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How to deal with related party transactions in unlisted firms?
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Last Updated: Apr 11, 2021, 09:46 AM IST
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Synopsis
For larger economic stability, one cannot undermine the importance of sound governance in unlisted public companies for two reasons.
Recognizing the importance of large unlisted companies, the government recently added Section 129A in the CA, 2013, which requires additional financial disclosures from certain class of unlisted companies.
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Alby Joseph
In the words of Uday Kotak in the Kotak Committee Report, there are broadly two styles of corporate governance in India: the “Raja” (Monarch) model and the “Custodian” model. In the “Raja” model, promoter interest precedes interests of “praja” i.e. other stakeholders. On the other hand, “Custodian” model works on Gandhian principles where the promoters wear the hat of “trustees” and act in the interest of all stakeholders. What is more commonplace is anybody’s guess, howe
Read more about Decoded: What is SPAC and is it the real thing or a misplaced hype? on Business Standard. Special Purpose Acquisition Companies, or SPACs, are listed shell companies created with the sole purpose to acquire unlisted or private companies and then merge with the latter
In an amendment to the Companies (Specification of definitions details) Rules on Friday, the MCA allowed certain classes of unlisted companies with listed debt securities or that are listed overseas in specified jurisdictions to not be considered as listed entities under the Companies Act.
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