By a Circular dated May 20, 2011, the Ministry of Corporate Affairs (MCA) has clarified that participation by Directors in meetings of the Board or Committee of Directors through electronic mode will be recognized. Hitherto only physical meetings were recognized as meetings for purposes of the (Indian) Companies Act, 1956. The said Act provides for passing of resolutions by circulation and for appointment of alternate Directors, which provided alternatives. However, it was a long-standing industry demand to recognize meetings through electronic mode. Under the Circular, there are certain conditions subject to participation through electronic means will be recognized. Simultaneously, the MCA has issued another Circular recognizing participation by shareholders in meetings through electronic mode. The Circulars are a step in the right direction. Going along the MCA will have to address the issues that crop up before there is complete clarity on attending meetings through video-conferencing.
Monthly Archives: June 2011
As INVITALIA Business Network Partner, FASANO is supporting the Italian Govt. Agency for Inward Investment assigned by Arab Fund interested in investing to innovative “clean tech” field Italian enterprises.
An incorporation of newco under the IT Law must be notarized by IT public notary; if the investors is from non EU countries where law provides caps/permissions to FDI, IT notary should find out the respect of so called reciprocal condition of the investment (in other words, on reciprocal basis, the IT investor would be equally treated as resident/citizen of country of investment). Tips & Tricks: it’s controversial issue, the IT notary is called by IT law to comply the incorporation with IT law (tip) and keep the silence (trick).