SURF EASY WITH SARFAESI

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "SURF EASY WITH SARFAESI"

Transcription

1 [2017] 78 taxmann.com 313 (Article) [2017] 78 taxmann.com 313 (Article) SURF EASY WITH SARFAESI RITUNJAY GUPTA Associate, J. Sagar Associates KUNAL MIMANI Associate, J. Sagar Associates 'Ease of Doing Business in India', a utopian concept till a few years ago, is attempted to be made a reality under Prime Minister Narendra Modi's governance. His speeches, including the one addressed to the nation from the ramparts of the Red Fort, to mark the 70th year of Independence for India, still reverberate in the corridors of business and commercial circles, boosting investor confidence and alleviating age old concerns of 'doing business' in India. The Enforcement of Security Interest and Recovery of Debt Laws and Miscellaneous Provisions (Amendment) Bill, 2016 (Bill No. 144 of 2016) and Act, 2016 (No. 44 of 2016) (referred to as the "Amendment Act" hereinafter)is a step in this direction. Shri Arun Jaitley, Union Cabinet Minister for Finance, in his speech delivered in the Lok Sabha on August 1, 2016, vehemently backing the Amendment Act remarked "We cannot have a banking system where people take loans and do not repay. The banks must also be empowered to take effective legal action against the defaulters.these two principle laws, Securitisation and DRT are also steps in that direction." The Statement of Objects and Reasons attached to the Amendment Bill lends testimony to the fact that the Amendment aims to ameliorate the execution of business activities and facilitate investment leading to higher economic growth and development. The Amendment Act, being approved by both Houses of Parliament and incorporating the recommendations of the Joint Parliamentary Committee, was published in the official Gazette of India on August 16, It amends the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ("SARFAESI Act") and the Recovery of Debts due to Banks and Financial Institutions Act, 1993 ("DRT Act"), and makes consequential changes to the Indian Stamp Act, 1899 and the Depositories Act, On September 1, 2016, the Central Government notified majority of the provisions of the Amendment Act. In this piece, we primarily focus on the alterations brought about in the SARFAESI Act and its impact on the current debt enforcement landscape. The SARFAESI Act, as enacted, focused on allowing secured creditors to take possession over a collateral against which a loan had been provided to the borrower, upon a default in repayment by the borrower. The objective of the Act was to facilitate speedier recovery of debts by banks and financial institutions. However, currently about 70,000 cases are pending before the Debt Recovery Tribunal involving more than 5 Lakh about:blank 1/5

2 Crores worth of Non Performing Assets ("NPA") and stressed assets. The present reforms assume significance in the above backdrop. Key Amendments Scope of Borrowers and Creditors Widened and Introduction of Debt Securities The scope of secured creditors has been expanded to include (a) debenture trustees appointed in respect of debt securities listed in accordance with SEBI laws (for example non convertible debentures and bonds), (b) banks and financial institutions that have interest in any asset given on hire or financial lease or conditional sale, and (c) banks and financial institutions that have a right to any intangible asset (such as intellectual property rights) or a license or assignment of such intangible asset. Importantly, on August 5, 2016, the Ministry of Finance specifically notified Non Banking Financial Companies ("NBFCs") with asset size of more than Rs. 500 Crores as 'financial institutions' to whom the SARFAESI Act will be applicable (i.e. being secured creditors under the Act). The definition of borrowers has been widened to include persons who have raised funds through issuance of debt securities. Integration of records of security interests with Central Registry for enforcement The Amendment Act seeks to integrate the registration records of property/ any security interest created on such property, including registration records maintained under the Companies Act, 2013, the Registration Act, 1908, the Merchant Shipping Act, 1958, the Motor Vehicles Act, 1988, the Patents Act, 1970 and the Designs Act, 2000, with the records of the Central Registry set up under sub section (1) of section 20 of the Act. All secured creditors will have to register the security interest(s) created in their favour by the borrower with the Central Registry, for enforcing the same under the Act. On registration, as aforesaid, the debts due to any secured creditor will be paid in priority to all other debts and other revenues, taxes etc. payable to the Central Government or State Government or local authority. Further, on registration, the claim of such secured creditor will have priority over any subsequent security interest created upon such property and over any transfer of such property following such registration. Enforcement of Security Interest and Role of District Magistrate/ Chief Metropolitan Magistrate A secured debt, relating to a borrower who has raised money through issuance of debt securities,will not have to be classified as an NPA before the same is enforced.on default, the debenture trustee will be entitled to enforce the security interest in the same manner as provided under the Act. Where a secured creditor(s) or an Asset Reconstruction Company ("ARC") has converted part of its debt into shares of the borrower company and thereby acquired controlling interest in the said company, such secured creditor(s) or ARC will not be required to restore management of the business to such borrower company upon payment of the balance debt. The SARFAESI Act allows secured creditors to take assistance of the District Magistrate/ Chief Metropolitan Magistrate, if so required, to take possession of the secured asset upon a default in about:blank 2/5

3 repayment of the loan. The Amendment now provides that this process will have to be completed within 30 days; or for sufficient reasons, within a period not exceeding 60 days. Jurisdiction of Debt Recovery Tribunal (DRT) The Amendment Act has very rightly amended the marginal heading of Section 17from 'Right to appeal' to 'Application against measures to recover secured debts'. Pertinently, Section 17 Application is the initial action which is brought before the Debt Recovery Tribunal ("DRT"), raising grievance against the action or measures taken by the secured creditor under Section 13. In fact, the proceedings under Section 17 of the Act are in lieu of a civil suit, which remedy is ordinarily available but for the bar under Section 34 of the SARFAESI Act. The Amendment clarifies that the DRT which would have jurisdiction for the purpose of Section 17 includes the DRT within the local limits of whose jurisdiction: (a) the cause of action arises, (b) the secured asset is located, or (c) the branch or any other office of a bank or financial institution maintaining an account in which the debt claimed is outstanding. Asset Reconstruction Company (ARC) Framework and Widening Control of RBI The individual definitions of 'securitisation company' and 'reconstruction company' have been substituted by and integrated into the definition of 'asset reconstruction company'. Previously, only 'qualified institutional buyers' (such as banks, financial institutions, insurance companies etc.), as defined under the Principal Act, were permitted to purchase security receipts issued by ARCs for purposes of securitization of financial assets. With the Amendment, the term 'qualified institutional buyers' has been replaced by the term 'qualified buyers'. Pursuant to such change, non institutional investors have been included within the scope of eligible buyers of security receipts for purposes of asset securitization. The RBI has been empowered to, inter alia, (a) carry out audit and inspection of ARCs; and (b) appoint additional directors and observers on the board of directors of such ARCs. Exemption from Stamp Duty Any agreement/ document executed for transfer or assignment of rights or interests in financial assets of any bank/ financial institution in favour of the ARC, for purposes of asset reconstruction/ securitization, has been exempted from payment of stamp duty. Key areas that have not been addressed While a much needed impetus has been provided to debt recovery and enforcement laws with the said Amendment Act (and the Insolvency Code), the Legislature still falls short of addressing the following practical concerns of secured creditors: Adherence to 13(2) Notice a Moral Obligation On default being committed by the borrower, be it in relation to interest payment or principal repayment, the secured creditor is required to serve a notice on the borrower in terms of Section 13(2) of the Act ("13(2) Notice"). In case the borrower fails to discharge his liabilities (in full) to the secured creditor within 60 days of service of the aforesaid notice, the secured creditor is entitled to resort to measures provided under Section 13(4) of the Act, viz., taking possession of the secured asset or taking over the management of the borrower etc. about:blank 3/5

