India: The Companies (Amendment) Act 2017 – Incremental Reform Continues

Last Updated: 8 January 2018
Article by Sharad Abhyankar and Ritwik Kulkarni

Most Read Contributor in India, December 2017

Introduction

The Companies Act, 2013 (Act) was the legislative outcome of a process that had begun a decade earlier. Desiring a simplified and compact law with flexible rule making powers for 'ever changing business models', the Central Government constituted the JJ Irani Expert Committee on Company Law (Irani Committee). Unfortunately, the process from committee report to enactment resulted in a rather voluminous statute with reams of rules, riddled with drafting ambiguities and regulatory overlap.

Consequently, numerous stakeholders reported challenges in implementing the provisions of the Act. Despite an initial amendment and a flurry of clarifications, orders and rules, the Central Government set up another committee, the Companies Law Committee[1] (CLC) in 2016 to see where 'the shoe pinches'.

Based on the CLC report, an amendment to the Act (Amendment Act) was passed by the Lok Sabha last year, and thereafter by the Rajya Sabha on 19 December 2017. The Amendment Act received presidential assent yesterday and will come into force pursuant to notifications in the official gazette.

The key changes brought about by the Amendment Act are highlighted below:

Provision

Amendment

Implication

Definition of 'Associate Company'

The term 'significant influence' has been amended to mean control of at least twenty per cent of the total voting power, or control of or participation in taking business decisions under an agreement.

Exemption has been given to convertible preference capital holders (who are not entitled to voting) by replacing total share capital with total voting power.

However, the words control over or participation in business decisions will require scrutiny of (i) shareholders agreements and their de facto implementation; and (ii) corporate governance practices of a company.

This may lead to increase in the number of associate companies, thereby enhancing the compliance risk and necessitating consolidation of accounts.

Change to total voting power from total share capital made to align the definition with IND AS 28.

It appears that the intention is to align the definition with IND AS 28, which defines 'significant influence' as the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control of those policies. There are also the following guidance factors provided in IND AS 28 for determining significant influence:

(a) board representation, (b) participation in policy making process, (c) material transactions between entity and investee, (d) interchange of managerial personnel, or (e) provision of essential technical information.

Definition of 'Subsidiary Company' and 'Joint Venture'

The test for a subsidiary now includes, "exercise or control more than half of the total voting power", and not total share capital.

A new definition of 'joint venture' has been introduced as meaning a joint arrangement, where parties have joint control of the arrangement and have rights to the net assets of the arrangement.

This change was brought to remedy practical problems faced by companies with substantial preference share capital. Because of the concept of total voting power, it is intended for equity share capital to be the basis for determining whether a company is a subsidiary.

However, the Amendment Act fails to take the provisions of section 47 of the Act into account. Under Section 47, where dividend in respect of a class of preference shares has not been paid for a period of two years or more, preference shareholders gain voting rights in respect of all shareholder resolutions, putting them at par with equity shareholders.

Definition of 'Holding Company' and provisions relating to foreign bodies corporate

The scope of the term has been expanded to include a body corporate

Foreign bodies corporate are now considered as holding companies.

This remedies the situation where a subsidiary could be a foreign company, but a holding company excluded foreign companies.

With this change, all transactions between an Indian company and its foreign holding company, as well as the transactions between Indian companies and the other subsidiaries of the foreign holding company will now be within the realm of 'related party' transactions. Further, for determining the status of an Indian subsidiary of a foreign company, it is pertinent to understand whether the parent satisfies the definition of a private or public company under the Act.

The restriction on a holding company having two layers of subsidiaries has been retained, subject to the provisions of Companies (Restrictions on number of layers) Rules, 2017.

The provisions of Chapter XXII of the Act, which deal with registration and filing of financial statements with Ministry of Corporate Affairs by foreign companies, have been extended to all foreign companies having a place of business in India. These provisions were previously applicable to only those foreign bodies corporate which were controlled by Indian residents or Indian companies.

Definition of 'Debentures'

The below mentioned instruments have been specifically excluded from the definition of 'debentures':

(a)the instruments referred to in Chapter III-D of the Reserve Bank of India Act, 1934, i.e., derivatives and money market instruments; and

(b)such other instrument, as may be prescribed by the Central Government in consultation with the Reserve Bank of India (RBI).

The amendment is intended to obviate the dual regulation of certain financial / investment instruments.

Definition of 'Key Managerial Personnel' (KMPs)

By default, the term has been restricted to officers designated as KMP by the board of directors (Board) who are not more than one level below the directors (who are in the whole-time employment).

