Newsletter | October 2019
This newsletter aims to briefly discuss the key corporate law (Companies Act, 2013, Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Foreign Exchange Management Act, 1999) developments during the period of October 01, 2019 – October 31, 2019.
Resignation of statutory auditors from listed entities and their material subsidiaries

The Securities and Exchange Board of India (“SEBI”) vide its circular No. CIR/CFD/CMD1/114/2019 dated October 18, 2019 (“Circular”) has expanded upon the compliances and timely disclosures More...
Framework for issue of Depository Receipts

SEBI vide its circular No. SEBI/HO/MRD/DOP1/CIR/P/2019/106 dated October 10, 2019 has inter alia stated that only ‘a company incorporated in India and listed on a Recognized Stock Exchange in India’ (‘Listed Company’) may issue Permissible Securities (as defined hereinafter), for the purpose of issue of Depository Receipts (‘DRs’), subject to various compliances provided under such circular. More...
Amendment to Corporate Social Responsibility provisions of the Companies Act

The Ministry of Corporate Affairs (“MCA”) vide notification number G.S.R. 776(E) dated October 11, 2019 has amended Schedule VII of the Companies Act which has come into force with effect from October 11, 2019 in order to elaborate inter alia the approved contributions which may be included by companies in their Corporate Social Responsibility (“CSR”) Activities. More...
E-form DIR 12 for ACTIVE-non-compliant company & Shifting of Registered Office within the same State

MCA vide notification dated October 16, 2019 has amended inter alia Rule 25A and Rule 28 of the Companies (Incorporation) Rules, 2014. More...
Regulations Governing Debt and Non-Debt Instruments under the Foreign Exchange Management Act, 1999 (“FEMA”)

On October 17, 2019, the Ministry of Finance notified the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 (“New Rules”) and the Reserve Bank of India (“RBI”) notified the Foreign Exchange Management More...
Maintenance of Data Bank of Independent Directors and amendment to the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019

The MCA vide notification number S.O. 3791(E) dated October 22, 2019 amended the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019 (“Amendment Rules”) and notified the Companies More...
Authors: Nusrat Hassan - Co-managing Partner (,
Yosham Vardhan - Counsel (, Ankit Agarwal - Senior Associate  (,
Neil Lopez - Associate  ( and Rahil Thakkar (

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