Change in Cut-off Timings to Determine Applicable NAV with respect to Repurchase/ Redemption of Units in Overnight Schemes of Mutual Funds SEBI/HO/IMD/PoD2/P/CIR/2025/56, dated 22nd April 2025, issued by SEBI 1. With a view to safeguard clients’ funds placed with Stock Brokers (SBs) / Clearing Members (CMs), SEBI vide circular "Upstreaming of clients’ funds by Stock Brokers (SBs)/ Clearing Members (CMs) to Clearing Corporations (CCs)" dated December 12, 2023 ("upstreaming circular") has specified the framework requiring SB/CMs to

Securities and Exchange Board of India (Credit Rating Agencies) (Second Amendment) Regulations, 2025 No. SEBI/LAD-NRO/GN/2025/242, dated 22nd April 2025, SEBIissued by In exercise of the powers conferred under section 30 read with sections 11 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999, namely: - 1. These regulations may be called the Securities and Exchange Board of

Trading Window Closure Period under Clause 4 of Schedule B read with Regulation 9 of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 – Extension of Automated Implementation of Trading Window Closure to Immediate Relatives of Designated Persons, on account of Declaration of Financial Results SEBI/HO/ISD/ISD-PoD-2/P/CIR/2025/55, dated 21st April 2025, issued by SEBI 1. Clause 4 (1) of Schedule B read with Regulation 9 of PIT Regulations, interalia, states that “Designated persons

Limited Relaxation from Compliance with Certain Provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dated 21st April 2025, issued by SEBI 1. OBJECTIVE: 1.1. To solicit comments/ views/ suggestions from the public on the draft circular titled “Limited relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015” placed at Annexure - A. 2. PUBLIC COMMENTS 2. PUBLIC COMMENTS 2.1. Public comments

Amendments to Master Circular on Online Resolution of Disputes (ODR) in the Indian Securities Market Dated 21st April 2025, issued by SEBI Background 1. Circular dated July 31, 2023 was issued on ‘Online Resolution of Disputes in the Indian Securities Market’. Subsequently, it was amended on August 04, 2023 and December 20, 2023. These amendments were consolidated in the Master Circular on August 11, 2023 and December 28, 2023. 2. SEBI has received feedbacks / inputs from MIIs, viz., Stock Exchanges,

Consultation Paper on Investment by Mutual Funds in Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) Dated 17th April 2025, issued by SEBI 1. Objective 1.1. The objective of this consultation paper is to solicit comments on the proposal to enhance limits for investments by Mutual Funds in REITs and InvITs, thereby providing more investment avenues and further diversification to schemes of Mutual Funds. The proposal is

Banking Laws (Amendment) Act, 2025 Act 16 of 2025, dated 15th April 2025, issued by Ministry of Law and Justice The following Act of Parliament received the assent of the President on the 15th April, 2025 and is hereby published for general information:— An Act further to amend the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking

Specialised Investment Funds – Application and Investment Strategy Information Document Formats SEBI/HO/IMD/IMD-RAC/P/CIR/2025/54, dated 11th April 2025, issued by SEBI 1. As stipulated in Regulation 49Y(1) of the SEBI (Mutual Funds) Regulations 1996 (‘MF Regulations’) for launching of investment strategies, Mutual Funds are required to launch Investment Strategies in accordance with the procedure applicable to the schemes of the Mutual Funds, as laid down in Regulation 28 of the MF Regulations. 2. SEBI vide Circulars

Investor Charter for Registrars to an Issue and Share Transfer Agents Dated 11th April 2025, issued by SEBI Background 1. In order to facilitate investor awareness about various activities where an investor has to deal with RTAs for availing Investor Service Requests, SEBI vide circular no. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/670 dated November 26, 2021, issued Investor Charter for RTAs, inter-alia, detailing the services provided to Investors, Rights of Investors, various activities of RTAs with timelines,

Amendment to Circular for Mandating Additional Disclosures by FPIs that Fulfil Certain Objective Criteria SEBI/HO/AFD/AFD-POD-3/P/CIR/2025/52, dated 9th April 2025, issued by SEBI 1. SEBI vide “Master Circular for Foreign Portfolio Investors, Designated Depository Participants and Eligible Foreign Investors” No. SEBI/HO/AFD/AFD-PoD- 2/P/CIR/P/2024/70 dated May 30, 2024, as amended from time to time (hereinafter referred to as the ‘FPI Master Circular’) has, inter alia, mandated additional disclosures, inter alia, for FPIs that individually, or

