Foreword
We are pleased to present the latest edition of our quarterly newsletter, where we have covered significant amendments under company law, foreign exchange laws, securities laws and environmental laws. On the corporate law front, on one hand, significant amendments were brought about to provide certain relaxations for entities seeking registration as a company, including easing certain procedural requirements for obtaining registration as a company and easing compliances in respect of filings to be made for the of appointment of key managerial personnel. On the other hand, certain amendments have been geared towards tightening scrutiny and increasing disclosure requirements including disclosures relating to disqualification of directors, conversion of companies from one type to another, information to be provided by foreign companies in relation to its directors and related information.
Key updates under the Companies Act, 2013
- Annual General Meeting (“AGM”) and Extraordinary General Meeting (“EGM”) can be held through video-conferencing or other audio-visual means till 30 September 2023.
- Companies (Authorised to Register) Amendment Rules, 2023
- Companies (Appointment and Remuneration of Key Managerial Personnel) (Amendment) Rules, 2023
- Companies (Appointment and Qualification of Directors) (Amendment) Rules, 2023
- Companies (Registration Offices and Fees) Amendment Rules, 2023
- Companies (Incorporation) Amendment Rules, 2023
Key updates under Foreign Exchange Laws
- Rationalisation of Reporting in Single Master Form ("SMF")
- Issuance of the Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies
Key updates under Securities Law
- Securities Contracts (Regulation) Amendment Rules, 2022
- Securities Exchange Board of India ("SEBI") (Alternative Investment Funds) (Amendment) Regulations, 2023
- SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2023
- SEBI (Issue and Listing of Non-Convertible Securities) (Amendment) Regulations, 2023
- SEBI (Buy-Back of Securities) (Amendment) Regulations, 2023
L&S Corporate Practice: Quarterly Update 2023 (January - March)