1500 yogic asanas shortlisted to thwart patent claims; Cyril Shroff unveils firm's logo, constitutes advisory board
1500 yogic asanas shortlisted to thwart patent claims; Cyril Shroff unveils firm's logo, constitutes advisory board
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Amended CCI Combination Regulations come into force from July 1, 2015
Amended CCI Combination Regulations (Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2015) come into force with effect from July 1, 2015; Amended Regulations reduce the number of copies of notice of combination to be filed with CCI to one from two; Mandates filing of single notice for all inter-connected transactions amounting to combination; Amended Regulations allow any person authorized by Board of directors of the co. to sign notice of combination; CCI also amends Form I whereby notice of combination is given to the CCI
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Regulations for filing petitions & applications under Cos. Act, 2013 amended, format & annexures prescribed
Govt. amends Company Law Board (CLB) Regulations, 1991 relating to filing of application and petitions under Companies Act, 2013; Prescribes format, annexures to the application & petition, affidavit u/s 74(2) & 74(3) of Cos. Act, 2013 read with Section 76 (provisions relating to 'Acceptance of Deposits by cos.'), u/s 58 & 59 (provisions relating to appeal against refusal of registration of transfer / transmission and rectification of register of members) and u/s 2(41) (relating to 'change in financial year'); In an application u/s 74(2), co. is now required to disclose cash flow statement for preceding 3 years, month-wise turnover during last two preceding FYs, summary of financial position, reasons for reduction in turnover and losses, if any, during last 3 years, anticipated turn over & net profits during next 3 years are also to be furnished; In an application u/s 2(41), co. is now required to submit certified copy of latest balance sheet of holding/subsidiary co. incorporated outside India, with whom petitioner company is aligning its financial year, duly certified by notary public of such country, board resolution of holding/subsidiary co. incorporated outside India duly notarized and apostillised if such country is a signatory to the Hague Apostille Convention: CLB
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Name mistake Asht Lakshmai Diamond, please read as ....
Dear Patrons,
The new Insider Trading Regulations, notified by SEBI, have brought in sweeping, far reaching changes like broadening the concept of 'insider' & 'unpublished price sensitive information' ('UPSI'). But it hasn't gone down too well with India Inc. Only last week, Biocon Chairman Kiran Mazumdar Shaw had some harsh words for these regulations, terming the regulations prohibiting the employees from buying and selling share within 6 months period, as 'draconian in intent'. She added "These proposed rules have been framed by a babu sitting somewhere who do not understand the nuances of share market."
LSI Contributor Apurv Sardeshmukh (Partner, Legasis Partners), critically examines the ESOPs related restrictions & opines that the same will not only curtail the liberty of the employees while trading but will also take away the core benefits that were enjoyed by them under the ESOP Scheme. Noting that there are still certain ambiguities under amended regulations with regard to 'trading plan' etc, the author concludes, "Till the time further clarifications are obtained from SEBI the vagueness with respect to certain provisions in the Regulations may cause hardships to listed entities."
With regard to the change in definition of 'insider', the author states as a matter of fact that companies are now required to report trades executed by all classes of connected persons, in addition to their own employees. He remarks, "many Companies consider this to be a burdensome obligation and are yet unclear as to how they will monitor the trades of connected persons." However, appreciating the amended definition of UPSI, the author states that, "The expansion of the scope of the definition has not only made its meaning more clear and precise but will also tighten the ropes of insider trading prohibition."
Click here to read the article titled : New Insider Trading Norms : Draconian for ESOPs?
Best Regards
LSI Team
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