Corporate & Commercial, Clasis Law updates

India

Contributed by Clasis Law
Analysing recent amendments to corporate social responsibility legislation
  • India
  • 30 November 2020

The Companies Act 2013 is the exclusive legislation which deals with corporate social responsibility (CSR) provisions in India. In response to the COVID-19 pandemic, the Ministry of Corporate Affairs has issued various amendments to the Companies Act. On the one hand, the amendments propose to provide ease of compliance to companies; however, on the other, they also seek to penalise companies and their officers for non-compliance with CSR provisions.

Companies (Amendment) Act and Foreign Contribution (Regulation) Amendment Act enacted
  • India
  • 26 October 2020

The Companies (Amendment) Act 2020 and the Foreign Contribution (Regulation) Amendment Act 2020 recently came into force, amending the Companies Act 2013 and the Foreign Contribution (Regulation) Act 2010. This article sets out the salient changes introduced by both amendment acts, including with respect to producer companies, offences and the remuneration of non-executive directors.

MCA temporarily allows virtual AGMs: help or hindrance?
  • India
  • 21 September 2020

In view of the COVID-19 pandemic and continuing restrictions on the movement of individuals, the Ministry of Corporate Affairs (MCA) recently issued a circular allowing companies to convene their annual general meeting (AGM) through videoconferencing or other audiovisual means (ie, electronically). With AGMs around the corner, it will be interesting to see how companies will hold virtual AGMs in practice and whether companies and their members will welcome the MCA's relaxations.

Decriminalisation of offences under Companies Act: need of the hour
  • India
  • 31 August 2020

India's company law regime has evolved over the years and become stricter and more penal in nature. There has been a paradigm shift in the legislature's viewpoint with regard to the Companies Act's stringency. There has also been a recent trend to promote foreign investment in India. Accordingly, the legislature has adopted measures in order to decriminalise – or at least liberalise – India's company law regime.

Snapshot of procedural guidelines for proxy advisers
  • India
  • 17 August 2020

Proxy advisers have gained prominence over recent years in relation to corporate governance matters and have become an integral part of shareholder activism in India. In order to standardise the process across proxy advisory firms, the Securities and Exchange Board of India recently issued its Procedural Guidelines for Proxy Advisers and a circular on grievance resolution between listed entities and proxy advisers.


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