4 What if the borrower, in order to defraud the creditor, starts disposing of his secured asset within the 60 days' timeframe? What if the value of the underlying security is diminished by the time the secured creditor acquires possession of the same? The looming threat of the underlying security being wasted away, still gives nightmares to secured creditors operating with negative balance sheets, even after the Amendment. While Section 13(13) of the Act does provide that the borrower shall not transfer (by way of sale, lease or otherwise, other than in the ordinary course of its business) any of its secured assets after receipt of the 13(2) Notice, without the prior written consent of the secured creditor. It is an understood fact that the prohibition under Section 13(13) is more of a moral obligation. The secured creditor is empowered to appoint a manager to manage the secured asset taken over by the creditor; however, this power is available only after the lapse of the aforesaid 60 days' notice period. The secured creditor is more concerned about recovery; and the deterrent in the form of fine and/or imprisonment for breach of any provisions of the Act by the borrower is of little comfort to it. Enforcement of Pledge Still Outside the Purview of the Act Pledge of movables, for example, over shares of the borrower company or of its affiliates and associate companies, is one of the favored security interest created by the borrower under the Loan Agreements today. However, despite the Amendment, pledge of movables (within the meaning of Section 172 of the Indian Contract Act) is still excluded from the purview of the Act (Section 31 of the SARFAESI Act). Therefore, the enforcement process for pledge continues to be subject to the risk of protracted litigation in Indian Courts. Dichotomy of Laws and Forums The DRT and the Appellate Tribunals were established under the DRT Act. As per the DRT Act, for recovery of debt from a borrower, a bank or financial institution needs to make an application to the DRT having jurisdiction over the borrower's area of residence or business or, post Amendment, over the area of bank branch where the debt is pending. Pertinently, such applications can be made by only those financial institutions that have been notified by the Central Government in this respect and to which the DRT Act has been made applicable. On the other hand, under the SARFAESI Act, the banks and financial institutions can make an application to the DRT only for recovery of balance dues, after exhausting other remedies available under the Act, such as sale of secured assets of the borrower. Further, the provisions of the SARFAESI Act are extended to only those financial institutions that have been notified by the Central Government in this regard. What about the financial institutions (example NBFCs) to whom the applicability of the SARFAESI Act have be extended by notification, but have not yet been notified for purposes of the DRT Act? What happens when such financial institutions are unable to sell the secured assets of the borrower company? Will they be left without any remedy, since they cannot make an application for recovery to the DRT under the SARFAESI Act as well as the DRT Act? Clarity is sought on the road map they are required to adhere to. about:blank 4/5

5 Additionally, according to the Insolvency Code, all corporate insolvency and winding up cases will be adjudicated by the National Company Law Tribunal; whereas all individual recovery cases will still be referred to the DRT. The existence of multiple laws and multiple forums for dealing with recovery of debt of secured creditors will result in prolonging disputes, spawning confusion and creating opportunity for protracted litigation the very problem the Legislature sought to resolve through the current slew of legislative reforms. Concluding Remarks While the reforms are a step in the right direction, considering there is still some room for improvement, and that the amended legislation still lacks teeth, in practical terms, one would hope the Legislature addresses such concerns and shortcomings soon. Till such time, we would look to the Indian Courts for the added guidance and support to secured creditors for enforcement of security interests in India. It is befitting to conclude with a passage from the Judgement of the Supreme Court, of the Bench comprising of Chief Justice of India V.N. Khare, Justice Brijesh Kumar and Justice Arun Kumar, (delivering its judgment in Mardia Chemicals Ltd. v. Union of India and [2004] 51 SCL 513 (SC), on the challenge to the constitutionality of the SARFAESI Act) "The effect of some of the provisions may be a bit harsh for some of the borrowers but on that ground the impugned provisions of the Act cannot be said to be unconstitutional in view of the fact that the object of the Act is to achieve speedier recovery of the dues declared as NPAs and better availability of capital liquidity and resources to help in growth of the economy of the country and welfare of the people in general which would subserve the public interest." about:blank 5/5

MEMBERS' REFERENCE SERVICE LARRDIS LOK SABHA SECRETARIAT, NEW DELHI LEGISLATIVE NOTE. No. 9/LN/Ref/July/2016

MEMBERS' REFERENCE SERVICE LARRDIS LOK SABHA SECRETARIAT, NEW DELHI LEGISLATIVE NOTE. No. 9/LN/Ref/July/2016 MEMBERS' REFERENCE SERVICE LARRDIS LOK SABHA SECRETARIAT, NEW DELHI LEGISLATIVE NOTE No. 9/LN/Ref/July/2016 For the use of Members of Parliament NOT FOR PUBLICATION 1 ENFORCEMENT OF SECURITY INTEREST AND

More information

AN EASY OR COMPLEX CONCEPT OF DEBT RECOVERY

AN EASY OR COMPLEX CONCEPT OF DEBT RECOVERY AN EASY OR COMPLEX CONCEPT OF DEBT RECOVERY **AJAY SOLANKY & AKSHAY PANDEY India is a large country and being a large country, there are variety of economical challenges faced by the people of India and

More information

LAW & PROCEDURE UNDER SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORMECEENT OF SECUIRTITY INTEREST ACT 2002

LAW & PROCEDURE UNDER SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORMECEENT OF SECUIRTITY INTEREST ACT 2002 LAW & PROCEDURE UNDER SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORMECEENT OF SECUIRTITY INTEREST ACT 2002 PRESENTED BY Pankaj Majithia Chartered Accountant INDEX 1. Introduction 2. Salient

More information

Pankaj Majithia Chartered Accountant

Pankaj Majithia Chartered Accountant Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Presented By Pankaj Majithia Chartered Accountant INDEX 1. Introduction 2. Salient Features of Act Enforcement

