CCI approves acquisition of 9.99% stake in Jio Platforms by Jaadhu Holdings
By: Bharat Sharma, Partner & Ankit Shah, Senior Associate Competition Commission of India (CCI) on June 24, 2020 approved Jaadhu Holdings LLC (Jaadhu) acquisition of 9.99% stake in Jio Platforms Ltd (Jio Platforms) (Transaction), digital arm of Reliance Industries Ltd (RIL). CCI’s approval came about two months after the two companies signed the deal on …
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CCI proposes to amend Combination Regulations
By: Bharat Sharma, Partner The Competition Commission of India (CCI) issued a press release[1] proposing to omit Para 5.7 from Form I, which provides for giving information regarding non-compete restrictions (Restrictions) under the Combination Regulations[2]. If the proposal is effectuated, it may assist CCI in adhering to the timelines for deciding applications seeking its approval …
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Changes in CSR framework
By: Ramya Hariharan, Partner Section 135 of Companies Act, 2013 (Act) requires companies to constitute a Corporate Social Responsibility Committee (CSR Committee) which is responsible for formulating a CSR policy for the company. This is mandatory for companies having net worth of INR 500 crore or more; turnover of INR 1000 crore or more or …
Direct overseas listing by Indian companies
By: Sunando Mukherjee, Partner On May 17, 2020, Ministry of Finance, Government of India (MoF) announced that Indian companies would now be allowed to list their shares directly in foreign stock exchanges. While consequent amendments and clarifications in legal and regulatory regime are awaited, the move would now allow Indian companies access to multiple jurisdictions …
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Fresh Start Scheme to support businesses
By: Ramya Hariharan, Partner & Dipti Srivastava, Associate In order to support local businesses during the economic disruption caused due to Covid-19, the Government of India, Ministry of Corporate Affairs on March 30, 2020 introduced Companies Fresh Start Scheme, 2020 (CFSS 2020). This scheme provides an opportunity to companies which have defaulted in filing of …
Holding of general meetings by audio visual means
By: Ramya Hariharan, Partner Key circulars issued by MCA April 8, 2020 – clarifies the procedure for passing ordinary and special resolutions amidst Covid-19 outbreak (EGM Circular) and provides certain relaxations from provisions of the Companies Act, 2013 (Act) by allowing EGMs to be conducted through video conferencing (VC) or other audio-visual means (OAVM) April …
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New classification of MSMEs
By: Dipti Lavya Swain, Partner & Shruti Sundararajan, Associate Government of India enacted Micro, Small and Medium Enterprises Development Act, 2005 (MSME Act) under which classification of micro, small and medium enterprises (MSME) was dependent on two factors: (i) investment in plant and machinery; and (ii) turnover of the enterprise. It is also pertinent to …
Relaxations in minimum public shareholding
By: Dipti Lavya Swain, Partner & Shruti Sundararajan, Associate SEBI issued a circular dated May 14, 2020 (2020 Circular) granting relaxation to listed companies from the applicability of 2017 Circular that required recognized stock exchanges to review compliance of listed entities with Minimum Public Shareholding (MPS) requirements and introduced inter alia the procedure to be …
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SEBI relaxes takeover and buy-back regulations
By: Dipti Lavya Swain, Partner & Shruti Sundararajan, Associate On May 14, 2020, SEBI issued a circular (Circular) granting a one-time relaxation from strict enforcement of procedural requirements under Regulation 18(2) of the Takeover Regulations and Regulation 9(ii) of the Buy-Back Regulations for all open offers and buy-back tender offers opening till July 31, 2020. …
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Pushback against the practice of filing criminal complaints to settle civil and contractual disputes
By: Chinmay Mirji, Partner & Charitha V, Associate Last few years have witnessed a significant hike in number of frivolous criminal complaints being filed to settle civil disputes. In a majority of civil disputes which involve high stakes – such as family inheritance, partitions, property, will execution, fights between two companies or disputes resulting from …