SEBI Board Decisions PR No.15/2025, dated 24th March 2025, issued by SEBI The 209th meeting of the SEBI Board was held in Mumbai today. The SEBI Board, inter-alia, approved the following: 1. Proposal to increase the threshold under size criteria (set to guard against potential circumvention of Press Note 3 stipulations) in the additional disclosure framework 1.1 All FPIs are required to ensure compliance with PMLA/ PMLR norms. Additionally, under the circular dated August 24, 2023, FPIs (individually

Submission of Half Yearly Return to the Ministry of Corporate Affairs S.O. 1376(E), dated 25th March 2025 In exercise of powers conferred by section 9 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006) and read with section 15 of the said Act, the Central Government hereby directs that all companies who get supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprise suppliers exceed

Consultation Paper on Amendments to SEBI (ICDR) Regulations, 2018, and SEBI (SBEB & SE) Regulations, 2021, with the Objective of Streamlining Certain Processes related to Requirements of a Public Issue Dated 20th March 2025, issued by SEBI 1. Objective: 1.1. This consultation paper seeks comments / suggestions from the public on the following proposals relating to amendments to SEBI (ICDR) Regulations, 2018, ("ICDR Regulations") and SEBI (SBEB & SE)

Securities and Exchange Board of India (Credit Rating Agencies) (Amendment) Regulations, 2025 F. No. SEBI/LAD-NRO/GN/2025/236, dated 20th March 2025, issued by SEBI In exercise of the powers conferred under section 30 read with sections 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 (Credit Rating Agencies) Regulations, 1999, namely: - 1. These regulations may be called the Securities and Exchange

Securities and Exchange Board of India (Intermediaries) (Second Amendment) Regulations, 2025 F. No. SEBI/LAD-NRO/GN/2025/237, dated 20th March 2025, issued by SEBI In exercise of the powers conferred by section 30 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 (Intermediaries) Regulations,

Amendments in Notification Number S.O. 2119 (E), dated 26th June, 2020 S.O. 1364(E), dated 21st March 2025, issued by Ministry of Micro, Small and Medium Enterprises In exercise of the powers conferred by sub-section (1) read with sub-section (9) of section 7 and sub-section (2) read with sub-section (3) of section 8 of the ‘Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006)', the Central Government after obtaining the recommendations of the Advisory Committee in this behalf hereby makes

Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2025 F. No. SEBI/LAD-NRO/GN/2025/238, dated 20th March 2025, issued by SEBI In exercise of the powers conferred by sections 4, 8A and 31 of the Securities Contracts (Regulation) Act, 1956, read with sections 11 and 30 of the Securities and Exchange Board of India Act, 1992, the Board hereby makes the following regulations to further amend the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018, namely, - 1. These regulations may

Framework on Social Stock Exchange SEBI/HO/CFD/PoD-1/P/CIR/2025/33, dated 19th March 2025, issued by SEBI 1. SEBI vide its circular SEBI/HO/CFD/PoD-1/P/CIR/2022/120 dated September 19, 2022 notified the detailed framework on Social Stock Exchange. The same was amended vide Circular SEBI/HO/CFD/PoD-1/P/CIR/2023/196 dated December 28, 2023. 2. Based on recommendations of the Social Stock Exchange Advisory Committee and public comments received in respect of the Consultation paper in the matter, it is decided to review the existing minimum application size for subscribing to

Harnessing DigiLocker as a Digital Public Infrastructure for reducing Unclaimed Assets in the Indian Securities Market SEBI/HO/OIAE/OIAE_IAD-3/P/CIR/2025/32, dated 19th March 2025, issued by SEBI 1. In line with its core mandate of investor protection and safeguarding investor interests, SEBI has directed its efforts towards minimizing the creation of Unclaimed Assets (UA) in the securities market. To address this issue in the Indian securities market, SEBI has implemented several

Disclosure of Information relating to Carry Forward of Losses in Information Memorandum Circular No. IBBI/CIRP/83/2025, dated 17th March 2025, issued by IBBI The Insolvency and Bankruptcy Board of India (IBBI) had amended Regulation 36 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (‘CIRP Regulations’) to mandate the disclosure of carry forward of losses as per the Income Tax Act, 1961, in the Information Memorandum (IM). Further, Insolvency Professionals (IPs) were also advised to ensure comprehensive

Securities and Exchange Board of India (Prohibition of Insider Trading) (Amendment) Regulations, 2025 F. No. SEBI/LAD-NRO/GN/2025/235, dated 11th March 2025, issued by SEBI In exercise of the powers conferred by section 30 read with clause (g) of sub-section (2) of section 11 and clauses (d) and (e) of section 12A 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 (Prohibition of

Faster Rights Issue with a Flexibility of Allotment to Specific Investor(s) SEBI/HO/CFD/CFD-PoD-1/P/CIR/2025/31, dated 11th March 2025, issued by SEBI 1. The new framework for Rights Issue process has been introduced vide notification of SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2025, with Gazette ID CG-DL-E-08032025-261516 published in the Official Gazette on March 08, 2025. 2. As part of the new framework, in terms of

Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2025 F. No. SEBI/LAD-NRO/GN/2025/233, dated 3rd March 2025, issued by SEBI In exercise of the powers conferred under section 30 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 (Issue of Capital and Disclosure