This allows companies to develop their own policy / criterion for designating specific officials as key managerial personnel.

Definition of 'Related Party'

An investing company or the 1enture of a company is also included in the definition of related party.

Change in the definition made to align the definition with IND AS 24.

An investing company or the 1enture of a company is the counterpart of an associate company. Previously, only an associate company was treated as a related party. But the converse relationship was not covered.

Effectively, all off-shore relationships will now be subject to related party compliances. This has been expressly stated in the CLC report as well. This will provide additional protection to private equity and other investors in case related party transactions are carried out without their consent.

By replacing the word 'company' with 'body corporate', the confusion as to whether companies incorporated outside India should be a related party or not, is put to rest.

Illustration: Currently if company X exercises significant influence over company Y, then Y will be an associate company and thereby, a related party of X. But this position will not make X a related party of Y. However, the amendment through the new language will make X a related party of Y. In effect, both X and Y will become related party to each other.

Section 35- Civil liability for mis-statements in prospectus

Clause © to Section 35 has been introduced to allow directors, promoters, and other parties under Section 35(1) to rely on statements, report or valuation of experts, as a defence for civil liability for misleading statements. This defense is available if the relevant person is able to prove that the statement or the extract of the report or valuation was a correct and fair representation, the person relying on such statement/report had reasonable grounds (up to the time of issue of the prospectus), to believe that the person making the statement was competent to make it and consent from such expert (as required under Section 26(5)) was given and not withdrawn before delivery of a copy of the prospectus for registration, or to the defendant's knowledge, before allotment under such prospectus.

Directors, promoters and other parties under Section 35(1) will be able to rely on expert statements as a defence for civil liability for misleading statements in a prospectus, unless the prospectus has been issued with an intention to defraud applicants.

Experts identified in the prospectus would be solely liable for statements prepared by them.

The CLC had recommended that it would be appropriate to hold experts liable for statements prepared by them, and on which the directors relied upon (as long as such experts were identified in the prospectus).

Section 42 – Issue of shares on a private placement basis

The section has been completely revamped.

Section 42 now contains an express provision that a company cannot utilise the monies raised through private placement unless such return of allotment is filed.

Clarification to the effect that the private placement offer and application shall not carry a right of renunciation.

Section 53- Prohibition on issue of shares at a discount

of the term 'discounted price' in sub-section 2 of Section 53 has been changed to 'discount',

Further, a new sub-section 2A has been introduced, which exempts applicability of Section 53 to shares issued pursuant to conversion of debt to equity, pursuant to any statutory resolution plan or debt restructuring scheme in accordance with any guidelines/directions/regulations specified by RBI.

The usage of the words 'discounted price' could have been interpreted to mean a price lower than the market value of shares, and not lower than its nominal value. To remove the ambiguity, the word 'discount', has been replaced with 'discounted price'.

Sub-section 2A has been inserted to facilitate restructuring of a distressed company, when the debt of such a company is converted into shares in accordance with any specified regulations or guidelines.

Section 89– Declaration of beneficial interest

The term 'beneficial interest in a share' has been defined: (a) to include 'direct and indirect' rights or entitlement of persons; (b) to factor in 'any' rights in shares as 'beneficial interests'; and (c) to include persons who 'collectively' hold beneficial interests.

The amendments are in furtherance of India's obligation to comply with Recommendations 24 and 25 issued by the Financial Action Task Force[2] (FATF) regarding transparency and beneficial ownership of legal persons/ legal arrangements.

An extremely wide definition has been included to reduce ambiguity as to what would constitute a beneficial interest. Further, there is a legal recognition for the concept that for the same shares, there may be multiple beneficial interest holders.

Corporate vehicles such as companies, trusts, foundations, partnerships and other types of legal persons conduct a wide variety of commercial and entrepreneurial activities. However, in certain scenarios, they have been misused for various illegal and illicit purposes such as money laundering, bribery and corruption, insider dealing, tax fraud and terrorist financing. FATF has established transparency standards to deter and prevent misuse of corporate vehicles and recommended countries to ensure that there is adequate, accurate and timely information on beneficial interest and control of legal persons which is easily accessible.

Although KYC/AML measures are in line with 'international standards', the concept of 'beneficial interest in a share' has been defined for the first time.

The definition has been worded broadly to reduce ambiguity as to the meaning of the term 'beneficial interest'. Further, there is a legal recognition for the concept that for the same shares, there may be multiple beneficial interest holders.

