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- No set timeline for getting a licence
- The changing face of aviation International Conference on Vedic Jurisprudence & Its impact on Contemporary World [11-12 February, 2022]
Thereafter, the MCA also notified the Companies Amendment Rules, 2022, dated May 30, 2022, and inserted a new sub-rule to Companies Rules, 2016, and new Form No. CAA 16 related to declaration in terms of Rule 25A. Through this amendment, in case of a compromise or an arrangement or merger or demerger between an Indian company and a company/ body corporate, which has been incorporated in a country sharing land border with India, a declaration through Form No. CAA 16 would be required at the stage of submission of application under Section 230 of the Companies Act, 2013 (“Companies Act”), stating whether prior approval under the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019, is required or not.
As per the Companies Act 2013, the preference shareholders do not get voting rights, except in some situations as mentioned in Section 47 of.. The information contained in this communication is intended solely for the use of the individual or entity to whom it is addressed and others authorized to receive it. This communication may contain confidential or legally privileged information.
https___rectt.bsf.gov.PDF - GOVT. OF INDIA MINISTRY OF HOME...
Other positive things the sources point out are clear guidelines for mergers and acquisitions and inter-group mergers, and the clause of letting a channel remain non-operational up to 60 days with prior intimation, which they say will help save costs. “The good points are that there are no changes in licence fees and processing fees for temporary live uplinking, and other amendments to the licence have been removed,” the first source quoted above said. The guidelines also state that channels will have to file renewal applications six months before the expiry of their licences. Sources in the government said this provision has been put in because several small broadcasters secure licences and then either continue to remain dormant or sublet it to another entity, which may not have the security clearance.
In this blog post, we analyse the key implications of this amendment. Indian Government has recently mandated that foreign nationals from a few countries, before they are confirmed as directors on boards of Indian companies, need to go through security clearance. In case the person seeking appointment is a national of a country which shares land border with India, necessary security clearance from the Ministry of Home Affairs, Government of India shall also be attached along with the consent. As per the Companies Act, private and public companies must have a minimum of two and three directors, respectively. Further, as per Section 149 of the Companies Act, every company must have at least one resident director who has stayed in India for a total period of at least 182 days during the financial year. Hence, Indian companies can have numerous foreign nationals as directors on their Board, which indicates that they can play a crucial role in the functioning and management of a company and can assert significant influence on the decisions of the company.
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India Law Offices shall not be liable for consequences of any action taken by relying on the material/information provided on this website. The contents of this website are the intellectual property of India Law Offices. Role of Independent Directors and their Appointment The role of an independent director includes the task of improving the corporate credibility and governance standards of a company by acting.. MHA has cleared about 1,100 cases of security clearance in the past one year. Although the given timeline is 90 days, MHA strives to decide Security Clearance cases in 60 days , which is being reduced further. In 2016, there were 209 cases which were over 6 months old; in 2017, this came down to 154 cases and further down to 47 cases in 2018.
In a first, the government has made it mandatory for interested buyers of IDBI Bank to provide details for security clearance from the Ministry of Home Affairs in the first stage of the bidding process. Participants from Pakistan are required to apply for visa at High Commission of India in Islamabad ‘on line’. While submitting the proposals for security clearance to the Ministry of Home Affairs , the Unique ID (File no.) of the visa application in respect of participants from Pakistan who have applied for visa at HCI Islamabad may invariably be furnished along with the application. Clearance in respect of participants from Pakistan will be given by the Ministry of Home Affairs only ‘on line’.
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Its clientele consists mainly of Foreign MNC, large/mid-sized Indian companies which includes exporters, FMCG, consumer durables, automobiles, aerated beverages, ceramic tiles, real-estate, hospitality, etc. Our clients include Varun Beverages Limited, Kajaria Ceramics Limited, L.G. Electronics India Private Limited, Shipra Hotel Limited, Multani Pharmaceuticals Limited, Shangri-La Eros Hotel etc. Providing for higher due diligence and care while evaluating proposals arising from country of concern etc., stated that the requirement of obtaining National Security Clearance from MHA is to be assessed before issuance of formal approval for setting up of new SEZs which may be examined in terms of the said guidelines of MHA.
