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EMPLOYMENT CORNER BULLETIN – Mar '22 - May '22

Onus of proof is always on the employee who alleges wrongful dismissal and claims back wages, to establish that the employee was not gainfully employed post the dismissal. An employee in a transferable job has no vested right to remain posted in one place. The Calcutta High Court has observed perhaps what most of the legal profession has thought at some point of time - the time has possibly come to have a re-look at Section 27 of the Indian Contract Act since times have changed. Our latest Employment Corner bulletin discusses these judgments, showcases critical statutory updates and also addresses market trends that are breaking ground at the workplace like employers covering employees' gender reaffirming surgeries, extension of benefits to employees' partners and same-sex partners, constitution of standalone D&I boards within organisations and attempts by employers to transition their delivery partners into full time managerial positions. To answer the question on everyone's mind - no, the Wage Code, as of this moment, has not been made effective!

COMPETITION COMMISSION OF INDIA DIRECTS INVESTIGATION INTO BOOKMYSHOW'S EXCLUSIVITY AND DATA GATHERING PRACTICES

In line with the trend of heightened scrutiny of prominent players in the digital sector, the CCI has directed an investigation against BookMyShow for its exclusivity and data gathering practices. INDUSLAW's Avimukt Dar, Unnati Agrawal and Parth Sehan analyse the regulator's observations and provide their insights on the order.

COLLECTION AND STORAGE OF AADHAAR DATA | THINGS TO LOOK OUT FOR

  • Practice Area : Technology, Media & Telecommunications, Government & Regulatory
  • Authors : Shreya Suri
  • Published on : 17/05/2022

Introduced with the objective of providing a cost effective means of verification and authentication of the identity of an individual, Aadhaar cards are now one of the most frequently used and accepted identity and address proof documents. With stringent laws governing the processing of Aadhaar information, INDUSLAW's Shreya Suri, Naqeeb Ahmed and Abhijit Chakrabarti analyse the regulatory framework on the permissible ways of collection, use and storage of Aadhaar information.

Obtaining Occupancy Certificate Not Sufficient To Oust RERA'S Jurisdiction

  • Practise Area : Real Estate
  • Authors : Avikshit Moral
  • Published on : 11/05/2022

Recently, the division bench of Hon’ble Punjab & Haryana High Court in the case of Experion Developers Pvt. Ltd. vs. State of Haryana & Ors. has held that merely obtaining occupancy certificate before Section 3 of Real Estate (Regulation and Development) Act, 2016 came into force would not oust the jurisdiction of Regulatory Authority. INDUSLAW's Avikshit Moral and Mahek Chheda provide their insights on the order.

The Recap - Volume 5

Presenting Volume V of INDUSLAW's The Recap, a bi-monthly round-up of the latest developments in Media & Entertainment and Gaming laws from India, authored by INDUSLAW's Mumbai TMT Team led by Partner Ranjana Adhikari. This edition covers legal updates from the months of March & April 2022 and discusses, inter alia, the ongoing legal tussle in the Delhi HC between PPL & RMPL for registration as the copyright society for sound recordings, Karnataka’s decision to challenge the recent landmark gaming judgement in the Supreme Court, some vital judgements from the Kerala HC on copyright law and information technology law and a short Parliament Capsule on what transpired in the final sittings of this year’s Budget Session of Parliament.

CCI PENALISES ADANI GREEN ENERGY AND TATA POWER COMPANY FOR GUN-JUMPING

After almost 2 years of a pandemic induced hiatus, the CCI has recently taken cognizance of gun-jumping and imposed penalties of INR 5 lakhs (approximately USD 6,600) and INR 15 lakhs (approximately USD 19,700) on Adani Green Energy Limited and Tata Power Company Limited, respectively. INDUSLAW's Avimukt Dar, Unnati Agrawal and Parth Sehan analyse the regulator’s observations and provide their insights on the order.

INDUSLAW Quarterly RERA Dossier – Volume 1

The Real Estate (Regulation and Development) Act, 2016 (“Act”) was introduced with an aim to regulate and promote the real estate sector and to establish an adjudicating mechanism for redressal of disputes with respect to real estate projects. Considering the number of real estate regulatory authorities that are in operation today across the country, one of the biggest challenges that we see is the dissemination of information relating to latest orders, circulars/notifications passed by these authorities which impact the stakeholders: whether developers, homebuyers, investors, or financial institutions. This Dossier intends to be a one stop guide to keep our readers abreast with significant judgements, orders, circulars, and directions passed in relation to the Act and the rules thereunder which are beneficial for various stakeholders. The Volume 1 of the Dossier is a compilation of some of the impactful judgments/ orders passed in the last quarter of the year 2021, i.e., October 2021 to December 2021 by various Real Estate Regulatory Authorities. The Volume 1 of the Dossier also provides a compilation of various relevant regulatory circulars, orders, directions etc. issued by the Maharashtra Real Estate Regulatory Authority for the aforementioned period.

INTELLECTUAL PROPERTY UPDATES FROM INDIA

2022 began with several interesting decisions and developments. At the top of the list is the High Court of Delhi's efforts in establishing the Intellectual Property Division and enforcing their rules, which we believe would greatly help make Delhi an even better jurisdiction to try intellectual property cases. Other High Courts with a Commercial Division (first-instance courts for commercial, including intellectual property trials) may follow suit soon. We also track several decisions taken by the Supreme Court and the State High Courts dealing with the test of similarity in trade marks, the rights of patent holders towards the end of the term, trade mark infringement in using recycled liquor bottles, domain name issues and several others. We hope you enjoy reading this edition.

Fintech Newsletter | January 1, 2022 to March 31, 2022

  • Practise Area : Technology, Media & Telecommunications, Government & Regulatory
  • Authors : Induslaw
  • Published on : 26/04/2022

With the final quarter of the financial year 2021-2022 coming to a close, we note that the Indian fintech sector has witnessed strong growth amounting to a market size of United States Dollars 31 billion. The Reserve Bank of India is cognizant of this growing demand in the fintech market in India and has to a large extent continued to take proactive measures to keep up with market sentiments and demands of the industry. INDUSLAW's Technology Law Practice Group discuss the key developments in the Indian fintech space from January 1, 2022 to March 31, 2022.

YEAR END ACTIVITIES FROM A GST PERSPECTIVE – THE COMPLIANT ROAD AHEAD

The financial year end mandates for some important activities to be carried out by organizations under the goods and services tax legislations for a smooth transition to FY 2022-23, and some of these activities have deadlines approaching in the next few months. INDUSLAW's Shashi Mathews and Rajitha Nair provide a list of such year end activities which may act as guidance for organizations to be compliant with the goods and services tax legislations.

Infolex Arbitration Newsletter (First edition)

The year 2021 witnessed significant developments in the arbitration landscape in India, with several noteworthy decisions of the High Courts and the Supreme Court of India. In this inaugural edition of the Arbitration Newsletter, we highlight the significant judicial pronouncements of the year 2021 covering key issues such as the recognition and enforcement of an emergency arbitrator's award in India, the scope of challenge to a foreign award by parties and non-signatories to an arbitration agreement, a foreign party’s ability to seek provisional reliefs before Indian courts in aid of a foreign seated arbitration etc. We hope you find this edition of the Newsletter useful. We look forward to receiving any feedback or suggestions.

EMPLOYMENT CORNER BULLETIN – Dec '21 - Feb '22

In this Employment Corner bulletin (December 2021 – February 2022), we discuss important judgments dealing with issues such as: (1) An employee can be dismissed based on the findings of disciplinary proceedings even if there is an acquittal in a criminal trial; (2) The right to work in a peaceful atmosphere is a basic right and administrative lapses in handling sexual harassment complaints cannot be entertained and (3) Employees can be asked to undertake RT-PCR tests at their own cost. We also look at updates on the rollout of the Labour Codes and other significant statutory developments in our latest Employment Corner bulletin. Our bulletin also covers contemporary market trends like mental health mentors at the workplace, inclusive policies for transgender employees and specific programs aimed at having homemakers at the workplace.

LEGAL LANDSCAPE GOVERNING MANUFACTURING OF ELECTRIC VEHICLES AND BATTERIES

The objective of this article is to highlight the legal backdrop governing manufacturing of Electric Vehicles (“EVs”) and its batteries and the process for approvals and certification of EVs and EV batteries. The article provides a special focus on the material licenses and considerations required for setting up an EV/battery manufacturing unit in India.

THE RECAP A ROUND-UP OF MEDIA, ENTERTAINMENT & GAMING INDUSTRIES’ LEGAL UPDATES

Presenting Volume IV of INDUSLAW’s The Recap, a bi-monthly round-up of the latest developments in Media & Entertainment and Gaming laws from India, authored by INDUSLAW’s Mumbai TMT Team led by Partner Ranjana Adhikari. This edition covers legal updates from the months of January & February 2022 and discusses, inter alia, Karnataka High Court’s landmark judgement on real-money skill gaming, why an FIR was filed against Google’s CEO, what are the new advertising guidelines for cryptocurrency and NFTs, and a special Budget Capsule on notable developments from the ongoing Budget Session of Parliament.

Tightening The Rein on Privileges of Quasi Judicial Authorities Pertaining to Disclosure of Documents

  • Practise Area : Litigation & Dispute Resolution
  • Authors : Shreya Suri
  • Published on : 07/03/2022

The Supreme Court of India on February 18, 2022 upheld the principles of natural justice, by holding that all information, which is relevant for any proceedings against an accused, must be disclosed prior to the adjudication, in order to enable the accused to defend such allegations. INDUSLAW's Shreya Suri, Vaishnavi Rao and Swati Mittal provide their insights on the judgment.

SUPREME COURT CLARIFIES CCI’S JURISDICTION OVER RES EXTRA COMMERCIUM MARKETS

The Supreme Court clarified that the provisions of the Competition Act, 2002 are wide enough to enable the Competition Commission of India to conduct an inquiry into activities, such as, lottery related services, even if such activities are 'res extra commercium'. INDUSLAW's Avimukt Dar, Unnati Agrawal, Parth Sehan, and @Deepanshu Poddar analyse the apex court's observations and provide their insights on the order.

GST ON EQUITY HELD BY COMPANY: A CASE OF DEPARTMENTAL OVERREACH

Recently, Goods and Services Tax (“GST”) authorities have been conducting audits and issuing show cause notices to various companies to demand GST on the activities relating to holding of equity of another company. In transactions relating to holding of equity by a foreign company, demand is being raised by treating the transaction as an import of service, wherein the Indian company is being made liable to discharge GST thereon, on reverse charge basis. INDUSLAW's Shashi Mathews and Abhishek Boob analyse the legality of the demands raised in respect of these activities.

Related Party Transactions: Interplay between the Companies Act and the SEBI Listing Regulations

  • Practise Area : Corporate & Commercial, Government & Regulatory
  • Authors : Saurav Kumar, Neha Balodhi
  • Published on : 23/02/2022

The Indian regulatory regime has been constantly adapting itself to address the corporate governance issues that have arisen from misuse of related party transactions by Indian companies. The Government, from time to time, has attempted to increase transparency and accountability of companies to its stakeholders. INDUSLAW's Saurav Kumar, Neha Balodhi and Asma Arora discuss the framework governing related party transactions under the Companies Act, 2013 and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Green Hydrogen Policy

  • Practise Area : Energy, Infrastructure & Natural Resources
  • Authors : M. Arun Kumar
  • Published on : 23/02/2022

The Ministry of Power, Government of India, notified the green hydrogen and green ammonia policy through notification No. 23/02/2022-R&R dated February 17, 2022. The Policy aims at boosting the domestic production of green hydrogen to 5 million tonnes by the year 2030, reducing dependence on fossil fuels and import of crude oil, and making India an export hub for the clean fuel - green hydrogen and green ammonia. INDUSLAW's M. Arun Kumar, Shreya Jain, and Ahona Pal discuss the key points of the policy.

Supreme Court Allows Law Enforcing 75% Reservation In Haryana

  • Practise Area : Employment Law
  • Authors : Vaibhav Bhardwaj
  • Published on : 21/02/2022

On February 17, 2022, the Supreme Court overturned the interim stay order issued by the Punjab and Haryana High Court, thereby lifting the ban on the 75% reservation requirement in employment for local candidates in Haryana. Our Employment Law practice group colleagues Vaibhav Bhardwaj and Disha Chakrabortty discuss the key issues of the order.

SUPREME COURT AFFIRMS RAJASTHAN HIGH COURT's JUDGMENT THAT SECURED CREDITORS ARE AMENABLE TO RERA JURISDICTION

The Supreme Court of India has affirmed the recent judgment of Rajasthan High Court passed in December 2021 which held that a bank initiating recovery proceedings against promoters will be amenable to the jurisdiction of Real Estate Regulatory Authority (“RERA”). The Supreme Court has further clarified that actions against secured creditors before the RERA shall be applicable in cases where proceedings are initiated by homer buyers to protect their rights. INDUSLAW's Avikshit Moral and Preeti Dhar provide their insight on the judgement.

KARNATAKA HIGH COURT QUASHES ONLINE GAMING BAN AS UNCONSTITUTIONAL

In a significant judgment for the online skill gaming industry, the Karnataka High Court on February 14, 2022 in the matter of All India Gaming Federation v. State of Karnataka and Anr. quashed key substantive provisions of the Karnataka (Police) Amendment Act, 2021 as unconstitutional thereby lifting the blanket ban which had been imposed in October 2021 in the state on all real-money games, including online skill games. INDUSLAW's Ranjana Adhikari and Shashi Shekhar Misra provide a crisp and topic-wise note on the key highlights of the judgment. This shall soon be followed up with a more detailed analysis explaining this vital pronouncement.

ESG Reporting and its framework in India

  • Practise Area : Corporate & Commercial, Private Equity, Venture Capital and Fund Investment
  • Authors : Saurav Kumar, Rohit Ambast
  • Published on : 11/02/2022

The article discusses and analyses ESG reporting in general and focuses on the reporting framework in India. It also highlights some key issues that would be of interest to investors, public companies, and other market participants associated with ESG investing in India.

SECURED CREDITORS ARE AMENABLE TO RERA JURISDICTION

The Rajasthan High Court in a landmark judgment in the case of Union Bank of India, Jaipur vs. Rajasthan Real Estate Regulatory Authority & Ors. & 69 other connected writ petitions has held that a bank initiating recovery proceedings against the promoters will be amenable to the jurisdiction of Real Estate Regulatory Authority. INDUSLAW's Avikshit Moral and Preeti Dhar examine this judgement and its implications on financial institutions in India.

Fintech Newsletter | October 1, 2021 to December 31, 2021

The Indian fintech sector provides an optimistic outlook for the upcoming year of 2022. INDUSLAW’s Avimukt Dar, Suneeth Katarki, Namita Viswanath, Shreya Suri, Raghav Muthanna, Aditya Girish Chandra, and Abhijit Chakrabarti, discuss the key developments in the fintech space from October 01, 2021 to December 31, 2021 in our first Fintech Newsletter for the year.

WHO IS AN AVERAGE CONSUMER WITH IMPERFECT RECOLLECTION?

The Delhi High Court recently denied injunction to the brand owner of "Rooh Afza" in a suit for trade mark infringement brought against the defendant for its use of the mark "Dil Afza" and applied the test of confusion from the standpoint of an "average consumer with imperfect recollection". The test of an average consumer with imperfect recollection is not a new concept and has been expounded by courts over a long period of time. INDUSLAW's Bharadwaj Jaishankar and Kshitij Parashar have tried to breakdown this test for a better understanding for a brand owner.

Interim Stay on Law Enforcing 75% Reservation in Haryana

  • Practise Area : Employment Law
  • Authors : Vaibhav Bhardwaj
  • Published on : 05/02/2022

On February 2, 2022, the High Court of Punjab and Haryana ordered an interim stay on the applicability of the law that enforced a 75% reservation requirement in employment for candidates domiciled in the State of Haryana earning INR 30,000 or less. Our Employment Law practice group members Vaibhav Bhardwaj and Disha Chakrabortty provide an overview of the order.

Union Budget 2022-23 Highlights

  • Practise Area : Tax, Indirect Tax
  • Authors : Shashi Mathews
  • Published on : 02/02/2022

The finance bill presented by the Hon'ble Finance Ministry is a forward looking budget and true to its intention lays down the path for India's growth for the coming 25 years. The government through the Union Budget has kept its focus firmly on the growth drivers by identifying them as 'Growth Engines' to ensure development of each sector. The document highlights the legislative proposals and key updates relating to policy, direct tax and indirect tax introduced in the Union Budget 2022

Deadline for submission of annual report under Sexual Harassment (Prevention, Prohibition and Redressal) Act, 2013 in Gurugram

The Sexual Harassment (Prevention, Prohibition and Redressal) Act, 2013 mandates the Internal Complaints Committee to submit its annual report to the employer as well as the district officer although the law is silent on the timeframe for the report submission. The district officer of Gurugram however has now specifically notified 'April 30, 2022' as the last date for submission of the annual report every year. Our Employment Law practice group colleagues Sowmya Kumar, Vaibhav Bhardwaj and Juhi Mittal provide their views on this development.

Infolex Newsalert | Investcorp Penalty Order by CCI

The Competition Commission of India imposed a penalty of INR 20 lakh on Investcorp by invoking its look back power over incorrect computation of filing threshold in investment management business acquisition. INDUSLAW's Avimukt Dar, Unnati Agrawal, Parth Sehan and Deepanshu Poddar analyse the regulator’s observations and provide their insights on the order.

Haryana Government Notifies Law Enforcing 75% Reservation

  • Practise Area : Employment Law
  • Authors : Vaibhav Bhardwaj
  • Published on : 28/01/2022

The Haryana Government enforced a law on January 15, 2022 requiring private sector employers to reserve 75% of jobs that offer a monthly salary of less than INR 30,000 for individuals who are domiciled in Haryana. Recently, on January 17, 2022, the Haryana Labour Department has exempt certain categories of employers from this requirement. Our Employment Law practice group colleagues Vaibhav Bhardwaj and Disha Chakrabortty discuss the exemptions.

IP Newsletter – January 2022

This edition of the IP newsletter discusses in detail the development in jurisprudence led by Courts in areas of patents, trade marks and copyrights. The newsletter also tracks interesting developments in these areas including whether the title of a book is capable of being a trade mark, or can an invention created by artificial intelligence be patented, among other such engaging topics.

SC Judgement regarding 'Deficiency In Service' under the CPA

  • Practise Area : Real Estate
  • Authors : Avikshit Moral
  • Published on : 18/01/2022

The Hon’ble Supreme Court of India (SC), in the case of Samruddhi Co-operative Housing Society Ltd. vs. Mumbai Mahalaxmi Construction Pvt. Ltd. has held that a real estate builder is under an obligation to provide the occupancy certificate to flat owners and failure to do so amounts to deficiency of service. INDUSLAW's Avikshit Moral and Mahek Chheda examine this judgement and its implications on homebuyers in India.

Supreme Court clarifies provisions of RERA, 2016 to protect homebuyers

  • Practise Area : Real Estate
  • Authors : Avikshit Moral
  • Published on : 18/01/2022

The Hon’ble Supreme Court of India in the case of M/s. Newtech Promoters and Developers Pvt. Ltd. Vs. State of UP & Ors. affirmed the provision of Section 43(5) of the Real Estate (Regulation and Development) Act, 2016 (“the Act”) in relation to the requirement of depositing an amount prior to filing an appeal and clarified with regards certain inconsistencies within various provisions of the Act. INDUSLAW's Avikshit Moral and Nikita Bhosle examine this judgement and its implications on homebuyers in India.

THE RECAP: A ROUND-UP OF MEDIA, ENTERTAINMENT & GAMING INDUSTRIES LEGAL UPDATES

This edition is an eclectic mix of updates from the months of November & December 2021 and range from courtroom updates for skill gaming operators to crucial verdicts on copyright & trademark laws along with a snapshot of what kept our lawmakers busy in the Winter Session of Parliament.

REGULATION OF DIRECT SELLING IN INDIA | KEY PROVISIONS OF THE CONSUMER PROTECTION (DIRECT SELLING) RULES, 2021

The Ministry of Consumer Affairs, Food and Public Distribution, through the Department of Consumer Affairs, has notified the Consumer Protection (Direct Selling) Rules, 2021 on December 28, 2021 with the aim to increase transparency and consumer access to information, including by the introduction of the enhanced disclosure requirements for the direct selling entities. INDUSLAW's Avimukt Dar, Harman Walia, Sanjana Mathur, Tanmaya Negi and Aman Gupta provide their insights on the key provisions of the rules.

SEBI makes Policy Changes in Relation to Capital Markets Transactions

The Securities Exchange Board of India has, in its meeting held on December 28, 2021, approved certain changes to the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, amended (SEBI ICDR Regulations) that largely affect public offerings, preferential issues by listed companies, and to some degree, rights offerings. INDUSLAW's Manshoor Nazki and Priyadarshini Rao analyse the changes introduced by SEBI and provide their insights on the press release.

ELECTRIC VEHICLES: DRIVING INDIA TOWARDS SUSTAINABILITY

The objective of this article is to furnish the current policy regime and legal framework around electric vehicles (“EVs”) in India. In light of the growing concerns of climate change, there is a need to ensure adoption of other eco-friendly alternatives for energy. The article focuses on the steps being taken by the Indian Government and other industry stakeholders to shift to EVs from the traditional fossil fuel run automobiles.

IN A CONTROVERSIAL FIRST, CCI SUSPENDS ITS APPROVAL OF AMAZON'S INVESTMENT IN FUTURE COUPONS

  • Practise Area : Competition Law
  • Authors : Unnati Agrawal
  • Published on : 27/12/2021

The Competition Commission of India (CCI) has imposed a penalty of INR 202 crores on Amazon for misrepresentation of material facts and non-notification of interconnected steps in the notice for its investment in Future Coupons. Further, for the first time, the CCI has suspended its approval of Amazon's investment and directed that Amazon files a new notice in a long form. INDUSLAW's Unnati Agrawal, Parth Sehan and Deepanshu Poddar analyse the regulator’s observations and provide their insights on the order.

EMPLOYMENT CORNER BULLETIN – OCT - NOV 2021

Does the Internal Complaints Committee have jurisdiction to investigate a sexual harassment complaint against an employee who qualifies as an 'employer' under the law? Are employers exploring innovative ESOP schemes in the recruitment strategy to get the best talent? Is India Inc moving towards offering paid menstrual leaves to their employees? Our Employment Corner bulletin for October and November 2021 brings these answers in detail along with statutory updates, recent developments under Labour Codes and contemporary judicial trends.

HYBRID WORK MODEL: THE FUTURE OF THE WORKPLACE IN INDIA?

While the hybrid work model has proven to be beneficial in several ways, there remain quite a few challenges that need to be addressed for building a successful hybrid work model in India. Our colleagues Avik Biswas, Vaibhav Bhardwaj and Ivana Chatterjee write in the International Bar Association Employment and Industrial Relations Law Committee e-bulletin on the operational and technical difficulties faced by Indian employers and what they can do to seamlessly manage a hybrid workplace.