Review of the Minimum Application Size for Contribution towards Subscription of Zero Coupon Zero Principal Instruments issued by Non- profit Organisations on Social Stock Exchange Dated 7th March 2025, issued by SEBI Background 1. In terms of Paragraph 1(AC) of SEBI Circular SEBI/HO/CFD/PoD- 1/P/CIR/2022/120 dated September 19, 2022 (as amended vide Circular SEBI/HO/CFD/PoD-1/P/CIR/2023/196 dated December 28, 2023) the minimum application size in case of

Corrigendum to Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2025 F. No. SEBI/LAD-NRO/GN/2025/234, dated 4th March 2025, issued by SEBI In the notification of Securities and Exchange Board of India No. SEBI/LAD-NRO/GN/2025/230 dated 17th February, 2025 published in the Gazette of India, Extraordinary, Part III, Section 4, in the English version, at page 6, in Regulation 3, in sub-regulation (I), in clause (ii), the words and symbol “after sub-regulation (29)” shall be read as “after sub-regulation (30)” and the

Corrigendum to Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Fourth Amendment) Regulations, 2024 No. FEMA 10(R)/(4)/2024-RB, dated 28th February 2025, issued by RBI In the notification of the Reserve Bank of India, Foreign Exchange Department, Central Office, Mumbai published in the Gazette of India, Extra Ordinary, Part III, Section 4 in Issue No. 925 dated 19th November 2024 on page no. 2 and 3, for SL No. 4, 5 & 6 may be read as SL No. 1, 2 & 3   ©

Relaxation in Timeline for Reporting of Differential Rights issued by AIFs SEBI/HO/AFD/AFD-POD-1/P/CIR/2025/29, dated 3rd March 2025, issued by SEBI 1. Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”) have been amended and notified on November 18, 2024, with respect to maintaining pro-rata and pari-passu rights of investors in a scheme of an AIF. 2. Subsequently, SEBI Circular dated December 13, 2024 on ‘Pro-rata and pari- passu rights of investors of

Notification under Clause (u) of Sub-section (1) of Section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 F. No. SEBI/LAD-NRO/GN/2025/232, dated 28th February 2025, issued by SEBI In exercise of the powers conferred under clause (u) of sub- section (1) of Section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002) and in supersession of the notification of Securities and Exchange Board of

Amendments and Clarifications to Circular Dated 10th January, 2025 on Revise and Revamp Nomination Facilities in the Indian Securities Market SEBI/HO/OIAE/OIAE_IAD-3/P/ON/2025/0027, dated 28th February 2025, issued by SEBI 1. SEBI issued circular no. SEBI/HO/OIAE/OIAE_IAD-3/P/ON/2025/01650 dated January 10, 2025 revising the norms for nomination for demat accounts and mutual fund (MF) folios in the Indian securities market. Clarifications: 2. Pursuant to the representations received from various stakeholders and discussions held thereafter, it

Industry Standards on Key Performance Indicators Disclosures in the Draft Offer Document and Offer Document SEBI/HO/CFD/CFD-PoD-2/P/CIR/2025/28, dated 28th February 2025, issued by SEBI 1. In order to facilitate uniform approach in identification and disclosure practices of Key Performance Indicators ("KPIs"), 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 effective

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

This article highlights on unintended absurd effect of exemptions under clause (b) of sub-section (5) of section 184 of the Companies Act, 2013.

In this article, the author delves into the question as to whether a resolution notified can be dropped or withdrawn and whether a resolution passed can be rescinded. He states that there is no bar to rescinding or altering a resolution passed in one meeting in another meeting.

The author, while explaining rationale behind ensuring compliance with the legal requirements, delves into the provisions of section 441 of the Companies Act, 2013 dealing with compounding of offences and its consequences and further explains settlement mechanism for compounding of offences under the Securities and Exchange Board of India Act, 1992 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. He concludes that in order to make the settlement mechanism dynamic and instant it should be made time bound and

This article critically analyses the impact of the Code, identifies key challenges, and suggests reforms to improve its efficiency, with a focus on how it can contribute to the success of Atma Nirbhar Bharat.

This article delves into an interesting question with regard to 'managing director', one of the key managerial personnel under the Companies Act, 2013 whether he can be in employment of the company. The author says that in his capacity as a managing director, he may be regarded as having not only the capacity as persona of a director but also the persona of an employee, or an agent depending upon the nature of his work and the terms of his

Comprehensive FAQs on SEBI (PIT) Regulations, 2015*1 [2025] 184 CLA (Mag.) 9 A. TRADING RELATED 1. Whether creation of pledge, invocation of pledge and revocation of pledge can be deemed as trading ? Answer Trading as defined under regulation 2(1)(l) means and includes subscribing, buying, selling, dealing, or agreeing to subscribe, buy, sell, deal in any securities, and “trade” shall be construed accordingly. The term trading is widely defined to include dealing in securities and intended to curb the activities based on unpublished price sensitive

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.

NCLAT – Single Member Bench – Can Bench exercise its powers through one Member Bench–The powers of NCLAT vest in Benches comprising one Judicial Member and one Technical Member. As a corollary no Single Member of NCLAT can exercise his powers through one Member Bench.

Royalty - Is it a tax/contractual payment - Royalty is a contractual payment arising out of obtaining the right to extract minerals, as a result of which, the resources of the land gets depleted. But tax is paid as revenue for the Government.

Liquidator - Prior approval of the Adjudicating Authority before instituting proceedings - Any suit or other proceeding launched without such approval would not permanently abate but would get revived on receipt of such an approval.

TDS - Recovery from salary of employee on failure of employer to remit - In no case consequences of failure to deduct TDS or short deduction and payment will fall on the employee.

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