S. Jaykishan

Chartered Accountants

Corporate Laws

Exploring the application of Duomatic Principle in Indian Courts

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Exploring the application of Duomatic Principle in Indian Courts

– Adv. Priyanka Jain

– CA Sourav Khandelwal

In a significant legal victory, the Supreme Court of India sided with Mahima Datla and Ors. in their appeal against the High Court of Madras. The case centered around a director’s resignation in a company, and the court found no evidence of wrongdoing, ultimately relying on the duomatic principle to rule in favor of the appellants. This ruling underscore the importance of adhering to company regulations […] Read More >>


Detailed analysis on Issuing Bonus Debentures

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Detailed analysis on Issuing Bonus Debentures

– By CS Shreya Jain

Issue of Bonus Debentures, though not a recent phenomenon yet a unique concept does seem to see its glory days ahead. This method is seldomly used by companies, only a handful of companies have has dealt with the idea of issuance of bonus debentures to the equity shareholders was coined by Hindustan Unilever Limited back in 2001. This write up delves deep into the intricacies of issuing bonus debentures.

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Section 233 of the Companies Act, 2013 A conundrum?

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Section 233 of the Companies Act, 2013 – a conundrum?

– By CA Vivek Newatia
– By CS Shreya Jain

In light of the changes in the Indian economy, the instances of corporate restructuring have significantly increased to save the companies from tumbling down further. The authors in this write up have made an attempt to analyse the intricacies of one such restructuring, viz. fast-track merger as provided under Section 233 of the Companies Act, 2013.

Fast track merger is an alternate and […] Read More >>


KYC of Active Companies – MCA’s spree to clean up the waste

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KYC of Active Companies – MCA’s spree to clean up the waste

– CS Aditi Jhunjhunwala

–  Mayank Kumar

In its further endeavour to eradicate the sham companies the Ministry of Corporate Affairs has come up with Notification dated 21st February, 2019 inserting Rule 25A vide Companies (Incorporation) Amendment Rules, 2019 providing for KYC of companies pursuant to powers under section 12 (9) and 469 of the Companies Act, 2013.

The introduction of ACTIVE is another fall out of the MCA’s drive after striking of […] Read More >>


Merger of Limited Liability Partnership and Company

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Merger of Limited Liability Partnership and Company – An Analysis

–  CA Vivek Newatia

–  CS Khushboo Jain

This article highlights the proposition of a LLP or firm merging into a company a landmark judgement passed by the National Company Law Tribunal, Chennai Bench.

Reaping the benefits of a merger or acquisition is a tricky business. Outcomes are uncertain, previously unknown or unimportant facts suddenly emerge as critical, and there are many moving parts to control. The article primarily discusses on the facts of the […] Read More >>


KYC of Directors by MCA

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KYC of Directors by MCA

– By Aditi Jhunjhunwala  
– Nirali Gosaliya Vasa 

In its recent move to eradicate the shell companies Government has yet taken another move by introduction of Rule 12A and amendment to existing Rules of Companies (Appointment and Qualification of Directors) Rules, 2018 wherein Government seeks to ensure that the management is being run by directors who are qualified enough to act as such and accordingly seeks to identify the shadow directors. While the move is a welcome move in light […] Read More >>


Impact of Ind AS on Minimum Alternate Tax (MAT)

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Impact of Ind AS on Minimum Alternate Tax (MAT)

– By CA Niketa Agarwal

As the book profit based on Ind AS compliant financial statement is likely to be different from the book profit based on existing Indian GAAP, the CBDT constituted a committee in June, 2015 for suggesting the framework for computation of MAT liability under section 115JB for Ind AS compliant companies in the year of adoption and thereafter. On 22nd December, 2016, the Committee submitted its final report after […] Read More >>


Impact of Ind AS 41- Agirculture on Tea Industry

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Impact of Ind AS 41 – Agriculture on Tea Industry

– By CA Niketa Agarwal

The Ministry of Corporate Affairs (‘MCA’) issued a press release on January 2, 2015 announcing a roadmap for the implementation of Ind- AS based on a company’s net worth. With respect to agricultural sector, before the introduction of the Companies (Indian Accounting Standards) Rules, 2015, there was no specific accounting literature in India (previous GAAP) that required recognition of biological or bearer plant and hence no accounting […] Read More >>


Ind AS Convergence with IFRS

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Ind AS Convergence with IFRS

– By CA Niketa Agarwal

Ind AS–Indian Accounting Standards converged with International Financial Reporting Standards (IFRS) has now become a reality. Soon after the revised roadmap for implementing Ind AS was announced in January, 2015, the MCA through notification dated 16th February, 2015 issued the Companies (Indian Accounting Standards) Rules, 2015 (Rules) which lays down a roadmap for companies other than insurance companies, banking companies and non-banking finance companies (NBFC) for implementation of Ind AS converged with […] Read More >>


RELATED PARTY TRANSACTIONS- HARMONISING AND REPORTING UNDER VARIOUS STATUES

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Related Party Transactions – Harmonising and Reporting Under Various Statues

– By CA Niketa Agarwal

The “Related Party Transactions” (RPTs) are under heightened watch of various regulators and tax authorities not just in India but globally. The potential to misuse RPTs is a cause for concern all over the world to both regulators as well as investors as has been evident from various scams and frauds in India and globally.

The reporting and compliance under various different laws poses a challenge […] Read More >>