APPLICABILITY OF GST TO EMPLOYEE PAYMENTS

The Authority of Advance Ruling (AAR) has recently held that Goods and Services Tax (GST) will be applicable on certain employee payments/benefits. INDUSLAW's Shashi Mathews and Sowmya Kumar discuss the key highlights and potential implications of the ruling.

CCI Releases its findings of the market study on the Pharmaceutical Sector in India

The Competition Commission of India initiated a market study on the pharmaceutical sector in India in October, 2020. INDUSLAW's Avimukt Dar, Unnati Agrawal and Parth Sehan analyse the regulator's finding of the study published recently.

FINTECH NEWSLETTER: RECENT LEGAL DEVELOPMENTS AND MARKET UPDATES IN INDIA

The Indian fintech sector has continued to grow and attract investments. In line with the policy objective of consumer protection and to make digital payment systems more secure and convenient for consumers, the RBI has introduced some important changes to the extant guidelines. INDUSLAW's Avimukt Dar, Suneeth Katarki, Namita Viswanath, Shreya Suri, Nilima Pant, Shantanu Mukul, Abhijit Chakrabarti and Aditya G discuss the key developments in the fintech space from July 01, 2021 to September 30, 2021.

OVERVIEW OF THE HARYANA STATE EMPLOYMENT OF LOCAL CANDIDATES ACT, 2020

The Haryana Government on November 6, 2021 notified a law that requires private sector employers to reserve 75% of jobs that offer a monthly salary of less than INR 30,000 (approximately USD 400) for individuals who are domiciled in Haryana. Our colleagues Avik Biswas, Vaibhav Bhardwaj and Donavie Dcosta discuss the key technical aspects and public discourse around the law.

PRODUCTION LINKED INCENTIVE SCHEME: IMPROVING INDIA'S ECOSYSTEM FOR INVESTMENTS IN MANUFACTURING SECTOR

In 2014, the Government of India ("Government")had announced the 'Make in India' initiative ("Make in India") to facilitate investment, foster innovation, enhance skill development, protect intellectual property and provide an impetus to the manufacturing sector in the country.

KEY EMPLOYMENT LAW ISSUES IN A WHISTLEBLOWER INVESTIGATION: AN INDIAN PERSPECTIVE

With a series of high value white-collar offences being reported in the media in recent years, the integral role of whistleblower complaints cannot be over-emphasized. INDUSLAW's Avik Biswas, Sowmya Kumar, and Ivana Chatterjee discuss the steps to be taken upon receipt of a whistleblower complaint, along with helpful tips to consider during the life cycle of the investigation.

THE RECAP : A ROUND-UP OF MEDIA, ENTERTAINMENT & GAMING INDUSTRIES LEGAL UPDATES - Volume 2

INDUSLAW bring to you The Recap, a short yet extensive compilation of legal updates from India for the Media & Entertainment and Gaming industries so that while you do not miss out on developments that matter you are also free to devote your cognitive energies elsewhere! This volume covers updates from the months of September and October 2021.

RECENT SHIFTS IN INDIA'S ANTI-BRIBERY AND ANTI-CORRUPTION STRATEGY

Our colleagues Avik Biswas, Avimukt Dar, and Arunima Kumar discuss recent shifts in India's anti-bribery and anti-corruption strategy, including the amendments made to the Foreign Contribution (Regulation) Act, 2010 and new disclosure requirements that are imposed on listed entities.

DISCLOSURE OF AN INDIAN ISSUER’S POTENTIAL FCPA VIOLATIONS: IMPLICATIONS FOR OTHER INDIAN COMPANIES

In the latest Anti-Corruption Committee bulletin of the International Bar Association, our Anti-Bribery & Anti-Corruption (ABAC) colleagues Avik Biswas, Rithika Reddy and Arunima Kumar analyse how an Indian issuer’s disclosure of potential FCPA violations could have far reaching implications for other Indian companies.

Japan Newsletters (July 2021 - September 2021)

  • Practice Area : --
  • Authors : Induslaw
  • Published on : 27/10/2021

INDUSLAW is a multi-speciality Indian law firm with over 50 partners and over 300 lawyers across four offices in Bangalore, Delhi, Hyderabad and Mumbai. We advise foreign and domestic clients on matters of Indian law in relation to their transactions, dispute resolution, business strategies and operations.

EMPLOYMENT CORNER BULLETIN – AUGUST – SEPTEMBER 2021

Are employers increasingly exploring the 4 day working week model? Will uniform parental leave policies become a norm in the near future? Is our anti-sexual harassment jurisprudence taking some decisive turns? Our Employment Corner bulletin for August and September 2021 covers these topics along with statutory updates, recent developments under Labour Codes and contemporary judicial trends.

INTELLECTUAL PROPERTY UPDATES FROM INDIA

While the pandemic continues to heavily influence businesses, it hasn’t necessarily brought intellectual property ideation, protection, commercialization and enforcement to a halt. In fact, businesses have found, and continue to find, new ways in which they create and protect their various intellectual properties. This newsletter brings to you key and interesting developments across patents, trademarks and copyrights arenas.

Infolex Newsalert | CCI Penalises Beer Manufacturers for Cartelisation

The CCI has recently penalised a beer cartel based on data provided by some of the cartel members in their leniency applications. INDUSLAW's Avimukt Dar, Unnati Agrawal, Ankush Walia and Parth Sehan provide their insights on the order and take a look at the efficacy of the leniency regime in India.

Bombay HC issues guidelines to preserve anonymity in sexual harassment cases

The Bombay High Court recently laid down detailed guidelines to preserve anonymity in sexual harassment cases. INDUSLAW’s Vaibhav Bhardwaj, Sowmya Kumar and Disha Chakrabortty discuss these guidelines and provide their insight into how employers can adopt these guidelines as part of their POSH policies.

Infolex Newsalert | Simplified Shops and Establishment Registration

  • Practise Area : Employment Law
  • Authors : Vaibhav Bhardwaj
  • Published on : 05/10/2021

The Government of Delhi has recently released the draft Delhi Shops and Establishments (Amendment) Rules, 2021, which seeks to align the general practice followed for registration of establishments with the law. INDUSLAW's Vaibhav Bharadwaj and Disha Chakrabortty provide an overview of the key changes introduced in the draft rules.

COVID-19 VACCINATION DRIVES IN INDIA: STORY SO FAR

In the backdrop of recent state level notifications and orders from various High Courts, our colleagues Sowmya Kumar and Ivana Chatterjee take a look at the evolution of India’s COVID-19 vaccination drives and the legal implications it has for employers today.

REFUND ON ACCOUNT OF INVERTED DUTY STRUCTURE ALLOWED ONLY FOR INPUTS: VIEW BY THE INDIAN SUPREME COURT

  • Practise Area : Tax, Indirect Tax
  • Authors : Shashi Mathews
  • Published on : 20/09/2021

On September 13, 2021, the Hon'ble Supreme Court has delivered a landmark judgment on the issue of refund of credit of input services in inverted duty structures. INDUSLAW's Shashi Mathews and Rajitha Nair examine the issues brought up in this judgment and its impact on the industry.

THE RECAP : A ROUND-UP OF MEDIA, ENTERTAINMENT & GAMING INDUSTRIES LEGAL UPDATES

Presenting the inaugural edition of The Recap, a bi-monthly round-up of the latest developments in Media & Entertainment & Gaming laws from India, authored by INDUSLAW's Ranjana Adhikari, Shashi Shekhar Misra & Arjun Khanna. This edition covers some vital judicial pronouncements from different High Courts (including on the IT Rules 2021 and Tamil Nadu's gaming law amendments) and from the Supreme Court (including on fantasy sports and TRAI's NTO 2.0) along with key updates from some state governments and the central government.

ANTITRUST SCRUTINY OF DIGITAL MARKET M&A: FACEBOOK FIRST TO FACE THE HEAT?

Competition authorities around the globe are increasingly examining whether transactions in the digital markets have adversely impacted the competitive landscape. INDUSLAW's Avimukt Dar, Unnati Agrawal and Ankush Walia examined the challenges faced by the CCI in scrutinising digital market M&A with a special focus on US, UK and EU's recent investigations into various acquisitions by Facebook.

CHAMBERS AND PARTNERS EMPLOYMENT 2021 GLOBAL PRACTICE GUIDE

The Covid-19 pandemic has witnessed the Indian employment sector effectuate several measures aimed at alleviating the hardships of various stakeholders. Our colleagues Avik Biswas, Vaibhav Bharadwaj and Disha Chakrabortty discuss recent trends and developments in employment law and market practices.

MADRAS HIGH COURT GRANTS A WIN TO THE GAMING INDUSTRY

  • Practise Area : Technology, Media & Telecommunications
  • Authors : Ranjana Adhikari
  • Published on : 02/09/2021

The Madras High Court recently quashed those amendments to the Tamil Nadu Gaming Act, 1930 which had imposed a blanket ban in Tamil Nadu on all games played for stakes (including online games and skill games). INDUSLAW's Ranjana Adhikari and Shashi Shekhar Misra examine this key judgment and its implications for the gaming industry in India.

CCI PENALISES MARUTI SUZUKI FOR INDULGING IN RESALE PRICE MAINTENANCE

The Competition Commission of India has recently penalised Maruti Suzuki for imposing resale price maintenance restrictions on its dealers. INDUSLAW's Avimukt Dar, Unnati Agrawal, Ankush Walia and Parth Sehan take a look at the regulator’s willingness to go beyond the formal contract while investigating this anti competitive practice.

E-RUPI AND ITS BENEFITS FOR THE DIGITAL PAYMENTS ECOSYSTEM IN INDIA

The Government of India has recently launched 'e-RUPI', a new digital payment solution built on the UPI system. INDUSLAW's Namita Viswanath, Shreya Suri, Shobhika Upadhyay, Maygha Viswanat, and Shantanu Mukul provide an overview of the key features of the e-RUPI solution (a one-time use prepaid e-voucher) in the B2C category and its potential benefits for the digital payment ecosystem in India.

IT RULES 2021: BOMBAY HC GRANTS AN INTERIM STAY ON 'CODE OF ETHICS' FOR DIGITAL MEDIA

  • Practise Area : Technology, Media & Telecommunications
  • Authors : Ranjana Adhikari
  • Published on : 26/08/2021

The Bombay High Court has passed an interim order staying Rule 9(1) & 9(3) of the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021, which mandated adherence to a prescribed 'Code of Ethics' by publishers of online news & current affairs and publishers of online curated content. INDUSLAW's Ranjana Adhikari and Shashi Shekhar Misra take a closer look at the issues discussed in this significant interim order.

MANDATORY LINKING OF AADHAAR NUMBER WITH PROVIDENT FUND ACCOUNT

INDUSLAW's Avik Biswas, Rithika Reddy and Advika Madhok provide an important update on the mandatory linking of Aadhar with Provident Fund accounts, pursuant to the notification of Section 142 of the Code on Social Security, 2020. This is a significant development for employers and employees alike as there may be repercussions in the event the mandatory seeding is not completed by September 01, 2021.

EMPLOYMENT CORNER BULLETIN – JUNE - JULY 2021

Are penalty clauses becoming popular in offer letters nowadays? Are employers increasingly thinking of offering medical coverage for infertility treatment for their women employees? Our Employment Corner bulletin for June and July 2021 covers these topics in detail along with statutory updates, recent developments under Labour Codes and contemporary judicial trends.

TIPS TO CONDUCT AN EFFECTIVE REMOTE INVESTIGATION

As the world gets increasingly accustomed to ‘work from home’ arrangements for the immediate future, our colleagues Avik Biswas and Rithika Reddy list out some crucial tips for conducting an effective remote investigation, irrespective of whether the issues involve workplace harassment, conflict of interest, bribery allegations or a whistle-blower complaint.

Fintech Newsletter – April 01, 2021 to June 30, 2021

The Indian fintech space remains one of the fastest growing sectors, with companies evolving new business models to digitise more aspects of banking and financial services and expand their offerings into overseas markets. INDUSLAW discusses key developments in this space from April 01, 2021 to June 30, 2021.

CONSTITUTIONALITY OF TAXING INTERMEDIARY SERVICES UNDER GST: SPLIT VIEW BY THE BOMBAY HIGH COURT

  • Practise Area : Tax, Indirect Tax
  • Authors : Shashi Mathews
  • Published on : 19/07/2021

Tax on intermediary services has been a heavily litigated issue under the earlier service tax regime and the said trend continues under Goods and Services Tax ("GST") as well, causing a direct impact in several ways on business entities engaged in rendering services to overseas recipients.

PECUNIARY JURISDICTION UNDER THE CONSUMER PROTECTION ACT, 2019 - A CONCEPT EVOLVING BACKWARDS?

  • Practise Area : Litigation & Dispute Resolution
  • Published on : 15/07/2021

Consumers continue to run from pillar to post when it comes to determining the appropriate forum for consumer disputes. INDUSLAW’s Mohit Chadha, Vaishnavi Rao and Swati Mittal examine the evolution of the law regarding pecuniary jurisdiction of various consumer dispute redressal forums.

THIRD PARTY FUNDING – IS INDIA READY?

  • Practise Area : Litigation & Dispute Resolution
  • Authors : Mayank Mishra
  • Published on : 15/07/2021

Third-party funding is a way of reducing the astronomical costs of litigation, but its validity in India has been unclear for a long time. INDUSLAW's Mayank Mishra, Mohit Chadha, Vaishnavi Rao and Swati Mittal examine how other jurisdictions have legislated on this, and whether India is ready for it.

COMPETITION COMMISSION OF INDIA AND GOOGLE: REGULATORY OVERREACH?

India’s competition regulator continues to put Google under its scanner and has now directed an investigation into allegations of abuse of dominance by Google in the smart TV market. INDUSLAW’s Avimukt Dar, Unnati Agrawal and Ankush Walia examine the Competition Commission of India’s order and the tech giant’s defence.

NUANCES UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016

The Insolvency and Bankruptcy Code, 2016 (“Code”) seeks to consolidate the existing legal framework for debt recovery in India. The Code is an all-encompassing law and provides rules and regulations with respect to re-organization and insolvency resolution of not only companies, but partnership firms and individuals as well. Although the Code is a relatively new legislation, it has undergone several amendments within a short period of time in order to resolve any ambiguities that may impact the smooth and efficient functioning of the insolvency and bankruptcy resolution process. INDUSLAW’s Dhruti Pravin Chheda, Shivani Kapur Jeet, Nasrin Shaikh and Vidit Mehra discuss the nuances under the Code.

Diversity & Inclusion in Workplace

A possible blueprint for Diversity and Inclusion (D&I) in corporate India? Our Employment Law practice group Partner, Sowmya Kumar and Senior Associate, Ivana Chatterjee provide their succinct analysis on why we need D&I at the workplace in the first place, how employers can develop a D&I strategy and what more can be done through corporate D&I initiatives.

A new era for LGBTQIA+ Rights in Indian Employment Law?

As the world celebrates June as the Pride Month, our Employment Law practice group members Rithika Reddy and Vaibhav Bhardwaj evaluate whether there is a new era for LGBTQIA+ rights in Indian employment law.

INDUSLAW Employment Corner Bulletin - March-May 2021

The Employment Law Practice Group, in its Employment Corner Bulletin, discusses the key statutory and jurisprudential updates and developments that took place in Indian Employment Law between March 1, 2021 and May 31, 2021. The Bulletin also covers topical issues that are trending in the Employment Law and HR ecosystems in India.

IP Newsletter - May 2021

As our country witnesses the second wave of the coronavirus pandemic and its impact, we continue to witness some interesting case updates that took place in the field of Intellectual Property. This newsletter brings to you the key intellectual property related updates in India for the first quarter of 2021.

InfoAlert - Termination of PPA under the IBC, 2016

  • Practise Area : Energy, Infrastructure & Natural Resources
  • Published on : 23/04/2021

The Hon’ble Supreme Court of India (“Supreme Court”), on March 8, 2021, in the matter of Gujarat Urja Vikas Nigam Limited Vs. Mr. Amit Gupta & Ors (“GUVNL Case”), stayed termination of a Power Purchase Agreement (“PPA”) executed between a corporate debtor i.e., Astonfield Solar (Gujarat) Private Limited (“ASGPL”) and Gujarat Urja Vikas Nigam Limited (“GUVNL”), for which Corporate Insolvency Resolution Process (“CIRP”) had been initiated. The instant appeal before the Supreme Court as a result of the judgment dated October 15, 2019, passed by the National Company Law Appellate Tribunal (“NCLAT”) whereby the judgment dated August 29, 2019, passed by the National Company Law Tribunal (“NCLT”) was upheld. The NCLT’s judgment was passed pursuant to an application under Section 60(5) by Resolution Professional (“RP”) of the Insolvency Bankruptcy Code, 2016 (“IBC/Code”). In its landmark ruling, the Supreme Court held that the NCLT has jurisdiction to adjudicate disputes, which arise solely from or which relate to the insolvency of the corporate debtor.

Fintech Newsletter | January 01, 2021 to March 31, 2021

The Fintech sector in India has continued to grow despite the Covid-19 pandemic challenges and is now one of the largest fintech markets worldwide. INDUSLAW discusses key developments in the Indian fintech space from January 01, 2021, to March 31, 2021.

Infolex Article: Clarification on the Guidelines on Regulation of Payment Aggregators and Payment Gateways

The RBI has made public certain clarifications with respect to the Guidelines on Regulation of Payment Aggregators and Payment Gateways. INDUSLAW’s Avimukt Dar, Namita Viswanath, Shreya Suri, Anantha Desikan S and Shantanu Mukul discuss.

Computer Software Tax Controversy Settled – What next?

  • Practise Area : Tax
  • Published on : 10/04/2021

Mr. Kumar discusses the grave question of entitlement for refunds which is a necessary fallout of the SC ruling that directly enriches the payees who were subjected to TDS. This article discusses the various methods that need to be adopted by the aggrieved deductees placed in different categories of administrative hierarchy of the income-tax regime. He also discusses the provisions that empower income-tax authorities to entertain refund claims which deductees are entitled to make and analyses the interpretational aspects already addressed by the Courts.

HISTORICAL AND CONTEMPORARY REGULATORY LANDSCAPE OF HEMP AND HEMP PRODUCTS

  • Practise Area : Corporate & Commercial, Government & Regulatory, International Practice Group
  • Authors : Kartik Ganapathy, Rashi Saraf
  • Published on : 06/04/2021

The usage of cannabis, hemp or marijuana precedes official records, and it is one of the oldest crops thought to have been cultivated. A complex plant with over 400 chemical entities, it remains poorly understood to this day due to the restrictions, legal and otherwise, imposed on it, making a rational, scientific appraisal and acceptance of it by the general public, difficult. Hemp and hemp products have been a central theme in the international drug control regime and have been controversial, to say the least. A hemp plant, however, can be much more than just a gateway drug, as is commonly misunderstood, and can have various uses including in manufacturing of vegetable oils, plant-based protein, paper, canvas, rope, lace, linen, building materials, amongst others. INDUSLAW’s Kartik Ganapathy, Rashi Saraf, Spandan Saxena and Nabarun Chandra Ray discuss the historical and contemporary regulatory landscape of hemp and hemp products.

Infolex Article | SPAC - More than Just a Blank-Check Company

SPACs have been the buzzword in financial markets in the US and India. With more investors training their binoculars towards the subcontinent, INDUSLAW's Suneeth Katarki, Rashi Saraf, and Stuti Agarwal examine SPACs as an acquisition route from an Indian regulatory and feasibility standpoint.

GOVERNMENT OF HARYANA ENACTS A NEW LAW FOR LOCALS

  • Practise Area : Government & Regulatory, Employment Law
  • Authors : Avik Biswas
  • Published on : 16/03/2021

On March 02, 2021, the Governor of Haryana provided his assent to the Haryana State Employment of Local Candidates Act, 2020. While the statute has not been notified yet, its objective is to have employers comprise 75% of their workforce as local candidates from Haryana. INDUSLAW’s Avik Biswas, and Poonam Das summarize the new law.

InfoAlert | Taxation of ESOPs

  • Practise Area : Tax
  • Published on : 09/03/2021

In a recent judgment, the Hon’ble Mumbai Income Tax Appellate Tribunal has considered the issue of taxability of employee stock options/ ESOPs in India for a non-resident taxpayer. INDUSLAW’s Ritesh Kumar S and Urvi Asher examine the ruling and its implications on the manner in which ESOPs are taxed in the hands of foreign employees in India.

HIGHLIGHTS OF THE MAHARASHTRA STAMP (AMENDMENT AND VALIDATION) ORDINANCE, 2021

The Revenue and Forests Department has amended the Maharashtra Stamp Act, 1958 on February 9, 2021, vide Maharashtra Ordinance No. I of 2021[1], by promulgating the Maharashtra Stamp (Amendment and Validation) Ordinance, 2021 (the “Ordinance”) which shall come into force at once. INDUSLAW's Petrushka Dasgupta and Vidit Mehra discuss the key aspects of the Ordinance.

InfoLex | Rules for Intermediary and Digital Media Ethics Code

In response to the mass dissemination of fake news and offensive/ unregulated content online, the Indian Government has issued a Digital Media Ethics Code for intermediaries, social media companies and OTT Platforms. INDUSLAW’s Avimukt Dar, Suneeth Katarki, Namita Viswanath, Shreya Suri, Priyanka Ashok and Annupriya Agarwal take a deep-dive into the implications of these new rules and what they mean not only for such intermediaries, but also for users of these platforms.

Infolex Article Section 65B of the Evidence Act and Arjun Panditrao Case

The law on the mandatory requirement of filing a certificate under Section 65B (4) of the Evidence Act has remained uncertain. The Supreme Court, by way of its recent judgment in Arjun Panditrao Khotkar v. Kailash Kushanrao Gorantyal & Ors., sought to put to rest the raging debate on the mode of proof of electronic records under Section 65B of the Indian Evidence Act, 1872. INDUSLAW’s Shabbeer Ahmed, Abhinay V, and Sahana Devanathan discuss.

InfoLex | Year in Review - Competition Law

  • Practise Area : Competition Law
  • Authors : Avimukt Dar
  • Published on : 09/02/2021

In India, the competition law regulator showed nimbleness in its working and in its application of the law in a year which provoked unprecedented economic repercussions. INDUSLAW’s Avimukt Dar, Unnati Agrawal, Ankush Walia and Parumita Pal present a nuanced overview of the key developments in the competition law sphere in India in the year 2020.

INDUSLAW Budget Alert

  • Practise Area : Tax
  • Published on : 04/02/2021

INDUSLAW is a top-tier Indian law firm providing legal services to a wide range of international and domestic clients across a variety of sectors. With 47 partners and over 250 team members spread across Bengaluru, Delhi, Hyderabad, and Mumbai, we have been fortunate to partner with and contribute significantly to many established businesses and new economy companies.