Clarification on Regulatory Framework for Specialised Investment Funds SEBI/HO/IMD/IMD-PoD-1/P/CIR/2025/54, dated 9th April 2025, issued by SEBI 1. SEBI Circular dated February 27, 2025 (‘SIF Circular’) specified Regulatory Framework for Specialized Investment Funds. 2. In this regard, based on queries raised by the industry participants and AMFI, the following has been decided: 2.1. The provisions under paragraph 12.27.2.4 of the Master Circular for Mutual Funds dated June 27, 2024 (‘MF Master Circular’), regarding maturity of securities in

Clarifications on the Permissibility of Issuance of Bonus Shares to Existing Non-resident Shareholder(s) by Indian Companies engaged in Sectors prohibited for FDI Press Note No. 2 (2025 Series), dated 7th April 2025, issued by DPIIT As per the Consolidated FDI Policy Circular of 2020 dated 15.10.2020, as amended from time to time (FDI Policy), Indian companies are permitted to issue bonus shares to existing non-resident shareholders, subject to adherence to sectoral cap, if any. Accordingly, the following clarification is inserted under Para

Investor Charter for KYC (Know Your Client) Registration Agencies (KRAs) Dated 4th April 2025, issued by SEBI Background 1. KYC (Know Your Client) Registration Agencies (KRAs) facilitates processing, storage and incidental services of KYC records in the securities market. 2. In order to facilitate investor awareness about various activities where an investor/client has to deal with KRAs for availing Investor Service Requests, SEBI has proposed to developed an Investor Charter for KRAs, inter-alia, detailing the services provided to

Standardised Format for System and Network Audit Report of Market Infrastructure Institutions SEBI/HO/MRD/TPD/CIR/P/2025/50, dated 4th April 2025, issued by SEBI 1. SEBI has stipulated the guidelines for System and Network audit for MIIs as mentioned below: - 1.1 Clause 8.1 of Chapter 2 of Master Circular No. SEBI/HO/MRD2/PoD- 2/CIR/P/2024/181 dated December 30, 2024 for Stock Exchanges and Clearing Corporations. 1.2 Clause 4.29 of SEBI Master

Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2025 F. No. IBBI/2025-26/GN/REG123, IBBIdated 3rd April 2025, issued by In exercise of the powers conferred by sections 196 and 207 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations to further amend the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, namely:— 1. (1) These regulations may be called the Insolvency and Bankruptcy Board

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2025 F. No. IBBI/2025-26/GN/REG124, dated 3rd April 2025, issued by IBBI In exercise of the powers conferred by clause (t) of sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations to further amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution

Limits for Investment in Debt and Sale of Credit Default Swaps by Foreign Portfolio Investors A.P. (DIR Series) Circular No. 01, dated 3rd April 2025, issued by RBI Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to Schedule 1 to the Foreign Exchange Management (Debt Instruments) Regulations, 2019 notified vide Notification No. FEMA. 396/2019-RB dated October 17, 2019 as amended from time to time and the relevant Directions issued thereunder. 2. Reference is also invited to the following directions issued

Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2025 No. SEBI/LAD-NRO/GN/2025/240, dated 1st April 2025, issued by SEBI In exercise of the powers conferred under section 30 read with sections 11 and 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, namely: - 1. These regulations may be called the Securities and Exchange Board

Revision in Eligibility Criteria for Industrial Entreprenuers Memorandum (IEM) Acknowledgement Press Note No. 1 (2025 Series), dated 1st April 2025, issued by DPIIT As per the Gazette Notification S.O. 1364(E) dated 21st March 2025, issued by Ministry of Micro, Small, and Medium Enterprises (MSME) the eligibility criteria for classification of MSMEs has been revised. This revision marks a significant step towards fostering industrial growth, encouraging higher investments, and strengthening India's position as a global manufacturing hub. In