More information

IBC Opportunities for CMAs in. 76 The Management Accountant l

IBC Opportunities for CMAs in. 76 The Management Accountant l Opportunities for CMAs in The Insolvency and Bankruptcy Code 2016 which has been notified by the Government on 28 th May 2016 is the biggest economic reform next to GST. Before this Code, there was no

More information

SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002* [54 OF 2002]

SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002* [54 OF 2002] SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002* [54 OF 2002] 1 [ An Act to regulate securitisation and reconstruction of financial assets and enforcement

More information

Legislative Brief. The Companies Bill, Highlights of the Bill. Key Issues and Analysis

Legislative Brief. The Companies Bill, Highlights of the Bill. Key Issues and Analysis Legislative Brief The Companies Bill, 2009 The Bill was introduced in the Lok Sabha on 3 rd August, 2009. Recent Briefs: The Motor Vehicles (Amendment) Bill, 2007 June 25, 2009 The Protection and Utilisation

More information

Non-performing Assets : Important Points

Non-performing Assets : Important Points CHAPTER 10 Non-performing Assets : Important Points Commercial banks and other Financial Institutions in India lend money to entrepreneurs and others for generating interest income for itself as well as

More information

LESSON 16 INSOLVENCY CONCEPTS AND EVOLUTION

LESSON 16 INSOLVENCY CONCEPTS AND EVOLUTION LESSON 16 INSOLVENCY CONCEPTS AND EVOLUTION INSOLVENCY/BANKRUPTCY THE CONCEPT Insolvency is when an individual, corporation, or other organization cannot meet its financial obligations for paying debts.

More information

INSOLVENCY AND BANKRUPTCY CODE, By: Karishma Jaiswal Associate Maheshwari & Co. Advocates & Legal Consultants

INSOLVENCY AND BANKRUPTCY CODE, By: Karishma Jaiswal Associate Maheshwari & Co. Advocates & Legal Consultants INSOLVENCY AND BANKRUPTCY CODE, 2016 By: Karishma Jaiswal Associate Maheshwari & Co. Advocates & Legal Consultants INSOLVENCY AND BANKRUPTCY CODE, 2016 INTRODUCTION INSOLVENCY: Insolvency is a situation

More information

The Banking Regulation Act, Question 1

The Banking Regulation Act, Question 1 21 Overview of Banking Regulation Act, 1949, The Insurance Act, 1938, The Insurance Regulatory and Development Authority Act, 1999, The Securitisation and Reconstruction of Financial Assets and Enforcement

More information

MODEL QUESTION PAPER FOR LIMITED INSOLVENCY EXAMINATION

MODEL QUESTION PAPER FOR LIMITED INSOLVENCY EXAMINATION MODEL QUESTION PAPER FOR LIMITED INSOLVENCY EXAMINATION 1 When can a bank initiate a corporate insolvency resolution process in relation to a corporate debtor? a) On determination of default by National

More information

SEMINAR ON INSOLVENCY & BANKRUPTCY CODE 2016 PRACTICAL ASPECTS FOR BANKERS. On 21 st April 2017 at JN Bose Auditorium, Kolkata

SEMINAR ON INSOLVENCY & BANKRUPTCY CODE 2016 PRACTICAL ASPECTS FOR BANKERS. On 21 st April 2017 at JN Bose Auditorium, Kolkata SEMINAR ON INSOLVENCY & BANKRUPTCY CODE 2016 PRACTICAL ASPECTS FOR BANKERS On 21 st April 2017 at JN Bose Auditorium, Kolkata WHY IBC 2016 [CODE] WAS REQUIRED Before this Code, there was no single law

More information

Role of recovery channels in managing Non-Performing Assets in Scheduled Commercial Banks

Role of recovery channels in managing Non-Performing Assets in Scheduled Commercial Banks Role of recovery channels in managing Non-Performing Assets in Scheduled Commercial Banks Dr. KRISHNA BANANA 1 V RAMA KRISHNA RAO CHEPURI 2 1.Asst. Professor,Dept. Of Commerce & Bus. Admn., Acharya Nagajuna

More information

L.R.O Queen Elizabeth Hospital Act, Cap. 54, the Board of the Queen Elizabeth

L.R.O Queen Elizabeth Hospital Act, Cap. 54, the Board of the Queen Elizabeth L.R.O. 1998 2013-12-05 RESOLUTION NO. PARLIAMENT WHEREAS by virtue of subsections (1) and (2) of section 13 of the Queen Elizabeth Hospital Act, Cap. 54, the Board of the Queen Elizabeth Hospital may with

More information

Legal & Regulatory Aspects of Banking - JAIIB

Legal & Regulatory Aspects of Banking - JAIIB Timing: 3 Hours Question : 100 1. Section 49-A of Banking regulation Act makes provisions for (a) declaration of bank rate (b) restrictions on the type of business that the banks cannot undertake (c) no

More information

THE ARBITRATION AND CONCILIATION (AMENDMENT) BILL, 2018

THE ARBITRATION AND CONCILIATION (AMENDMENT) BILL, 2018 1 As INTRODUCED IN LOK SABHA Bill No. 100 of 2018 THE ARBITRATION AND CONCILIATION (AMENDMENT) BILL, 2018 A BILL further to amend the Arbitration and Conciliation Act, 1996. BE it enacted by Parliament

More information

SUMMARY OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016

SUMMARY OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016 DSK Legal Knowledge Center Updates on May, 2016 Banking and Finance SUMMARY OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016 The Insolvency and Bankruptcy Code ( Insolvency Code ), had been introduced in the

More information

Article. MCA relaxes controls on Managerial Remuneration: Professional Directors benefited. CS Aman Nijhawan

Article. MCA relaxes controls on Managerial Remuneration: Professional Directors benefited. CS Aman Nijhawan MCA relaxes controls on Managerial Remuneration: Professional Directors CS Aman Nijhawan aman@vinodkothari.com Vinod Kothari & Company Corporate Law Services Group corplaw@vinodkothari.com September 12,

More information

MEMBERS' REFERENCE SERVICE LARRDIS LOK SABHA SECRETARIAT, NEW DELHI REFERENCE NOTE. No. 39/RN/Ref/October/2016

MEMBERS' REFERENCE SERVICE LARRDIS LOK SABHA SECRETARIAT, NEW DELHI REFERENCE NOTE. No. 39/RN/Ref/October/2016 MEMBERS' REFERENCE SERVICE LARRDIS LOK SABHA SECRETARIAT, NEW DELHI REFERENCE NOTE No. 39/RN/Ref/October/2016 For the use of Members of Parliament NOT FOR PUBLICATION 1 NON PERFORMING ASSETS IN PUBLIC