Section 90– Register of Significant Beneficial Owners

The whole of Section 90 has been revamped and the new concept of 'significant beneficial owner' and related reporting requirements (by companies and shareholders) has been introduced.

Holders of beneficial interest of not less than 25% of the shares, or the right to exercise, or the actual exercise of significant influence or control are now classified as 'significant beneficial owners'.

Beneficial owner refers to a natural person who ultimately owns or controls an entity and/or the natural person on whose behalf a company conducts its activities or transactions. It also includes (a) those persons who exercise ultimate effective control over a legal person or legal arrangement; or (b) situations in which ownership / control is exercised through a chain of ownership or by means of control other than direct control.

While we await the notification of rules from the MCA for maintaining the register of beneficial owners, the following duties are cast on the company under the new provisions:

  1. Identify the persons with significant beneficial ownership or control over the company and confirm their information;
  2. Record the details of the persons with significant beneficial ownership/control on register;

Update the information promptly on the company's own register when it changes.

The requirement of the register is an evolution in company law jurisprudence since:

  1. Generally, companies were prevented from taking on record any notice of trust on register of members; and
  2. Historically, 'share' of a company has always been considered an integrated bundle of rights, privileges and obligations, which cannot be separated, and assigned to different persons.

The requirement of maintenance of a register of significant beneficial ownership will certainly bring about complete transparency about holdings of shareholders including individuals, trusts and persons not resident in India, who may have significant influence or control.

While the FATF recommendations expected the basic information to be available generally and the details of beneficial ownership be available only with regulators or financial institutions, the Amendment Act seeks to make the register of beneficial owners open for inspection by any member. Further, we will have to await notification of rules as to whether the politically exposed persons can seek any protection / secrecy of their data.

It is desirable and recommended that the companies and shareholders are made aware of their obligations through guidance and awareness raising activities.

Section 135

A new proviso has been inserted after section 135(1), where a company that is not otherwise required to appoint an independent director under Section 149(4), can constitute a CSR committee with two or more non independent directors.

The wording of the previous clause conflicted with the statutory requirement of section 149(4) dealing with independent directors.

As a result, unlisted public companies such as JV's, WOS's or dormant companies which are not mandated to have independent directors for an NRC / AC or any other corporate governance were mandated to have independent directors solely for the purpose of setting up CSR committees.

The Amendment Act rationalises the language and facilitates constitution of CSR Committees for companies which are not required to appoint independent directors.

The provisions of Corporate Social Responsibility have also been extended to foreign companies.

Section 149– Independent Directors

In Section 149(6)(c), pecuniary relationships up to 10% of the total income of the independent director are now permitted

In Section 149(6)(d), the scope of the restrictions on 'pecuniary relationship or transaction' entered into by a relative has been expanded.

Further, the calculation methodology of residency requirement for directors has been changed from 'calendar year' to 'financial year'.

The provision now reverts to a recommendation of the JJ Irani Committee which had suggested the test of material pecuniary relationships for an independent director's disqualification.

The blanket ban on pecuniary relationships gave rise to practical difficulties owing to different regulations (such as the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015) prescribing materiality thresholds.

Section 177- Audit Committee

For related party transactions not covered within the scope of section 188, and where they do not approve such transactions, the audit committee is required to provide its recommendation to the Board.

Further, the Amendment Act seeks to empower the audit committee to ratify any transaction, other than RPTs under section 188, involving an amount not exceeding INR 10,000,000 if it was entered into by a director or officer of the company without obtaining the approval of the audit committee.

The audit committee was empowered to give omnibus approval for related party transactions whose value did not exceed INR 10,000,000. It is not clear whether ratification will still be required where a related party transaction is permitted under omnibus approval route. Rules to be notified by the MCA for this section might clear this confusion.

Section 185- Loan to directors

The section has been completely revamped.

The new section 185 seeks to restrict the prohibition on lending etc. only to certain individuals and firms.

Further, the prohibition on lending to companies and body corporates (in which any such director is interested) has been removed subject to fulfilment of certain conditions.

Section 186– Loans and Investment by company

A proviso has been added to state that, where a company provides loan, guarantee, security to (a) a joint venture company, (b) wholly owned subsidiary, or (c) invest in a wholly owned subsidiary, prior approval of shareholders by way of a special resolution is not required.

The carve out will simplify intra group financing for closely held companies.

Section 188– Related Party transactions

A clarificatory proviso has been introduced to exempt the blanket ban on a member voting on related party transactions, if 90% or more members (in number) are relatives of promoters or are themselves related parties.

