Understanding Licensing under the Petroleum Act, 1934: Classification and Regulatory Criteria
The Petroleum Act, 1934 regulates the import, storage, transport, and handling of petroleum products in India. This article outlines the classification of petroleum, key eligibility criteria, and the step-by-step licensing procedure under the Act. It serves as a quick reference for professionals navigating compliance in the petroleum sector.
Limited relaxation from compliance with certain provisions of the SEBI (LODR) Regulations, 2015
SEBI, vide circular dated October 06, 2023, had relaxed the applicability of Regulation 58(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”) till September 30, 2024 based on the relaxations provided by Ministry of Corporate Affairs (MCA) vide General Circular no. 09/2023 dated September 25, 2023.
Procedure for Declaration & Payment of Dividend
Dividend, inclusive of interim dividend, is an equal distribution of profits of the company amongst its shareholders from the investments made by such shareholders in the share capital of the company
Procedure for Declaration and Payment of Interim Dividend
As per Section 2(35) of the Companies Act, 2013, the term dividend” includes any interim dividend. The Board of Directors of a company may declare interim dividend during any financial year or at any time during the period from closure of financial year till holding of the annual general meeting out of the surplus in the profit and loss account or out of profits of the financial year for which such interim dividend is sought to be declared or out of profits generated in the financial year till the quarter preceding the date of declaration of the interim dividend.
Procedure for Right Issue of Equity Shares by a Private/Public Limited Company
• Where a company having share capital proposes to increase its subscribed capital by issuing further shares, such shares shall be offered to the existing equity shareholders of the company in proportion to the paid-up share capital of those shares by sending letter of offer.
Procedure for Private Placement in Public & Private Companies
A private placement refers to the offering or issuance of securities by the Company to a specific group of identified individuals, rather than through a public issue.
Procedure for the Appointment of an Additional Director
Board of Directors has the power to appoint any director as an additional director other than a person who fails to get appointed as a director in a general meeting, if authorized by the Article of Association (AoA) of the company.
Procedure for Appointment of Small Shareholders’ Director
A listed company may appoint a small shareholders’ director suo moto or upon receiving notice from either one thousand small shareholders or one-tenth of the total number of small shareholders, whichever is lower.
Appointment of Directors
As per Section 2(34) of Companies Act,2013 – “Director means a director appointed to the Board of a company.”
In common words, a director is an individual appointed to oversee and manage the overall operations, governance, and strategic direction of a company. They hold a position of trust and authority, making key decisions that shape the company’s policies, financial health, and long-term goals. Directors are legally responsible for ensuring that the company operates in compliance with all applicable laws and regulations, safeguards the interests of its shareholders and stakeholders, and upholds ethical business practices.
Trade Receivables Discounting System (TReDS)
The Trade Receivables Discounting System (TReDS) is an online electronic platform set up as per RBI guidelines issued on December 3, 2014.