Thus, pursuant to Press Note 3 and the recurring theme of protecting Indian companies against opportunistic takeovers, the amendment is a strong move to ensure that countries that share land borders with India do not get a backdoor entry/ indirect control over the management of Indian companies by virtue of their nationals being on the Board. If the event includes participants from the countries for which prior ‘security clearance’ is required, the details should be sent to the Ministry of Home Affairs at least 30 days prior to the commencement of the event so as to enable adequate time to process the requisite security clearance. In the event of a foreign national availing short duration visas such as Conference Visa, Transit visa, e-Visa and Visa-on-Arrival while already having a long duration visa for India like multiple entry Tourist/ Business/ Employment/ Student/ Research Visas, the long duration visas will not get cancelled. In such cases, while granting the short duration visa like Conference Visa/ Transit Visa, the Indian Mission/ Post concerned may keep the long duration visa on hold for the period of the short duration visa. The status of holding of long duration visa of the foreigner shall be reflected in the Central Database of IVFRT. In case the foreigner is availing e-Visa or Visa-on-Arrival, the Immigration authorities may keep the long duration visa on hold for the period of the short duration visa, which shall be reflected in Central Database of IVFRT.
The long duration visa will remain on hold for the period for which the short duration visa is valid. On expiry of the validity of the short duration visa, the main visa will automatically become ‘UNHOLD’ and the same will be reflected in the Central Database. In such cases, visa shall be granted by the Indian Missions/ Posts only to those individuals whose cases have been specifically authorized for grant of visa by the Ministry of Home Affairs. Before PN-3, Government approval was not mandatory and the countries mentioned in the notification were only Bangladesh and Pakistan.
There is no objection to the delegates coming to attend conference etc. in India combining tourism with attending the conference. Missions may, therefore, at their discretion grant visas for the required period. Such visa shall not exceed 6 months, subject to usual conditions applicable for the grant of the Tourist visa. In the above cases, MEA will examine the proposal along with MHA clearance may be granted within four weeks. Clearance will be conveyed to the Missions and organizers of the conference. In case a Mission needs clarifications about the organizers, it can also refer the case to MEA and MHA.
Ministry of Home Affairs on 01st June 2022 issued a notification requiring to amending the Companies Rules, 2014. In pursuant to the amendment, it will become mandatory to obtain security clearance for individuals from countries sharing land borders with India before being appointed as directors on the boards of Indian companies. The guidelines reiterate that security clearances from the MHA will be mandatory for the company and its directors, in case of a change in directors or appointment of a new executive, change in shareholding pattern, or the transfer of a channel from one entity to the other.
The third source added that too much reference to the MHA is also cause of worry, and the absence of a single-window clearance is also an issue, given that other ministries and departments involved in the process such as the Department of Space and the Department of Telecommunication, are still not aligned. According to the I&B ministry, there was a need to review and amend the existing guidelines, which were last issued in 2011. This need was felt because of challenges emerging from “fast evolving broadcasting technology”, “changes in the market scenarios”, and other operational developments in the broadcasting sector. There was also a need for creating a conducive environment for ease of business on a “sound regulatory framework”. Home ministry can withdraw security clearance to TV channels under new draft...
This change follows a familiar theme of protectionism, which was earlier observed through the issuance of Press Note No. 3 , dated April 17, 2020, (the “Press Note 3”). On April 17, the Department for Promotion of Industry and Internal Trade , issued Press Note 3 to review foreign direct investment (“FDI”) policy. By virtue of Press Note 3, prior government approval is required for FDI made by any entity based in any bordering country of India; or any beneficial owner of the investment situated in or is a citizen of any bordering country of India. The intention underlying this is clear – to curb opportunistic takeovers/ acquisitions of Indian companies due to the COVID-19 pandemic and any consequent impact.
SEBI Relaxes Delisting Norms to Encourage Mergers and Acquisitions SEBI’s relaxation of delisting rules for acquirers of a company streamlines the M&A process in India. Mr Gauba said the Ministry of Home Affairs has recently streamlined the Security Clearance procedures and issued a fresh set of guidelines. A Committee of Officers meets every week in MHA for timely decision on security clearance proposals. Hi Mona, No procedure has been prescribed neither in the Companies Act, 2013 nor in the rules for obtaining security clearance from the Ministry of Home Affairs. As per Rule 8 of the Companies Rules, 2014 every person who has been appointed to hold the office of a director shall on or before the appointment furnish to the company a consent in writing to act as such in Form DIR-2.
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