This carve out for promoters and family members is pragmatic. An overwhelming majority of businesses in India are promoter driven and heavily reliant on debt/equity funding from family and friends, since not all businesses have access to institutionalised funding.

Sections 194 and 195- Prohibition on dealing in securities by directors or KMP/ Prohibition of Insider Trading

These sections are omitted under the Amendment Act.

The deletions are welcome since there were practical issues such as private companies being bound and listed public companies having dual regulatory compliance. This change seeks to reduce the regulatory overlap as prohibitions on forward dealing and insider trading will now be governed solely by the Securities and Exchange Board of India (SEBI).

Section 197– Managerial remuneration

The requirement for obtaining the Central Government approval for payment of managerial remuneration to its directors has been removed.

The proposed amendments in section 197 bring in a new regime where approval of the Central Government is no longer necessary.

While payment of managerial remuneration is freed from a regulatory hurdle, the approval process remains in the control of the shareholders who, in modern times, are only one of the multiple stakeholders in a company. The onus of balancing conflicting interests of various stakeholders continues to rest with the Board while recommending such proposals.

Missed Opportunities

  • Generic objects' clause

The CLC report had observed that there were adequate corporate filings that mandated disclosure of the current objects. In addition, sectoral regulators were always empowered to prescribe restrictive criteria and regulations on the nature of business. Therefore, a more liberal operational regime was recommended for companies. However, the requirement of including a generic objects clause / no objects clause has been not been included in the Amendment Act.

  • Monetization of goods and services for CSR activities

The Amendment Act could have addressed issues such as assigning a monetary value to a company's own goods and services for carrying out corporate social responsibility obligations.

Comment

Rather than pursue radical reform, the legislative intent of the amendment exercise appears to have been to liberalise where possible, and harmonise the compliance requirements with other laws. By carrying out over a hundred amendments to over 70 sections of the Act, it is fair to state that these objectives have been largely met.

Footnotes

[1]Companies Law Committee constituted by the Ministry of Corporate Affairs dated 4 June 2015.

[2]The Financial Action Task Force ("FATF") (www.fatf-gafi.org) is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction. The FATF Recommendations are recognized as the global anti-money laundering (AML) and counter-terrorist financing (CFT) standard.

The content of this document do not necessarily reflect the views/position of Khaitan & Co but remain solely those of the author(s). For any further queries or follow up please contact Khaitan & Co at legalalerts@khaitanco.com

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
Events from this Firm
21 Dec 2017, Webinar, Mumbai, India
Contact Event Organizer: Khaitan & Co
The Insurance Group and the Private Equity Group at Khaitan & Co are pleased to invite you to an interactive webinar to discuss the implications of the Guidelines on private equity investment in the Indian insurance sector.
10 Feb 2018, Video/ Audio, Mumbai, India
Contact Event Organizer: Khaitan & Co Funds Team
This is to remind you that we will be hosting an audio-conference tomorrow, 10 January 2018, titled “SEBI’s Year End Bonanza to Investors and Fund Managers”, which is dedicated to fund managers and investors.
 
In association with
Related Video
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Registration
Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:
  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.
  • Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.
    If you do not want us to provide your name and email address you may opt out by clicking here
    If you do not wish to receive any future announcements of products and services offered by Mondaq you may opt out by clicking here

    Terms & Conditions and Privacy Statement

    Mondaq.com (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

    Use of www.mondaq.com

    You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about Mondaq.com’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.

    Disclaimer

    Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

    The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.

    Registration

    Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

    • To allow you to personalize the Mondaq websites you are visiting.
    • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
    • To produce demographic feedback for our information providers who provide information free for your use.

    Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

    Information Collection and Use

    We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

    We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to unsubscribe@mondaq.com with “no disclosure” in the subject heading

    Mondaq News Alerts

    In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.

    Cookies

    A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

    Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

    Log Files

    We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.

    Links

    This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

    Surveys & Contests

    From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.

    Mail-A-Friend

    If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.

    Emails

    From time to time Mondaq may send you emails promoting Mondaq services including new services. You may opt out of receiving such emails by clicking below.

    *** If you do not wish to receive any future announcements of services offered by Mondaq you may opt out by clicking here .

    Security

    This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to webmaster@mondaq.com.

    Correcting/Updating Personal Information

    If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to EditorialAdvisor@mondaq.com.

    Notification of Changes

    If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

    How to contact Mondaq

    You can contact us with comments or queries at enquiries@mondaq.com.

    If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at problems@mondaq.com and we will use commercially reasonable efforts to determine and correct the problem promptly.

    By clicking Register you state you have read and agree to our Terms and Conditions