A company being a juristic person is answerable for its act. However, the PIT Regulations itself provides that in case of non-individual insiders, with respect to an allegation of violation of Regulation 4(1), a defence can be taken by such insiders that persons who took trading decisions and the person who were in possession of UPSI, were the different persons.
consequences may be faced by both the parties in case of ambiguities being present in the clause with regards to the coverage of the losses. The reason why indemnity provisions are taken with a pinch of salt is given the laborious enforcement in civil / commercial court cases in India.
The Ministry of Corporate Affairs notified amendments to the Companies (Specification of Definitions details) Rules, 2014 on 19th February 2021 (“Amendment Rules”). The aforesaid amendment has excluded certain classes of companies from the ambit of the definition of “listed companies”. As per the Amendment Rules, following companies are exempted: Public companies that do not have... Continue Reading →
According to the Act, it is mandatory for contractors to obtain a valid license before they can be allowed to engage in any of the activities stipulated therein. Additionally, provisions have also been made for renewal of licenses. The relevant procedure to be followed in this regard has been set forth in rules 14 and 15 of the Old Rules. By effecting the amendment, however, the Old Rules have been modified to the extent of omission of the said rules.
This position has further been crystallised by the Kerala High Court in the case of Rakhi P.V. and Orsv. State of Kerala¸ wherein it was asserted that all women employees, whether or not employed on a contractual basis, are entitled to the benefit of enhanced maternity leave without any discrimination.
Businesses, operating across the spectrum, have been struggling to stay afloat in the throes of the pandemic. In a recent step to aid the beleaguered businesses, the Labour Department of the Government of Karnataka has, through a notification dated January 2, 2021 (“the Notification”), allowed all shops and establishments in the State, employing ten or... Continue Reading →