Company Law

Spotify, 7 other firms call on European regulators to crack down on Apple

Audio streaming platform Spotify and 7 other European companies are calling on European Commission to take "swift and decisive action" against Apple over 'anti-competitive' and 'unfair' practices

Meta's Indian employees go all out on Twitter after lay-off email

The number of layoffs in India could not be confirmed

Mobility solutions provider Automovill raises Rs 2.15 cr in funding

Company offers services for car owner, has presence in 20 cities and caters to 150,000 customers

15 new judicial and technical members appointed for NCLT benches

The tribunal has a total sanctioned strength of 63 members and 28 benches

MCA planning to shift all company forms to new portal by December

Currently only nine forms are to be filled on the new version, ministry officials cite surge in company submissions on version 3

Ministry of Corporate Affairs improves the ease of running a company

Over the past two years the government has moved to decriminalise key provisions and simplified statutory requirements in the Companies Act

Govt revises definition of small cos; reduced compliance burden for firms

The government has revised the paid-up capital and turnover thresholds for small companies that will help reduce the compliance burden on more entities. The latest decision by the corporate affairs ministry, which is implementing the companies law, has again revised the definition of small companies and is aimed at further improving the ease of doing business. With the amendments to certain rules, the threshold for small companies' paid-up capital has been increased to "not exceeding Rs 4 crore" from "not exceeding Rs 2 crore". Similarly, the turnover threshold has been revised to "not exceeding Rs 40 crore" from "not exceeding Rs 20 crore", the ministry said in a release on Friday. The revisions will allow more entities to come under the category of small companies. According to the ministry, small companies are exempted from the requirement to prepare cash flow statement as part of financial statement and can file an abridged annual return. They will not be required to have the

JSW Paints likely to contest CCI's order on Asian Paints in NCLAT

This move by JSW Paints comes after CCI disposed off JSW Paints plea which stated that Asian Paints blocked its entry in the decorative paints segment

Govt extends tenure of the Company Law Committee by one year

The government has extended the tenure of the Company Law Committee, which was constituted in 2019, by one year. The term of the panel which was set up by the corporate affairs ministry in September 2019, was extended last year also. The committee has the mandate for examining and making recommendations to the government on various issues related to implementation of the Companies Act and Limited Liability Partnership Act. "...the tenure of the company law committee is hereby further extended by one year i.e till 16.09.2023," the ministry said in an order dated September 5. Currently, an 11-member committee is chaired by corporate affairs secretary Tarun Bajaj. The committee was constituted as part of the government's efforts to promote ease of living by providing ease of doing business to law abiding corporates, to foster improved corporate compliance for stakeholders at large and to address emerging issues having an impact on the working of companies. Last year, the ministry ha

MCA tweaks rules about company deposits, enhances statutory auditors' role

The new rules, according to experts, will widen the responsibility of directors to the statutory auditors. They came into effect on August 29

Twitter lawyers say they can prevail over Elon Musk in just four days

The Twitter buyout agreement specifies all legal disputes over the deal must be heard in Delaware, corporate home to more than half of US public companies, including Twitter and Musk's Tesla Inc

Some gaps in ILC recommendations on resolution process, say experts

Report seen as unclear on who should pursue cases related to avoidable transactions and improper trading under bankruptcy code

Govt extends tenure of Company Law Committee by one year till Sept 2022

The government has extended by one year the tenure of the Company Law Committee, which was constituted back in 2019

Exempt independent directors from any criminal liability, says CII

'Proceedings against independent directors may be initiated only once there is prima facie evidence of their possible involvement in the matter, rather than as a matter of course,' says CII

Unlisted companies having listed subsidiaries face greater oversight

May be asked for regular financial results

Best of BS Opinion: Making a mockery of arbitration, LVB crisis, and more

Here's a selection of Business Standard opinion pieces for the day

NCLAT quashes NCLT order making MCA a party to all IBC proceedings

Allowing the plea filed by the MCA, a two-member bench of the appellate tribunal said the NCLT's direction was "beyond the power" and amounted to "imposition of a new rule in a compelling fashion".

Coronavirus impact: Seeking safe harbour under 'force majeure' may not help

Legal experts said that unlike many civil law jurisdictions, in India, force majeure is a contractual right, and not a right codified under the law

Enforcement action or shoot at sight?

The fear of enforcement action often undermines the objective of achieving quality in corporate governance

NCLAT asks NCLT to decide on liquidation of Lakshmi Cotsyn within 10 days

The National Company Law Appellate Tribunal (NCLAT) has asked the Allahabad bench of the NCLT to decide within 10 days on the liquidation of Kanpur-based textile manufacturer Lakshmi Cotsyn. A two-member bench comprising Justice Bansi Lal Bhat and Shreesha Merla observed that plea for liquidation of Lakshmi Cotsyn is pending before the National Company Law Tribunal (NCLT) on the pretext of one or the other miscellaneous application being filed in the matter. "Such conduct on the part of different characters cannot be permitted to thwart the course of insolvency resolution proceedings under I&B Code," it said. "Having regard to the object of the statute and to protect the interests of all stakeholders, we request the Learned Adjudicating Authority (NCLT) to take up the liquidation application for disposal at the earliest and make all possible endeavours to pass appropriate orders thereon within 10 days," said the NCLAT order dated March 3. The NCLAT direction came on a plea filed ..