Summary: This article examines the legality of recent circulars issued by the Delhi government, which includes imposing a 0.1% stamp duty on dematerialised share issuances in Delhi (which is contrary to the centrally prescribed 0.005% rate).Continue Reading Demat Shares, Legal Snare: Delhi’s Stamp Duty Directives Examined
Summary: While oppression remedies are traditionally viewed as minority protection provisions, Indian law does not restrict majority shareholders from also filing such petitions if they meet statutory thresholds and can demonstrate they are powerless against the oppressing minority due to special circumstances. This article discusses scenarios where majority shareholders can seek relief against oppressive conduct by minority shareholders, with an analysis of judicial pronouncements on the topic.Continue Reading Majority Stake, Minority Fate: Reverse Oppression under the Companies Act, 2013
Book-keeping requirements for companies in India have been tightened with the recent amendment[1] to the Companies (Accounts) Rules, 2014 (“Accounts Rules”). With this, Indian government authorities seek to always have access to books of accounts of Indian companies, even if such books are maintained in electronic form in servers located outside India.
In recent times, certain multi-national companies[2] have refused to provide government authorities access to financial data of Indian entities stored in servers outside India, which may have prompted the government to amend the Accounts Rules.Continue Reading Tightening the reins on Book-Keeping: Recent Amendments to the Companies (Accounts) Rules, 2014