Relaxation of Provision of Advance Fee Restrictions in case of Investment Advisers and Research Analysts SEBI/HO/MIRSD/ MIRSD-PoD/P/CIR/2025/48, dated 2nd April 2025, issued by SEBI 1. Pursuant to the changes in SEBI (Research Analysts) Regulations, 2014 in December 2024, Securities and Exchange Board of India (SEBI), received representations regarding the restriction on advance fee for three months only which was allowed to be charged by Research Analysts (RAs). It had been represented

Passing an order of approval by the Competition Commission of India ('CCI') to the combination without further steps of investigation is legal and is not vitiated on forming a prima facie opinion and is not contrary to the plain language of section 29 Sub-section (1) of section 29 provides for formation of prima facie opinion, issuance of show cause notice and receiving a reply from the party. The intermediary

The licence fee paid by the assessee for the use of goodwill and the payment for its exploitation constitute legitimate business expenditure and does not violate Explanation 1 to section 37. It cannot be argued that payment of licence fee violated the Bar Council of India Rules prohibiting revenue sharing with non-advocates The disallowance which is contemplated under Explanation 1 to section 37 is expenditure incurred for any purpose

Per MajorityThe appellant as an unsuccessful resolution applicant whose resolution plan could have otherwise been approved by the committee of creditors, satisfies the requirement of being aggrieved Once the CIRP is initiated, the nature of proceedings are no longer in personam but rather become in rem. In light of the same, the expression 'any person aggrieved' in the context of the Code has been held to be indicative of

Once there is an agreement of partnership, unless it is registered, no suit can be maintained by the partners for enforcing any right accruing from such agreement. Suit for dissolution is not maintainable in the absence of the registration of the partnership firm Where the partnership deed reveals that the sum was advanced to the respondent, which is now sought to be recovered, was rendered by the petitioners as

When fraudulent CIRP proceedings are initiated, the Adjudicating Authority has jurisdiction under the Code to consider the allegations of fraudulent and malicious initiation of CIRP proceedings in terms of section 65 and recall the CIRP admission order Where the promoters of the corporate debtor and the financial creditors in trying to create a non-existent financial debt out of routine business entries, have ended up unwittingly committing lapses which lapses

Considering the subject-matter and grave civil and penal consequences, the validity of an order declaring as wilful defaulter would require a closer scrutiny as to whether such an order falls within the four corners of the procedural mechanism prescribed in the Master Circular A person declared as wilful defaulter affects the fundamental right of a person under article 19(1)(g) of the Constitution as it directly affects the right to

Any liability in respect of any of the guarantees for money borrowed against the payment of interest is a 'financial debt' under clause (8) of section 5 Insolvency and Bankruptcy Code, 2016 - Section 5(8) - Financial debt - Money borrowed against payment of interest - Amount of any liability in respect of any guarantees for money borrowed against payment of interest - Is it financial debt.

There is no violation of sub-regulation (1A) of regulation 39 in the challenge process conducted by the resolution professional as per request for resolution plans and process ('RFRP'). The committee of creditors ('CoC') is fully competent to conduct negotiation process for value maximisation after completing the challenge process which negotiation process was conducted in accordance with RFRP and process note Where the resolution professional had rightly exited Consortium from

The mandate of the RBI framework for compromise settlement must give way to the CIRP of the borrower entity once the process has been initiated In the scheme of the Code, a party would have to trace its legal right to the mechanisms, time frames and the relief provided for in the Code itself. Legal right to the one time settlement ('OTS') with only one of the creditors does

In terms of sub-sections (1) and (2) of section 60 read with section 179, the NCLT is the only Adjudicating Authority in respect of personal guarantors to a corporate debtor where a corporate insolvency resolution process or liquidation proceeding initiated against a corporate debtor is either pending before a National Company Law Tribunal or is already concluded. In absence of an 'initiated' or 'pending' or 'concluded' CIRP against a principal borrower, an application under sub-section (1) of section 95 to

No error or illegality has been committed either by the BSE or the Securities Appellate Tribunal in refusing to accept the request of the appellant-company for the listing of the shares at the stock exchange inasmuch as section 62 of the Companies Act, 2013 stands duly attracted and in the light of clause (c) of sub-section (1) of section 62, special resolution of the shareholders is necessary which is lacking

