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Forced Removal of a Shareholder: Position under Indian Law and Lessons from Other Jurisdictions
1. Why shareholder expulsion is legally sensitiveShareholding is not merely an investment position. Once a person becomes a member of a company—whether by subscribing to the memorandum, receiving an a...
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Global Corporate Law Update: SEC Moves Toward Default Electronic Delivery of Investor Communications
The U.S. Securities and Exchange Commission has taken a significant step toward modernising the way investors receive regulatory and disclosure documents. On July 16, 2026, the SEC proposed a new fram...
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Audit Considerations When Subscribers Do Not Bring in Share Capital Within 180 Days under Section 10A
1. Commencement of business is not automatic after incorporationA company having share capital may receive its certificate of incorporation, but that certificate by itself does not permit the company...
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Companies (Amendment) Bill, 2026: The Governance Reform That Should Also Have Cleaned Up Drafting Defects
1. A decade of the Companies Act, 2013 and the need for a drafting reviewThe Companies Act, 2013 has now completed more than ten years of operation. This is a reasonable point at which the law should...
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Acting in Concert and Acting Together: A Cross-Statutory Understanding under Indian Corporate, Securities and Insolvency Law
The expressions “acting in concert”, “acting jointly” and “acting together” are frequently used in Indian corporate and securities law to identify situations where legal consequences are not confined...
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Share Transfers in Joint Ventures: Designing Exit Clauses that Prevent Disputes
A practical note on lock-ins, ROFO, ROFR, tag rights, drag rights, valuation exits and the advisory role of Chartered AccountantsA joint venture is usually celebrated at the time of signing: two busin...
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SEBI Recasts Buy-Back Framework: MPS Compliance, Shorter Timelines and Optional Merchant Banker Requirement
1. BackgroundBuy-back of securities is a mechanism by which a company purchases its own shares or other specified securities from its existing security holders. It is often used for capital restructur...
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Cheque Dishonour Cases and IBC Moratorium: From Complete Stay to a Possible Split Between Compensation and Prosecution
The relationship between insolvency law and cheque dishonour prosecution has remained unsettled despite important rulings of the Supreme Court. On one side, the Insolvency and Bankruptcy Code, 2016 se...
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SEBI’s 2026 AIF Governance Proposal: Moving Investor Approvals from Bespoke Practice to Regulatory Consistency
1. A shift in the governance philosophy for AIFsIn July 2026, the Securities and Exchange Board of India proposed changes to the governance framework for Alternative Investment Funds, particularly in...
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CCPS and CCDs in India: A Practical Review of Company Law, Ind AS, FEMA and Tax Treatment
1. Why convertible instruments matterIndian companies, especially start-ups, growth-stage businesses, private companies seeking strategic capital, and entities receiving private equity or venture capi...
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Delhi ROC’s adjudication on private placement filings: errors in MGT-14, PAS-3 attachments and pricing-date disclosure resulted in penalty
1. Why this adjudication order mattersThe Registrar of Companies, Delhi, passed an adjudication order against M/s. Centricity Wealth Tech Private Limited, a New Delhi based private company, in relatio...
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Artificial Intelligence, Hallucination, and Judicial Scrutiny in India
Artificial Intelligence in Legal Research: Hallucinations, Judicial Concern and the Need for Verified Legal AI1. The attractive but dangerous shortcutA common anecdote now heard in professional circle...
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Fit and Proper Requirements for InvITs and REITs: Ongoing Eligibility, Monitoring and Governance
1. Why “fit and proper” compliance matters in an InvIT structureInfrastructure Investment Trusts, or InvITs, pool capital from public investors, institutional investors and other eligible participants...
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Understanding CCD Issuance and Valuation Requirements: Common Missteps by Founders
IntroductionCompulsorily Convertible Debentures (CCDs) have increasingly become the preferred instrument for early-stage fundraising and interim financing in India. Since late 2022, market volatility...
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Re-examining Auditor Independence: Lessons from Australia’s Proposed Audit Reforms for India
Introduction: International Audit Reforms and India’s ExperienceAustralia is currently revisiting the structure and governance of its largest accountancy firms in light of recent whistleblower allegat...
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Compounding of Offences under Indian Company Law: An Analytical Overview
Introduction to Compounding under the Companies Act, 2013Compounding of offences is an essential remedy introduced under Section 441 of the Companies Act, 2013, designed to enable assessees and compan...
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Supreme Court’s Initiative on AI Integration in Judiciary
1. Introduction: Supreme Court’s Initiative on AI Integration in JudiciaryThe Supreme Court of India has recently unveiled a draft regulation governing the deployment of Artificial Intelligence (AI) i...
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Why Rotation of Directors Has Lost Its Governance Value for Listed Companies
1. The central pointThe rule on retirement of directors by rotation in Section 152(6) and Section 152(7) of the Companies Act, 2013 continues to operate in Indian company law, but its usefulness for l...
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Legal and Compliance Aspects of One-Time Payments to Whole-Time Managerial Personnel (WTMP) upon Retirement or Resignation
Overview and Industry Practices(i) Prevalence of One-Time Payments to Retiring or Resigning Executive Directors(a) In both listed and unlisted public companies, it has become customary for Boards, fol...
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How ROC Adjudication Orders Are Transforming Compliance in Corporate Fundraising
OverviewPrivate companies in India often rely on private placement and preferential allotment as outlined under Sections 42 and 62(1)(c) of the Companies Act, 2013 to attract investments. However, the...