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India – Notable Developments In Corporate Governance Law: Spring 2014.

29 April, 2014

 

 

Last year India passed the Companies Act, 2013 (the “New Act“) intended to replace the Companies Act, 1956.  Several provisions of the New Act came into force on April 1, 2014.  Most notably, companies are now required to adopt a financial year end of March 31st to coincide with the tax year end unless specifically granted an exception. 

 

In addition, the New Act creates legal recognition of company forms that were previously unavailable, such as “small” or “dormant” companies, and expands the list of activities that must be approved by physical meeting rather than written resolution.  Furthermore, certain classes of companies will be required to have at least one woman on the Board of Directors, and more extensive disclosures about the Board will be required as part of the Annual Report.

 
 Orrick

 

For further information, please contact:

 

Karen Dempsey, Partner, Orrick
kdempsey@orrick.com

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