INDUSLAW FAQs Covid-19 Vaccination in India

As India has started rolling out its vaccination program, INDUSLAW’s Employment Law practice group has received several queries from employers on the subject. Questions have ranged from whether employers can arrange for vaccinations themselves to implications when an employee refuses a vaccination. Avik Biswas, Sowmya Kumar and Ivana Chatterjee discuss the most popular questions on employers’ minds in India.

InfoLex NewsAlert | Amendment to FEMA (Export of Goods) Rgulations

On January 08, 2021, the RBI amended the Foreign Exchange Management (Export of Goods and Services) Regulations, 2015 with the aim to introduce certain exemptions related to the aviation sector. INDUSLAW's Vidit Mehra and Shivani Kapur Jeet discuss how these amendments will provide clarity and facilitate the export of leased aircraft and aircraft parts.

Fintech Newsletter | Oct 16, 2020 to Dec 31, 2020

The Indian fintech market has continued to grow and evolve, with the Covid-19 pandemic accelerating digitization amongst consumers, micro, small and medium enterprises (“MSMEs”), banks, and other financial institutions, including in rural and remote parts of India. First-time user cohorts who were constrained to transact digitally during government-imposed lockdowns early last year, have taken to using digital payment options in a big way, post the lockdown relaxations. Certain consumer behavioral changes with the recent pandemic, such as growth in the e-commerce sector, teleconsultations, online streaming, and distance learning, are likely to continue fuelling the expansion

China Newsletters (October 2020 - December 2020)

INDUSLAW brings you key regulatory and legal developments in various sectors in India on a quarterly basis. INDUSLAW is a multi-specialty Indian law firm with 49 partners and over 180 lawyers across four offices in Bangalore, Delhi, Hyderabad, and Mumbai. We advise foreign and domestic clients on matters of Indian law in relation to their transactions, dispute resolution, business strategies, and operations.

Japan Newsletters (October 2020 - December 2020)

  • Practise Area : Technology, Media & Telecommunications
  • Published on : 29/01/2021

INDUSLAW brings you key regulatory and legal developments in various sectors in India on a quarterly basis. INDUSLAW is a multi-specialty Indian law firm with 49 partners and over 180 lawyers across four offices in Bangalore, Delhi, Hyderabad, and Mumbai. We advise foreign and domestic clients on matters of Indian law in relation to their transactions, dispute resolution, business strategies, and operations.

IP Newsletter – January 2021

As the world continues to struggle to adjust to the new normal, the field of Intellectual Property has seen major developments. In these times, the courts wading through the increasing Intellectual Property Rights disputes have continued to impart justice via virtual hearings and have passed noteworthy and landmark decisions. This newsletter brings to you the key intellectual property related updates in India for the last quarter of 2020.

Infolex Article | Brexit: Impact on the Overall Foreign Investment Landscape in the UK

  • Practise Area : Corporate & Commercial, Government & Regulatory
  • Authors : Avimukt Dar
  • Published on : 27/01/2021

In the backdrop of Britain’s departure from the European Union effective January 2021, INDUSLAW’s Avimukt Dar and Shantanu Mukul discuss the major issues arising out of Brexit and the future trade relationship between the EU and the UK, which may impact the overall foreign investment landscape in the UK

InfoLex NewsAlert: Impact of the Electricity (Rights of Consumers) Rules, 2020 on the Rooftop Solar Energy Industry

  • Practise Area : Energy, Infrastructure & Natural Resources
  • Published on : 25/01/2021

The Central Government in the exercise of its powers conferred under Section 176 of the Electricity Act, 2003 has issued the Electricity (Rights of Consumers) Rules, 2020 (“Rights of Consumers Rules”) through a notification dated December 31, 2020. The Rights of Consumers Rules have been issued with an aim to ensure quality delivery of consumer services by laying down the rights of the electricity consumers to minimum standards of quality for the very first time. Under the Rights of Consumers Rules, various provisions have been introduced in relation to metering, billing, and payment, disconnection and reconnection and standards of performance for distribution licensees, etc.

InfoLex Alert: Overview of RESCO Model in India

  • Practise Area : Projects & Project Finance
  • Published on : 24/01/2021

India has set a target of achieving 100 GW power capacity through grid-connected solar energy, out of which 40 GW is targeted to come through rooftop solar installations by 2022. Due to several factors, including frequent power cuts, increasing prices of conventional power, high irradiation, and the falling costs of solar power, demand has been rising in the rooftop solar market. The RESCO model is one of the methods of implementing rooftop solar installations.

Infolex NewsAlert - CCI Studying Private Equity Ownership in Natural Competitors: Impact on PE and VC Sector

  • Practise Area : Competition Law
  • Authors : Avimukt Dar
  • Published on : 13/01/2021

The equity investor landscape has changed significantly in India over the last few decades. Even with the COVID-19 pandemic, investors such as the Blackstone Group, APG Asset Management and CapitalLand Group are scouting for commercial assets in India. In fact Private Equity (“PE”) investments in India hit a record high of $28.66 billion till September 2020 despite the COVID-19 pandemic. Understandably this has drawn the attention of the Competition Commission of India (“CCI”). The Chairman of the market regulator recently hinted that a new market study is likely to be launched to understand the trends and patterns of common ownership by PE investors in multiple firms within the same industry in India (“Market Study”). INDUSLAW’s Avimukt Dar, Ankush Walia and Parumita Pal discuss the implications.

Infolex NewsAlert - Shops and Commercial Establishments in Karnataka Can Remain Open at All Times

The Government of Karnataka has permitted shops and commercial establishments in Karnataka employing 10 or more persons to remain open on a 24 x 7 basis on all days of the year for a period of 3 years, subject to certain conditions. INDUSLAW’s Avik Biswas, Ivana Chatterjee and Beenu Yadav discuss the nuances of this new development.

DISCLOSURE OF INFORMATION RELATED TO FORENSIC AUDITS OF LISTED ENTITIES

On October 8, 2020, the Securities and Exchange Board of India (“SEBI”) amended the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 thereby mandating listed entities to make certain disclosures in case of initiation of forensic audits. INDUSLAW's Avik Biswas, Abhiroop Lahiri, Rithika Reddy and Advika Madhok discuss the key aspects of the amendment along with its likely impact on listed entities.

InfoAlert- Disclosure of forensic audits by listed entities

On October 8, 2020, the Securities and Exchange Board of India brought in an amendment to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The amendment now requires listed entities to make certain disclosures in cases of initiation of forensic audits. INDUSLAW’s Abhiroop Lahiri, Avik Biswas, Rithika Reddy and Advika Madhok discuss the key aspects of the amendment.

Infolex Newsletter: Aviation Newsletter (March 2020 - December 2020)

Between March 2020 and December 2020, the legislative space in aviation saw several changes, such as amendments to FDI in aviation, the Aircraft (Amendment) Act, 2020, amendments to civil aviation requirements to record IDERA, the allowance of Wi-Fi onboard aircraft, etc.

Infolex NewsAlert- Guidelines on Advertisements on Online Gaming

  • Practise Area : Technology, Media & Telecommunications
  • Published on : 08/12/2020

The Advertising Standard Council of India (“ASCI”) has issued the guidelines for advertisers in relation to Online Gaming for Real Money Winnings (the “Gaming Guidelines”), effective from December 15, 2020. The Gaming Guidelines address two key concerns around advertising of online games relating to real money: (i) risks of financial loss; and (ii) the addictive nature of such games. The Gaming Guidelines were issued after consultation among the Ministry of Information and Broadcasting (the “MIB”), the Ministry of Consumer Affairs, Ministry of Electronics and Information Technology, and industry stakeholders such as ASCI,

Impact on Pending Inquiries and Disputes under the Code on Social Security, 2020

  • Practise Area : Government & Regulatory, Employment Law
  • Published on : 23/11/2020

With the 4 labour codes having received the assent from the President of India, the Ministry of Labour and Employment has successfully consolidated 29 central labour laws into 4 labour codes. In this article, we examine the possible impact of one of these labour codes, i.e., the Code on Social Security, 2020 and the draft Code on Social Security (Central) Rules, 2020, on some of the pending inquiries, involving private establishments, relating to social security contributions under the new regime.

Infolex NewsAlert – Liberalisation of Guidelines for Other Service Providers

  • Practise Area : Corporate & Commercial, Technology, Media & Telecommunications
  • Authors : Namita Viswanath, Shreya Suri
  • Published on : 20/11/2020

The New OSP Guidelines have been issued by the DoT with the objective of devising a framework to accommodate the constant innovations in technology and for setting up a platform for OSPs to operate in the most cost-efficient manner with simplified compliance. We have summarized below the key changes introduced by the New OSP Guidelines over the framework under the Old OSP Guidelines. INDUSLAW’s Namita Viswanath, Shreya Suri, and Anantha Desikan S discuss.

Infolex Newsalert - Highlights of the Changes in Bidder Eligibility Criteria for EPC Projects

  • Practise Area : Energy, Infrastructure & Natural Resources
  • Published on : 15/11/2020

The Ministry of Road Transport & Highways, through a letter dated 2 November 2020, has introduced changes to eligibility criteria for bidders in relation to road projects undertaken on Engineering, Procurement and Construction method (“EPC Projects”), to ensure larger participation of bidders in road projects. The changes hold significance as there are over 700 (seven hundred) developers for EPC Projects, of which only 21 (twenty-one) are capable of executing projects worth over INR 2,000 crore as per the previous qualification criteria. INDUSLAW’s Sabrina Afroze and Shekhar Yadav discuss the key changes in the bidder qualification criteria.

Infolex NewsAlert – Amendment to the Aircraft Act, 1934

The Aircraft (Amendment) Act, 20201 (the “Amendment”) was passed by the Lok Sabha on March 17, 2020, by the Rajya Sabha on September 15, 2020, and received presidential assent on September 19, 2020, thereby, according to it the status of enforceable law. The genesis of this Amendment lies in the audit conducted in the years 2012 and 2015 by the International Civil Aviation Organisation (“ICAO”) which indicated the need to give proper recognition to 3 (three) existing regulatory bodies which operate under the Ministry of Civil Aviation as statutory authorities under the Act, to enhance the quantum of penalties, to empower officers to levy greater fines for violations of the Aircraft Act, 1934 (“Act”) and to also include certain areas of air navigation services or rulemaking purpose under section 5 of the Act. INDUSLAW’s Devya Sharma, Shivani Kapur Jeet, and Vidit Mehra discuss.

Infolex NewsAlert – FDI Policy, 2020: Does It Really Consolidate The Extant FDI Regime?

On October 28, 2020, the DPIIT after a gap of 3 long years, unveiled the consolidated FDI Policy, 2020. While it seeks to consolidate the extant FDI regime and replaces the older policies, it does not overwrite the regime established by the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 (as amended from time to time). INDUSLAW’s Winnie Shekhar, Rahul Tiwari, and Jaidrath Zaveri point out the noteworthy deviations that the FDI Policy makes over the FEMA Non-Debt Instruments Rules.

Fintech Newsletter – August 01, 2020-October 15, 2020

Despite the recent economic slowdown in India with the extended lock-down, the fintech industry has continued to attract investments, with Covid-19 having fast-tracked adoption of digital solutions by consumers, banks, and insurance companies. The Indian fintech industry is also witnessing the increased application of artificial intelligence and big data for enhancing personalized offerings. In light of this, INDUSLAW discusses key developments in the Indian fintech space from August 1, 2020, to October 15, 2020.

Supply Chain Disruption Post COVID–19

  • Practise Area : Manufacturing
  • Published on : 24/10/2020

The current trend we have seen is that the logistics and transportation industry has been disrupted by internet tech giants and, more recently, the COVID-19 pandemic. As the world emerges from the shell shocks of COVID–19, China’s dominant role as the ‘world’s factory’ has surfaced as the weakest link in the global supply chains. Indeed, this pandemic has become the black swan event for bringing this vulnerability to the forefront. Globally, businesses need to strengthen their supply chains, or else they will carry the risk of being

Infolex Article | Three new Labour Codes in India

  • Practise Area : Employment Law
  • Authors : Avik Biswas
  • Published on : 22/10/2020

INDUSLAW is a multi-specialty Indian law firm with 42 partners and over 150 lawyers across four offices in Bangalore, Delhi, Hyderabad, and Mumbai. We advise foreign and domestic clients on matters of Indian law in relation to their transactions, dispute resolution..

One Time Restructuring Framework For Stressed Borrowers

  • Practise Area : Banking & Finance
  • Published on : 20/10/2020

While the world is still trying to figure out the “new normal”, India’s central bank continuously strives to mitigate the impact of Cvoid 19 on stressed borrowers. In this article, INDUSLAW’s Nishant Singh, Chhavi Jhanji, and Anindita Ganguly discuss the FAQs released by the #RBI in light of the #onetimerestructuring for #stressedborrowers

China Newsletters (July 2020 - September 2020)

  • Practice Area : --
  • Authors : Induslaw
  • Published on : 20/10/2020

INDUSLAW is a multi-specialty Indian law firm with 42 partners and over 150 lawyers across four offices in Bangalore, Delhi, Hyderabad, and Mumbai. We advise foreign and domestic clients on matters of Indian law in relation to their transactions, dispute resolution..

Japan Newsletters (July 2020 - September 2020)

  • Practice Area : --
  • Authors : Induslaw
  • Published on : 20/10/2020

INDUSLAW is a multi-specialty Indian law firm with 47partners and over 180 lawyers across four offices in Bangalore, Delhi, Hyderabad, and Mumbai. We advise foreign and domestic clients on matters of Indian law in relation to their transactions, dispute resolution, business strategies, and operations.

IP Newsletter – October 2020

In times of the coronavirus pandemic, while the world strives to restore a semblance of normalcy, the field of intellectual property continued to witness some interesting updates in the country. The courts swiftly normalized digital conferencing modes to adjudicate dispute matters and pass noteworthy decisions to enforce as well as rationally defend the intellectual property rights of different brands. This newsletter brings to you the key intellectual property related updates in India for the third quarter of the year.

Infolex Article: Social Media Promotions, A Boon or A Bane for Enhancing Brand Value

  • Practise Area : Intellectual Property, Technology, Media & Telecommunications
  • Authors : Pooja Nair
  • Published on : 18/09/2020

While the boons of social media promotions are manifold, they are not without their own set of pitfalls. Through this Article, INDUSLAW’s Aditi Verma Thakur and Pooja Nair make an attempt to highlight the two sides of the coin in the context of brand building and promotion, while trying to caution the readers regarding the perils of social media promotion.

Infolex Newsalert: Retrospective Application of Section 29 A (1): Delhi High Court settles the issue

With the new amendments brought in the Arbitration & Conciliation Act in 2019, the Delhi High Court decided the issue of applicability of the amended Section 29 A (1). INDUSLAW’s Sushmita Gandhi and Anamika Singh discuss the Delhi High Court judgment in ONGC Petro Additions Limited v. Ferns Construction Co. Inc. wherein it has been held that the amended Section 29 A (1) of the Arbitration Act is retrospective in its application.

Infolex NewsAlert | RBI Framework for Authorization of pan-India Umbrella Entity for Retail Payment

The Reserve Bank of India issued a Press Release on August 18, 2020, placing on its website a 'framework for authorization of pan-India umbrella entity for retail payments'. The Framework is a welcome move by the RBI towards setting up an alternative to the NPCI in response to the emerging issues of concentration risk in retail payment systems. INDUSLAW’s Avimukt Dar, Namita Viswanath, Shreya Suri, and Nilima Pant discuss the key aspects of the Framework.

Infolex Article | The Impartiality Conundrum: A Critique on independence of Resolution Professional to the Firm

While the Resolution Professional acclimatizes itself in the evolving insolvency regime in India, the issues pertaining to impartiality become relevant. INDUSLAW’s Sushmita Gandhi, Darpan Bhatia, and Prapti Kedia discuss the pros and cons of the present regime surrounding the issues relating to the impartiality of the Resolution Professional in light of the NCLAT judgment in State Bank of India v. M/s. Meter Limited and State Bank of India v. Ram Dev International Limited.

THE CONTROVERSY GETS MURKIER - CAN THE ACCUSED SEEK COMPOUNDING OF AN OFFENCE FOR CHEQUE DISHONOUR WITHOUT THE CONSENT OF THE COMPLAINANT?

  • Practise Area : Litigation & Dispute Resolution
  • Published on : 17/08/2020

The object of introducing sections 138 to 142 to the Negotiable Instruments Act, 1881 (the “NI Act”) was to ensure efficacy of banking operations and credibility of transacting in negotiable instruments. However, with the passage of time, the number of pending cheque dishonour cases increased exponentially. The Negotiable Instruments (Amendment and Miscellaneous) Act, 2002, among others introduced Section 147 to the NI Act, that made offences for dishonour of cheques compoundable. One of the reasons for this amendment was to ensure speedy disposal of these cases, that was causing a huge burden on the judicial system. INDUSLAW’s Lomesh Kiran Nidumuri and Karthik Dhanaraj discuss the ambiguity surrounding the accused’s right to seek compounding of an offence for cheque dishonour without the consent of the complainant.

InfoAlert on Proposed Power Market Regulations, 2020

  • Practise Area : Energy, Infrastructure & Natural Resources
  • Published on : 14/08/2020

The Central Electricity Regulatory Commission (“CERC”) in the exercise of its powers conferred under Section 66 read with Section 178 of the Electricity Act, 2003 ("Electricity Act") and under the National Electricity Policy, issued the draft CERC (Power Market) Regulations, 2020 (“Power Market Regulations”) through a notification dated 18 July 2020. The applicability of the proposed Power Market Regulations extends to Power Exchanges, Market Participants other than Power Exchanges, and Over the Counter (“OTC”) Market. These Power Market Regulations are also applicable to contracts transacted on the Power Exchange, contracts relating to renewable energy certificates, contracts relating to energy saving certificates, contracts in the OTC market, and any other contracts/products, as may be approved by the appropriate commission. INDUSLAW’s Kush Saggi and Aastha Bajaj discuss the key aspects of the regulations.

InfoAlert Article - Marketplace E-commerce : Impact on Platform Immunity under the New Consumer Protection Regime

Legislative protections and immunities granted to e-commerce marketplaces over the years have significantly contributed to the continued growth and development of digital platforms for communication, trade and commerce. However, over the years, the rapid development of the e-commerce industry has posed several challenges to the existing legal regime for online marketplaces. INDUSLAW’s Avimukt Dar, Namita Viswanath, Shreya Suri and Nilima Pant discuss the evolution of platform immunity regime in India

Fintech Newsletter – May 1, 2020 to July 31, 2020

The economic disruptions owing to the current pandemic, have impacted funding globally, with venture-backed investments in India falling drastically between March and June 2020, as compared to the same period last year.Although, given the increased adoption of digital financial services during this period of social distancing, the fintech space in India has been relatively more stable, compared to

InfoAlert : Highlights of the Companies (Amendment) Bill August-11-2020

The finance minister of India, Smt. Nirmala Sitharaman tabled the Companies (Amendment) Bill, 2020 (the “Bill”) before the Lok Sabha on March 17, 2020, to introduce certain modifications to the Companies Act, 2013 (the “Act”) with a view to promote ease of doing business and ease of living to corporates in India. The proposed amendments under the Bill are based on the recommendations submitted by the Company Law Committee (the “Committee”). The mandate of the Committee was relatively wide-ranging including envisaging various reforms to the Act such as reviewing offences introducing mechanisms to reduce burden on courts, ensuring effective disposal of cases, improving functioning of various authorities under the Act and suggesting other changes with the objective of promoting ease of doing business in India. The recommendations of the Committee were largely based on re-categorization of certain criminal compoundable offences into civil wrongs carrying civil liabilities, rationalization of penalties, mechanisms for reducing the overall pendency of disputes and certain other ancillary changes to address emerging issues impacting the working of corporates in the country. INDUSLAW’s Saurav Kumar, Swathi Sreenath and Neha Balodhi discuss the key aspects of the Bill.

SWEAT, STOCK AND SCHEMES: AN OVERVIEW OF ESOPs IN INDIA

Employee stock option plans are integral to the growth of an enterprise, since they incentivize and reward employees for long-term commitments towards a company, with an equity stake or a cash payout based on an equity stake. In this article, INDUSLAW’s Kartik Ganapathy and Anantha Krishnan Iyer aim to address general queries regarding employee stock options, with an overview and brief analysis of the Indian regulatory landscape governing them, as well as the different types of ESOPs prevalent in India.

InfoAlert - RBI Accelerates Start-ups into Priority Sector Lending

  • Practise Area : Private Equity, Venture Capital and Fund Investment
  • Authors : Avimukt Dar, Nikita Goyal
  • Published on : 10/08/2020

The RBI has decided to include start-ups for Priority Sector Lending (PSL). This is a strong initiative for ease of capital access and will impact the start-up ecosystem. INDUSLAW’s Avimukt Dar, Nikita Goyal, and Aadhya R Chauhan discuss.

InfoAlert– Government of Haryana amends the Factories Act, 1948

  • Practise Area : Government & Regulatory, Employment Law
  • Published on : 10/08/2020

The Government of Haryana has amended the Factories Act, 1948 in respect of its applicability to the State of Haryana vide gazette notification dated July 20, 2020. Since the State of Haryana has several manufacturing facilities, small to large, the amendments brought in by the State in the Factories Act, 1948 would inter alia minimize the possibility of litigation or an undesired inspection by the labour authorities. INDUSLAW’s @Manishi Pathak and @Poonam Das discuss the key highlights of the amendments in the Factories Act, 1948.

InfoLex Article - Product Liability Law in India: An Evolution

  • Practise Area : Corporate & Commercial, Government & Regulatory, Manufacturing
  • Authors : Anindya Ghosh
  • Published on : 07/08/2020

Product liability law provides the consumers with legal recourse for any injuries suffered from a defective product. It is estimated that millions of people around the globe are negatively affected by defective products and that the manufacturers or sellers end up paying large amounts for products-liability insurance as well as damages. A product is required to meet the ordinary expectations of a consumer, therefore, the responsibility lies with the manufacturers and the sellers to ensure the safety and quality of the product as per description. This, however, has not always been the case. INDUSLAW’s Anindya Ghosh and Nabarun Chandra Ray discuss the evolution of product liability law in India.

InfoAlert - Amendment to Non-debt Rules 2019

  • Practise Area : Corporate & Commercial, Government & Regulatory
  • Authors : Akhoury Winnie Shekhar
  • Published on : 05/08/2020

The Foreign Exchange Management (Non-debt Instruments) (Third Amendment) Rules, 2020[1] were introduced on July 27, 2020, which among other things, passes the baton from the government of India back to the RBI, for certain matters relating to FDI. INDUSLAW’s Winnie Shekhar and Abhishresth Goswami summarize and discuss the amendment.

