Check out the latest update by the Ministry of Corporate Affairs (“MCA”) to support and enable companies and limited liability partnerships (LLPs) in India to focus on taking necessary measures to address the COVID-19 threat, including the economic disruptions caused by it and to reduce their compliance burden and other risks.
Check out the article on "WtE in India: An opportunity for Chinese Companies" authored by Mr. Santosh Pai (Partner and Head - China Desk) and Mr. Dinesh Pardasani (Partner) published in China Business Law Journal by Vantage Asia.
“India generates about 70 million tons of municipal waste every year. To tackle the ever rising menace of municipal solid waste, the government of India is encouraging setting up of waste to energy (WtE) projects throughout the country…”
Amid the outbreak of the coronavirus (Covid-19), the government is taking various precautionary measures to promote social distancing to curb the spread of Covid-19 in India. In this regard, the Ministry of Corporate Affairs on March 18, 2020 have come out with a notice wherein it has in-principal decided to relax the requirement of holding physical Board meetings of directors for resolving on matters provided under section 173 (2) of the Companies Act, 2013 read with rule 4 of the Companies (Meetings of Board and its Powers) Rules, 2014 including approval of the annual financial statements, Board’s report, approval of prospectus, the audit committee meetings for consideration of accounts, approval of matters relating to amalgamation, merger, demerger, acquisition and takeover, which otherwise are not permitted though video conferencing.
Hence, such matters can now be dealt with till June 30, 2020 via board meeting held through video conferencing by duly ensuring compliance of applicable laws. The necessary changes in the rules are yet to be notified.
"The spread and impact of the Coronavirus disease (“COVID-19”) has sent shockwaves across the global markets. The spread of COVID-19 to at least 114 countries has reached pandemic proportions and World Health Organization (WHO) has on March 12, 2020 declared the coronavirus outbreak a pandemic."
Read the full article "COVID-19: A Force Majeure Event?" below.
We are delighted to share that Link Legal has been awarded the “Infrastructure & Project Finance Law Firm of the Year” award at Legal Era’s '9th Annual Indian Legal Awards 2019-20' held recently in Mumbai. Also, our Co-Managing Partner, Mr. Nusrat Hassan has won the "Dispute Resolution Lawyer of the Year" at the award event.
Legal Era’s 'Indian Legal Awards' are one of the most-coveted awards of the country that recognizes legal finesse, innovation & accomplishments of legal professionals.
The event was well attended by legal luminaries not only from India but also from around the world and included the stalwarts of industry, CEOs, managing directors, government officials & members of the Judiciary.
This newsletter aims to briefly discuss the key developments during the period of November 01, 2019 – January 15, 2020.
1. Decriminalization of offences under Companies Act, 2013
As provided in our September edition Newsletter, a Company Law Committee (“Committee”) was constituted by the Ministry of Corporate Affairs (“MCA”) on September 18, 2019, inter alia, to further decriminalise the provisions of the Companies Act based on their gravity and to take other related measures to provide further Ease of Living for corporates in the country, which provided a report on November 14, 2019, to rationalize the penalties...