More information

Frequently asked questions on Section 186 of Companies Act 2013

Frequently asked questions on Section 186 of Companies Act 2013 5 th May, 2014 Frequently asked questions on Section 186 of Companies Act 2013 By P C Agrawal B.Com., LL.B., CAIIB, FCS cs.pcagrawal@gmail.com Aurangabad (Maharashtra) Q.1. What types of specified transactions

More information

IN THE NATIONAL COMPANY LAW APPELLATE TRIBUNAL. Company Appeal (AT) (Insolvency) No. 485 of 2018

IN THE NATIONAL COMPANY LAW APPELLATE TRIBUNAL. Company Appeal (AT) (Insolvency) No. 485 of 2018 IN THE NATIONAL COMPANY LAW APPELLATE TRIBUNAL [arising out of Order dated 6 th July, 2018 by National Company Law Tribunal, Chandigarh Bench in C.P (IB) No. 35/CHD/HP/2018] IN THE MATTER OF : Lalan Kumar

More information

AN INTRODUCTION I-47

AN INTRODUCTION I-47 CONTENTS I-47 About the author I-5 Foreword to Sixth Edition I-7 Preface to Sixth Edition I-9 Foreword to Fifth Edition I-13 Preface to Fifth Edition I-15 Preface to Fourth Edition I-17 Foreword to Third

More information

THE INSOLVENCY AND BANKRUPTCY CODE: AN OVERVIEW

THE INSOLVENCY AND BANKRUPTCY CODE: AN OVERVIEW THE INSOLVENCY AND BANKRUPTCY CODE: AN OVERVIEW Introduction According to the recent World Bank s Ease of Doing Business Index, India ranks 130 th out of 189, which can be partly attributed to the fact

More information

Legislative Brief The Consumer Protection Bill, 2018

Legislative Brief The Consumer Protection Bill, 2018 Legislative Brief The Consumer Protection Bill, 2018 The Consumer Protection Bill, 2018 was introduced in Lok Sabha on January 5, 2018 by the Minister of Consumer Affairs, Food and Public Distribution,

More information

Through: Mr. Rahul Gupta with Mr. Gagan Gupta, Advocates. versus SMALL INDUSTRIES DEVELOPMENT BANK OF

Through: Mr. Rahul Gupta with Mr. Gagan Gupta, Advocates. versus SMALL INDUSTRIES DEVELOPMENT BANK OF * IN THE HIGH COURT OF DELHI AT NEW DELHI RESERVED ON: 01.07.2009 PRONOUNCED ON: 04.03.2010 + W.P. (C) 8276/2007 & CM Nos. 15625/2007, 12866-12867/2008 K.K.ORGANICS P. LTD.... Petitioner Through: Mr. Rahul

More information

Unifying Legal Framework in Debt Financing: Insolvency and Bankruptcy Code 2016

Unifying Legal Framework in Debt Financing: Insolvency and Bankruptcy Code 2016 Unifying Legal Framework in Debt Financing: Insolvency and Bankruptcy Code 2016 Unifying Legal Framework in Debt Financing: Insolvency and Bankruptcy Code 2016 Santosh Kumar 1, Shinu Vig 2 and Tavishi

More information

Important provisions of the Companies Act, 2013 Regarding Deposits

Important provisions of the Companies Act, 2013 Regarding Deposits Important provisions of the Companies Act, 2013 Regarding Deposits When we look at the various provisions of deposits in the Companies Act, 2013(CA 2013 or the Act), there is no much difference in the

More information

BE it enacted by Parliament in the Fifty-sixth Year of the Republic of India as follows:-

BE it enacted by Parliament in the Fifty-sixth Year of the Republic of India as follows:- ~ THE CREDIT INFORMATION COMPANIES (REGULATION) ACT, 2005 # NO. 30 OF 2005 $ [23rd June 2005.] + An Act to provide for regulation of credit information companies and to facilitate efficient distribution

More information

NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI Company Appeal (AT) (Insolvency) No.91 of 2017

NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI Company Appeal (AT) (Insolvency) No.91 of 2017 NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI Company Appeal (AT) (Insolvency) No.91 of 2017 (arising out of Order dated 04.05.2017 passed by the National Company Law Tribunal, Mumbai Bench, in C.P.

More information

FAQs. SARFAESI Act for NBFCs: Frequently Asked Questions. FAQs. SARFAESI Act for NBFCs: Frequently Asked Questions

FAQs. SARFAESI Act for NBFCs: Frequently Asked Questions. FAQs. SARFAESI Act for NBFCs: Frequently Asked Questions SARFAESI Act for NBFCs: Frequently Asked Questions SARFAESI Act for NBFCs: Frequently Asked Questions Abhirup Ghosh abhirup@vinodkothari.com 17 th September, 2016 Check at: http://india-financing.com/staff-publications.html

More information

Consumer Credit (New South Wales) Code

Consumer Credit (New South Wales) Code New South Wales Consumer Credit (New South Wales) Act 1995 No 7 Contents Part 1 Preliminary Page 1 Name of Act 2 2 Commencement 2 3 Definitions 2 4 s in text 2 Part 2 Consumer Credit (New South Wales)

More information

Legal & Regulatory Aspects of Banking - JAIIB

Legal & Regulatory Aspects of Banking - JAIIB Timing: 3 Hours Question : 100 1. Acceptance of deposits is regulated by Central Govt. under Companies (Acceptance of Deposit) Rules 1975 in respect of: a. Banks b. Companies c. Non-bank finance companies

More information

SUBMISSION OF COMMENTS TO THE COMMITTEE ON ESTIMATES

SUBMISSION OF COMMENTS TO THE COMMITTEE ON ESTIMATES SUBMISSION OF COMMENTS TO THE COMMITTEE ON ESTIMATES REGULATORY MECHANISM OF PROTECTION OF INTERESTS OF DEPOSITORS OF NON- BANKING FINANCIAL COMPANIES (NBFCS) AN OVERVIEW 1. Background The Committee on

More information

The Institute of Cost Accountants of India

The Institute of Cost Accountants of India The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Supplementary Reading Material on Notified Sections of Companies Act,2013 - for December 2014 CMA Examinations CMA

More information

A Study on the Debt Recovery Agencies

A Study on the Debt Recovery Agencies A Study on the Debt Recovery Agencies Dr. B.Saritha 1 PhD Finance Principal, MG University, Nalgonda Dist. Mrs. Seema Nazneen 2 Mrs CH Siva Priya 3 Research Scholar Assistant Prof School of Business Management

More information

ECOWRAP MODERN DAY DAVID (NCLT) VS. GOLIATH (ACTIVE COMPANIES) SAGA SBI ECOWRAP

ECOWRAP MODERN DAY DAVID (NCLT) VS. GOLIATH (ACTIVE COMPANIES) SAGA SBI ECOWRAP ECOWRAP MARCH 19, 2018 ISSUE NO: 79, FY18 MODERN DAY DAVID (NCLT) VS. GOLIATH (ACTIVE COMPANIES) SAGA The Central Government has constituted National Company Law Tribunal (NCLT) w.e.f. 01st June 2016.