Info-alert - The Industrial Disputes and Certain Other Laws (Karnataka Amendment) Ordinance, 2020

  • Practise Area : Government & Regulatory, Employment Law
  • Authors : Avik Biswas, Sowmya Kumar
  • Published on : 04/08/2020

The governor of Karnataka on July 31, 2020, promulgated the Industrial Disputes and Certain Other Laws (Karnataka Amendment) Ordinance, 2020 in order to facilitate and boost ease of doing business in Karnataka. INDUSLAW’s Avik Biswas, Sowmya Kumar, and Ankit Dutta summarize and discuss the key employer-friendly implications of the Ordinance.

InfoLex Article - New Education Policy 2020 - A Paradigm Shift

On July 29, 2020, the Union Cabinet approved the National Education Policy 2020 (“NEP”), which replaces the 34 years old National Policy of Education, 1986. The objective of the NEP is to transform the country into a flourishing knowledge society by the overhauling of the school and higher education systems. The proposal is to create a system that includes humanitarian and constitutional values, creativity and critical thinking, use of technology, and philanthropic private and community participation, while still recognizing education as a public service. INDUSLAW’s Winnie Shekhar, Jaidrath Zaveri, and Nabarun Chandra Ray summarize and discuss the NEP.

Key Facets of The Consumer Protection Act, 2019 & E-Commerce Rules

The Government of India recently issued notifications on July 15, 2020 and July 23, 2020 for enforcement of the Consumer Protection Act, 2019 (CPA 2019). The CPA 2019 was published in the official gazette of India on August 09, 2019 but did not immediately come into effect. The CPA 2019 amends and replaces the Consumer Protection Act, 1986 in its entirety. Further, for the purposes of preventing unfair trade practices in e-commerce, the Government has also notified the Consumer Protection (E-Commerce) Rules, 2020 (E-Commerce Rules). INDUSLAW’s Saurav Kumar, Harman Walia, Sourav Nath, and Swathi Sreenath discuss key features of the CPA 2019 and the E-Commerce Rules.

InfoAlert- Labour Laws Amendments - Initiatives by State Governments to Provide Impetus to Economic Activity)

  • Practise Area : Government & Regulatory, Employment Law
  • Published on : 28/07/2020

The central government as well as state governments have been, in the recent past, introducing several amendments to labor and employment statutes to ease the financial burden on employers. This has been done in view of industries and establishments gradually moving towards operations of businesses with the limited workforce or resources, amidst COVID-19, as an attempt to not only sustain the businesses but also to contribute to the economic growth of India. INDUSLAW’s Manishi Pathak, Poonam Das, and Shweta Velayudhan discuss.

Taming the Dragon: Cautious Moves by India in the Game of Chinese Checkers

  • Practise Area : Technology, Media & Telecommunications
  • Authors : Avimukt Dar
  • Published on : 27/07/2020

In the wake of growing tensions between India & China, India amended its FDI Policy to restrict investments from neighboring countries. Recently, it also released a press note banning 59 Chinese applications, with reports suggesting that the government is mulling a ban on other applications operating as ‘clones’ of these 59 applications. INDUSLAW’s Avimukt Dar, Tanu Banerjee, Ishan Johri, and Garima Kedia analyze these measures in light of India’s international treaty obligations and discuss the need for a well-defined policy to modulate India’s relations with China.

Infolex | IP Newsletter for July 2020

While the world continues to grapple with the coronavirus pandemic, some interesting case updates came about in the field of intellectual property, particularly trademarks and copyrights. INDUSLAW brings to you the key intellectual property related updates in India for the second quarter of the year.

Article - Amazon vs. Amway

  • Practise Area : Technology, Media & Telecommunications, Intellectual Property
  • Authors : Kshitij Parashar
  • Published on : 15/07/2020

In the second round of litigation between E-commerce platforms such as Amazon, Flipkart and Snapdeal (“E-commerce platforms”) and Direct Selling Entities (“DSEs”) such as Amway, Oriflame, and Modicare earlier this year, a Division Bench of the Delhi High Court overruled the decision of the Single Judge whereby the E-commerce platforms were restrained from enabling sale of products of DSEs without their consent. While allowing the appeal, it was also held by the Division Bench that Direct Selling Guidelines, 2016 (“DSGs”) are advisory in nature and the Single Judge had made a blunder in holding them to be binding law.

Newsletters | Japan (April - June 2020)

  • Practice Area : --
  • Authors : Induslaw
  • Published on : 12/07/2020

INDUSLAW is a multi-specialty Indian law firm with 47 partners and over 180 lawyers across four offices in Bangalore, Delhi, Hyderabad, and Mumbai. We advise foreign and domestic clients on matters of Indian law in relation to their transactions, dispute resolution, business strategies, and operations.

Newsletters | China (April - June 2020)

  • Practice Area : --
  • Authors : Induslaw
  • Published on : 12/07/2020

INDUSLAW is a multi-specialty Indian law firm with 47 partners and over 180 lawyers across four offices in Bangalore, Delhi, Hyderabad, and Mumbai. We advise foreign and domestic clients on matters of Indian law in relation to their transactions, dispute resolution, business strategies, and operations.

Infolex Article: Understanding Anti-Dilution Rights in Indian Investments

With a dip in company valuations due to the economic downturn in the COVID-19 pandemic, and with companies raising money at lower valuations, discussions and enforceability of anti-dilution protection clauses are likely to spring into action. INDUSLAW’s Revathy Muralidharan, Aakash Dasgupta, and Aditi Rani explain, with illustrative examples, how various anti-dilution protection mechanisms operate.

InfoAlert | Loans Sourced by Banks and NBFCs over Digital Lending Platforms: Adherence to Fair Practices Code and Outsourcing Guidelines

The Reserve Bank of India recently issued a notification to reiterate and ensure compliance of the Fair Practices Code and outsourcing guidelines for financial services, in letter and spirit, by banks and non–banking financial companies (NBFCs) providing loans through digital lending platforms. This notification comes in the backdrop of the emerging developments in the financial sector in India, with banks and NBFCs lending to customers such as retail individuals, small traders and other borrowers, both, directly through their own digital platforms as well as under outsourcing arrangements with third party digital lending platforms.

Infolex Alert : Supreme Court Order On Payment Of Wages During The Lockdown Period

  • Practise Area : Government & Regulatory, Employment Law
  • Published on : 26/06/2020

The Hon’ble Supreme Court, on Friday, June 12, 2020, pronounced its order in the matter concerning the petitions filed by private companies challenging the Ministry of Home Affairs order dated March 29, 2020 which required employers to pay full wages to the workers for the lockdown period.

Infolex Alert : Further Relaxations of Tax Compliance Timelines

In light of the pandemic, the Government had provided relief to taxpayers by extending statutory and regulatory compliance timelines under various direct tax statutes, by way of a tax ordinance. Now, through a notification dated 24 June 2020, to provide further relief to taxpayers, the Government has extended these timelines further. INDUSLAW

Infolex Article | Key Themes from Recent SEBI Orders on Insider Trading

  • Practise Area : Capital Markets & International Offerings, Corporate & Commercial
  • Authors : Manan Lahoty, Abhiroop Lahiri
  • Published on : 17/06/2020

Recently, in two related sets of orders, SEBI has opined on the dissemination of unpublished price sensitive information through digital and social media. The orders lend valuable perspective on some keenly-debated questions, including on content in research reports,

Infolex Article | Conduct of Parties determines the place of arbitration

  • Practise Area : Litigation & Dispute Resolution
  • Authors : Prerna Sharma
  • Published on : 12/06/2020

The Supreme Court of India in its recent judgments has attempted to clarify the position with regards to the place, venue, and seat of arbitration. However, the position still remains ambiguous and subject to the factual matrix and judicial interpretation. The Bombay High Court, Nagpur Bench in its recent judgment in Omprakash & Ors. v. Vijay Dwarkada Varma[1] W.P 4248/2019 has attempted to crystallize the conflicting position set out in various Supreme Court decisions and has given its own opinion on the subject. INDUSLAW’s Mohit Chadha, Vaishnavi Rao, and Prerna Sharma discuss.

Infolex Article | IBC Ordinance - In Service of the Economy

  • Practise Area : Insolvency & Restructuring
  • Published on : 12/06/2020

What started as a health crisis has transformed rapidly into a pitched battle between lives and livelihoods. The Organization for Economic Cooperation and Development apprehends that the global economy will suffer the biggest peace-time downturn in a century, with equally uncertain and unquantifiable views emerging from the World Bank, International Monetary Fund, and rating agencies.

Infolex News Alert - SEBI Hot-Wires FPOs - Relaxes Fast-Track Norms

  • Practise Area : Corporate & Commercial, Capital Markets & International Offerings
  • Authors : Priyadarshini Rao
  • Published on : 11/06/2020

Over the last few months, the Securities and Exchange Board of India (“SEBI”) has offered much-needed relaxations to the companies struggling with the disruption caused by COVID-19. With unlock 2.0 being implemented and markets beginning to gain momentum, the capital markets regulator continues to address the challenges faced by listed entities in fundraising. In continuation to its circular dated April 21, 2020 (the ‘Rights Issue Circular’), SEBI has, by a circular dated June 09, 2020 (“Circular”), granted certain temporary relaxations from certain eligibility conditions for a fast-track further public offer (“FPO”) under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, amended (“SEBI ICDR Regulations”). INDUSLAW’s Priyadarshini Rao and Radhika Pandey discuss.

Maharashtra Government Issues Guidelines for Restarting Media Industry

  • Practise Area : Technology, Media & Telecommunications
  • Published on : 04/06/2020

The sudden outbreak of the novel coronavirus led the Government of India to impose a nationwide lockdown in an attempt to control the spread of the pandemic. The lockdown which began on March 25, 2020, deeply impacted the media and entertainment industry, especially with the suspension of all production work. As the Central and State Governments ease the lockdown in a phased manner, the Government of Maharashtra has, on the request of various stakeholders, allowed shooting of content for films, television and ‘Over-the-Top’ platforms and through a government resolution dated May 30, 2020, issued the ‘Guiding Principles to restart Media Entertainment Industry in Maharashtra’. INDUSLAW’s Tanu Banerjee, Ishan Johri, and Annupriya Agarwal discuss the key highlights of the guidelines.

Supreme Court upholds court intervention in Arbitral Awards

A three-judge bench of the Supreme Court in its recent judgment in South East Asia Marine Engineering and Constructions Limited v. Oil India Limited upheld an order passed by the Gauhati High Court under Section 37 of the Arbitration and Conciliation Act, 1996 setting aside an arbitral award. The High Court reversed the decision under Section 34 of the Arbitration Act (whereby the challenge to the award was rejected) on the ground that the interpretation of the terms of the contract by the arbitral tribunal is erroneous and is against the public policy of India. The Judgment (upholding the High Court's decision) is an interesting development as it marks an important checkpoint on the principle that an error of interpretation of contract is considered to be an error within the arbitral tribunal's domain and thus not a ground to set aside an award. INDUSLAW's Mayank Mishra, Yugank Goel, and Aman Chaudhary discuss.

WIPO Introduces WIPO PROOF (May 29, 2020)

  • Practise Area : Intellectual Property
  • Authors : Pooja Nair
  • Published on : 29/05/2020

The World Intellectual Property Organization (WIPO), a specialized UN agency assisting almost 195 countries of the world in developing an international intellectual property legal framework, has launched WIPO PROOF, a new online service that provides tamper-proof evidence of the existence at a point in time of any intellectual asset contained in a digital file format. INDUSLAW’s Aditi Verma Thakur and Pooja Nair discuss key features of WIPO PROOF

KARNATAKA GOVERNMENT'S NOTIFICATION ON FACTORY WORKERS

The government of Karnataka through a notification dated May 22, 2020 has exempted all factories registered under The Factories Act, 1948 from complying with the provisions relating to weekly and daily hours. INDUSLAW's Avik Biswas, Sowmya Kumar and Beenu Yadav discuss.

Policy for Empanelment of Social Media Platforms

  • Practise Area : Technology, Media & Telecommunications
  • Published on : 26/05/2020

The Ministry of Information and Broadcasting notified the 'Policy Guidelines for Empanelment of Social Media Platforms with the Bureau of Outreach and Communication' on May 13, 2020. The policy sets out the terms of empanelment of social media platforms with the Bureau of Outreach and Communication (BOC) and the terms of the relationship between the BOC and its client Ministries/ Departments. INDUSLAW's Tanu Banerjee, Ishan Johri, and Annupriya Agarwal discuss key features of the policy.

Infolex News Alert - Policy Reforms in Aviation, Power & Coal Sectors under Aatmanirbhar Bharat Scheme

  • Practise Area : Energy, Infrastructure & Natural Resources
  • Published on : 26/05/2020

In a bid to stimulate and strengthen the Indian economy amidst the nationwide lockdown to contain the coronavirus (COVID - 19) pandemic, the Government of India ('Central Government') rolled out an economic package named the Atmanirbhar Bharat Abhiyan ('Atmanirbhar Bharat Abhiyan'). The Atmanirbhar Bharat Abhiyan was released in 5 (five) tranches and consists of targeted relief measures for various sectors The fourth tranche of the Atmanirbhar Bharat Abhiyan, which was released on May 16, 2020, primarily dealt with structural reforms relating to the following verticals within the energy and infrastructure sector: (a) coal; (b) power; (c) civil aviation; (d) minerals; (e) social infrastructure, and (f) nuclear energy. The intent behind these reforms is to increase efficiency in these verticals and attract private sector investments in these verticals. INDUSLAW's Kush Saggi and Ishan Javid discuss measures and reforms announced for the energy and infrastructure sector under the Atmanirbhar Bharat Abhiyan.

THE WAR OF LAWS OF INSOLVENCY AND ADMIRALTY

With the advent of consolidation and enactment of laws on insolvency and admiralty, the issue of conflict between the two laws has arisen where the ship owner becomes subject to IBC proceedings. INDUSLAW's Sushmita Gandhi, Prapti Kedia and Meryl Quadros discuss the principles that govern the issue of overlapping jurisdiction of IBC and Admiralty Act and deliberate on the judgment of Atlantic Shipping Pvt. Ltd. v. Barge Madhwa and Anr.

COVID-19 | TEMPORARY REDUCTION IN EPF CONTRIBUTIONS

  • Practise Area : Government & Regulatory, Employment Law
  • Authors : Avik Biswas, Sowmya Kumar
  • Published on : 22/05/2020

With a view to provide relief to employers and increase the take-home salary for employees, both employer and employee contribution rates have been reduced from 12% to 10% for the months of May, June, and July of 2020 INDUSLAW's Avik Biswas, Sowmya Kumarand Ankit Dutta summarize the amendment.

SPECIFIC OPERATING PROCEDURES ON EXIT STRATEGY FOR AIRPORTS, AIRLINES AND PASSENGERS FOR COMMENCEMENT OF DOMESTIC FLIGHT OPERATIONS

In light of the ongoing COVID-19 pandemic outbreak, the Ministry of Home Affairs ('MHA') on May 20th, 2020 has amended the guidelines on lockdown and allowed domestic air travel of the passengers. Accordingly, the Ministry of Civil Aviation ('MoCA') on May 21st, 2020 has come out with certain specific operating procedures ('SOPs') for airports, airlines, and passengers with respect to the commencement of domestic air travel from May 25th, 2020. These SOPs intend to streamline the operations while ensuring that all protective measures are in place to contain the spread of COVID-19. INDUSLAW's Petrushka Dasgupta, Vidit Mehra, and Dhruti Chheda discuss.

HIGHLIGHTS OF THE ADVISORY ON EXTENSION OF TIMELINES UNDER RERA

On May 13, 2020, the Ministry of Housing and Urban Affairs (the 'Ministry') issued an advisory to the state governments to invoke the Force Majeure clause under the provisions of the Real Estate (Regulation and Development) Act, 2016 ('RERA') and to extend the timelines for (i) completion of the real estate projects which has been delayed due to pandemic caused by Covid-19 and (ii) for various statutory compliances ('RERA Advisory') under the provisions of RERA. As per the RERA Advisory, the Ministry mulled and considered the effect of the ongoing pandemic situation which resulted in reverse migration of the workers to their native places and break in supply chain of the construction material causing an adverse impact on the construction activities of real estate projects across India. The RERA Advisory is issued in accordance with the discussions held on April 29, 2020 of the Central Advisory Council with all its stakeholders including representatives of homebuyers, developers, real estate agents, financial institutions, regulatory authorities and state governments. INDUSLAW's @Saurav Kumar , @Sourav Nath and @Neha Balodhi discuss the key aspects of the RERA Advisory.

Equity Fund Raising in COVID-19 Markets

  • Practise Area : Capital Markets & International Offerings, Corporate & Commercial
  • Authors : Induslaw
  • Published on : 20/05/2020

COVID-19 has created 'new normals' in every aspect of life, including in economies, markets, businesses, and the funds that power them. Riding an 11 year bull run, global markets have nosedived. On the flip-side, with stocks trading at over 52-week lows, valuations may seem attractive. With traditional routes and markets on lockdown, companies in India and overseas should look towards similar disruptions of their own. This article explores alternative fundraising structures that Indian listed companies may consider, in the wake of COVID-19.

THE DOJ'S FCPA CORPORATE COMPLIANCE GUIDANCE: IMPLICATIONS FOR INDIAN BUSINESSES

In April of 2019, the Department of Justice of the United States of America released a Guidance Document aimed at highlighting certain key factors for prosecutors to consider while conducting an investigation of a corporation, determining whether to bring charges, and negotiating pleas or other agreements. Avik Biswas, Avimukt Dar and Rithika Reddy discuss some crucial learnings from this document as it appears that a 'one-size-fits-all' approach doesn't work with respect to enforcing the Foreign Corrupt Practices Act.

InfoAlert - Relief measures to the power sector

  • Practise Area : Energy, Infrastructure & Natural Resources
  • Published on : 16/05/2020

The ongoing nation-wide lockdown due to COVID - 19 has led to approximately 25% decline in power demand due to very low power offtake from commercial and industrial consumers this has, in turn, led to financial stress on the distribution companies ("Discoms") and the backlog of tariff payments to power generating and transmission companies by the Discoms. The payment defaults by Discoms can potentially have a significant impact on banks/NBFCs since a lot of project finance facilities availed by the generating and transmission companies can become NPAs.However, the Government of India on May 14, 2020 has announced certain steps to ease the financial positions of the Discoms by announcing a one-time liquidity infusion of INR 90,000 crores (Rupees ninety thousand crores) under the Atmanirbhar Bharat Abhiyan ("Government Package") to enable the Discoms to make payments to the power generating and transmission companies. Another step taken by the Government to ease the issues faced by the infrastructure sector is the relief provided to contractors in the nature of a INR 20 lakh crores (Rupees twenty lakh crores) Government Package, which also includes a 6 (six) months extension to contractors, without additional costs, to perform their obligations under various projects. INDUSLAW's Sabrina Afroze and Srijita Jha discuss the key reliefs offered to the Discoms and contractors.

Infolex Newsalert : Limiting the limitation: The curious case of Limitation Act and IBC.

As the jurisprudence pertaining to insolvency and bankruptcy in India continues to develop over time, the applicability of the Limitation Act to the proceedings under the I&B Code gives birth to a fresh set of challenges. INDUSLAW's Sushmita Gandhi Darpan Bhatia and Prapti Kedia discuss the interplay between #IBC and #LimitationAct in light of the #NCLAT judgment in Ishrat Ali Vs. Cosmos Cooperative Bank Ltd. & Anr. and V. Padmakumar Vs. Stressed Assets Stabilisation Fund (SASF) & Anr. on the acknowledgment of debt in the books of accounts and initiation of a fresh period of limitation in terms of Section 18 of the Limitation Act

Article on Tortious Interference for Publication

  • Practise Area : Litigation & Dispute Resolution
  • Published on : 11/05/2020

Interference with a contract between two parties by a third party has been neglected by most jurisdictions, as courts, as well as the public at large, remain aloof regarding the tort of Tortious Interference in contractual matters. An important economic tort relating to the breach of contractual obligations between parties is that of Tortious Interference. When a third party intentionally or negligently jeopardizes the economic interest of either of the two parties having contractual relations by way of certain acts it is known as Tortious Interference (“Tortious Interference”).This article seeks to give an insight into the tort of Tortious Interference, its roots in common law systems, interpretation by American jurists, and the recognition given by Indian courts to the tort. INDUSLAW’s Mohit Chadha, Vaishnavi Rao, and Prerna Sharma analyze the position of the jurisprudence on this subject in India and suggest legislative reforms required to assist the courts in adjudicating upon interference claims as well as act to encourage parties to treat contractual obligations as sacrosanct.

SEBI Further Relaxes Rights Issue Norms

With lockdown 3.0 being implemented, the Securities and Exchange Board of India (SEBI) has through a circular dated May 06, 2020, granted temporary relaxations from certain procedural requirements related to rights issues and public issues under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. This is in addition to the earlier dispensations granted by the SEBI from certain crucial regulatory compliances applicable to public offerings and rights issues in India. INDUSLAW’s Abhiroop Lahiri, Priyadarshini Rao, and Radhika Pandey analyze the key allowances granted through the circular.

Infolex Article: The Show Must Go On: COVID-19 And After - A Media and Entertainment Sector Perspective

  • Practise Area : Technology, Media & Telecommunications
  • Published on : 09/05/2020

The COVID-19 pandemic, and the government restrictions in its wake, have had a major impact on the media and entertainment industry. INDUSLAW's Tanu Banerjee, Ishan Johri, and Garima Kedia discuss the impact of such measures on the media and entertainment sector, legal and contractual remedies available, and some key aspects to be considered by media houses in the post COVID-19 era

Fintech Newsletter – January 16, 2020 to April 30, 2020

Despite the economic slowdown due to the COVID-19 pandemic, the Indian fin-tech sector has done exceedingly well this past quarter, with uninterrupted innovation and investments in the space. Fin-tech enterprises bundling their services with banks shows the evolving focus on leveraging synergies. Social distancing has also led to a significant increase in the number of users transacting on digital payment applications and using online banking services, which is likely to change the overall behavioural pattern of users in the Indian economy.

Augmenting the fight against Covid-19: How Businesses are stepping up – Regulatory enablers and misses

  • Practise Area : Corporate & Commercial, Technology, Media & Telecommunications
  • Authors : Namita Viswanath, Shreya Suri
  • Published on : 04/05/2020

COVID-19 has brought the world to its knees. Countries are at different stages of transmission of the pandemic, trying their best to cope with their growing economic and social impact. Governments world-over are eager for the economy to resume its usual pace, but many of them have been constrained to instead order temporary closure of all non-essential businesses in a bid to contain and prevent the spread of COVID-19.

