Articles and Updates

• Phoenix Legal - 29-06-2016

Corporate social responsibility (CSR) is a company's sense of responsibility towards the community and environment in which it operates. It basically refers to a business practice that involves participating in initiatives which benefit the society. Companies are not usually observed engaging into a lot of philanthropic activities. Therefore, as a positive step towards the society, this responsibility has been made mandatory on various companies by the enactment of the new companies act, 2013 (Companies Act) and the Companies (CSR Policy) Rules, 2014 (Rules).

• Phoenix Legal - 28-06-2016

The President of India has signed an ordinance ("Ordinance") on the Insurance Laws (Amendment) Bill, 2008 read with the Insurance Laws (Amendment) Bill, 2014 ("Insurance Bill") inter alia, to enhance foreign investment in Indian insurance companies to 49% from the existing 26%. The Union Cabinet had approved the promulgation of the Ordinance as the Insurance Bill could not be taken up for consideration and passing at the conclusion of the winter session of Parliament. The Ordinance has been published in the official gazette on 26 December, 2014.

• Phoenix Legal - 28-06-2016

The (Indian) Companies Act, 2013 ("Companies Act") requires a company to issue an abridged prospectus along with the application form for purchase of securities by public. The Securities and Exchange Board of India ("SEBI") had issued the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 ("Disclosure Regulations") which, amongst others, provide the requirements for disclosures to be made in relation to an abridged prospectus. Specifically, Regulation 58(1) read with the Schedule VIII of the Disclosure Regulations identify the disclosure related requirements for an abridged prospectus.

• Phoenix Legal - 01-06-2016

The Insurance Regulatory and Development Authority of India ("IRDAI") has, by way of a circular dated 18 May, 2015, issued the IRDAI (Transfer of Equity Shares of Insurance Companies) Regulations, 2015 ("Transfer Regulations") to govern the transfer of equity shares of insurance companies and prescribe conditions where such transfer would require prior approval of the IRDAI.

• Phoenix Legal - 17-05-2016

The upper house of Parliament (the Rajya Sabha) passed the Insolvency and Bankruptcy Code 2016 on May 11 2016. The code was previously passed by the lower house of Parliament (the Lok Sabha) on May 5 2016.(1) The code is expected to be approved by the president shortly, and with it the much-awaited overhaul of India's cumbersome laws for insolvency and bankruptcy proceedings will officially be in place (for further details please see "Insolvency and Bankruptcy Code 2015: well worth the wait").