Corporate Professionals Blog

SEBI, with the intent of investor protection and enabling them to take better and well informed investment decisions, has vide its Circulars dated 25th May 2016 and 27th May 2016 brought in certain amendments to the LODR Regulations (primarily Regulations 33 & 52). These Regulations pertain to the requirements of submitting Financial Results of the Company. As per the extant provisions, alongwith the Audited results for the financial year, Form A/ Form B were needed to be submitted, depending upon there being any Auditors’ Qualifications or not. Now, vide the above mentioned Circulars, it has been decided to streamline the process and do away with the requirement of filing these Forms. The listed Companies are now required to disseminate the cumulative impact of all the audit qualifications in a separate format, simultaneously, while submitting the annual audited financial results to the stock exchanges. The provisions of the said Circulars are applicable...

Marking a significant progress of the Indian subcontinent in the area of trademark law, India acceded to the Madrid Protocol on 8th April 2013, making the same effective in India beginning 8th July 2013, as per the Information Notice No. 15/2013 dated 29th May, 2013 issued by WIPO and Public Notice issued by the Controller General of Patents, Designs and Trademarks (CGPDTM) on 8th July 2013. A notification dated 5th July 2013, issued by the Ministry of Commerce and Industry, DIPP, also notified that the Trade Marks (Amendment) Rules, 2013 which incorporate provisions relating to international registration of trademarks as under the Madrid Protocol, and brings in some amendments to the existing law, have also come into force from the 8th of July 2013.

On March 12, 2007, Mr. Sunil Khaitan, Mr. Krishna Khaitan, M/s Khaitan Lefin Limited (KLL) and M/s Orientale Mercantile Company Limited (OMCL) (Noticees) acquired 13,00,000 equity shares pursuant to conversion of warrants in M/s Khaitan Electricals Limited (Target Company) that has triggered Regulations 10 and 11(1) of SEBI (SAST) Regulations, 2011 requiring open offer to the shareholders of the Target Company. However, the Noticees failed to do so and accordingly, SEBI directed the Noticees to make a combined public announcement under regulation 10 and 11(1) of the SEBI (SAST) Regulations, 1997 and also to pay interest at the rate of 10% per annum.

In order to keep pace with fast changing business scenario , to align with the provisions of Companies Bill 2012 and to adopt international best practices relating to Corporate Governance , SEBI has come out with a consultative paper on Corporate Governance norms in India. The paper bring suggestion which will have far reaching effect and will completely change the landscape of Corporate Governance in case of listed companies.  As per the concept note, the objective is to is to entice a wider debate on the governance requirement for the listed companies so as to adopt better global practices. While it needs to be ensured that the proposals suggested would not result in increasing the additional cost of compliances by huge margin and that the cost should not outweigh the benefit of listing, at the same time, it is necessary to bring back the confidence of the investors back to the capital market, for channelizing savings into investment, which is the need of the hour.  ...

Mr. Manoj Kumar Vice President +919910688433 manoj@indiacp.com Security is one of the most important issues in any setting, a home, school, hospital, malls, social gatherings, et al. But it is also one of the most overlooked issues at times. Maslow, a world famous psychologist known for his hierarchy of needs, brought to paper the thought which people generally fail to realize. ' The second most important need after food and shelter is the need for protection and security. That comes even before the need for love, social esteem and self-growth. Believe it or not; ask yourself and you'll know it's true.' Though we hardly notice it, security finds a place in the country as a full-blown security industry which is growing steadily year after year. In fact, it may sometimes be even safe to say that there are more security guards than the number of policemen today.

Market regulator SEBI vide General Order No. 1 of 2012 dated October 9, 2012 has issued “SEBI (Framework for Rejection of Draft Offer Documents) Order, 2012” wherein it has listed various criterion which could lead to rejection of offer documents filed for the purpose of raising funds from the public. The offer documents may be rejected if SEBI feels that the interest of the investors is prejudiced or inadequate disclosures are made in the offer document or quality of the disclosures are not reasonable or where the risk associated with the issue is high.

“India, first of all, came to the game with some just natural advantages: one, English-speaking population; two, real emphasis on education. You also had a country that is very instinctively able to globalize, take the best of the global world and meld it with their own culture.”                                                                                     Tom Friedman, Columnist, the New York Times  Mr. Manoj Kumar Vice President +919910688433 manoj@indiacp.com When you hear of India being called a great country; the first thought that usually comes to the mind is of India being one of the most populated countries, or India having one of the largest geographical areas in the World. But there are other things too which contribute to making India one of...

In a remarkable and well reasoned judgement, Hon’ble Securities Appellate Tribunal (SAT), vide its Order dated 4th November, 2011 in the matter of M/s. Trichy Distilleries and Chemicals Limited, deliberated upon the issue with reference to Delisting of Small Companies, as defined under the Delisting Regulations, 2009 (the Regulations). It considered the matter as to, “whether ninety percent of the public shareholders in number or shareholders holding ninety percent of the public shareholding in value irrespective of their numbers should consent to the proposal to delist a small company under Regulation 27(3)(d) of Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009”. Ms. Anjali Aggrawal Vice President +919971673336 anjali@indiacp.com To recapitulate, as per the provisions of Reg 27 of Delisting Regulations , following two types of Companies fall within the category of Small Companies: A Company with a paid up capital up t...