Infolex NewsAlert - Amendment to the Foreign Investment Rules - Harmonizing the Regulatory Landscape

On April 27, 2020, the Ministry of Finance notified the Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2020 (the 'Amendment') to amend the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 (the 'Rules'). The Amendment introduces changes with respect to (i) acquisition of shares by way of rights issue after renunciation by an existing shareholder; (ii) sourcing norms for Single Brand Retail Trading ("SBRT"); (iii) relaxations for foreign investment in the insurance sector; and (iv) clarifications with respect to foreign portfolio investors ('FPIs'). Considering the current political and economic landscape in our country, these changes were introduced with the intention of harmonizing and clarifying certain foreign investment norms. INDUSLAW's Revathy Muralidharan, Ravi Dubey, Shweta Adhikari, and Nabarun Chandra Ray discuss.

COVID-19 - What An Employer Needs To Do

  • Practise Area : Government & Regulatory
  • Published on : 30/04/2020

As the governments may look at easing restrictions to allow further businesses to reopen, employers need to be mindful of legal and practical considerations with respect to ensuring health and safety aspects at their workplace(s). INDUSLAW's Manishi Pathak and Poonam Das discuss.

Powers of courts under Section 37 of the Arbitration and Conciliation Act, 1996

  • Practise Area : Litigation & Dispute Resolution
  • Published on : 30/04/2020

As obvious as it is, one of the keys objects behind the enactment of the Arbitration and Conciliation Act, 1996 (the 'Act') was to minimize the supervisory role of courts in the arbitral process. For the said reason, the scope of powers of a 'Court' under Sections 34 of the Act while dealing with challenges to an arbitral award was kept limited. A party further aggrieved by an order passed by a 'Court' under Section 34 has the right to appeal under Section 37 of the Act. The Hon'ble Delhi High Court, in a recent judgment titled MMTC Ltd. v. Anglo American Metallurgical Coal Pty. Ltd. ('MMTC Case') decided on March 02, 2020, despite its restrictions, has taken a unique stand as to what may be deemed perverse in law for setting aside an arbitral award under Section 37 of the Act. In light of INDUSLAW's Mohit Chadha, Vaishnavi Rao and Swati Mittal discuss the impact of the MMTC Case.

Infolex Article: Section 206(5) of the Companies Act

  • Practise Area : Litigation & Dispute Resolution
  • Authors : Tejas Shetty
  • Published on : 27/04/2020

Section 206 of the Companies Act, 2013 (the 'Act') gives the Registrar of Companies (the 'ROC') the power to call for information, inspect books and conduct inquiries in respect of any company. On a closer examination, the seemingly innocuous provision reveals that the power vested with the Government authorities are very wide and far-reaching, without any adequate fetters being placed on the powers conferred to the ROC. INDUSLAW's Lomesh Kiran Nidumuri and Tejas Shetty discuss.

Tipping The Hourglass-SEBI stalls rapidly running out sands for fund-raising companies (April 25 2020)

On April 21, 2020, the Securities and Exchange Board of India (SEBI) offered temporary amnesty to companies from certain crucial regulations governing public offerings (initial and follow-on) and rights offerings in India, as an attempt to mitigate the impact of COVID-19 on fund raising.

Infolex Alert on Highlights of the Electricity (Amendment) Bill, 2020

  • Practise Area : Energy, Infrastructure & Natural Resources
  • Published on : 25/04/2020

The Electricity Act, 2003 (the "Electricity Act") was enacted to consolidate the electricity laws in India. While the Electricity Act facilitated significant private investments, market development, and adoption of transparent tariff mechanism etc., the power sector has been facing various developmental hurdles for some time. Consequently, to address various issues which have been highlighted by the industry and to further reform the power sector, the Ministry of Power ("MoP"), Government of India, released the draft Electricity (Amendment) Bill, 2020 (the "Amendment Bill") on April 17, 2020 to amend the Electricity Act. The MoP has requested the stakeholders to provide their comments and suggestions on the Amendment Bill within 21 (twenty one) days from the date of release of the Amendment Bill (i.e. by or before 8 May, 2020). INDUSLAW’s Avirup Nag and Kush Saggi discuss the highlights of the Amendment Bill.

Tightening The Noose: Companies (Auditor's Report) Order, 2020

The Ministry of Corporate Affairs (the 'MCA') has notified the Companies (Auditor's Report) Order, 2020 on February 25, 2020, superseding the Companies (Auditor's Report) Order, 2016. The Order aims to tighten the noose around auditors and directors with respect to reporting requirements and disclosure obligations. INDUSLAW's Revathy Muralidharan and Aditi Rani analyze the applicability of and highlight the key changes introduced under the Order.

Insolvency proceedings against personal guarantors- A missed opportunity?

  • Practise Area : Litigation & Dispute Resolution
  • Published on : 22/04/2020

After a lapse of almost 3 (three) years, Ministry of Corporate Affairs (the 'MCA') finally issued a notification dated November 15, 2019 (the 'Notification') that renders insolvency and bankruptcy proceedings against personal guarantors to be governed by the Insolvency and Bankruptcy Code, 2016 (the 'Code'). The said notification stipulated December 01, 2019 as the date for the provisions to come into force (the 'Commencement Date'). The Notification brought a wave of joy amongst the creditors as the expectation rested on greater accountability of the personal guarantors with maximization of value to the creditors. INDUSLAW's Mohit Chadha, Vaishnavi Rao and Swati Mittal discuss how in light of the judgment titled 'Vishnu Kumar v. Piramal Enterprises' ('Piramal Enterprise Case') passed by the Honorable National Company Law Appellate Tribunal ('NCLAT') and other procedural shortcomings, it might perhaps still be a distant dream to reach the pockets of personal guarantors in a manner akin to the intent of the legislature.

Brands and Branding: in the times of COVID-19

  • Practise Area : Intellectual Property
  • Published on : 22/04/2020

With the world facing trying times due to the coronavirus outbreak and several countries coming to a stand-still, it is being predicted that the economic impacts of COVID-19are going to be similar to that of the global financial crisis in 2008. It is apparent foremost brands to avoid a hit on their business due to the once-in-a-lifetime pandemic situation. Brands in the aviation, hospitality, travel, oil and gas, restaurants, and the retail sectors appear to have been impacted the most.

InfoAlert | Press Note 3 of 2020 (April 2020)

The world is witnessing unprecedented times in light of the COVID-19 outbreak, which has led to countries across the globe adopting legal, political and economic measures which are equally unprecedented. In one such move, the Indian Government has, on April 17, 2020, released Press Note No. 3 (2020 Series) ('Press Note 3') to amend the FDI Policy with a view of curbing opportunistic take-overs/acquisitions of Indian companies. Press Note 3 comes across as a protectionist measure to save Indian companies from giving into lower valuations, in desperation to survive the COVID-19 hit economy. It provides that all FDI from countries which share a land border with India shall be subject to prior approval from the Government. Press Note 3 is scheduled to come into effect from the date of its notification under the Foreign Exchange Management Act, 1999. INDUSLAW's Avimukt Dar, Winnie Shekhar, Harman Walia and Kumar Gaurav discuss the press note, its key implications and concerns arising from the same.

A Closer Look at Force Majeure, Frustration of Contract and Impossibility to Perform Contracts During the COVID-19 Pandemic

As the world is collectively entangled in fighting the Corona virus or COVID-19 pandemic, businesses globally are facing several financial and physical hardships due to the government lock downs. With there being no visibility regarding the duration of the lock down, everyone is left with uncertainty and anticipation over the ‘new normal’. This situation has led to several discussions around whether this pandemic will be treated as ‘Act of God’ or ‘Force Majeure’ event, to excuse a party of non-performance of contract. INDUSLAW’s Amit Jajoo, Sushmita Gandhi, Bhargav Kosuru and Darpan Bhatia examine the global overview on law on Force Majeure and doctrine of frustration of contract vis-à-vis role of the Governments, and discuss whether Force Majeure defence would apply to the present scenario, its essentials, and the role of Courts in applying the same in times of this pandemic.

FAQ ON MHA GUIDELINES FOR PRIVATE EMPLOYERS

As India has entered into the second phase of the lockdown in its fight against COVID-19, the Ministry of Home Affairs (MHA) has now permitted operations in some sectors and announced certain relaxations by its order dated April 15, 2020, as amended by order on April 16, 2020 (collectively 'Guidelines'), which are scheduled to come into effect from April 20, 2020. We have set out below the most common questions we have received on the Guidelines since the announcement.

'Objects, They Are A-Changin' - Rethinking Variation In IPO Objects Midst COVID-19

The issue of variation of objects mentioned in an IPO prospectus has become relevant today, when COVID-19 has locked down economies, sent markets into free-fall, and forced listed companies to rethink their business and planned expansion strategies, including in relation to the use of proceeds of their IPOs.. INDUSLAW’s Manshoor Nazki and Deepansh Goyal discuss

UNLEASH THE FIGHT AGAINST COVID-19: IS IT POSSIBLE TO BALANCE RIGHT TO PRIVACY AND PUBLIC INTEREST?

  • Practise Area : Technology, Media & Telecommunications
  • Published on : 15/04/2020

The words like 'national security' have a tendency for governments, courts, civil society and intelligentsia (meant to lead, navigate and gravitate the masses towards an apt-course) to wrinkle/shrink (if not shirk-away) their business-as-usual; and permit actions without undertaking necessary processes and debates.

KARNATAKA ORDER ON DISMISSALS AND REDUCTION OF SALARIES | COVID-19

On April 13, 2020, the Government of Karnataka's Labour Department & Department of Information and Public Relations issued an order which outlined specific directions regarding the continuation of the payment of wages and the non-termination of the services of employees during the COVID-19 pandemic.

A Safe Harbour for Borrowers During COVID-19 Pandemic - Discussion on RBI Moratorium vis-à-vis Asset Classification

While India remains under a lockdown and a state of siege prevails, the Reserve Bank of India ('RBI') has provided a set of directives granting a safe harbour of moratorium for a period of 3 months to borrowers, in an attempt to mitigate the adverse impact of the pandemic on the economy and with a view to revive growth and mitigate the burden of debt servicing. The applicability and interpretation of the circulars came up before the High Courts who have, after a prima facie consideration, protected the interests of the borrowers. In light of this, INDUSLAW's Amit Jajoo, Sushmita Gandhi, Bhargav Kosuru and Darpan Bhatia examine.

COVID-19 PANDEMIC - WHAT EMPLOYERS MAY EXPECT TO SUSTAIN AND GROW

  • Practise Area : Government & Regulatory, Employment Law
  • Published on : 14/04/2020

As the world continues to make efforts to recover from the impact of COVID-19, business in India are also preparing to commence operations, soon after relaxation from the lock down is provided or the same is removed and operations (for services / goods other than non-essential) could commence. The Government of India ('GoI'), Ministry of Finance has announced certain relief measures relating to statutory and regulatory matters under direct tax as well as indirect taxes, etc. Similarly, Ministry of Corporate Affairs ('MCA') has introduced certain relaxations including directions regarding discharge of obligation under Corporate Social Responsibility ('CSR'), as applicable. In light of the same, INDUSLAW's Manishi Pathak discusses the key considerations for an employer.

InfoAlert | Companies Fresh Start Scheme, 2020

In furtherance to the Ministry of Corporate Affair's (the 'MCA') general circular dated March 24, 2020 and the powers conferred on it under the Companies Act, 2013, the MCA, vide general circular no. 12/2020 dated March 30, 2020, introduced the Companies Fresh Start Scheme, 2020 (the 'Scheme'). The Scheme is intended to allow companies registered in India, to make a fresh start with respect to their pending compliances without being subject to any prosecution or proceedings or imposition of any penalty on account of delayed filings. INDUSLAW's Revathy Muralidharan and Aakash Dasgupta discuss the key highlights of the Scheme.

China Newsletters (January 2020 - March 2020)

  • Practise Area : Intellectual Property
  • Authors : Parul Prasad
  • Published on : 13/04/2020

INDUSLAW is a multi-speciality Indian law firm with 42 partners and over 150 lawyers across four offices in Bangalore, Delhi, Hyderabad and Mumbai. We advise foreign and domestic clients on matters of Indian law in relation to their transactions, dispute resolution, business strategies and operations.

Infolex News Alert - MCA issues relief measures to conduct EGM

In the wake of the COVID-19 pandemic and the consequent restrictions imposed on the movement of people, goods and services, companies are facing new hurdles in carrying on their business while ensuring compliance with the Companies Act, 2013 (the 'Act') and the rules prescribed thereunder. In light of this, the Ministry of Corporate Affairs (the 'MCA') has taken measures to ease the burden of companies in terms of corporate governance and secretarial processes required to be followed by them, particularly with respect to relaxing of certain procedural requirements for holding meetings of their members as well as that of their boards. INDUSLAW's Rashi Saraf and Nishihi Shah discuss.

Japan and China Newsletters (January 2020 - March 2020)

  • Practise Area : Intellectual Property
  • Authors : Parul Prasad
  • Published on : 10/04/2020

INDUSLAW is a multi-speciality Indian law firm with 42 partners and over 150 lawyers across four offices in Bangalore, Delhi, Hyderabad and Mumbai. We advise foreign and domestic clients on matters of Indian law in relation to their transactions, dispute resolution, business strategies and operations.

Infolex Newsletter - IP

While the entire world has been witnessing the coronavirus pandemic since the beginning of 2020, some interesting updates took place in the intellectual property arena in the first quarter. This newsletter brings to you the key intellectual property related updates in India for the first quarter of the year.

InfoAlert | SIDBI'S COVID-19 Assistance Scheme: A Rigid Framework In Illiquid Times

  • Practise Area : Private Equity, Venture Capital and Fund Investment
  • Authors : Avimukt Dar, Nikita Goyal
  • Published on : 09/04/2020

In a robust response to industry calls for urgent assistance to start-ups impacted by the COVID-19 pandemic, the Small Industries Development Bank of India has rolled out the COVID-19 Start-up Assistance Scheme. INDUSLAW's Avimukt Dar, Nikita Goyal and Aadhya R Chauhan discuss.

RBI REGULATORY PACKAGE FORCOVID-19| FREQUENTLY ASKED QUESTIONS

  • Practise Area : Banking & Finance, Corporate & Commercial, Insolvency & Restructuring
  • Authors : Banking and Finance Team
  • Published on : 08/04/2020

On March 27, 2020, to mitigate the impact of COVID-19 on the financial market, the RBI announced a regulatory package, through which it allowed a specific moratorium on the repayment of debt, the relaxation of certain norms for working capital facilities, and the infusion of liquidity into the financial market. INDUSLAW’s Banking and Finance Team answers some frequently asked questions about this regulatory package.

LIMITATION RE FOREIGN DECREES-INDIA COMES AT PAR

  • Practise Area : Litigation & Dispute Resolution
  • Authors : Padmaja Kaul
  • Published on : 06/04/2020

Under Indian Law, foreign decrees passed by the courts of reciprocating territories are to be enforced in terms of Section 44-A of the Code of Civil Procedure, 1908 (the 'Code'). Despite the existence of an express provision, there has been considerable uncertainty and in fact, contrary views have been taken by the High Courts in India regarding the period of limitation that ought to be applicable to matters pertaining to enforcement of a foreign decree. The Supreme Court of India, noticing this uncertainty and variance, has sought to finally clarify the position in the Bank of Baroda vs. Kotak Mahindra Bank Limited (the 'Bank of Baroda case'). INDUSLAW's Padmaja Kaul, Varun Khanna and Aman Chaudhary discuss.

CCI REVISES GUIDANCE NOTE FOR MERGER CONTROL NOTIFICATIONS

  • Practise Area : Competition Law
  • Published on : 02/04/2020

While the entire world is swarmed in critical updates pertaining to redressal during times of COVID-19; the Competition Commission of India ('CCI') has issued Revised Guidance Notes to Form I ('Revised Notes') to align the earlier guidance notes with the amended Form I and facilitate parties for filing the notice before the CCI. INDUSLAW's Rahul Goel and Ankush Walia discuss.

COVID-19-COMMUNICABLE DISEASES AND POSSIBLE CHANGES TO WORKPLACE NORMS

  • Practise Area : Government & Regulatory, Employment Law
  • Published on : 02/04/2020

While steps are being taken to address the COVID-19 situation, and hopefully, establishments and factories will return to business soon, it would be prudent that employers, while dealing with the crisis in hand, may want to prepare for the future operational aspects, considering the prevailing labour and employment laws and other applicable laws. INDUSLAW’s Manishii Pathak discusses.

FREQUENTLY ASKED QUESTIONS - FORCE MAJEURE

  • Practise Area : Corporate & Commercial
  • Authors : Corporate Law Team
  • Published on : 28/03/2020

With the adverse impact of the COVID-19 pandemic on businesses around the world, people are evaluating various options regarding the performance of contracts. One of these options is invoking the 'force majeure' clause. In this set of FAQs, INDUSLAW's Suneeth Katarki, Pallavi Kanakagiri and Mahima Selvakumar examine various aspects of the 'force majeure' clause in the context of the pandemic.

COMPETITION LAW COMPLIANCE DURING COVID-19

  • Practise Area : Competition Law
  • Published on : 28/03/2020

With the COVID-19 pandemic panic taking over the world, stakeholders across industries and professions around the world are looking to work together to develop a collective response that will have the maximum possible benefit. INDUSLAW's Rahul Goel and Anu Monga discuss the limitations and guidelines for businesses to bear in mind when communicating with competitors and industry stakeholders for this purpose.

COVID-19 OUTBREAK: SEBI FURTHER EASES LODR COMPLIANCE NORMS FOR LISTED ENTITIES

  • Practise Area : Capital Markets & International Offerings, Corporate & Commercial
  • Published on : 27/03/2020

As COVID-19 continues on its rampage, the Government of India and other authorities have been continuously initiating measures to contain the pandemic, including a nationwide lockdown. The capital markets regulator continues to address the potential compliance issues and provide assistance to listed entities, their shareholders and other participants affected by COVID-19. INDUSLAW’s Radhika Pandey discusses.

CORONAVIRUS (COVID-19): IMPACT OF MAE/MAC CLAUSES ON M&A AND INVESTMENTS

With the growing uncertainty around the COVID-19 situation, parties have begun to evaluate what customarily gets built into transaction documents as a clause relating to material adverse effect or material adverse change ('MAE/MAC'). INDUSLAW's Suneeth Katarki, Winnie Shekhar, Rahul Tiwari and Jaidrath Zaveri examine how the COVID-19 situation might bring the MAE/MAC clauses in transaction documents to the forefront of discussion.

MCA CLARIFICATION ON SPENDING OF CSR FUNDS AND OTHER RELIEF MEASURESDUE TO COVID-19 OUTBREAK

  • Practise Area : Corporate & Commercial
  • Authors : Anubha Sital
  • Published on : 26/03/2020

In light of the ongoing COVID-19 pandemic outbreak, the Ministry of Corporate Affairs (the 'MCA') on March 23, 2020 has provided a clarificatory circular with respect to the spending of the funds set aside for Corporate Social Responsibility ('CSR') activities, for COVID-19 as well as other relaxations for insolvency and liquidation proceedings under the IBC. INDUSLAW's Anubha Sital and Vidit Mehra discuss.

RBI GUIDELINES ON REGULATION OF PAYMENT AGGREGATORS AND PAYMENT GATEWAYS

The RBI has decided to comprehensively regulate the activities of payment aggregators and provide baseline technology-related recommendations to payment gateways. The substantive Guidelines come into effect from April 1, 2020. Avimukt Dar, Namita Viswanath, Shreya Suri and Shantanu Mukul discuss.

COVID-19 | FAQ for Employers

  • Practise Area : Employment Law
  • Authors : Avik Biswas
  • Published on : 24/03/2020

As confirmed cases of COVID-19 soar across the world including India, the Central Government together with various State Governments, predictably, have issued a number of regulations to contain this global pandemic. These are uncertain and unprecedented times, especially for employers given that workplaces and/or travel can often be an easy medium of transmission for the virus. INDUSLAW’s Employment Team discuss the list of the most common questions that affects the obligations of employers in India towards their workplaces and employees.

SEBI FURTHER EASES COMPLIANCE NORMS AMIDST THE COVID-19SITUATION

  • Practise Area : Corporate & Commercial, Capital Markets & International Offerings
  • Published on : 24/03/2020

In our news alert published last week, we had discussed some much-needed exemptions granted by the Securities and Exchange Board of India ('SEBI') to listed companies grappling with the disruption caused by the outbreak of COVID 19. As the medical crisis escalates and markets continue to free-fall, regulators are being increasingly flexible with respect to compliance and reporting obligations. INDUSLAW's Radhika Pandey discusses.

RELAXATION IN THE BOARD MEETING NORMSAND ADVISORY BY THE MCA TO CURTAIL THE SPREAD OF COVID-19

  • Practise Area : Corporate & Commercial
  • Authors : Divya Varghese
  • Published on : 21/03/2020

In view of the prevailing threat due to the Covid-19 outbreak, the Ministry of Corporate Affairs has relaxed the restrictions on conducting board meetings through video conferencing and audio visual means in relation to certain matters. The MCA has also issued a preventive advisory to all Companies/LLPs to implement “work from home” policy till March 31, 2020. INDUSLAW’s Divya Varghese and Ruhi Jain discuss.

COVID-19: SEBI EASES LODR COMPLIANCE NORMS

  • Practise Area : Capital Markets & International Offerings, Corporate & Commercial
  • Published on : 20/03/2020

COVID 19 is 2020's juggernaut - a black swan that has disrupted life like we have never known before. While governments over the world have been treating the pandemic on a war footing, introducing drastic measures such as lockdowns, the need for economic measures is increasingly becoming as important - to ensure the world economy and businesses stay on their feet while dealing with unprecedented health measures. Commercial-legal regulators worldwide have therefore, started providing corporations and businesses with life-rafts to continue keeping open-shop. In the listed space in India, the Securities Exchange Board of India ('SEBI') through a circular has granted certain relaxations to listed entities in respect of certain crucial compliance requirements under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, SEBI's principal regulations on disclosure, reporting and compliance obligations by listed companies. INDUSLAW's Radhika Pandey discusses the SEBI's circular.

INDIAN RECORD MANUFACTURING CO. LTD. GRANTED RELIEFS IN THEIR COPYRIGHT DISPUTE AGAINST ILLAIYARAJA

  • Practise Area : Intellectual Property
  • Authors : Parul Prasad
  • Published on : 20/03/2020

Recently, the Madras High Court in a copyright infringement dispute between Indian Record Manufacturing Co. Ltd. and Mr. Illaiyaraja, revisited the principles of first ownership and assignment of copyrights with respect to musical works constituting underlying works in cinematograph films under the Copyright Act, 1957. The Court discussed the rights of composers of the underlying works, producers of films in which such underlying works are used, and the assignees of such works. INDUSLAW’s Aditi Verma Thakur and Parul Prasad discuss.

