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Late Filing of Company Forms: Why Paying Additional Fee Is Not the Same as Curing the Default
Position stated as on 4 September 2026. The Companies Compliance Facilitation Scheme, 2026, remains available up to 15 September 2026.Companies incorporated under the Companies Act, 2013 are required...
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Loan-to-Equity Conversion Needs Prior Shareholder Approval: ROC Mumbai’s Penalty Order in Coverfox Case
1. Why this adjudication order mattersThe Registrar of Companies, Mumbai, recently dealt with a case involving conversion of a loan into equity shares without obtaining the required prior approval of...
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ROC Chennai Reduces Penalty for DPIIT-Recognised Start-up for Defective INC-22 Filing on Change of Registered Office Within Local Limits
1. Core issue in the adjudication matterThe matter relates to a procedural but legally significant default in filing Form INC-22 for shifting the registered office of a company within local limits. Th...
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SEBI Settlement and Stock Exchange Penalty: SAT Clarifies That Both May Co-exist
1. Why the Hindustan Foods ruling mattersThe Securities Appellate Tribunal (“SAT”), by its order dated August 13, 2026 in Hindustan Foods Limited v. BSE Limited & Anr., has clarified an important poin...
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Director Tenure in Promoter-Led Listed Companies: Linking Evaluation with Governance Accountability
1. The Core QuestionIndian company law permits shareholders to remove directors, but the practical effect of that power changes significantly in a promoter-controlled listed company. Where the promote...
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Personal Guarantor Insolvency and the 99.9% Haircut Debate: A Fresh Look at the NCLT Ruling in the Subhash Chandra Matter
1. Why the Decision MattersThe decision of the NCLT, Principal Bench, in Indiabulls Housing Finance Ltd. v. Dr. Subhash Chandra [2026] 190 taxmann.com 10 (NCLT - New Delhi) has become significant beca...
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ASIC Issues Fresh Guidance on the Professional Year Pathway for Future Financial Advisers
The Australian Securities and Investments Commission (ASIC) has released updated guidance for individuals undertaking the “professional year” requirement on the pathway to becoming financial advisers...
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Private Companies and NCD Private Placements: The Section 180–Rule 14 Compliance Puzzle
1. The issue in briefThe Companies Act, 2013 created a structured regime for corporate borrowings, shareholder approvals and private placement of securities. However, after the Ministry of Corporate A...
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Bonus Preference Shares to Equity Shareholders: Corporate Route and Tax Treatment
1. A different way of distributing valueA company with large accumulated reserves usually has familiar options before it: declare dividend, undertake buy-back, issue bonus equity shares, or retain the...
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Leadership Change at Tata Sons: A Governance Lens Beyond Personalities
Introduction: Why the Process Matters More Than the ChairLeadership changes in large institutions often attract attention because of the individuals involved. In the case of Tata Sons, public discussi...
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Determining a “Material Subsidiary” When Net Worth Is Nil or Negative under SEBI LODR
1. Governance relevance of material subsidiary classificationThe identification of a “material subsidiary” is not merely a numerical compliance exercise under the SEBI (Listing Obligations and Disclos...
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ANI Media v. OpenAI: Delhi High Court’s Early Roadmap for AI Training, Copyright and Fair Dealing in India
Background and Significance of the DecisionOn 24 July 2026, the Delhi High Court dismissed the interim application filed by ANI Media Private Limited ("ANI"), one of India's leading news agencies, aga...
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Withdrawal of a Rights Issue by a Company: Position under the Companies Act, 2013 and SEBI Framework
IntroductionA rights issue is among the most commonly used mechanisms for a company to raise additional capital from its existing shareholders. Under such an issue, existing equity shareholders are gi...
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Non-establishment of Vigil Mechanism: ROC Chennai levies ₹7 lakh penalty on a Nidhi company and its directors
1. Why this adjudication order mattersA recent adjudication order passed by the Registrar of Companies, Chennai, highlights that the requirement to have a vigil mechanism or whistle-blower framework i...
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Audit Quality Weaknesses Are Not Local: What FRC, PCAOB and NFRA Are Pointing To
1. The Larger MessageIn July and August 2026, two important audit regulators outside India released fresh material on audit quality. The Financial Reporting Council of the United Kingdom issued its An...
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Notice of Board Meetings: Legal Requirements, Secretarial Standards and Judicial Consequences
1. Why notice of a Board meeting is more than a procedural formalityA meeting of the Board of Directors derives its legal strength from proper convening. The most basic requirement for a validly conve...
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Optional Convertibles in India: Accounting, Companies Act, FEMA and Tax Treatment of OCPS and OCDs
1. Setting the ContextOptional convertible instruments are commonly used in private equity, venture capital, structured finance and strategic investment transactions. They are attractive because they...
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The Compliance Officer After SEBI’s 2024–25 Clarifications: A Higher Seat, But Is the Voice Protected?
1. The Core QuestionSEBI’s December 2024 amendment to Regulation 6 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 changed the statutory stature of the Compliance Offic...
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Non-disclosure of Web Address in Board’s Report: RoC Kanpur Levies Penalty on a Nidhi Company and Its Directors
1. Why this adjudication order is importantA recent adjudication order of the Registrar of Companies, Kanpur, highlights that even a seemingly small omission in the Board’s Report can result in moneta...
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Global Corporate Law Update: SEC Moves Toward a Dedicated Crypto Asset Offering Framework; FCA Strengthens Overseas Regulatory Presence
This week’s international corporate and financial regulatory developments include two notable updates: the United States Securities and Exchange Commission has proposed a new crypto-focused securities...