Page 2 - Company Law

Twitter lawyers say they can prevail over Elon Musk in just four days

The Twitter buyout agreement specifies all legal disputes over the deal must be heard in Delaware, corporate home to more than half of US public companies, including Twitter and Musk's Tesla Inc

Some gaps in ILC recommendations on resolution process, say experts

Report seen as unclear on who should pursue cases related to avoidable transactions and improper trading under bankruptcy code

Govt extends tenure of Company Law Committee by one year till Sept 2022

The government has extended by one year the tenure of the Company Law Committee, which was constituted back in 2019

Exempt independent directors from any criminal liability, says CII

'Proceedings against independent directors may be initiated only once there is prima facie evidence of their possible involvement in the matter, rather than as a matter of course,' says CII

Unlisted companies having listed subsidiaries face greater oversight

May be asked for regular financial results

Best of BS Opinion: Making a mockery of arbitration, LVB crisis, and more

Here's a selection of Business Standard opinion pieces for the day

NCLAT quashes NCLT order making MCA a party to all IBC proceedings

Allowing the plea filed by the MCA, a two-member bench of the appellate tribunal said the NCLT's direction was "beyond the power" and amounted to "imposition of a new rule in a compelling fashion".

Coronavirus impact: Seeking safe harbour under 'force majeure' may not help

Legal experts said that unlike many civil law jurisdictions, in India, force majeure is a contractual right, and not a right codified under the law

Enforcement action or shoot at sight?

The fear of enforcement action often undermines the objective of achieving quality in corporate governance

NCLAT asks NCLT to decide on liquidation of Lakshmi Cotsyn within 10 days

The National Company Law Appellate Tribunal (NCLAT) has asked the Allahabad bench of the NCLT to decide within 10 days on the liquidation of Kanpur-based textile manufacturer Lakshmi Cotsyn. A two-member bench comprising Justice Bansi Lal Bhat and Shreesha Merla observed that plea for liquidation of Lakshmi Cotsyn is pending before the National Company Law Tribunal (NCLT) on the pretext of one or the other miscellaneous application being filed in the matter. "Such conduct on the part of different characters cannot be permitted to thwart the course of insolvency resolution proceedings under I&B Code," it said. "Having regard to the object of the statute and to protect the interests of all stakeholders, we request the Learned Adjudicating Authority (NCLT) to take up the liquidation application for disposal at the earliest and make all possible endeavours to pass appropriate orders thereon within 10 days," said the NCLAT order dated March 3. The NCLAT direction came on a plea filed ..

Fallout of acrimonious leadership disputes

Disputants must always try to find, directly or through well-wishers, a way to arrive at a compromise

Number of companies without a single independent director on the rise again

Several of these companies have gone bankrupt and are under the resolution process

Government re-promulgates ordinance for companies law amendments

As many as 16 minor offences have been re-categorised as "purely civil defaults" which would help de-clog special courts