COVID-19| UPDATES - MEASURES BY VARIOUS STATE GOVERNMENTS

  • Practise Area : Government & Regulatory, Employment Law
  • Authors : Avik Biswas
  • Published on : 16/03/2020

The delivery and administration of health care largely rests with individual states in India as health care is a state subject. In view of the fact that World Health Organization on March 11, 2020, declared the coronavirus ('COVID-19') outbreak to be a pandemic, the Government of India, on March 11, 2020, decided that all States/UTs should be advised by the Ministry of Health and Family Welfare ('MoHFW') to invoke provisions of Section 2 of Epidemic Disease Act, 1897 ('ED Act') so that all advisories being issued from time to time by the MoHFW are enforceable. In light of the same, INDUSLAW's Manishi Pathak, Avik Biswas, Poonam Das, Ankit Duttaand, Natasha Sahni discuss.

COVID-19 | MEASURES BY THE CENTRAL GOVERNMENT AND STATE OF KARNATAKA

  • Practise Area : Government & Regulatory, Employment Law
  • Authors : Avik Biswas, Sowmya Kumar
  • Published on : 11/03/2020

With the WHO declaring the Coronavirus outbreak a global pandemic, and with confirmed cases in India rising daily, the Government of India and the Government of Karnataka have issued advisories and circulars for citizens to bear in mind. INDUSLAW's Avik Biswas, Sowmya Kumar and Ankit Dutta discuss how this affects the obligations of employers in India towards their workplaces and employees.

GIG ECONOMY - LEGAL DEVELOPMENTS

  • Practise Area : Government & Regulatory, Employment Law
  • Published on : 06/03/2020

The law concerning gig economy has seen transformational changes in the year 2019. This article discusses the developments in the law relating to gig economy in the USA and India. This is in continuation of our earlier article, India and the Gig Economy. The law regarding gig economy has seen major developments in the USA as the state of California, USA has now codified the said law. Such developments are expected to bring changes to the traditional workforce structures and human resource practices followed in the USA. India, being the uprising gig economy, has also been witnessing huge growth in number of gig workers in the past few years. This has led the Indian legislature to introduce the gig workers in one of the draft labour code bill i.e. the Code on Social Security, 2019 (the 'Code'), which has also been discussed herein. In light of this, INDUSLAW's Manishi Pathak and Natasha Sahni discuss the key developments in India and the USA.

EMPLOYERS IN INDIA AND CORONAVIRUS

  • Practise Area : Government & Regulatory, Employment Law
  • Published on : 04/03/2020

With coronavirus cases in India increasing, it is becoming important for employers to ensure, as part of their statutory obligations or otherwise, that the workplace continues to be a safe and healthy environment. INDUSLAW's Manishi Pathak puts forth his views on the measures that could be considered by employers to deal with this outbreak.

COMMENTS ON THE DRAFT FRAMEWORK FOR AUTHORISATION OF A PAN-INDIA NEW UMBRELLA ENTITY FOR RETAIL PAYMENT SYSTEMS

In its financial stability report dated December 27, 2019, the Reserve Bank of India (the 'RBI') proposed the New Umbrella Entity (the 'NUE') for retail payment systems, to offer alternative digital retail payment systems to the consumers, in a space which has been dominated by the National Payments Corporation of India (the 'NPCI') since a decade now. The RBI issued a Press Release on February 10, 2020, placing on its website a 'draft framework for authorization of a pan-India New Umbrella Entity (NUE) for Retail Payment Systems (the 'Draft Framework'). In light of this, INDUSLAW's Avimukt Dar, Namita Viswanath, Shreya Suri and Shantanu Mukul discuss some of the key provisions introduced by the said draft framework.

AMENDMENT TO THE COMPANIES ARRANGEMENT RULES: A NEW WAY TO SQUEEZE OUT THE MINORITY?

On February 03, 2020, the Ministry of Corporate Affairs notified Sections 230(11) and Section 230(12) of the Companies Act, 2013 along with the Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2020 and the National Company Law Tribunal (Amendment) Rules, 2020 (Amendment) which pertain to arrangements involving takeovers. By way of the Amendment, the MCA has made some key insertions to the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 and the National Company Law Tribunal Rules, 2016. The Amendment could have some significant implications, specifically on the minority shareholders of a company. INDUSLAW’s Pallavi Kanakgiri and Raghav Muthanna discuss.

'A balancing act' : The dichotomy of the grounds to challenge enforcement of foreign arbitral awards

Recently, the Supreme Court of India has, in the case of Vijay Karia and Ors. v. Prysmain Cavi E Sistemi SRL & Ors., set the law in motion by narrowing the judicial interference in enforcement of foreign awards under Section 48 of Arbitration and Conciliation Act, 1996. The jurisdiction of the Supreme Court was invoked under Article 136 of the Constitution of India, by filing a Special Leave Petition against the decision of the Bombay High Court, which held the award passed by the Arbitral Tribunal to be enforceable, as the objections did not fall within any of the 'legal pigeonholes' contained in Section 48 of the Act. In light of this, INDUSLAW's Sushmita Gandhi, Anamika and Bhargav Kosuru examine the law on this aspect.

EXTENSION OF TIME LIMIT FOR MAKING OF ARBITRAL AWARDS UNDER THE ARBITRATION AND CONCILIATION (AMENDMENT) ACT, 2019

  • Practise Area : Litigation & Dispute Resolution
  • Published on : 10/02/2020

The Arbitration and Conciliation (Amendment) Act, 2019 had with effect from August 30, 2019 (the 'Effective Date'), amended Section 29A(1) of the Arbitration and Conciliation Act, 1996 (the 'Arbitration Act') to state, inter alia, the award in matters other than international commercial arbitration shall be made by the arbitral tribunal within a period of twelve months from the date of completion of pleadings under sub-section (4) of section 23. However, it was ambiguous whether the amended Section 29A(1) of the Arbitration Act will have retrospective application to arbitrations which had commenced prior to, but were pending adjudication as on the Effective Date. The Hon'ble High Court of Delhi has in the case titled 'Shapoorji Pallonji and Co. Private Limited v. Jindal India Thermal Power Limited', put the aforementioned ambiguity to rest vide its order dated January 23, 2020 wherein it has examined whether the amendments introduced to Section 29A(1) and Section 23(4) of the Arbitration Act will be applicable retrospectively. INDUSLAW's Mohit Chadha and Swati Mittal discuss.

FinTech Newsletter: October 15, 2019 – January 15, 2020.

The fin-tech sector in India has been witnessing increased attention and growth on account of digital inclusion, technological innovations, and interest from second-time entrepreneurs like Kunal Shah (FreeCharge and Cred) and Ashish Kashyap (GoIbibo and INDwealth) in this space.According to the Economics Intelligence Unit’s 2019 Global Microscope on Financial Inclusion report, India has also been placed amongst the top nations with the most conducive financial environment, which enables nonbanks to issue e-money and provides effective financial consumer protection.

PRIVACY LAWS IN THE STATE OF CALIFORNIA AND INDIA

The Personal Data Protection Bill, 2019 (the 'PDP Bill') and the California Consumer Privacy Act of 2018 (the 'CCPA') have been formulated with the primary intention of protecting the privacy rights of individuals with respect to their personal data. The CCPA has been brought into effect on January 01, 2020 whereas the PDP Bill is still under consideration of the Indian government and is likely to be finalized later this year. Both the PDP Bill and the CCPA have been formulated largely on the principals of the General Data Protection Regulation (GDPR) of the European Union. Although both the legislations are principally similar to each other, there are substantial differences between them. While the PDP Bill does not have the force of law yet, it is a significant legal development and with the CCPA coming into effect, it is increasingly relevant to examine the data privacy compliance challenges for companies doing business in India and California. INDUSLAW's Namita Viswanath and Ivana Chatterjee discuss.

AMENDMENT TO THE LIQUIDATION PROCESS: TIGHTENING OF NORMS

  • Practise Area : Insolvency & Restructuring, Corporate & Commercial, Government & Regulatory
  • Authors : Sushmita Gandhi
  • Published on : 22/01/2020

On January 6, 2020, the Insolvency and Bankruptcy Board of India (the 'IBBI') notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020 (the 'Amendment') to further amend the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (the 'Regulations') The Amendment is with immediate effect and has been introduced to promote the development and regulation of the Insolvency and Bankruptcy Code of India, 2016 (the 'Code'). In light of this, INDUSLAW's Sushmita Gandhi and Nabarun Chandra Ray examine the law on this aspect.

Newsletter | China (Sep - Dec 2019)

INDUSLAW is a multi-speciality Indian law firm with 42 partners and over 150 lawyers across four offices in Bangalore, Delhi, Hyderabad and Mumbai. We advise foreign and domestic clients on matters of Indian law in relation to their transactions, dispute resolution, business strategies and operations

END OF THE ROAD FOR ARBITRATION CLAUSES PROVIDING FOR UNILATERAL APPOINTMENT OF SOLE ARBITRATOR

  • Practise Area : Litigation & Dispute Resolution
  • Published on : 16/01/2020

On a rigid reading of Perkins Eastman Architects DPC & Anr v. HSCC (India) Ltd, arbitration clauses that give the right to one party to appoint a sole arbitrator, would no longer be valid. However, in certain other instances, the courts have respected party autonomy in determining the procedure for appointment of an arbitrator. In order to fully understand the controversy, INDUSLAW’s Lomesh Kiran Nidumuri and Sushal Tiwari examine the law on this aspect.

Newsletters | Japan (Sep - Dec 2019)

INDUSLAW is a multi-speciality Indian law firm with 42 partners and over 150 lawyers across four offices in Bangalore, Delhi, Hyderabad and Mumbai. We advise foreign and domestic clients on matters of Indian law in relation to their transactions, dispute resolution, business strategies and operations.

A STORM IS BREWING: THE INSOLVENCY OF PERSONAL GUARANTORS

  • Practise Area : Insolvency & Restructuring, Litigation & Dispute Resolution
  • Authors : Padmaja Kaul
  • Published on : 13/01/2020

The Insolvency and Bankruptcy Code, 2016 (the 'Code') has faced a barrage of amendments and course correction from both the judiciary as well as the legislature. The latest and perhaps the most significant amendment in the Code has been the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 and the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, which along with certain provisions in the Code in relation to insolvency of individuals (including personal guarantors) have come into force with effect from December 01, 2019. INDUSLAW's Padmaja Kaul and Varun Khanna discuss the new regime.

Infolex Newsletter-IP December 2019

  • Practise Area : Intellectual Property
  • Authors : Kshitij Parashar
  • Published on : 10/01/2020

At the outset, we take this opportunity to wish you all a very happy and prosperous New Year 2020! This newsletter brings to you the key intellectual property related updates in India from the final quarter of 2019.

THE PERSONAL DATA PROTECTION BILL, 2019: KEY CHANGES AND ANALYSIS

The Personal Data Protection Bill, 2019 (the '2019 Bill') was introduced in the Lok Sabha on December 11, 2019 by the Ministry of Electronics and Information Technology. The 2019 Bill has been formulated largely in line with the provisions of the Draft Personal Data Protection Bill, 2018 (the '2018 Bill'), the report by the Committee of Experts under the chairmanship of Justice B.N. Srikrishna, the principles of the General Data Protection Regulation, 2016 (the 'GDPR') and the landmark judgment of the Supreme Court of India: Justice K.S. Puttaswamy v. Union of India. INDUSLAW's Suneeth Katarki, Namita Viswanath, Ivana Chatterjee and Rithika Reddy discuss.

NON-DEBT INSTRUMENTS RULES, 2019: RATIONALIZED?

  • Practise Area : Corporate & Commercial, Government & Regulatory, Private Equity, Venture Capital and Fund Investment, Capital Markets & International Offerings
  • Authors : Avimukt Dar, Akhoury Winnie Shekhar, Jaidrath Zaveri
  • Published on : 12/12/2019

In furtherance of ease of doing business in India and in order to capture the changes which had been introduced by Press Note 4 of 2019, the Central Government on December 5, 2019, notified the Foreign Exchange Management (Non-debt Instruments) (Amendment) Rules, 2019 (the 'Amendment').

THE SUPREME COURT STRIKES DOWN SECTION 87 OF THE ARBITRATION AND CONCILIATION ACT, 1996 - REINSTATES BCCI v. KOCHI CRICKET

On November 27, 2019, the Hon'ble Supreme Court of India struck down the insertion of Section 87 of the Arbitration and Conciliation Act, 1996 and deletion of Section 26 of the Arbitration and Conciliation (Amendment) Act, 2015, thereby reinstating the thrust of the decision of the Hon'ble Supreme Court in BCCI v. Kochi Cricket. INDUSLAW's Padmaja Kaul, Yugank Goel and Aman Chaudhary discuss.

DELHI HIGH COURT EXERCISES LONG-ARM JURISDICTION, DIRECTS FACEBOOK, YOUTUBE, GOOGLE AND TWITTER TO TAKE DOWN CONTENT GLOBALLY

  • Practise Area : Litigation & Dispute Resolution, Technology, Media & Telecommunications
  • Authors : Kshitij Parashar
  • Published on : 12/11/2019

On October 23, 2019, the Delhi High Court held that Indian courts can issue orders to internet intermediaries like Facebook, Google, and Twitter to take down defamatory content published by users on the intermediaries platforms on a global basis. The order was passed pursuant to a suit filed by Swami Ramdev and Patanjali Ayurved Limited requesting the global take-down. INDUSLAW's Mohit Chadha, Aditi Verma Thakur and Kshitij Parashar discuss.

DEPOSITORY RECEIPTS ISSUANCES: ANALYSIS OF SEBI DR CIRCULAR

  • Practise Area : Capital Markets & International Offerings
  • Authors : Ravi Dubey
  • Published on : 11/11/2019

On October 10, 2019 SEBI has issued a circular laying down framework for issue of depository receipts by listed companies and to be listed companies in order to provide increased access to foreign funds. In light of this, INDUSLAW's Siddharth Rajeevan and Ravi Dubay discuss the key features of the SEBI circular.

NEW FOREIGN INVESTMENT RULES AND REGULATIONS: THE BANK SURRENDERS THE BATON?

  • Practise Area : Corporate & Commercial, Government & Regulatory, Capital Markets & International Offerings, Private Equity, Venture Capital and Fund Investment
  • Authors : Avimukt Dar, Akhoury Winnie Shekhar, Jaidrath Zaveri
  • Published on : 08/11/2019

The Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 (the 'Rules'), the Foreign Exchange Management (Debt Instrument) Regulations, 2019 (the 'Debt Regulations'), and the Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019 have been recently notified. The Rules and both the regulations supersede the Foreign Exchange Management (Transfer of Issue of Security by a Person Resident outside India) Regulations, 2017 (the 'TISPRO'). INDUSLAW's @Avimukt Dar, Winnie Shekhar, Jaidrath Zaveri, and Nabarun Chandra Ray discuss the changes.

FINTECH NEWSLETTER - MARKET UPDATES AND RECENT LEGAL DEVELOPMENTS IN INDIA

The fin-tech sector has rapidly expanded out of the back-end technology used by large financial institutions, to cover all emerging technological innovations having a bearing on financial services. The fin-tech industry has been witnessing a continuous expansion.

THE FPI REGULATIONS 2019: NEW REGIME AND RELAXATIONS

  • Practise Area : Capital Markets & International Offerings, Corporate & Commercial, Government & Regulatory, Private Equity, Venture Capital and Fund Investment
  • Published on : 24/10/2019

The Securities and Exchange Board of India ('SEBI') has notified the SEBI (Foreign Portfolio Investors) Regulations, 2019 (the 'Regulations') on September 23, 2019, in supersession of the SEBI (Foreign Portfolio Investors) Regulations, 2014. These Regulations have updated the regulatory regime for the foreign portfolio investors in terms of registration, classification as well as investment conditions. INDUSLAW's Vishal Yaduvanshi, Nabarun Chandra Ray, and Surbhi Joshi discuss the key features of the new Regulations.

CHANGES TO INSIDER TRADING LAW: NEW INFORMANT POLICY

  • Practise Area : Corporate & Commercial, Capital Markets & International Offerings, Government & Regulatory
  • Authors : Pallavi Kanakagiri
  • Published on : 22/10/2019

On September 17, 2019, the Securities and Exchange Board of India notified the amendments to the insider trading regime by notifying the SEBI (Prohibition of Insider Trading) (Third Amendment) Regulations, 2019 to encourage individuals to inform SEBI about violations of insider trading laws and also aims to reward such persons. These new regulations substantially amend the principle Prohibition of Insider Trading Regulations, 2015. INDUSLAW’s Pallavi Kanakagiri and Nabarun Chandra Ray discuss the key features of the amendments.

INDUSLAW IP Newsletter - Oct 2019

  • Practise Area : Intellectual Property
  • Published on : 17/10/2019

This newsletter brings to you the key intellectual property and related updates in India from the third quarter of 2019.

INDUSLAW China Newsletter June-September 2019

INDUSLAW brings you key regulatory and legal developments in various sectors in India on a quarterly basis.INDUSLAW is a multi-speciality Indian law firm with 36 partners and over 100 lawyers across four offices in Bangalore, Delhi, Hyderabad and Mumbai. We advise foreign and domestic clients on matters of Indian law in relation to their transactions, dispute resolution, business strategies and operations.

INDUSLAW Japan Newsletter June-September 2019

The last three months have seen a number of significant legal and regulatory developments in India, potentially impacting Japanese business and investment into India. Gaurav Dani and Saurav Kumar reflect.

PATENT (AMENDMENT) RULES, 2019 NOTIFIED

  • Practise Area : Intellectual Property
  • Authors : Pooja Nair
  • Published on : 27/09/2019

On September 17, 2019, the Department of Industrial Policy and Promotion under the Ministry of Commerce and Industry notified the Patent (Amendment) Rules, 2019 after seeking comments and feedback from the general public and relevant members. These new Rules substantially amend the principle Patent Rules, 2003. INDUSLAW's Aditi Verma Thakur, Pooja Nair and Swapnil Jain discuss the key features of the new Rules.

CHANGES TO THE FDI POLICY: EXPLORING THE POTENTIAL IMPACTS

  • Practise Area : Corporate & Commercial, Government & Regulatory, Private Equity, Venture Capital and Fund Investment
  • Authors : Akhoury Winnie Shekhar, Jaidrath Zaveri
  • Published on : 13/09/2019

On August 28, 2019, the Union Cabinet approved the proposal for amending certain provisions of the FDI Policy, suggesting relaxation of FDI norms for various sectors. INDUSLAW's Akhoury Winnie Shekhar, Jaidrath Zaveri and Nabarun Chandra Ray discuss.

AMENDMENT TO THE SHARE CAPITAL AND DEBENTURE RULES: NEW REGIME AND RELAXATIONS

  • Practise Area : Corporate & Commercial, Government & Regulatory
  • Authors : Akhoury Winnie Shekhar
  • Published on : 09/09/2019

With an aim to boost the economy, the Ministry of Corporate Affairs issued a notification to amend the Companies (Share Capital and Debentures) Rules, 2014, through which the rules for issue of equity shares with differential rights is liberalized, relief is granted to start-ups with respect to issue of ESOPs and requirements with respect to debenture redemption reserve is completely revamped. INDUSLAW’s Winnie Shekhar and Nabarun Chandra Ray discuss.

SAFE HARBOUR IMMUNITY FOR INTERNET INTERMEDIARIES AND IP VIOLATIONS: WHERE WE STAND TODAY AND THE WAY FORWARD?

  • Practise Area : Intellectual Property, Technology, Media & Telecommunications
  • Published on : 05/09/2019

The Information Technology Act, 2000 ('IT Act') and the Information Technology (Intermediaries Guidelines) Rules, 2011 ('Intermediaries Guidelines') sets out a framework providing for conditional safe harbour immunity to internet intermediaries from being made liable for third-party Intellectual Property ('IP') - infringing content. This article takes an objective look at the IP rights violations surrounding internet intermediaries and analyses the case laws where courts have interpreted the provisions of law concerning intermediaries liabilities for infringements in the cases of IP violations online, while transposing the principles of copyright, trademark and design infringements into the virtual space.

LATEST DIRECTIONS BY THE EMPLOYEES PROVIDENT FUND DEPARTMENT GOVERNING INSPECTION / INVESTIGATION NOTICES TO ESTABLISHMENTS

  • Practise Area : Government & Regulatory, Employment Law
  • Published on : 04/09/2019

On August 28, 2019, the EPF Department issued a notice to all Additional Central Provident Fund Commissioner (Zones) and Regional Provident Fund Commissioners (Regional Offices) prescribing directions governing inspection/investigation notices by the EPF authorities to various establishments. INDUSLAW's, Manishi Pathak and Poonam Das discuss these directions and their effect on the inspection/investigation notices already issued by EPF authorities.

PROPOSAL TO AMEND THE EMPLOYEES PROVIDENT FUND & MISCELLANEOUS PROVISIONS (EPF AND MP) ACT, 1952

  • Practise Area : Government & Regulatory, Employment Law
  • Authors : Avik Biswas
  • Published on : 29/08/2019

On August 23, 2019, the Ministry of Labour and Employment proposed to amend the Employees Provident Fund and Miscellaneous Provisions Act, 1952, by way of the Employees Provident Fund and Miscellaneous Provisions (Amendment) Bill, 2019. The Ministry has sought comments from the public in this regard, up till September 22, 2019. INDUSLAW's Avik Biswas, Manishi Pathak and Natasha Sahni discuss the key proposals under this Bill.

HIGHLIGHTS OF THE COMPANIES (AMENDMENT) ACT, 2019

  • Practise Area : Corporate & Commercial, Government & Regulatory
  • Authors : Deepak Chowdhury
  • Published on : 16/08/2019

The Ministry of Corporate Affairs has notified the Companies (Amendment) Act, 2019, considering the changes brought in by the Companies (Amendment) Ordinance, 2018, the Companies (Amendment) Ordinance Act, 2019 and the Companies (Amendment) Second Ordinance, 2019, to amend the Companies Act, 2013, with a view to fill critical gaps in the corporate governance and compliance framework. In light of this, INDUSLAW’s Deepak Chowdhury and Nabarun Chandra Ray discuss some of the key amendments introduced by the said amendments.

Amendments to the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and the IBBI (Liquidation Process) Regulations, 2016

  • Practise Area : Corporate & Commercial, Government & Regulatory, Insolvency & Restructuring
  • Authors : Saurav Kumar, Harman Walia
  • Published on : 14/08/2019

The Insolvency and Bankruptcy Board of India has notified amendments to the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and the IBBI (Liquidation Process) Regulations, 2016 on July 25, 2019, with an aim to achieve early resolution of stressed assets under the Insolvency and Bankruptcy Code of India, 2016. In light of this, INDUSLAW’s Saurav Kumar, Harman Walia, and Nabarun Chandra Ray discuss some of the key amendments introduced by the said regulations.