More information

Restructuring of companies under the Companies Act, 2013

Restructuring of companies under the Companies Act, 2013 15 Restructuring of companies under the Companies Act, 2013 This article aims to: Provide an overview of the key provisions of the Companies Act, 2013 with respect to restructuring of companies (i.e. compromises,

More information

SEBI Act, 1992 Scheme and Scope of Powers of SEBI

SEBI Act, 1992 Scheme and Scope of Powers of SEBI SEBI Act, 1992 Scheme and Scope of Powers of SEBI National Judicial Academy, Bhopal Lalit Kumar, Partner August 27, 2015 J. Sagar Associates advocates & solicitors Ahmedabad Bengaluru Chennai Gurgaon Hyderabad

More information

SECTION-WISE ANALYSIS OF COMPANIES (AMENDMENT) ACT, 2017

SECTION-WISE ANALYSIS OF COMPANIES (AMENDMENT) ACT, 2017 SECTION-WISE ANALYSIS OF COMPANIES (AMENDMENT) ACT, 2017 Companies (Amendment) Bill, 2017 has been passed by Lok Sabha on 27-7-2017 and by Rajya Sabha on 19-12-2017. Following are the major changes made

More information

BCA - Workshop on NBFC St Regis Hotel Palladium, Mumbai 4 August 2016

BCA - Workshop on NBFC St Regis Hotel Palladium, Mumbai 4 August 2016 NBFC - Statutory Audit aspects under Companies Act, 2013 BCA - Workshop on NBFC St Regis Hotel Palladium, Mumbai 4 August 2016 Agenda 1 Key aspects of audit of NBFCs 2 Laws / Regulatory Aspects 3 Accounting

More information

Financial Resolution and Deposit Insurance Bill, 2017: Key highlights

Financial Resolution and Deposit Insurance Bill, 2017: Key highlights Financial Resolution and Deposit Insurance Bill, 2017: Key highlights The outbreak of global financial crises in 2007 08 caused panic amongst depositors regarding the lack of a regulated framework or entity

More information

RESTRUCTURING & INSOLVENCY - THE INDIAN SCENARIO. `Extend a helping hand to an entity in distress

RESTRUCTURING & INSOLVENCY - THE INDIAN SCENARIO. `Extend a helping hand to an entity in distress RESTRUCTURING & INSOLVENCY - THE INDIAN SCENARIO `Extend a helping hand to an entity in distress The global economic slowdown has already cast its shadow on the Indian industries also, which are also falling

More information

Forum for Asian Insolvency Reform (FAIR) MAXIMISING VALUE OF NON- PERFORMING ASSETS

Forum for Asian Insolvency Reform (FAIR) MAXIMISING VALUE OF NON- PERFORMING ASSETS Forum for Asian Insolvency Reform (FAIR) MAXIMISING VALUE OF NON- PERFORMING ASSETS Seoul, Korea 10-11 November 2003 Developing the Asian Markets for Non-Performing Assets by Mr. Ashwani Puri, Eecutive

More information

Insolvency & Bankruptcy Code, 2016 Presentation on Definitions. At WIRC of ICAI, Mumbai

Insolvency & Bankruptcy Code, 2016 Presentation on Definitions. At WIRC of ICAI, Mumbai Presentation on Definitions At WIRC of ICAI, Mumbai By: Jitender Jain, LL.B., ACS (India), ACIS (UK) Advocate & Insolvency Professional Mumbai, India Legal Framework for Insolvency in India 1. The Companies

More information

Chapter - 26 Overview of Insolvency and Bankruptcy Code 2016

Chapter - 26 Overview of Insolvency and Bankruptcy Code 2016 - Chapter - 26 Overview of Insolvency and Bankruptcy Code 2016 26.1 INTRODUCTION 1. The Insolvency and Bankruptcy Code, 2016 is one of the major economic reform Code initiated by the Government in the

More information

For a greener planet, please don't print this unless necessary. Rs 58,792 crore bank loans wilfully defaulted: AIBEA

For a greener planet, please don't print this unless necessary. Rs 58,792 crore bank loans wilfully defaulted: AIBEA Banking News Estd. 20-4-1946 22 JULY, 2016 NEWS BULLETIN from ALL INDIA BANK EMPLOYEES ASSOCIATION For a greener planet, please don't print this unless necessary Rs 58,792 crore bank loans wilfully defaulted:

More information

743 LIMITED LIABILITY PARTNERSHIPS ACT

743 LIMITED LIABILITY PARTNERSHIPS ACT LAWS OF MALAYSIA ONLINE VERSION OF UPDATED TEXT OF REPRINT Act 743 LIMITED LIABILITY PARTNERSHIPS ACT 2012 As at 1 March 2017 2 LIMITED LIABILITY PARTNERSHIPS ACT 2012 Date of Royal Assent 2 February 2012

More information

SEBI Act, /17/2012. Copyrights CA Kamal Garg 1. Objects of the SEBI Act. Establishment of SEBI [Section 3] By: CA Kamal Garg

SEBI Act, /17/2012. Copyrights CA Kamal Garg 1. Objects of the SEBI Act. Establishment of SEBI [Section 3] By: CA Kamal Garg SEBI Act, 1992 By: CA Kamal Garg Objects of the SEBI Act 1. Protection of the interests of investors; 2. Promoting orderly and healthy growth of the securities market; 3. Regulation of the securities market

More information

B.RAMANA KUMAR, M.Com., LLB., FCA, ADVOCATE & INSOLVENCY PROFESSIONAL, Chennai.