Where the transferor-company and the transferee-company are wholly owned subsidiaries of a common parent company, the scheme of amalgamation and merger order are squarely covered under Notification No.13 dated 25th December, 1937 which exempts instrument evidencing transfer between the transferor- and transferee-companies when the transferor-company is a hundred per cent subsidiary of the transferee-company Where there is only transfer of shares in dematerialised form and the legislative intent, as

The appellant is not entitled to take benefit of the judgment of the Suo Motu Writ Petition of the Supreme Court due to COVID-19 situation for the reason that the appellant, despite having knowledge of proceedings, applied for certified copy of judgment at a much belated stage not being within the principal limitation period which expired much before the extended period granted by the said judgment of the Supreme Court

Entries in the balance sheets amount to clear acknowledgement of debt extending limitation under section 18 of the Limitation Act The statement of law that there is a compulsion in law to prepare a balance sheet but no compulsion to make any particular admission, is correct in law as it would depend on the facts of each case as to whether an entry made in a balance sheet qua

Where the appeal has been filed by the appellant on 30th May, 2022 through e-filing and the hard copy was filed on 20th June, 2022 though before coming into force the standard operating procedure ('SOP') dated 21st October, 2022 which has been made effective from 1st November, 2022 and the SOP dated 21st October, 2022 has been withdrawn by SOP dated 24th December, 2022, limitation is to be counted from the date of e-filing

To enable the Central Government to apply for an order under section 241, the conditions precedent, i.e., the Central Government is of the opinion and that the affairs of the company are being conducted in a manner prejudicial to the public interest, need to be satisfied. On fulfilment of these two conditions, an application can be filed by the Central Government under section 241 for an order The expression

In view of detailed framework the requirement to invoke discretionary power exercised under rule 11 of the NCLT/NCLAT Rules or even the power of the Supreme Court under article 142 of the Constitution no longer arises Not only is there an exhaustive framework to deal with withdrawal and settlement, but the evolution of the law and the creation of a comprehensive framework indicates an attempt to reduce reliance on

The resolution professional cannot be treated as functus officio in a situation where he was pursuing his prayers during CIRP. Therefore, it cannot be argued that the appeals filed by him in his capacity as resolution professional are not maintainable The phrase 'arising out of' or 'in relation to', as stipulated under clause (c) of sub-section (5) of section 60, is of a wide import and it is only

In view of the guidelines framed by the Insolvency and Bankruptcy Board of India, it is not open to the High Court to exercise its power of judicial review and thereby usurp upon the powers of the NCLT to inquire into the commercial wisdom of the committee of creditors whereby the resolution plan of the petitioner was rejected It is well ordained in law that the Adjudicating Authority

Once resolution plan is approved, it is binding on every creditor or shareholder irrespective of their consent Insolvency and Bankruptcy Code, 2016 - Sections 31 and 32A - Resolution plan - Effect of approval by Adjudicating Authority - Plan approved by committee of creditors and Adjudicating Authority - Is it binding on every creditor irrespective of their consent.

This article highlights on unintended absurd effect of exemptions under clause (b) of sub-section (5) of section 184 of the Companies Act, 2013.

In this article, the author delves into the question as to whether a resolution notified can be dropped or withdrawn and whether a resolution passed can be rescinded. He states that there is no bar to rescinding or altering a resolution passed in one meeting in another meeting.

The author, while explaining rationale behind ensuring compliance with the legal requirements, delves into the provisions of section 441 of the Companies Act, 2013 dealing with compounding of offences and its consequences and further explains settlement mechanism for compounding of offences under the Securities and Exchange Board of India Act, 1992 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. He concludes that in order to make the settlement mechanism dynamic and instant it should be made time bound and

This article critically analyses the impact of the Code, identifies key challenges, and suggests reforms to improve its efficiency, with a focus on how it can contribute to the success of Atma Nirbhar Bharat.