RELAXATION ON PERMITTED END-USES UNDER THE ECB FRAMEWORK FOR CORPORATES AND NBFCS

  • Practise Area : Banking & Finance, Projects & Project Finance, Government & Regulatory
  • Authors : Akhoury Winnie Shekhar
  • Published on : 02/08/2019

In continuation of its efforts to simplify the existing ECB regime in India, the RBI issued a circular on July 30, 2019, through which it has relaxed the ECB end-use restrictions for corporates and NBFCs by permitting the use of ECB proceeds for working capital requirements, general corporate purposes, repayment of rupee loans and on-lending for such purposes. INDUSLAW’s Winnie Shekhar, Nitin Gera and Nabarun Chandra Ray discuss.

INDIA AND THE GIG ECONOMY

  • Practise Area : Employment Law
  • Published on : 30/07/2019

A "gig economy" involves a temporary contractual job that a person may take, on a project-to-project basis, for which the payment is made once the task is completed. Prevalent in various jurisdictions around the world and called by many names, this kind of structure has raised many questions in the past. In light of this, INDUSLAW's Manishi Pathak and Srijita Jha discuss various case laws from India, Europe and the USA.

INDUSLAW IP Newsletter - July 2019

  • Practise Area : Intellectual Property
  • Published on : 24/07/2019

This newsletter brings to you the key intellectual property related updates in India from the second quarter of 2019. This quarter witnessed a sea of judgements being passed in the area of copyright.

UNION CABINET PASSES THE CODE ON WAGES, 2017

  • Practise Area : Employment Law, Government & Regulatory
  • Authors : Avik Biswas
  • Published on : 18/07/2019

The Union Cabinet, on July 3, 2019, passed the Code on Wages, 2017, which amalgamates, simplifies and rationalizes the provisions of the Payment of Wages Act, 1936, the Minimum Wages Act, 1948, the Payment of Bonus Act, 1965 and the Equal Remuneration Act, 1976. INDUSLAW’s Avik Biswas, Manishi Pathak, Ashi Bhat and Utkarsh Singh compare this Code with the existing legislations and discuss its possible impact.

MAHARASHTRA GOVERNMENT REQUIRES REGISTRATION OF INTERNAL COMMITTEES CONSTITUTED UNDER THE PREVENTION OF SEXUAL HARASSMENT ACT

  • Practise Area : Government & Regulatory, Employment Law
  • Authors : Avik Biswas
  • Published on : 12/07/2019

The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 stipulates that all entities with more than or equal to 10 employees should constitute an Internal Committee towards redressal of complaints of sexual harassment at the workplace. To ensure compliance with this, the Maharashtra government has recently issued a letter, making it mandatory for all organisations in Mumbai to register their ICs on or before July 20, 2019.

TELANGANA GOVERNMENT INTRODUCES SEXUAL HARASSMENT ELECTRONIC BOX (T-SHE BOX)

  • Practise Area : Government & Regulatory, Employment Law
  • Authors : Avik Biswas
  • Published on : 04/07/2019

The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 stipulates that all entities with more than or equal to 10 employees should constitute an Internal Committee towards redressal of complaints of sexual harassment at the workplace. To ensure compliance with this, the Telangana government has recently issued a circular, making it mandatory to register ICs by all organisations, through an e-platform. INDUSLAW’s Manishi Pathak, Avik Biswas and Poonam Das discuss.

NEW ACT INTRODUCED TO REGULATE SHOPS & ESTABLISHMENTS IN GUJARAT

  • Practise Area : Government & Regulatory, Employment Law
  • Authors : Avik Biswas, Sowmya Kumar
  • Published on : 18/06/2019

The Government of Gujarat introduced the Gujarat Shops and Establishments (Regulation of Employment and Conditions of Service) Act, 2019, which came into effect on May 1, 2019. With this, the Gujarat Shops and Establishment Act, 1948 stands repealed. INDUSLAW's Avik Biswas, Manishi Pathak, Sowmya Kumar and Utkarsh Singh discuss the key provisions of this new legislation, contrasted with the now-repealed one.

GOVERNMENT REDUCES THE RATE OF EMPLOYEES STATE INSURANCE (ESI) CONTRIBUTION

  • Practise Area : Government & Regulatory, Employment Law
  • Authors : Avik Biswas
  • Published on : 18/06/2019

Under the Employees State Insurance Act, 1946, the contribution, at a specified rate, payable to the ESI Corporation in respect of an employee comprises both the employer and employee contributions. Until recently, the contribution rate was 1.75% and 4.75% of the wages, by an employee and employer, respectively. The Government of India, after consultation with the ESI Corporation, has made amendments to this rate of contribution. INDUSLAW's Manishi Pathak, Avik Biswas and Poonam Das discuss.

KARNATAKA EXTENDS EXEMPTION FROM STANDING ORDERS

  • Practise Area : Government & Regulatory, Employment Law
  • Authors : Avik Biswas
  • Published on : 06/06/2019

On May 25, 2019, the Government of Karnataka issued a notification to extend the exemption from the applicability of the Industrial Employment (Standing Orders) Act, 1946 for another 5 years to certain industries, including the IT/ITES industry. INDUSLAW's Avik Biswas, Manishi Pathak and Savithran Ramesh discuss the impact of the notification.

COMMENTS ON THE DRAFT NATIONAL E-COMMERCE POLICY

In March 2019, the Draft National e-Commerce Policy was introduced, which delved into e-commerce issues relating to encompassing data, infrastructure development, e-commerce marketplaces, regulatory issues, stimulating the domestic digital economy, and export promotion through e-commerce.

Infolex Newsletter IP April 2019

  • Practise Area : Intellectual Property
  • Authors : Pooja Nair
  • Published on : 15/04/2019

This newsletter brings to you the key intellectual property related updates in India from the first quarter of 2019. In particular, we cover the copyright infringement dispute between the publishing arm of Warner Music and Spotify. The impending launch of Spotify in India had created quite a stir and became a part of the ongoing global fight between the two global giants.

VOLUNTARY RETENTION ROUTE RELAXES SUBSCRIPTION NORMS FOR CORPORATE DEBT BY FOREIGN PORTFOLIO INVESTORS

  • Practise Area : Banking & Finance, Projects & Project Finance, Government & Regulatory
  • Published on : 11/03/2019

The Voluntary Retention Route announced by the RBI at the beginning of March gives FPIs the opportunity to subscribe for Indian corporate debt, free from the concentration and single issue restrictions introduced in the spring of 2018. But will the scheme's minimum retention period and timelines for subscription tempt FPIs back into the market? Ran Chakrabarti considers.

NEW COMPANY RULES TIGHTEN REPORTING OF SIGNIFICANT BENEFICIAL OWNERSHIP

  • Practise Area : Corporate & Commercial, Private Equity, Venture Capital and Fund Investment
  • Authors : Pallavi Kanakagiri
  • Published on : 08/03/2019

The recently-introduced Companies (Significant Beneficial Owners) Amendment Rules, 2019, have been published in the Official Gazette. They have been introduced to identify individuals who have a significant holding or interest in a corporate entity, and to bring clarity to the previous rules. INDUSLAW’s Pallavi Kanakagiri, Khusnuma Nagwaswalla and Suvarna Swain discuss their key features and their possible impact.

Special Allowances Fall Within The Definition of Basic Wage

  • Practise Area : Employment Law
  • Published on : 02/03/2019

In a significant ruling at the end of February, the Supreme Court held that special allowances are to be included in the definition of basic wages, impacting the calculation of provident fund contributions and take home pay. Manishii Pathak discusses.

INDUSLAW Japan Newsletter February 2019

  • Practise Area : International Practice Group
  • Published on : 15/02/2019

The last three months have seen a number of significant legal and regulatory developments in India, potentially impacting Japanese business and investment into India. Ray Vikram Nath, Aadhya Chauhan and Esha Chauhan reflect.

SWISS RIBBONS AND ITS IMPLICATIONS

  • Practise Area : Insolvency & Restructuring, Litigation & Dispute Resolution
  • Published on : 12/02/2019

The recent Supreme Court judgement in Swiss Ribbons, upholding the constitutionality of the Insolvency & Bankruptcy Code, has considerable implications for resolution applicants and promoters. Do the courts have the power to overrule the commercial basis underpinning the acceptance or rejection of a resolution plan, or a last ditch rescue plan submitted by a shareholder? INDUSLAW’s Sudipta Routh and Pooja Dadoo discuss.

THE DRAFT INFORMATION TECHNOLOGY INTERMEDIARIES GUIDELINES (AMENDMENT) RULES, 2018

Proposed amendments to the rules governing online intermediaries were published at the end of 2018, intending to curb the posting of illegal online content and increase accountability. INDUSLAW shared its views with the Ministry of Electronics and Information Technology on some of the implications of the draft rules. Suneeth Katarki, Namita Viswanath, Aditi Verma Thakur, Ashi Bhat and Ivana Chatterjee discuss.

CONSULTATION PAPER ON REGULATORY FRAMEWORK FOR OVER-THE-TOP COMMUNICATION SERVICES

The Telecom Regulatory Authority of India recently released a consultation paper on the regulatory framework for over-the-top communication services, inviting comments from interested stakeholders. INDUSLAW shared its views on a number of important issues that will impact the development of this sector in the future. Suneeth Katarki, Namita Viswanath and Nikita Hemmige discuss.

ZEE VIOLATES PERSONALITY RIGHTS OF EDITOR-IN-CHIEF OF INDIATV

  • Practise Area : Intellectual Property, Litigation & Dispute Resolution
  • Authors : Pooja Nair
  • Published on : 07/02/2019

The Delhi High Court recently reaffirmed the principles associated with personality rights, when it found Zee Media Corporation to be violating the personality rights of Mr. Rajat Sharma, the Editor-in-Chief of IndiaTV. INDUSLAW's Aditi Verma Thakur and Pooja Nair discuss this case and its findings.

SUPREME COURT SETS ASIDE DELHI HIGH COURT JUDGMENT, RESTORES MONSANTO’S PATENT

  • Practise Area : Litigation & Dispute Resolution, Intellectual Property
  • Authors : Kshitij Parashar
  • Published on : 31/01/2019

On January 8, 2019, the Supreme Court over-ruled a decision of the Delhi High Court, which held that Monsanto's patent for technology to genetically modify hybrid seeds was unpatentable, on the grounds that it had not sufficiently examined the question of patentability to the required standard, in reaching such a decision. INDUSLAW's Sandeep Grover and Kshitij Parashar discuss and analyse this judgment.

Review of ITP Framework in ICDR Regulations

  • Practise Area : Capital Markets & International Offerings, Government & Regulatory, Private Equity, Venture Capital and Fund Investment
  • Published on : 24/01/2019

Towards the end of last year, SEBI provided its in-principle approval to amend the regulations relating to technology start-ups raising capital on the Institutional Trading Platform, a stock exchange for nascent businesses. INDUSLAW's Anupam Prasad and Saksham Madan discuss.

THE RBI ISSUES A NEW EXTERNAL COMMERCIAL BORROWING POLICY

  • Practise Area : Banking & Finance, Projects & Project Finance, Government & Regulatory
  • Published on : 21/01/2019

On January 16, 2019, the RBI revised the external commercial borrowing policy, essentially restructuring the regime into foreign currency and Indian Rupee debt. In particular, the new regime significantly broadens the definition of eligible borrowers, but narrows the options to refinance domestic Rupee debt. INDUSLAW's Ran Chakrabarti and Kriti Gangwar discuss

Key Legal Developments 2018

  • Practise Area : Banking & Finance, Corporate & Commercial, Employment Law, Government & Regulatory, Insolvency & Restructuring, Technology, Media & Telecommunications
  • Authors : Pavani Nath
  • Published on : 09/01/2019

During 2018, our lawyers shared their thoughts on a number of major legal developments impacting the Indian economy, spanning a wide arc from data usage and data protection to insolvency resolution and foreign investment in the e-commerce sector, amongst others.

Infolex Newsletter IP Jan 2019

  • Practise Area : Intellectual Property
  • Authors : Pooja Nair
  • Published on : 03/01/2019

This newsletter brings to you the key intellectual property ("IP") related updates in India from the final quarter of 2018. The Ministry of Commerce and Industry recently published the Draft Patent (Amendment) Rules, 2018 (the "Draft Rules"), with the intent of promoting Patent Co-operation Treaty ("PCT") applications originating from India and simplifying the process of patent registration in India.

New fdi restrictions introduced for e-commerce marketplace entities

  • Practise Area : Corporate & Commercial, Government & Regulatory, Private Equity, Venture Capital and Fund Investment
  • Authors : Akhoury Winnie Shekhar, Pavani Nath
  • Published on : 28/12/2018

On December 26, 2018, the DIPP issued a press note to introduce key changes to the conditions applicable to e-commerce marketplace entities to receive FDI under the FDI Policy. This will come into force on February 1, 2019, and is likely to have sweeping impact on e-commerce in India.

LOYALTY AND REWARD PROGRAMS IN INDIA: THE APPLICABLE REGULATORY FRAMEWORK

Even though loyalty and reward programs offered by marketplaces are currently operating in an unregulated environment, there is a fine line of differentiation in the way semi-closed system pre-paid instruments and loyalty or reward programs offered are perceived from a regulatory standpoint. Therefore, marketplaces must tread this line with caution. INDUSLAW’s Suneeth Katarki, Namita Viswanath and Shobhika Upadhyay discuss.

NATIONAL GUIDELINES ON ESTABLISHMENT AND OPERATION UNDER MATERNITY BENEFIT LEGISLATION

One of the recent landmark amendments to the Maternity Benefit Act, 1961 includes placing an obligation on employers to provide facilities. To assist employers in complying with this requirement, the Ministry of Women and Child Development has recently published the National Minimum Guidelines for Setting Up and Running Craches under Maternity Benefit Act, 2017. INDUSLAW's Avik Biswas, Sowmya Kumar and Saranya Arasu discuss.

DELHI HIGH COURT ALLOWS COMPOSITE SUIT FOR DESIGN INFRINGEMENT AND PASSING OFF

  • Practise Area : Litigation & Dispute Resolution, Intellectual Property
  • Authors : Kshitij Parashar
  • Published on : 19/12/2018

The Delhi High Court recently held that two causes of action, one with respect to passing off and another with respect to design infringement under the Designs Act, 2000, can be joined and tried in a composite suit. INDUSLAW's Sandeep Grover and Kshitij Parashar discuss this case

CENTRAL VIGILANCE COMMISSION: THE COMPETITION COMMISSION'S NEW ALLY?

The Competition Commission of India recently looked into an alleged cartelization by sister concerns in a tender floated by a state owned enterprise, after receiving information from the Central Vigilance Commission. INDUSLAW's Avimukt Dar, Shreya Suri, and Parumita Pal discuss the key takeaways from this recent order.

INDIA'S DRAFT SPACE LAW: OPENING UP THE FINAL FRONTIER?

  • Practise Area : Government & Regulatory
  • Published on : 04/12/2018

India's space programme, spearheaded by the ISRO has achieved a number of milestones over the years, proving that space is no longer the final frontier. In this context, the Department of Space tabled a draft Space Activities Bill for stakeholder comment last year, with the aim of encouraging a public-private partnership in the space industry. Ran Chakrabarti at INDUSLAW discusses

DRAFT PATENT (AMENDMENT) RULES, 2018 : A STEP AHEAD ?

  • Practise Area : Intellectual Property
  • Authors : Pooja Nair
  • Published on : 04/12/2018

On December 4, 2018, the draft Patent (Amendment) Rules, 2018 were published by the Department of Industrial Policy and Promotion of the Ministry of Commerce and Industry for comments and feedback from the general public and relevant members. INDUSLAW's Aditi Verma Thakur and Pooja Nair discuss the key features of these draft rules

THE COMPETITION COMMISSION WEIGHS IN ON ALGORITHMS IN THE CAB INDUSTRY

The Competition Commission of India recently rejected allegations of antitrust law violations against the cab aggregators, Ola and Uber, relating to price fixing, resale price maintenance and cartelisation. INDUSLAW's Avimukt Dar, Shreya Suri, Parumita Pal and Milan Mittal discuss this case and its potential implications.

Supreme Court upholds equitable value maximisation under the Insolvency and Bankruptcy Code

  • Practise Area : Corporate & Commercial, Insolvency & Restructuring, Litigation & Dispute Resolution
  • Published on : 27/11/2018

The Supreme Court of India recently dismissed an appeal by a competing resolution applicant, asserting that the acceptance of UltraTech's recent resolution plan to acquire the distressed Indian cement manufacturer, Binani Cement, violated the insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. INDUSLAW's Nishant Singh, Pooja Dadoo and Nikhil Bhat discuss the court’s judgment in detail.

CENSORSHIP: THE CURRENT REGULATORY FRAMEWORK AND THE FUTURE OF DIGITAL CONTENT

  • Practise Area : Government & Regulatory, Technology, Media & Telecommunications
  • Authors : Suneeth Katarki
  • Published on : 22/11/2018

The media and entertainment industry has consistently grown and continues to grow at a global level, particularly with the advent of new mediums for distribution, supported by dynamic technological advancements. The Indian market has not only followed this global trend over the years but has also demonstrated enormous potential. In the recent past, the Indian media and entertainment industry has witnessed a paradigm shift, both, in the volume and demand for varied content as well as in the mediums opted by viewers to access content.

EXEMPLARY COSTS FOR HABITUAL TRADEMARK INFRINGERS

  • Practise Area : Intellectual Property, Litigation & Dispute Resolution
  • Published on : 19/11/2018

In August 2018, in the case of Glenmark Pharmaceuticals Limited vs. Galpha Laboratories Limited and Another, the High Court of Bombay imposed exemplary damages to the tune of INR 1.5 crore on Galpha Laboratories Limited for habitually infringing the trademark rights of Glenmark Laboratories Limited. INDUSLAW's Aditi Verma Thakur and Pooja Nair discuss this case and its implications.

THE SUPREME COURT UPHOLDS TRAI'S TARIFF ORDER

  • Practise Area : Government & Regulatory, Technology, Media & Telecommunications
  • Authors : Namita Viswanath
  • Published on : 15/11/2018

The Supreme Court of India recently upheld the validity of the TRAI's Regulations and Tariff Order introduced in 2017, primarily dealing with the manner in which broadcasters and distributors could package, market and sell television channel subscriptions to consumers.

RBI GUIDELINES FOR THE INTEROPERABILITY OF PREPAID PAYMENT INSTRUMENTS : A BOOST FOR DIGITAL WALLETS?

  • Practise Area : Government & Regulatory, Financial Services, Technology, Media & Telecommunications
  • Authors : Namita Viswanath
  • Published on : 30/10/2018

On October 16, 2018, the RBI issued guidelines for the interoperability of know-your-customer compliant prepaid payment instruments, which were widely anticipated ever since the RBI issued master directions on this subject in 2017. INDUSLAW's Namita and Savithran discuss the key takeaways from these guidelines, and their potential effect on the rapidly growing digital wallets space in India.

THE ESSAR INSOLVENCY CASE: SUPREME COURT UNRAVELS SECTION 29A OF THE INSOLVENCY AND BANKRUPTCY CODE

  • Practise Area : Banking & Finance, Corporate & Commercial, Insolvency & Restructuring, Litigation & Dispute Resolution
  • Authors : Saurav Kumar, Harman Walia
  • Published on : 18/10/2018

Earlier this month, the Supreme Court of India passed a judgment concerning the eligibility of resolution applicants for Essar Steel India Limited. INDUSLAW's Saurav Kumar, Harman Walia and Jaskiran Kaur discusse the Supreme Court's verdict, which interprets Section 29A of the Insolvency and Bankruptcy Code, 2016 in depth, and sheds light on certain ambiguities relating to its applicability.

Infolex Newsletter - IP October 2018

  • Practise Area : Intellectual Property
  • Published on : 17/10/2018

INDUSLAW's IP newsletter sets out the key intellectual property related updates in India from the third quarter of this year. Aditi Verma Thakur, Anju Srinivasan and Pooja Nair discuss the amendment to the Intellectual Property Rights (Imported Goods) Enforcement, Rules, 2007, along with notable judgements passed by Indian courts during the third quarter.

INTENTION TO DEFRAUD NOT NECESSARY TO PROVE MISREPRESENTATION IN A PASSING OFF CASE, CONFIRMS THE SUPREME COURT

  • Practise Area : Intellectual Property, Litigation & Dispute Resolution
  • Authors : V. Srinivasa Raghavan
  • Published on : 16/10/2018

The Supreme Court of India recently passed a judgement in Wockhardt Ltd. Vs. Torrent Pharmaceuticals & Anr., through which it reaffirmed that the intention to defraud or deceive, or mens rea, should not be considered, to analyse misrepresentation in a case of passing off. INDUSLAW’s V Srinivasa Raghavan, Aditi Verma Thakur and Anju Srinivasan analyse this case and the findings of the Supreme Court.

INTERNATIONAL ASSIGNMENTS TO AND FROM INDIA : SOME FOCUS AREAS

Cross border secondments and employee transfers are becoming increasingly common; however, several organizations are unaware of their implications, specifically with respect to social security laws in India. INDUSLAW's Avik Biswas and Sowmya Kumar look at some aspects of cross border employee deputations and transfers, and what companies should be mindful of in this regard.

Price parallelism in an oligopsony does not amount to a concerted practice

The Supreme Court of India, in its recent order, has set aside the orders passed by the Competition Commission of India and the former Competition Appellate Tribunal, which had found suppliers of LPG cylinders liable for bid rigging under the Competition Act, 2002, for rigging their bids in the tender floated by Indian Oil Corporation Limited in relation to the supply of 10.5 million LPG cylinders between 2010 and 2011. INDUSLAW’s Avimukt Dar, Shreya Suri, Parumita Pal and Milan Mittal discuss the key takeaways from this recent order.

THE AADHAAR JUDGMENT AND RECENT POLICY CHANGES: WHAT DOES IT MEAN FOR FIN - TECH COMPANIES?

The recent judgement of the Supreme Court of India, upholding the validity of Aadhaar while striking out parts of the Aadhaar Act which permitted body corporates to use the Aadhaar number of an individual for establishing the identity of an individual, is likely to have a disproportionate effect on fin-tech companies. INDUSLAW’s Suneeth Katarki, Namita Viswanath and Savithran Ramesh look at the implications of this judgement and other recent policy measures, and analyze their collective impact on the ease of doing business for the fin-tech industry in India.

THE NEGOTIABLE INSTRUMENTS (AMENDMENT) ACT, 2018 : A STEP IN THE RIGHT DIRECTION?

  • Practise Area : Banking & Finance, Government & Regulatory
  • Published on : 10/10/2018

The Negotiable Instruments (Amendment) Act, 2018 (the "Amendment") was recently passed by parliament and came into effect from September 1, 2018. It introduces substantial changes to the Negotiable Instruments Act, 1881 (the "Act"), which may have a significant impact on commerce and the ability of parties to transact through negotiable instruments.
This alert highlights the key changes introduced under the Amendment, and considers their impact on the complainant (the "Complainant") and the drawer (the "Drawer") of dishonored cheques.

