Monthly Archives: June 2021

2021 Amendments to Delaware’s General Corporation Law and Alternative Entity Statutes

2021 Amendments to Delaware’s General Corporation Law and Alternative Entity Statutes

In its current session, the Delaware legislature passed a number of amendments to the Delaware General Corporation Law (the “DGCL”), the Delaware Limited Liability Company Act (the “DLLCA”), the Delaware Revised Uniform Limited Partnership Act (“DRULPA”) and the Delaware Revised Uniform Partnership Act (“DRUPA” and, together with the DLLCA and DRULPA, the “alternative entity statutes”). Delaware Governor John Carney signed these bills into law on June 30, 2021. The amendments become effective on August 1, 2021.

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Registrars of the registers of JSC will have to submit the information about shareholders to the Federal Service of State Statistics

On 01.09.2021 Federal Law No. 174-FZ  dd 11.06.2021 (the Law) enters into force. It amends Article 8 of Federal Law No. 282-FZ “On Official Statistical Accounting and the System of State Statistics in the Russian Federation” dd 29.11.2007, which provides the obligation of registrars of the registers of JSC to provide information about shareholders to the Federal State Statistics Service (the Rosstat).

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ILN Today Post

Delaware Supreme Court Finds Fraud Insurable

In a recent decision, the Delaware Supreme Court ruled that insuring against fraud does not per se violate Delaware public policy and held that the insured’s D&O policy covered claims alleging securities fraud. RSUI Indemnity Company v. Murdock, No. 154, 2020, 2021 WL 803867 (Del. Mar. 3, 2021). In so doing, the Court diverged from other states with general public policy exceptions to fraud and reinforced the proposition that contracts should be enforced as written. In other words, if an insurer intends its policy to
exclude certain types of claims, the policy should expressly say so as opposed to after-the-fact appeals to “public policy” as grounds for denying coverage.

Brief Case Synopsis
The Murdock case involved a directors and officers (“D&O”) excess policy insuring Dole Food Company, Inc. (“Dole”), which was triggered, along with another eight layers of D&O insurance, when CEO and Director David Murdock took Dole private through a merger transaction.  That merger resulted in several lawsuits asserting claims for  securities fraud against him and COO and General Counsel C. Michael Carter. The allegations contained claims that Murdock and Carter “breached their duty of loyalty through a series of intentional, unfair, and fraudulent actions that, among other things, drove down Dole’s pre-merger stock price.” Read more…

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ILN Today Post

Exposure of Prosecution under the Indian Penal Code for Offences under GST

In the Matter of: Shri. Sentu Dey Vs. State of Tripura & Ors. [Crl. Petn. No.14/2021]

Forum: High Court of Tripura

Order Delivered on: May 28, 2021

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ILN Today Post

KKI COMMERCIAL TEAM ARE FINALISTS IN THE AUSTRALIAN LAW AWARDS

Kalus Kenny Intelex is thrilled to announce that their Commercial team has been short-listed for the prestigious Lawyers Weekly Australian Law Awards for 2021.

The team are finalists in the Commercial Team of the Year category.

The Australian Law Awards recognises and rewards lawyers and firms for their capabilities and passion for driving the industry forward. Read more…

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ILN Today Post

SEBI Introduces Amendments related to Appointment of Independent Directors and other Regulations

The Securities and Exchange Board of India (“SEBI”) has issued a press release1 (PR No. 22/2021) dated June 29, 2021 pursuant to its recent meeting held on June 29, 2021. Some of the key decisions impacting various regulations are as under:

  1. Review and Merger of SEBI (Issue and Listing of Debt Securities) Regulations, 2008 and SEBI (Non-Convertible Redeemable Preference Shares) Regulations, 2013 into a single Regulation – SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021. The provision of charge on the assets and properties of the issuer has been harmonized with the Companies Act. This will provide greater flexibility to the issuers for creation of charge.  
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Video: Mandatory Vaccination, Tipped Worker Rule, and SCOTUS Rules Against Organized Labor – Employment Law This Week

As featured in #WorkforceWednesday:  This week, we look at the increase in mandatory vaccination policies, a new rule for tipped workers, and a Supreme Court decision against organized labor.

Employers Implement Mandatory Vaccination Policies

Mandatory vaccine policies are on the rise. A month after the Equal Employment Opportunity Commission released updated guidance on mandatory vaccination policies, an increasing number of employers have started introducing these mandates. Courts are also weighing in—a Texas District Court recently affirmed a hospital’s mandatory vaccination policy.

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Breaking Down the Barriers to Change in a Post (During?) COVID World

Last week, we talked about the temptation to slide back into old habits as the world starts to open back up from quarantine. Things have changed, and they’ve changed dramatically, so there can be that desire to seek the familiar ways of doing things – but we really don’t have to. And with these Delta variants taking a firm hold on us, it will be more important than ever to be and stay flexible. I know that’s not something the legal industry is historically comfortable with, but we showed during the pandemic that we’re actually quite good at it. And that flexibility can be profitable for our firms (even if it’s a bit hard on our psyches). So what we DO need is both better mental health care within the legal industry (and self-care and boundaries) right along with continued moves towards a different way of being and thinking.

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ILN Today Post

Ohio launches $155 million in grants to Ohio businesses

The state of Ohio will begin accepting applications on Tuesday, June 29 for four grant programs that target businesses that have suffered significant losses during the COVID-19 pandemic.  The small grant programs will provide a total of $155 million to businesses that opened in 2020, food and beverage establishments, entertainment venues, and lodging venues.  Read more…

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Hawaii Repeals “Disability Subminimum Wage”

On June 16, 2021, Hawaii enacted Senate Bill 793 (the “Act”), which repeals an exemption to the minimum wage for disabled employees, often referred to as “the disability subminimum wage.” The Act took effect immediately and requires all Hawaii employers pay disabled individuals no less than the state minimum wage.

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