B.RAMANA KUMAR, M.Com., LLB., FCA, ADVOCATE & INSOLVENCY PROFESSIONAL, Chennai. I NSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS O F INDIA, Chennai 30 March 2018. Workshop on B.RAMANA KUMAR, M.Com., LLB., FCA, ADVOCATE & INSOLVENCY PROFESSIONAL, Chennai. Need for a New Law Recovery

More information

Insolvency. Corporate Viaticum and Where We Stand in the World: An Analysis

Insolvency. Corporate Viaticum and Where We Stand in the World: An Analysis Insolvency 1557 Corporate Viaticum and Where We Stand in the World: An Analysis The Sabka Saath, Sabka Vikas agenda ushered in by the current NDA government can become a reality only if there are drastic

More information

PARLIAMENT OF THE DEMOCRATIC SOCIALIST REPUBLIC OF SRI LANKA

PARLIAMENT OF THE DEMOCRATIC SOCIALIST REPUBLIC OF SRI LANKA PARLIAMENT OF THE DEMOCRATIC SOCIALIST REPUBLIC OF SRI LANKA NATIONAL INSURANCE TRUST FUND ACT, NO. 28 OF 2006 [Certified on 29th August, 2006] Printed on the Order of Government Published as a Supplement

More information

FAQs. Insolvency and Bankruptcy Code, 2016 Sneha Bhawnani 23 rd January, 2017

FAQs. Insolvency and Bankruptcy Code, 2016 Sneha Bhawnani 23 rd January, 2017 FAQs Insolvency and Bankruptcy Code, 2016 Sneha Bhawnani sneha@vinodkothari.com 23 rd January, 2017 Check at: http://india-financing.com/staff-publications.html for more write ups. Copyright: This document

More information

DISCUSSIONS ON SHELL COMPANIES, STRIKING OFF OF COMPANIES & DISQUALIFICATIONS OF DIRECTORS

DISCUSSIONS ON SHELL COMPANIES, STRIKING OFF OF COMPANIES & DISQUALIFICATIONS OF DIRECTORS DISCUSSIONS ON SHELL COMPANIES, STRIKING OFF OF COMPANIES & DISQUALIFICATIONS OF DIRECTORS Adv. Arun Saxena Advocates & Attorneys 603-604, New Delhi House 27, Barakhamba Road, New Delhi 110 001. Mob.:

More information

AN OVERVIEW OF THE COMPANIES (AMENDMENT) BILL, As passed by the Parliament

AN OVERVIEW OF THE COMPANIES (AMENDMENT) BILL, As passed by the Parliament AN OVERVIEW OF THE COMPANIES (AMENDMENT) BILL, 2017 As passed by the Parliament BRIEF SUMMARY The Companies (Amendment) Bill, 2017, introduced in Lok Sabha on 16 March, 2016 as The Companies (Amendment)

More information

SECURITIES AND EXCHANGE BOARD OF INDIA (ALTERNATIVE INVESTMENT FUNDS) REGULATIONS, 2012 CHAPTER I PRELIMINARY

SECURITIES AND EXCHANGE BOARD OF INDIA (ALTERNATIVE INVESTMENT FUNDS) REGULATIONS, 2012 CHAPTER I PRELIMINARY THE GAZETTE OF INDIA EXTRAORDINARY PART III SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI, MAY 21, 2012 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 21 st May, 2012 SECURITIES AND EXCHANGE

More information

CHAPTER II - INITIAL PUBLIC OFFER ON MAIN BOARD

CHAPTER II - INITIAL PUBLIC OFFER ON MAIN BOARD CHAPTER II - INITIAL PUBLIC OFFER ON MAIN BOARD PART I: ELIGIBILITY REQUIREMENTS Reference date 4. Unless otherwise provided in this Chapter, an issuer making an initial public offer of specified securities

More information

GUIDE TO TAKING SECURITY IN GUERNSEY

GUIDE TO TAKING SECURITY IN GUERNSEY GUIDE TO TAKING SECURITY IN GUERNSEY CONTENTS PREFACE 1 1. Types of Security Interests 2 2. Security Interest Agreements Generally 3 3. Creation of Security over Specific Intangibles 3 4. Registration

More information

Page 1. Insolvency and Bankruptcy Code 2016 And Regulations

Page 1. Insolvency and Bankruptcy Code 2016 And Regulations Page 1 Insolvency and Bankruptcy Code 2016 And Regulations Objective of the Code The objective of this Code as stated in the preamble to the Code is to consolidate and amend the laws relating to reorganization

More information

The Journey of Insolvency & Bankruptcy Code

The Journey of Insolvency & Bankruptcy Code The Journey of Insolvency & Bankruptcy Code Prior to the commencement of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016 or code), the legislative framework in India to deal with the insolvency and

More information

SARFAESI Act enacted by parliament in the 53 rd year of the Republic of India as follows:

SARFAESI Act enacted by parliament in the 53 rd year of the Republic of India as follows: CHAPTER -V SARFAESI ACT ON INDIAN BANKING INDUSTRY THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002. SARFAESI Act enacted by parliament in the 53

More information

Securities Industry (Amendment) Act, Act, Act 590 ARRANGEMENT OF SECTIONS

Securities Industry (Amendment) Act, Act, Act 590 ARRANGEMENT OF SECTIONS Securities Industry (Amendment) Act, Act, 2000 2000 Act 590 Section ARRANGEMENT OF SECTIONS 1. Section 1 of P.N.D.C.L. 333 amended 2. Section 2 of P.N.D.C.L. 333 amended 3. Section 5 of P.N.D.C.L. 333

More information

BANKING ACT 2003 As amended 2004 ANALYSIS

BANKING ACT 2003 As amended 2004 ANALYSIS BANKING ACT 2003 As amended 2004 ANALYSIS PART 1 PRELIMINARY 1. Short Title, commencement and application of this Act 2. Interpretation PART 2 LICENSING OF BANKING BUSINESS 3. Licence needed to carry on

More information

An Act respecting The Bank of Nova Scotia Trust Company and National Trust Company

An Act respecting The Bank of Nova Scotia Trust Company and National Trust Company NATIONAL ASSEMBLY SECOND SESSION THIRTY-FIFTH LEGISLATURE Bill 270 (Private) An Act respecting The Bank of Nova Scotia Trust Company and National Trust Company Introduced 28 May 1998 Passage in principle

More information

Indian Market Regulatory Update

Indian Market Regulatory Update Indian Market Regulatory Update The International Monetary Fund (IMF) pegs India s growth at 7.6% in the year ended March 31, 2016 and estimates a growth of 7.4% for 2016 and 2017. As per IMF s estimates

More information

RBI s Wilful Defaulter Circular: All director's painted with the same brush

RBI s Wilful Defaulter Circular: All director's painted with the same brush CORPORATE LAWS RBI s Wilful Defaulter Circular: All director's painted with the same brush An analysis of Ionic Metalliks v. Union of India [2014] 49 taxmann.com 222 (Guj.) GAURAV ARORA ABHINAV MISHRA

More information

CREDIT GUARANTEE FUND SCHEME FOR EDUCATION LOANS (CGFSEL) CHAPTER I

CREDIT GUARANTEE FUND SCHEME FOR EDUCATION LOANS (CGFSEL) CHAPTER I CREDIT GUARANTEE FUND SCHEME FOR EDUCATION LOANS (CGFSEL) INTRODUCTION 1. Title and date of commencement CHAPTER I (i) The Scheme shall be known as the Credit Guarantee Fund Scheme for Education Loan (CGFSEL).

