Corporate Law Articles

Upcoming UAE Tax Reforms 2022-23

CS Lalit Rajput 18 April 2022 at 08:49

The Ministry of Finance in the United Arab Emirates has taken several taxation measures. They announced that federal corporate tax will be implemented on business profits for financial years, which start on or after 1 June 2023, meaning that the first profits to be taxed will be for financial years ending on or after 31 May 2024.

Section 186 of Companies Act - Loan and Investment by Companies

Rish s 18 April 2022 at 08:49

Acquire shares of any Body corporate (Investment cannot be from more than 2 layers of investment companies)

Section 185 of Companies Act - Loan to directors

Rish s 18 April 2022 at 08:49

Guarantee/security in connection with loan taken by Pvt Co. in which such director is director or member and the loan is utilised for principal business activities.

Importance of Non Disclosure Agreement (NDA) or Confidentiality Agreement

CA Puja Sharma 16 April 2022 at 08:04

A Non Disclosure Agreement is a legal contract signed between two or more parties who share personal and sensitive knowledge or information for varied purposes and want to ensure that such information remains confidential.

Whether provisions of Section 143A of NIA, 1881 is prospective or retrospective

FCS Deepak Pratap Singh 16 April 2022 at 08:04

Negotiable Instruments Act,1881 is an Act to define and amend the law relating to Promissory Notes, Bills of Exchange and Cheques.

Legal Compliance Calendar for FY 2022-23

CA Harshawardhan Nigade 15 April 2022 at 07:23

Legal Compliance Calendar for FY 2022-23 Covering Important due dates Company Law, GST Act, Income tax Act, Labour laws etc.

Whether mere endorsement of the Bank "payment stopped" is sufficient to entertain the complaint u/s 138 of NI Act?

FCS Deepak Pratap Singh 14 April 2022 at 07:45

A well appreciated and welcome decision from the Apex Court in which court held that the object of Chapter XVII, which is intituled as "OF PENALTIES IN CASE OF DISHONOUR OF CERTAIN CHEQUES FOR INSUFFICIENCY OF FUNDS IN THE ACCOUNTS" and contains Sections 138 to 142, is to promote the efficacy of banking operations and to ensure credibility

Whether operational creditor includes a purchaser of goods and services

FCS Deepak Pratap Singh 14 April 2022 at 07:45

In a recent judgment, the Supreme Court of India, while keeping up the efforts of plugging various loopholes in the Insolvency & Bankruptcy Code, 2016 ("Code"), decided an interesting legal issue relating to the scope of Section 5(20) of the Code, which provides the definition of "operational creditor".

SC: A "Going concern sale" on an "as is where basis" means sale of both assets & liabilities

FCS Deepak Pratap Singh 13 April 2022 at 08:46

A 'going concern sale' on an 'as is where basis' does not dissolve the corporate debtor, rather, it forms a part of the liquidation estate wherein the entire business, including assets and liabilities, including all contracts, licences, concessions, agreements, benefits, privileges, rights, or interests, is transferred to the purchaser.

A debt not being part of resolution plan would not be legally actionable

FCS Deepak Pratap Singh 12 April 2022 at 08:56

Once the resolution plan was approved, all claims stood frozen and a claim which did not form a part of the final resolution plan would not be legally actionable.