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MCA Gazette Notification Amendment Act No. 29 of 2020 dated 28.09.2020

The Finance Ministry has notified the Companies (Amendment) Act, 2020 which seeks to amend the Companies Act, 2013. The notification, among others, seeks to amend clause (52) of section 2 which elaborates on Definition of Listed company. The amendment seeks to insert a new proviso that enables the Central Government to exclude certain class of companies, which have listed or intend to list such class of securities, as may be prescribed in consultation with SEBI, from the definition of listed companies. Moreover, section 8(11) which is in respect of Formation of Companies with Charitable Objects, etc. The amendment omits the punishment of imprisonment in relation to an officer who is in default for the offence mentioned therein. There have been several other amendments, as the Govt. has made some small changes to various provisions to the Act.

Asia Law Offices advised a major transnational strategic collaboration between its client, UAE-Based Pharmax Pharmaceuticals, and Swiss pharma major Acino Pharmaceuticals.

ALO represented Pharmax in the structuring and closure of entire transaction documents of the significant collaboration.

The collaboration framework extends to licensing, manufacturing, and supply of Acino formulations within the gastroenterology and the cardiovascular space throughout the Middle East and Africa.