More information

STATE OF KUWAIT COUNCIL OF MINISTERS GENERAL SECRTARIAT COMMITTEES SECRETARIAT

STATE OF KUWAIT COUNCIL OF MINISTERS GENERAL SECRTARIAT COMMITTEES SECRETARIAT STATE OF KUWAIT COUNCIL OF MINISTERS GENERAL SECRTARIAT COMMITTEES SECRETARIAT DRAFT CABINET RESOLUTION NO. ( ) OF 2009 ISSUING THE EXECUTIVE PROCEDURES OF THE LAW DECREE NO. (2) OF 2009 FOR ENHANCING

More information

Presentation on. Regulating the Insolvency Profession: Accountability, Ethics and Costs

Presentation on. Regulating the Insolvency Profession: Accountability, Ethics and Costs International Conference and Meeting of the Forum for Asian Insolvency Reform Presentation on Regulating the Insolvency Profession: Accountability, Ethics and Costs 9 th April, 2010 1 INDUSTRIAL DEVELOPMENT

More information

LIFE INSURANCE ACT, B.E (1992) 1

LIFE INSURANCE ACT, B.E (1992) 1 Unofficial Translation LIFE INSURANCE ACT, B.E. 2535 (1992) 1 BHUMIBOL ADULYADEJ, REX, Given on the 4th Day of April, B.E. 2535 (1992); Being the 47th Year of the Present Reign. His Majesty King Bhumibol

More information

Resolution of Stressed Assets: Towards the Endgame. Urjit R. Patel

Resolution of Stressed Assets: Towards the Endgame. Urjit R. Patel Resolution of Stressed Assets: Towards the Endgame Urjit R. Patel Inaugural Session of the National Conference on Insolvency and Bankruptcy: Changing Paradigm. Mumbai, August 19, 2017 1. Honourable Finance

More information

NON LIFE INSURANCE ACT, B.E (1992) 1

NON LIFE INSURANCE ACT, B.E (1992) 1 Unofficial translation NON LIFE INSURANCE ACT, B.E. 2535 (1992) 1 BHUMIBOL ADULYADEJ, REX; Given on the 4th day of April B.E. 2535 (1992), Being the 57th Year of the Present Reign His Majesty King Bhumibol

More information

Legislative Brief The Micro Finance Institutions (Development and Regulation) Bill, 2012

Legislative Brief The Micro Finance Institutions (Development and Regulation) Bill, 2012 Legislative Brief The Micro Finance Institutions (Development and Regulation) Bill, 2012 The Bill was introduced in the Lok Sabha by the Minister of Finance on May 22, 2012. The Bill was referred to the

More information

20 th Year of Publication. A monthly publication from South Indian Bank.

20 th Year of Publication. A monthly publication from South Indian Bank. To kindle interest in economic affairs... To empower the student community... Open YAccess www.sib.co.in ho2099@sib.co.in A monthly publication from South Indian Bank 20 th Year of Publication Experience

More information

CREDIT GUARANTEE FUND SCHEME FOR NBFCs CGS(II) CHAPTER I INTRODUCTION

CREDIT GUARANTEE FUND SCHEME FOR NBFCs CGS(II) CHAPTER I INTRODUCTION Annexure I CREDIT GUARANTEE FUND SCHEME FOR NBFCs CGS(II) CHAPTER I INTRODUCTION The Board of Trustees of Credit Guarantee Fund Trust for Micro and Small Enterprises, having decided to frame a Scheme for

More information

Restructuring of companies

Restructuring of companies 65 Restructuring of companies Mergers and acquisitions are the common forms of restructuring and ways to expand undertaken by the companies. The objectives of such arrangements could vary from drawing

More information

Service tax. (d) substitute the word "client" with the words "any person" in the specified taxable services;

Service tax. (d) substitute the word client with the words any person in the specified taxable services; Page 1 of 8 Service tax Clause 85 seeks to amend Chapter V of the Finance Act ' 1994 relating to service tax in the following manner, namely:-(/) sub-clause (A) seeks to amend section 65 of the said Act,

More information

Actionables pursuant to passing of Companies (Amendment) Act, 2017

Actionables pursuant to passing of Companies (Amendment) Act, 2017 Actionables pursuant to passing of Companies (Amendment) Act, 2017 Team Vinod Kothari & Company corplaw@vinodkothari.com Pursuant to the assent granted by Lok Sabha on July 27, 2017 to the Companies (Amendment)

More information

Acceptance of Deposits by Companies - CA.B. Kalyan Srinath,

Acceptance of Deposits by Companies - CA.B. Kalyan Srinath, Acceptance of Deposits by Companies - CA.B. Kalyan Srinath, sbkalyan@gmail.com 1. Introduction: The Companies Act, 2013 was assented by the President of India on 29, August 2013 and Published in the Official

More information

CREDIT GUARANTEE FUND SCHEME FOR MICRO AND SMALL ENTERPRISES INDEX

CREDIT GUARANTEE FUND SCHEME FOR MICRO AND SMALL ENTERPRISES INDEX CREDIT GUARANTEE FUND SCHEME FOR MICRO AND SMALL ENTERPRISES INDEX Chapter Section Title Page I II III IV V VI INTRODUCTION No(s) 1 Title and date of commencement 1 2 Definitions 1-2 SCOPE AND EXTENT OF

More information

NBFC Prudential Norms & Compliances Important Aspects

NBFC Prudential Norms & Compliances Important Aspects NBFC Prudential Norms & Compliances Important Aspects Bombay Chartered Accountants Society CA Bhavesh Vora Coverage Existence of NBFCs Last Decade of NBFC Banks Vs. Non-Banks Meaning of NBFCs Major Changes

More information

PROJECT BANK ACCOUNTS

PROJECT BANK ACCOUNTS PROJECT BANK ACCOUNTS BUILDING INDUSTRY FAIRNESS In late 2017 the Queensland Government passed the Building Industry Fairness (Security of Payment) Act 2017 (the Act). The Act introduces significant changes

More information

FIDC. Finance Industry Development Council

FIDC. Finance Industry Development Council To June 24, 2014 Mr. G. S. Sandhu, Secretary, Dept. of Financial Services, Ministry of Finance, Government of India, Jeevan Deep Building, Room No. 6, 3 rd Floor, 10, Parliament Street, New Delhi 110001.

