{"id":218168,"date":"2019-08-17T09:45:56","date_gmt":"2019-08-17T04:15:56","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=218168"},"modified":"2019-08-17T17:48:44","modified_gmt":"2019-08-17T12:18:44","slug":"mca-amends-provisions-related-to-differential-voting-rights-under-companies-act","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/08\/17\/mca-amends-provisions-related-to-differential-voting-rights-under-companies-act\/","title":{"rendered":"MCA amends provisions related to Differential Voting Rights under Companies Act"},"content":{"rendered":"<p style=\"text-align: justify;\">The Ministry of Corporate Affairs has amended the provisions relating to <strong>issue of shares<\/strong> with <strong>Differential Voting Rights (DVRs)<\/strong> provisions under the Companies Act with the objective of enabling promoters of Indian companies to retain control of their companies in their pursuit for growth and creation of long-term value for shareholders, even as they raise equity capital from global investors.<\/p>\n<p style=\"text-align: justify;\">The <strong>key change brought about through the amendments<\/strong> to the Companies (Share Capital &amp; Debentures) Rules brings in an enhancement in the previously existing cap of 26% of the total post-issue paid-up equity share capital to a revised cap of 74% of total voting power in respect of shares with Differential Voting Rights of a company.<\/p>\n<p style=\"text-align: justify;\"><strong>Another key change brought about is<\/strong> the removal of the earlier requirement of distributable profits for 3 years for a company to be eligible to issue shares with Differential Voting Rights.<\/p>\n<p style=\"text-align: justify;\">The above two initiatives have been taken by the Government in response to requests from innovative tech companies &amp; startups and to strengthen the hands of Indian companies and their promoters who have lately been identified by deep-pocketed investors worldwide for acquisition of controlling stake in them to gain access to the cutting edge innovation and technology development being undertaken by them.<\/p>\n<p style=\"text-align: justify;\">The Government had noted that such Indian promoters have had to cede control of companies which have prospects of becoming Unicorns, due to the requirements of raising capital through the issue of equity to foreign investors.<\/p>\n<p style=\"text-align: justify;\">Alongside the above two changes, another major step taken is that the time period within which Employee Stock Options (ESOPs) can be issued by Startups recognized by the Department for Promotion of Industry &amp; Internal Trade (DPIIT) to promoters or Directors holding more than 10% of equity shares, has been enhanced from 5 years to 10 years from the date of their incorporation.<\/p>\n<hr \/>\n<p><strong>Ministry of Corporate Affairs<\/strong><\/p>\n<p style=\"text-align: right;\">[Press Release dt. 16-08-2019]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ministry of Corporate Affairs has amended the provisions relating to issue of shares with Differential Voting Rights (DVRs) provisions under the <\/p>\n","protected":false},"author":8808,"featured_media":209748,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[37103,37102],"class_list":["post-218168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-differential-voting-rights","tag-issue-of-shares"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MCA amends provisions related to Differential Voting Rights under Companies Act | SCC Times<\/title>\n<meta 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Cite as: (2019) PL (CSP) October 74","rel":"","context":"In &quot;OP. 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(1) These rules may be\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":280910,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/01\/03\/ministry-of-finance-issued-securities-contracts-regulation-amendment-rules-2022-to-amend-securities-contracts-regulation-rules-1957-legal-update-legal-research-legal-news\/","url_meta":{"origin":218168,"position":2},"title":"MoF notifies the Securities Contracts (Regulation) Amendment Rules, 2022","author":"Editor","date":"January 3, 2023","format":false,"excerpt":"\u00a0 \u00a0 On 2-1-2023, the Ministry of Finance has notified the Securities Contracts (Regulation) Amendment Rules, 2022 to amend the Securities Contracts (Regulation) Rules, 1957. The provisions of this circular came into effect on 2-1-2023. 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ED.&quot;","block_context":{"text":"OP. ED.","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/"},"img":{"alt_text":"Compliance Checklist","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/08\/image.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/08\/image.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/08\/image.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/08\/image.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/08\/image.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":269695,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/07\/bombay-high-court-lenders-are-entitled-to-voting-rights-on-pledged-shares-as-a-matter-of-contract-appeal-dismissed\/","url_meta":{"origin":218168,"position":5},"title":"Bombay High Court | Yes Bank-Dish TV Case: Beneficial Owner of pledged shares, contractually entitled to all rights, including voting rights in Annual General Meeting","author":"Editor","date":"July 7, 2022","format":false,"excerpt":"Bombay High Court: The Division Bench of G.S.Patel and Madhav J Jamdar, JJ. dismissed an appeal ruling that lenders are entitled to voting rights on pledged shares as a matter of contract. 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The main point of discussion before\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Bombay High Court","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/Bombay-HC.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/Bombay-HC.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/Bombay-HC.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/Bombay-HC.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/Bombay-HC.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/218168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=218168"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/218168\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/209748"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=218168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=218168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=218168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}