolvency and Bankruptcy Code, 2016 – Where project is set up by more than one entrepreneur for sharing profits of joint venture and there is any dispute, aggrieved partner cannot take recourse to the Code.

Complaint against offence under the Code - Can a Sessions Judge entertain - In view of Supreme Court ruling that section 236 is legislation by incorporation and not legislation by reference, special courts can entertain any complaint.

Drawer of cheque – Interim compensation – Can person signing cheque be treated as drawer and be ordered to pay – Liability to pay interim compensation would be only on the company and not also on the person signing the cheque. The person signing the cheque cannot be treated as the drawer of the cheque and be ordered to pay the interim compensation under section 143A.

Nomination - Is it mandatorily required for shares/units of mutual funds - No one could or would be compelled to provide nomination in respect of property held by him.

Related party transaction – Transaction between a holding company and its subsidiary – Is it a related party transaction – After the amendment a transaction between a holding company and its subsidiary is excluded by a legal fiction from the definition of ‘related party transaction’ as defined in the Listing Regulations. When the transaction is excluded, the question of compliance with the requirements of regulation 23 would not arise.

Transfer of shares – Refusal to register for sufficient cause – Company can refuse to register transfer of shares if party is undesirable person, if transfer would contravene MoA/AoA, if registration will lead to contravention of public policy or any provision in State or Central Legislation.

Resolution professional – Adjudicatory power to decide on contents of report – The purpose of the examination is fact finding and nothing more. No adjudicatory function is involved in the process. He has also not been conferred adjudicatory powers as is the case under section 18 of the Code.

Compulsorily convertible debentures – Are they equity – Till the subscription agreement is entered into and the agreement is appropriately worded, the amount subscribed to cannot be treated as equity.

Corporate insolvency resolution process – Extension of limitation period for filing appeal for – When corporate financial creditor got certificate of recovery – If for any reason the corporate debtor is already under the clutches of corporate insolvency resolution plan, and the resultant moratorium is in force, he can take recourse to the provisions of the Code to get redressed his grievance. The issue of recovery certificate would give rise to a new cause of action. By implication the recovery

High Courts – Writ jurisdiction – Can they interfere in the arbitral awards – The High Courts will find it uncomfortable to exercise their jurisdiction, more particularly as the Act itself provides for remedies, and taking into account the policy of minimum judicial intervention, obtaining universally, in regard to arbitral matters.

Commencement of a new business activity – Not mentioned in the objects clause of memorandum of association – Can a company commence such business with the approval of its members in a general meeting - A company which existed as on 1st April, 2014 could set up new businesses covered by the other objects mentioned in the objects clause of its memorandum of association and a company incorporated under the Act could also embark on new businesses not covered by

Stamp duty on contract – Payment thereof – Powers of court to determine under section 11 of the Arbitration and Conciliation Act, 1996 – At the time the court appoints an arbitrator under section 11 of the Act, it is not required and in fact is not empowered to look into and decide the question as to whether the underlying contract is stamped or adequately stamped.

Dishonour of cheque – Can a manager managing affairs of company be prosecuted for an offence of dishonour of cheque – Merely because he is managing affairs of company, per se, he cannot be roped in for an offence under section 141.

Capital redemption reserve – Is it free – Amount lying to the credit of capital redemption reserve cannot be transferred to the general reserve, as the pre-requisite of ‘general reserve’, as defined in clause (43) of section 2 of the Companies Act, 2013, is that the amounts lying to the credit of general or free reserve should be available for payment of dividend to the holders of shares in a company. Therefore, capital redemption reserve is not general reserve.

Authorised Capital – Increase in, and allotment of shares in anticipation thereof – The authorised capital of a company can be increased only after passing of a resolution at a general meeting. The Board is not competent to make any allotment of shares subject to the company in general meeting decides to increase the authorised capital.