This article delves into an interesting question with regard to 'managing director', one of the key managerial personnel under the Companies Act, 2013 whether he can be in employment of the company. The author says that in his capacity as a managing director, he may be regarded as having not only the capacity as persona of a director but also the persona of an employee, or an agent depending upon the nature of his work and the terms of his

Comprehensive FAQs on SEBI (PIT) Regulations, 2015*1 [2025] 184 CLA (Mag.) 9 A. TRADING RELATED 1. Whether creation of pledge, invocation of pledge and revocation of pledge can be deemed as trading ? Answer Trading as defined under regulation 2(1)(l) means and includes subscribing, buying, selling, dealing, or agreeing to subscribe, buy, sell, deal in any securities, and “trade” shall be construed accordingly. The term trading is widely defined to include dealing in securities and intended to curb the activities based on unpublished price sensitive

In this article the author has analysed the order of National Company Law Appellate Tribunal in Major Atul Dev (Retd.) v. Union of India [2024] 183 CLA 139 upholding the order of the NCLT superseding the Board of directors of the Delhi Gymkhana Club. He concludes that the order of the NCLAT brought to light the need for Government interference, but has not gone into the vires of the order of NCLT.

In this article, the author delves into section 42 of the Companies Act, 2013 which deals with offer or invitation for subscription of securities on private placement.

In this article, the author delves into the order of the Supreme Court in SBI v. Consortium of Murari Lal Jalan Civil Appeal Nos.12220-12221/2024, dated 7th November, 2024 highlighting the major problems of delay in CIRP plaguing the Code since its inception.

This article seeks to answer, as to what happened when the period of 12 years lapsed and the award had not been enforced in light of the 'automatic stay/suspension' before the decision was rendered in HCC Case?

RBI has introduced a new scale based regulation framework for regulation of non-banking financial companies ('NBFCs') in India. Under this framework, separate set of regulations are applicable to an NBFC based on its categorisation on various parameters. This article aims to apprise the readers on all RBI regulations applicable to all NBFC's based on its categorisation.

RBI has introduced a new scale based regulation framework for regulation of non-banking financial companies ('NBFCs') in India. Under this framework, separate set of regulations are applicable to an NBFC based on its categorisation on various parameters. This article aims to apprise the readers on all RBI regulations applicable to all NBFC's based on its categorisation.

In this article, the author delves into reasons for stress of senior staff in audit firms. He concludes that root cause for the stress of audit assistants is the rigid regulatory time bound norms prescribed under Regulations.

This article is intended to explain the concept of significant beneficial owner as defined in section 90 of the Companies Act, 2013 read with the Significant Beneficial Owners Rules, 2018 as amended in 2017 and 2019, respectively.

On 16th August, 2024, the Department of Economic Affairs, Ministry of Finance introduced key amendments to the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 through the Foreign Exchange Management (Non-debt Instruments) (Fourth Amendment) Rules, 2024. The amendment permits the transfer of shares between an Indian resident and a non-resident in exchange for foreign company shares as part of a share swap, streamlining cross-border investments, enhancing opportunities for foreign direct investment and overseas investment, and international collaborations while simplifying complex regulatory

This article is intended to discuss threadbare powers of the SEBI to directly regulate the payment of dividend and direct investors to establish mandatory compliances under the Companies Act, 2013 and rules made thereunder.

The green channel mechanism has proved to be a successful scheme for combination approvals. This article is intended to explain important aspects of the mechanism.

This article provides an overview of adjudication of cases pertaining to violation of section 62 of the Companies Act, 2013 which deals with the further issue of shares by a company.

In this article the author raises a question as to whether holding annual general meetings through video-conferencing in pursuance of circulars issued by the Ministry of Corporate Affairs in the wake of COVID-19, is legal.

The Competition (Amendment) Act, 2023 has introduced sections 48A and 48B in the Competition Act, 2002 which empower the Commission to pass settlement/commitment orders. This article explains the newly introduced sections.

Appeal against order of NCLT - Is NCLAT competent to condone delays beyond 45 days in filing appeals - Even if there are adequate, plausible and genuine reasons, the NCLAT cannot condone the delay in filing the appeal beyond the expiry of 15 days from the expiry of thirty days from the date of the order.

Directions by Reserve Bank to Banks - Are they mandatory - Directions are mandatory ; however, it is open to Reserve Bank to give exemptions from all or any of the directions issued by it.

Circulars/Press notes issued by Government - Do they have statutory support - They have no statutory support and as such are not binding on anyone including on the public. But they would have only persuasive value. However, circulars issued by the CBDT on the provisions of Income-tax Act, 1961 are exception to general rule.

