2023 Corporate Law Blogs Wrap Up: Top 5 Blogs

1. Supreme Court Sets the Bar Too High for the Statutory Auditors

Auditors, take note: resignations won’t be a shield; stay informed and protect corporate transparency. This message is clear from the Supreme Court’s ruling in Union of India and Another Vs Deloitte Haskins and Sells LLP & Another. The verdict sets a new precedent for statutory auditors’ removal and resignation under Section 140 (5) of the Companies Act, 2013. Dive into the details as the Court validates Section 140(5), emphasising NCLT’s robust quasi-judicial power and stringent accountability of auditors. Read the full article here.

2. SEBI Amendment to the LODR –An Overview of Key Changes

SEBI Amendments to the LODR bring major changes for listed companies. Effective since July 14, 2023, these changes pertain to enhanced disclosure standards, shareholder nod for special rights, and mandatory public approval for business transfer agreements. What’s more? Directors’ permanency on the board too is under the spotlight with at least one 5-yearly shareholder check, starting March 31, 2024. Gear up for a new era of transparency and governance in the corporate landscape. Read on for all the details.

3. End of the Party for Sin (Fin) Fluencers? SEBI’s Regulatory Crackdown on Finfluencers

On August 25, 2023, SEBI released a consultation paper to rein in the one-way rally of finfluencers through regulations. While the journey to regulate the finfluencers is a work in progress, as a first step, the consultation paper aims to impose strict rules and accountability. However, to overcome challenges of emerging technologies and to adapt to regulations covering online platforms, SEBI would need to be a step ahead and may even need to collaborate with international regulatory bodies. Do not miss our timely analysis on this subject. Read More

4. Protection and Redressal of Minority Shareholder Rights

The rights of minority shareholders in Indian companies have been protected under the Companies Act, 2013, by the bouquet of reliefs that can be granted by the NCLT to redress oppression, mismanagement and prejudice claims and redress minority interests. While the conditional aspect of establishing that there is just and equitable case for winding up of the company concerned, may seem difficult to meet, it balances the interests of the minority with the majority and the company’s interests, so that true justice may be done. This is one of our most read articles. Read the complete article here.

5. The Online Gaming Intermediaries Regulations: What is New?

On April 6, 2023, India introduced a new legal regime for operators of online games through amendments to the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021.?While there are a lot of positive steps in the Gaming Amendments, there is a case to further refine some of the elements through clear guidance and clarification to avoid ambiguity for intermediaries. Read on to know some of the changes introduced and their impact.