14 June | 15 June |
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DCA notifies postal ballots for companies
New Delhi—Shareholders can now use postal for
passing resolutions of a company including buyback of shares, sale of undertakings and
election of directors, according to a notification issued by the Department of Company
Affairs that comes into effect from June 15. The DCA has enforced Section 80 of the
Companies (Amendment) Act 2000, although the Companies (Passing of Resolution By Postal
Ballot) Rules, 2001, was notified on May 10.
According to a release from the DCA, "Postal ballot resolution shall apply to
alteration in the object clause of memorandum, articles of association, buy-back of own
shares, change in place of registered office and election of directors."
Shareholders’ permission on issues like sale of undertakings of a company, giving
loans or extending guarantee or providing security in excess of the limit, power to
compromise or make arrangement with creditors and members, variation in the rights
attached to shares or debentures or other securities, could also be taken through postal
ballots, it said.
ection 80 of the Companies Act also provides that a company can issue preference shares
which can be redeemed subject to conditionalities.
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Indian
lawyers invited to China to share views on legal systems
Mumbai--The Chinese government and the All-Chinese Lawyers’ Association (ACLA)
recently invited over a dozen Indian lawyers to exchange views on their legal systems.
A senior lawyer opined that the visit was aimed at
interacting with Chinese lawyers and laying a foundation for co-operation between the
lawyers/legal systems of both nations."
Beijing alone has approximately 50 judges dedicated to
hear only intellectual property rights (IPR) cases and has over the past few years
disposed of over 700 IPR cases, Mr Pratap, who was part of the visiting delegation, said.
In fact, the Bar Association of India (BAI) has reciprocated the Chinese gesture and
invited the ACLA for a similar interaction in India.
China’s current legal system remains in socialist
mould but due to the open-door policy which was initiated in 1979, Chinese law has become
more global in nature. It incorporates elements of foreign contract law, civil law,
criminal law and constitutional law, among others. In fact, since 1979, China’s legal
services institutions have been gradually amplified and the number of practitioners has
been on the rise. Meanwhile, IPR issues are also on the agenda for discussion at the
Indo-US business meet, which commenced on Tuesday in the US. Issues expected to feature
for discussion include the patents bill, India’s next move on the biotech front etc.
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4000
workers get termination of notice over DPC phase II suspension
Mumbai—About 4,000 workers face early termination of their contracts following
the suspension of the 1,444 mw second phase of the Enron-promoted Dabhol power project at
Guhagarh taluka in the Ratnagiri district of Maharashrtra.
DPC had suspended work on the second phase on Sunday
as its contractor US--based Bechtel and equipment supplier General Electric had terminated
their contracts.
"At present, about 5,000 to 6,000 labourers are
employed at the site. In the normal course these labourers would have continued working at
the site till November this year. The suspension of work will see the labour force being
downsized to about 1,000" Bechtel spokesman said.
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