More information

An Overview of Financial Services Sector in India: A Huge Untapped Potential in the Market. Manendra Singh*

An Overview of Financial Services Sector in India: A Huge Untapped Potential in the Market. Manendra Singh* Article 222 KNOWLEDGE RESOURCE [Vol. 38 An Overview of Financial Services Sector in India: A Huge Untapped Potential in the Market Manendra Singh* The growth of financial sector in India at present is

More information

MALTA Ganado & Associates

MALTA Ganado & Associates Bank Finance and Regulation Survey MALTA Ganado & Associates Malta is a member state of the European Union and the applicable European Union directives are the main reference points for the regulatory

More information

¼ããÀ ããè¾ã ¹ãÆãä ã¼ãîãä ã ããõà ãäìããä ã½ã¾ã ºããñ Ã

¼ããÀ ããè¾ã ¹ãÆãä ã¼ãîãä ã ããõà ãäìããä ã½ã¾ã ºããñ à CIR/MRD/DSA/2/2011 February 09, 2011 To The Managing Director/Executive Director of all Stock Exchanges. Dear Sir / Madam, Subject: Arbitration mechanism of stock exchanges - Applicability of the provisions

More information

ANDHRA PRAGATHI GRAMEENA BANK HEAD OFFICE :: KADAPA

ANDHRA PRAGATHI GRAMEENA BANK HEAD OFFICE :: KADAPA ANDHRA PRAGATHI GRAMEENA BANK HEAD OFFICE :: KADAPA Circular No. 85-2008-BC-CD Scheme for sanction of loans under Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) Attention of all Branches

More information

DEVELOPMENTS IN THE SECURITIZATION MARKETS IN INDIA. Nidhi Bothra India Securitisation Foundation

DEVELOPMENTS IN THE SECURITIZATION MARKETS IN INDIA. Nidhi Bothra India Securitisation Foundation DEVELOPMENTS IN THE SECURITIZATION MARKETS IN INDIA Nidhi Bothra nidhi@vinodkothari.com India Securitisation Foundation HISTORY OF SECURITIZATION IN INDIA Securitization has been in existence since 1990s.

More information

Restructuring / Distressed Debt Opportunities in Trading Indian Scenario

Restructuring / Distressed Debt Opportunities in Trading Indian Scenario Restructuring / Distressed Debt Opportunities in Trading Indian Scenario by Sajeve Deora MD, Integrated Capital Services Ltd. at Vienna April 2008 1 Distressed Debt History 70 s Liquidation under Companies

More information

8:16 PREVIOUS CHAPTER

8:16 PREVIOUS CHAPTER TITLE 8 TITLE 8 Chapter 8:16 PREVIOUS CHAPTER PREVENTION OF DISCRIMINATION ACT Acts 19/1998, 22/2001, 14/2002. ARRANGEMENT OF SECTIONS PART I PRELIMINARY Section 1. Short title. 2. Interpretation. PART

More information

Tu... - [f. Chapter-7

Tu... - [f. Chapter-7 Chapter-7 Assets (Reconstruction of the Sichfndustriat Companies through the Securitisation and Reconstruction oftinandac jlssets and!enforcement Security Interested, 2002 1_ 1 Tu... - [f CHAPTER 7 ASSET

More information

Corporate Insolvency In India

Corporate Insolvency In India Corporate Insolvency In India 1956 Companies Act, 1956 1985 Sick Industrial Companies (Special Provisions) Act SICA 1993 Recovery of Debts Due to Bank and Financial Institutions Act RDDB 2002 Securitization

More information

ANNEX III INDIVIDUAL CONSULTANT GENERAL TERMS AND CONDITIONS

ANNEX III INDIVIDUAL CONSULTANT GENERAL TERMS AND CONDITIONS ANNEX III INDIVIDUAL CONSULTANT GENERAL TERMS AND CONDITIONS 1. LEGAL STATUS: The Individual contractor shall have the legal status of an independent contractor vis-à-vis the United Nations Development

More information

Compliance Certificate by Practicing Company Secretary (PCS) for listing of Small & Medium Enterprises (SMEs)

Compliance Certificate by Practicing Company Secretary (PCS) for listing of Small & Medium Enterprises (SMEs) Compliance Certificate by Practicing Company Secretary (PCS) for listing of Small & Medium Enterprises (SMEs) In recognition of the role of SMEs in economic development of the country, Securities and Exchange

More information

VOLUNTARY LIQUIDATION OF CORPORATE PERSONS SECTION 59

VOLUNTARY LIQUIDATION OF CORPORATE PERSONS SECTION 59 VOLUNTARY LIQUIDATION OF CORPORATE PERSONS SECTION 59 Notification No. IBBI/2016-17/GN/REG010 dated 31st March, 2017 IBBI has notified the Insolvency and Bankruptcy Board of India (Voluntary Liquidation

More information

Provisions Applicable to Micro, Small and Medium

Provisions Applicable to Micro, Small and Medium Provisions Applicable to Micro, Small and Medium Enterprises By, CA. Abhay Vasant Arolkar Organized By, Western India Regional Council, Mumbai Micro, Small and Medium Sector Comprises - 50% of India s

More information

Annex II UNDP GENERAL CONDITIONS OF CONTRACT FOR SERVICES

Annex II UNDP GENERAL CONDITIONS OF CONTRACT FOR SERVICES Annex II 1.0 LEGAL STATUS: UNDP GENERAL CONDITIONS OF CONTRACT FOR SERVICES The Contractor shall be considered as having the legal status of an independent contractor vis àvis the United Nations Development

More information

SAMOA INTERNATIONAL PARTNERSHIP & LIMITED PARTNERSHIP ACT Arrangement of Provisions

SAMOA INTERNATIONAL PARTNERSHIP & LIMITED PARTNERSHIP ACT Arrangement of Provisions SAMOA INTERNATIONAL PARTNERSHIP & LIMITED PARTNERSHIP ACT 1998 Arrangement of Provisions PART I PRELIMINARY PART III LIMITED PARTNERSHIPS 1. Short title and Commencement 20. Application for Registration

More information

CHAPTER 308A EXEMPT INSURANCE

CHAPTER 308A EXEMPT INSURANCE 1 L.R.O. 1998 Exempt Insurance CAP. 308A CHAPTER 308A EXEMPT INSURANCE ARRANGEMENT OF SECTIONS SECTION PART I Preliminary 1. Short title. 2. Interpretation. 3. Exempt insurance business. PART II Licensing

More information

Between the lines... Highlights. I. Government notifies exemptions for private companies

Between the lines... Highlights. I. Government notifies exemptions for private companies Delhi Mumbai Gurgaon Bengaluru Celebrating over 40 years of professional excellence Highlights i. Government notifies exemptions for private companies ii. Rationalizing NRI Investments iii. Amendments

More information