The previous issue had highlighted some major flaws in the new Companies Bill 2009. This article draws attention to some drafting absurdities, implications of some new positive provisions and absence of new big ideas
Drafting Absurdities
There are quite a few drafting absurdities in the Companies Bill 2009 which we cannot afford in a litigious country like India.
1) Clause 2 (zz)...
An advertising campaign by the National Securities Depository Limited (NSDL) in August proclaimed that it has one crore demat accounts. NSDL accounts for 80% market share. India officially claims an investor population of two crore. This number, which includes a big chunk of multiple account-holders, reflects the sad state of retail investor participation in the market. But media reports,...
Quitting Time
Ambitious media companies continue to face tough times compounded by top-level departures. Media and entertainment company, Percept Picture Co (PPC), has suffered another blow following the debacle of its movies like Jumbo and 8x10 Tasveer. According to sources, PPC's chief executive, Navin Shah, and chief operating officer, Manish Mathur, have put in their papers. While Mr Shah...