Insolvency resolution - Approval by Adjudicating Authority - Does it release guarantor from his obligations. When under an arrangement between the corporate debtor and his creditor, the creditor agrees to accept a part of the amount due in full and final settlement of the entire debt, to which the guarantor is not a party, he would be absolved of his obligations under the guarantee, and he will get protection under section 134 of the Contract Act.

NCLAT – Single Member Bench – Can Bench exercise its powers through one Member Bench–The powers of NCLAT vest in Benches comprising one Judicial Member and one Technical Member. As a corollary no Single Member of NCLAT can exercise his powers through one Member Bench.

Royalty - Is it a tax/contractual payment - Royalty is a contractual payment arising out of obtaining the right to extract minerals, as a result of which, the resources of the land gets depleted. But tax is paid as revenue for the Government.

Liquidator - Prior approval of the Adjudicating Authority before instituting proceedings - Any suit or other proceeding launched without such approval would not permanently abate but would get revived on receipt of such an approval.

TDS - Recovery from salary of employee on failure of employer to remit - In no case consequences of failure to deduct TDS or short deduction and payment will fall on the employee.

Grievance in regard to purchase of goods, materials and services - Can a company take recourse to the provisions of the Consumer Protection Act - Company may take recourse to the provisions of the Act if it makes purchases of goods, materials or services, etc., not for resale as such but are used to manufacture goods or materials for sale, after such manufacture and to maintain itself in a position to make such manufacture.

Annual general meetings - Circular dated 19th September, 2024 - Does it give immunity from holding annual general meetings - The circular would not deprive the right of a shareholder or a member of the company from preferring and successively prosecuting such an application so made. The circular in question would not confer on a company any absolute protection.

Dishonour of cheque - Averment in the complaint - Is complainant bound to aver in the complaint - It is the bounden duty of the complainant to specifically aver in his compliant.

Competition Commission - Transparency in its proceedings in relation to discharging its functions - Natural justice demands that the notice of the enquiry should be sent to the party to the enquiry so that he gets an opportunity to defend - The status of a third party to the enquiry if changed on the orders of the Commission, the same should be communicated to the party whose status is so changed, so that an opportunity is given to him to

Articles of association - Stamp duty on its registration - Will it be necessary to pay stamp duty on every subsequent increase in authorised capital after its original registration - In case of subsequent to the increase in the authorised capital the articles of association as originally registered, it is always advisable to pay stamp duty in the States where the same has been stipulated as a percentage of the authorised capital subject to an absolute amount, till the aggregate

Contribution by joint venture partner – Is it loan for purpose of the Insolvency and Bankruptcy Code, 2016 – Where project is set up by more than one entrepreneur for sharing profits of joint venture and there is any dispute, aggrieved partner cannot take recourse to the Code.

Complaint against offence under the Code - Can a Sessions Judge entertain - In view of Supreme Court ruling that section 236 is legislation by incorporation and not legislation by reference, special courts can entertain any complaint.

Drawer of cheque – Interim compensation – Can person signing cheque be treated as drawer and be ordered to pay – Liability to pay interim compensation would be only on the company and not also on the person signing the cheque. The person signing the cheque cannot be treated as the drawer of the cheque and be ordered to pay the interim compensation under section 143A.

Nomination - Is it mandatorily required for shares/units of mutual funds - No one could or would be compelled to provide nomination in respect of property held by him.

Related party transaction – Transaction between a holding company and its subsidiary – Is it a related party transaction – After the amendment a transaction between a holding company and its subsidiary is excluded by a legal fiction from the definition of ‘related party transaction’ as defined in the Listing Regulations. When the transaction is excluded, the question of compliance with the requirements of regulation 23 would not arise.

Transfer of shares – Refusal to register for sufficient cause – Company can refuse to register transfer of shares if party is undesirable person, if transfer would contravene MoA/AoA, if registration will lead to contravention of public policy or any provision in State or Central Legislation.

Resolution professional – Adjudicatory power to decide on contents of report – The purpose of the examination is fact finding and nothing more. No adjudicatory function is involved in the process. He has also not been conferred adjudicatory powers as is the case under section 18 of the Code.