THE SUPREME COURT'S AADHAAR JUDGEMENT AND THE RIGHT TO PRIVACY

  • Practise Area : Government & Regulatory, Technology, Media & Telecommunications
  • Authors : Namita Viswanath
  • Published on : 08/10/2018

At the end of September, the Supreme Court of India upheld the validity of the Aadhaar Act, 2016 to the extent it related to using an individual's Aadhaar number for receipt of subsidy, benefit or service from the Government and funded from the Consolidated Fund of India, while striking down provisions which allowed private entities to use an individual's Aadhaar number for any purpose. INDUSLAW's Namita Viswanath and Savithran Ramesh highlight the key takeaways from the judgement.

NCLAT SETS ASIDE COMPETITION COMMISSION'S FINE FOR ANTI-COMPETITIVE PRACTICES

The National Company Law Appellate Tribunal recently set aside the Competition Commission of India's earlier order which had held Hyundai Motor India Limited liable for indulging in anti-competitive practices in violation of the Competition Act, 2002.

Digital Business in India: Overview

The Q&A gives a high level overview of matters relating to regulations and regulatory bodies for doing business online, setting up an online business, electronic contracts and signatures, data retention requirements, security of online transactions and personal data, licensing of domain names, jurisdiction and governing law, advertising, tax, liability for content online, insurance, and proposals for reform.

DRAFT RULES FOR E - PHARMACY UNDER THE DRUGS AND COSMETIC RULES, 1945

The draft amendment to the Drugs and Cosmetic Rules, 1945 (the "Draft E-pharmacy Rules") was published by the Department of Health and Family Welfare under the Ministry of Health and Family Welfare (the "Ministry of Health") on August 28, 2018, primarily setting out the requirements and conditions for the sale of drugs by an "e-pharmacy". Objections and suggestions to the Draft E-pharmacy Rules have been invited from the general public until October 12, 2018, which will be considered by the Central Government before finalizing the regime governing this sector.

SUPREME COURT RECOGNIZES RIGHTS OF THE LGBT COMMUNITY

  • Practise Area : Government & Regulatory
  • Authors : Avik Biswas
  • Published on : 18/09/2018

The Supreme Court of India recently struck down parts of Section 377 of the Indian Penal Code, 1860, which criminalized sexual intercourse against the order of nature. INDUSLAW's Avik Biswas and Savithran Ramesh analyse the primary grounds in the landmark judgement, which effectively allowed sexual intercourse between consenting adult members of the LGBT community.

THE SPECIFIC RELIEF (AMENDMENT) ACT, 2018: OVERVIEW & IMPLICATIONS

  • Practise Area : Litigation & Dispute Resolution, Government & Regulatory, Projects & Project Finance, Energy, Infrastructure & Natural Resources
  • Authors : Kshitij Parashar
  • Published on : 14/09/2018

The Specific Relief (Amendment) Act which came into force at the beginning of August broadly makes specific performance a general rule, rather than a limited right and limits court intervention in relation to infrastructure projects. But will it improve India's global ranking in the enforceability of contracts and the ease of doing business?

Ultratech: Cementing Its Way To The Top

On August 21, 2018, the Competition Commission of India (the "Commission") approved the acquisition of Century Textiles and Industries Limited ("Century") by UltraTech Cement Limited ("UltraTech"). Through this combination, UltraTech has proposed to acquire the cement assets of Century, situated in the Indian states of Madhya Pradesh, Maharashtra, Chhattisgarh and West Bengal.

RBI CLARIFIES THE PROCESS FOR FILING THE MANDATORY SINGLE MASTER FORM IN RELATION TO FOREIGN INVESTMENT

  • Practise Area : Corporate & Commercial, Government & Regulatory, Private Equity, Venture Capital and Fund Investment
  • Authors : Akhoury Winnie Shekhar, Pavani Nath
  • Published on : 07/09/2018

The Reserve Bank of India (the "RBI"), on September 1, 2018, released a user manual (the "SMF Manual") to clearly set out the procedure for filing a single master form (the "SMF"), which it introduced on June 7, 2018, to integrate the existing reporting norms for foreign investment in India.

DRONE OPERATIONS LEGALISED FOR CIVIL AND COMMERCIAL USE: WHAT DO THE REGULATIONS MEAN?

On August 27, 2018, the Directorate General of Civil Aviation (the "DGCA"), under the Ministry of Civil Aviation (the "Aviation Ministry"), introduced regulations (the "Drone Regulations") to set out the civil aviation requirements for the operation of civil remotely piloted aircraft systems, more commonly known as drones, which will come into effect on December 1, 2018.

KARNATAKA INTRODUCES DRAFT RULES UNDER MATERNITY BENEFIT LEGISLATION

The Maternity Benefit (Amendment) Act, 2017 (the "Act") brought into force last year was lauded for its progressiveness and for promoting a more inclusive workforce. However, one of the key stipulations under the Act, requiring every establishment engaging more than 50 employees to provide a crache facility for its women employees, needed additional clarity in the form of State rules.

Whose Original Design Is It Anyway?

  • Practise Area : Intellectual Property, Litigation & Dispute Resolution
  • Authors : Suneeth Katarki
  • Published on : 23/08/2018

What makes something new or original? Have you ever thought about the originality of your sandals that you wear on your feet and the design rights that relate to it? When you glide your ball-point pen across paper, signing your name on a birthday card, have you ever thought about the new design of the pen? Does a tweak or a variation in existing designs necessarily lead to new rights capable of protection?

INDUSLAW Japan Newsletter August 2018

INDUSLAW brings you key regulatory and legal developments across various sectors in India on a monthly basis.

WALMART'S ACQUISITION OF FLIPKART: THE ELEPHANT IN THE ROOM

The Competition Commission of India (the 'Commission') finally announced its much-awaited verdict earlier this week, approving Walmart's USD 16 billion acquisition of Indian e-commerce major, Flipkart. Walmart Inc. ('Walmart') is an American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores. Walmart is present in India through its step subsidiary, Walmart India Private Limited ('Walmart India'), which is engaged in the wholesale of goods ('B2B sales').

THE UNREGULATED DEPOSITS SCHEMES BILL, 2018

  • Practise Area : Financial Services, Government & Regulatory
  • Authors : Kshitij Parashar
  • Published on : 08/08/2018

In March 2018, the Union Cabinet approved the introduction of the Banning of Unregulated Deposit Schemes Bill, 2018 (the 'Bill') and on 18 June 2018, the Bill was tabled before the Lok Sabha. The Bill provides for a comprehensive mechanism to tackle the menace of unlawful deposit schemes operating in the country. It was introduced in the wake of the recent incidents where a plethora of ponzi type schemes run by fake companies and institutions continue to dupe the general public at large of their hard-earned money.

THE PREVENTION OF CORRUPTION AMENDMENT ACT 2018 - Key Highlights

  • Practise Area : Anti-Bribery & Anti-Corruption, Government & Regulatory
  • Authors : Avik Biswas
  • Published on : 07/08/2018

The Prevention of Corruption Act, 1988 (the 'Act') was recently amended by the Prevention of Corruption (Amendment) Act, 2018 (the 'Amendment Act'). Most of the amendments are aimed at tightening up the existing provisions in the Act and expanding the coverage of the offences.

The Personal Data Protection Bill, 2018 Key Features and implications

The long-awaited Personal Data Protection Bill, 2018 (the 'Bill') was released on July 27, 2018, along with the report by the Committee of Experts under the chairmanship of Justice B. N. Srikrishna (the 'Report').

INDIA'S PROPOSED CROSS BORDER INSOLVENCY REGIME: WILL IT TRUMP THE GIBBS RULE?

  • Practise Area : Corporate & Commercial, Banking & Finance, Insolvency & Restructuring
  • Published on : 26/07/2018

The Insolvency & Bankruptcy Code currently has no clear framework for cross border insolvency. That's about to change, with the Ministry of Corporate Affairs recently inviting comments on the draft chapter, broadly incorporating the UNCITRAL Model Law on Cross Border Insolvency. But what might happen when an Indian debtor has foreign creditors under English law contracts who have not consented or participated in the main proceedings in India? Ran Chakrabarti considers.

SUPREME COURT REFUSES TO STAY BAN ON DEALING WITH VIRTUAL CURRENCIES

  • Practise Area : Technology, Media & Telecommunications, Government & Regulatory
  • Authors : Namita Viswanath
  • Published on : 17/07/2018

In April this year, the Reserve Bank of India (the 'RBI') issued a notification prohibiting the use of virtual currencies, preventing entities regulated by the RBI from dealing with virtual currencies or providing services facilitating any person or entity to deal or settle virtual currencies.

Data Protection Framework for India

The Ministry of Electronics and Information Technology (MeitY) released a whitepaper on the proposed "a data protection regulatory framework for India" in November 2017. INDUSLAW along with several other stakeholders provided its views on various aspects in relation to the proposed data protection legislation. Some of key issues that find a prominent place in the white paper are the territorial jurisdiction under the proposed law, nature of personal data and sensitive personal data sought to be protected and the rights associated therewith, cross border flow of data and authorities responsible for controlling and processing data.
The summarised position of our views on the whitepaper can be accessed here - we hope you find this useful.

INDUSLAW Japan Newsletter July 2018

INDUSLAW is a multi-speciality Indian law firm with 24 partners and over 100 lawyers across four offices in Bangalore, Delhi, Hyderabad and Mumbai. We advise foreign and domestic clients on matters of Indian law in relation to their transactions, dispute resolution, business strategies and operations.

RBI INTRODUCES A SINGLE MASTER FORM TO REPORT ALL FOREIGN INVESTMENT RECEIVED BY INDIAN ENTITIES

  • Practise Area : Corporate & Commercial, Government & Regulatory, Private Equity, Venture Capital and Fund Investment
  • Authors : Anantha Krishnan Iyer , Pavani Nath
  • Published on : 19/06/2018

On June 7, 2018, the Reserve Bank of India (the 'RBI') issued a circular (the 'Circular'),1 introducing a single master form (the 'SMF') to integrate the existing reporting norms for various types of foreign investment in India.

ORDINANCE AMENDS INSOLVENCY & BANKRUPTCY CODE

  • Practise Area : Banking & Finance, Corporate & Commercial, Insolvency & Restructuring
  • Authors : Harman Walia
  • Published on : 11/06/2018

The President of India promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 (the 'Ordinance') on 6 June 2018 to amend the Insolvency and Bankruptcy Code, 2016 (the 'Code'), which amongst other things, categorizes homebuyers as financial creditors, amends decision making thresholds and clarifies whether proceedings against guarantors fall within or outside of the moratorium during the corporate insolvency process.

EPC CONTRACTS KEY ISSUES TO CONSIDER

  • Practise Area : Energy, Infrastructure & Natural Resources, Projects & Project Finance, Renewable Energy
  • Published on : 04/06/2018

Irrespective of the sector, and whether you are a Contractor, Employer or a Lender, EPC Contracts throw up complex issues which need to be carefully considered. INDUSLAW held a seminar on the subject recently, flagging some of the key risks for allocation and mitigation.

GOODS AND SERVICES TAX ON LIQUIDATED DAMAGES

  • Practise Area : Projects & Project Finance, Litigation & Dispute Resolution
  • Authors : Divya Varghese, Harman Walia
  • Published on : 01/06/2018

The Maharashtra Authority for Advanced Ruling (the 'AAR') recently held in an advance ruling that goods and services tax ('GST') is applicable on liquidated damages imposed on delayed performance or non-performance of contracts executed in relation to certain services.

SEBI AMENDS DELISTING AND TAKEOVER REGULATIONS TO FACILIATE INSOLVENCY RESOLUTION FOR LISTED COMPANIES

  • Practise Area : Banking & Finance, Corporate & Commercial, Capital Markets & International Offerings, Insolvency & Restructuring
  • Authors : Harman Walia
  • Published on : 01/06/2018

The regulator of Indian securities market, the Securities and Exchange Board of India ('SEBI') on May 31, 2018, notified amendments to the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (the'Take-Over Regulations') and the SEBI (Delisting of Equity Shares) Regulations, 2009 (the 'Delisting Regulations') (collectively, the 'Amendments').

INDUSLAW Japan Newsletter June 2018

INDUSLAW is a multi-speciality Indian law firm with 24 partners and over 100 lawyers across four offices in Bangalore, Delhi, Hyderabad and Mumbai. We advise foreign and domestic clients on matters of Indian law in relation to their transactions, dispute resolution, business strategies and operations.

REVISED NORMS FOR INVESTMENT IN DEBT INSTRUMENTS BY FOREIGN PORTFOLIO INVESTORS

  • Practise Area : Banking & Finance, Capital Markets & International Offerings
  • Published on : 01/05/2018

The Reserve Bank of India (the 'RBI') has undertaken a detailed review of the current regulations governing debt investment by Foreign Portfolio Investors ('FPIs') with the objective of simplifying the process of investments into debt instruments by FPIs in India.

INFOLEX NEWSLETTER - IP

  • Practise Area : Intellectual Property
  • Authors : Suneeth Katarki
  • Published on : 01/04/2018

This Newsletter brings to you significant IP updates from the first quarter of this year. The past few months have seen a couple of very important judgments that emphasized the importance of novelty and the impact of prior publications of registered designs. In addition to the above, the Competition Commission of India (the “CCI”) considered whether Google, by letting the sale and use of descriptive trademarks as keywords by competitors of the trademark owners amounted to abuse by Google of its dominant position. The CCI held that Google was not guilty of abusing its dominant position. On similar lines, another judgment revisited and explained the limitations of protection to generic trademarks.

Japan Newsletter April 2018

INDUSLAW is a multi-speciality Indian law firm with 24 partners and over 100 lawyers across four offices in Bangalore, Delhi, Hyderabad and Mumbai. We advise foreign and domestic clients with respect to transactions, dispute resolution, business strategies and operations from the perspective of Indian laws and regulations.

China Newsletter January-March 2018

INDUSLAW is a multi-speciality Indian law firm with 24 partners and over 100 lawyers across four offices in Bangalore, Delhi, Hyderabad and Mumbai. We advise foreign and domestic clients with respect to transactions, dispute resolution, business strategies and operations from the perspective of Indian laws and regulations.

SEBI PARTIALLY ACCEPTS KOTAK COMMITTEE'S RECOMMENDATIONS ON CORPORATE GOVERNANCE

In June 2017, the Securities and Exchange Board of India ('SEBI') constituted a committee on corporate governance under the chairmanship of Mr. Uday Kotak, to improve standards of corporate governance of listed entities in India (the 'Kotak Committee'). The Kotak Committee submitted its report on October 5, 2017, detailing several recommendations (the 'Kotak Committee Recommendations'). Thereafter, SEBI invited public comments to the Kotak Committee Recommendations, which were subsequently considered by the board of directors of SEBI (the 'Board') in its meeting on March 28, 2018.

MINIMUM FDI LIMITS FOR UNREGULATED "OTHER FINANCIAL SERVICES" SECTOR ANNOUNCED

The Ministry of Finance has announced minimum foreign direct investment ("FDI") limits applicable to unregulated or partially regulated investee entities under the Government approval route in the "other financial services" sector, by way of a press release dated April 16, 2018 (the "2018 Press Release"). Further, such unregulated or partially regulated investee entities have been bifurcated into "fund-based" and "non-fund based" activities, and separate minimum FDI limits are now applicable to both.

WORK FORCE STRUCTURING & TERMS OF EMPLOYMENT

  • Practise Area : Employment Law
  • Authors : Namita Viswanath
  • Published on : 01/04/2018

Structuring your corporate workforce raises a number of regulatory matters which require careful consideration. Namita Viswanath recently discussed best practices at an Employment Law seminar before an audience of corporate general counsels

DO THE RISKS OUTWEIGH THE REWARDS?

  • Practise Area : Corporate & Commercial, International Practice Group
  • Authors : Gaurav Dani, Saurav Kumar
  • Published on : 01/04/2018

Do the risks outweigh the rewards? Doing business in India can be bewildering for new market entrants, but with nuanced local advice, it can also be a lucrative long term investment. Gaurav Dani and Saurav Kumar highlight some of the key issues to consider in the context of a local joint venture before an audience of Japanese general counsels, lawyers and professional advisers in Tokyo earlier in April.

DOING BUSINESS IN INDIA: AN OVERVIEW

  • Practise Area : Corporate & Commercial, International Practice Group
  • Published on : 01/04/2018

Doing business and investing in India can seem like a complex process for new market entrants. INDUSLAW helped Polish businesses see the wood for the trees during a workshop in Warsaw last week, with Ran Chakrabarti flagging some of the big picture issues

MERGER CONTROL REGIME & M&A IN INDIA

  • Practise Area : Competition Law
  • Authors : Avimukt Dar
  • Published on : 01/04/2018

M&A in India may trigger merger control and Competition Law issues. Avimukt Dar recently spoke about combinations, thresholds and some of the notification triggers that you need to be aware of and some of the potential exemptions that might apply

RBI NOTIFIES REGULATIONS ON CROSS BORDER MERGERS

  • Practise Area : Corporate & Commercial, Private Equity, Venture Capital and Fund Investment, Government & Regulatory, Mergers & Acquisitions
  • Authors : Akhoury Winnie Shekhar
  • Published on : 01/04/2018

In an attempt to clarify the position in relation to the law relating to cross-border mergers in India, the Reserve Bank of India (the 'RBI') has notified the Foreign Exchange Management (Cross Border Merger) Regulations, 2018 (the 'Regulations') . The Regulations provide further clarity with respect to the cross-border merger regime in India, which opened up after the Ministry of Corporate Affairs notified Section 234 (relating to mergers and amalgamations of companies with foreign companies) of the Companies Act, 2013 (the 'Act') in April 2017. For the first time, the law now contemplates the merger of an Indian company with a foreign company where the resultant entity is a foreign company.

CROSS BORDER INSOLVENCY: KEY ISSUES

  • Practise Area : International Practice Group, Banking & Finance, Insolvency & Restructuring
  • Published on : 01/03/2018

Cross border insolvency inevitably boils down to a scramble for assets, leaving creditors confused about the options available to them. INDUSLAW were delighted to have been invited by the National Law School in Bangalore to speak on the subject over the weekend

RBI DISCONTINUES ISSUANCE OF LETTERS OF UNDERSTANDING AND LETTERS OF COMFORT FOR TRADE CREDITS

  • Practise Area : Banking & Finance, Corporate & Commercial, Government & Regulatory
  • Authors : Chitvan Bakshi
  • Published on : 01/03/2018

In an attempt to promote investment activities and to liberalize the procedures relating to trade credits for imports, the Reserve Bank of India (the "RBI") in 2004, had granted permission to authorized dealer banks ("ADs") to issue letters of undertaking ("LoUs") or letters of comfort ("LoCs") in favour of overseas suppliers, banks and financial institutions, to approve trade credits, for import of all non-capital goods (except gold) and capital goods permissible under the Foreign Trade Policy, subject to prudential guidelines issued by the RBI from time to time.

THE INSOLVENCY & BANKRUPCY CODE (AMENDMENT) ACT: RESOLUTION APPLICANTS NARROWED?

  • Practise Area : Banking & Finance, Corporate & Commercial, Government & Regulatory, Insolvency & Restructuring
  • Published on : 01/02/2018

Earlier in January, the Insolvency and Bankruptcy Code (Amendment) Act (the "Amendment Act") came into force amending the Bankruptcy and Insolvency Code, 2016 (the "Code"), by substantively incorporating changes introduced by the earlier Code (Amendment) Ordinance, 2017 (the "Ordinance") issued by the Government and promulgated by the President at the end of November last year.

INDIA'S NEW BIDDING GUIDELINES ON SOLAR AND WIND PROJECTS: A NEW BANKABLE MODEL?

  • Practise Area : Energy, Infrastructure & Natural Resources, Renewable Energy, Projects & Project Finance
  • Published on : 01/01/2018

INDUSLAW recently spoke on the subject of India's new bidding guidelines for renewable energy projects. Do they address off-take risks and other bankable issues? Will the new guidelines pave the way forward for a new wave of projects? Ran Chakrabarti discusses

FOREIGN INVESTMENT REGULATIONS AMENDED: ATTEMPT TO EASE FOREIGN INVESTORS TROUBLES

In an attempt to simplify, consolidate and clarify the regulations relating to foreign direct investment ('FDI') in Indian entities by foreign investors, the Reserve Bank of India (the 'RBI') notified the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017 (the 'New Regulations') replacing the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 (the 'Former Regulations').

RBI REVISES REPORTING DIRECTIONS TO ALIGN WITH THE FOREIGN EXCHANGE MANAGEMENT (TRANSFER OR ISSUE OF ANY FOREIGN SECURITY) REGULATIONS, 2017

  • Practise Area : Mergers & Acquisitions, Corporate & Commercial, Private Equity, Venture Capital and Fund Investment, Government & Regulatory
  • Authors : Akhoury Winnie Shekhar, Pavani Nath
  • Published on : 01/01/2018

In an attempt to bring the reporting requirements relating to the Foreign Exchange Management Act, 1999 (the 'Act') in line with the recently-introduced Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2017 (the 'New TISPROI Regulations'), the Reserve Bank of India (the 'RBI') has amended the Master Direction on Reporting under the Foreign Exchange Management Act, 2017 (the 'Revised Directions').

FURTHER LIBERALIZATION OF THE FDI REGIME

  • Practise Area : Corporate & Commercial, Private Equity, Venture Capital and Fund Investment, Government & Regulatory, Mergers & Acquisitions
  • Authors : Akhoury Winnie Shekhar, Aakash Dasgupta
  • Published on : 01/01/2018

The Union Cabinet, on January 10, 2018, approved certain key amendments to the Consolidated FDI Policy Circular of 2017 (the 'FDI Policy'). The amendments aim to further liberalize and simplify the FDI Policy to create a more foreign investor-friendly atmosphere and, in turn, attract more foreign direct investment ('FDI') in the country.

RBI DIRECTIONS ON PEER TO PEER LENDING PLATFORMS: FREQUENTLY ASKED QUESTIONS

  • Practise Area : Banking & Finance, Financial Services, Government & Regulatory, Technology, Media & Telecommunications
  • Authors : Suneeth Katarki, Namita Viswanath
  • Published on : 01/01/2018

The Reserve Bank of India (the 'RBI') has published responses to frequently asked questions ('FAQs') regarding the Master Directions ' Non-Banking Financial Company ' Peer to Peer Lending Platform (Reserve Bank) Directions, 2017, issued by the RBI on October 4, 2017 and amended on November 9, 2017 (the 'P2P Directions').

ESTABLISHING GOODWILL AND REPUTATION IN INDIA IS CRITICAL FOR ENFORCING AN INTERNATIONAL BRAND NAME IN INDIA

  • Practise Area : Intellectual Property, Litigation & Dispute Resolution
  • Authors : Suneeth Katarki
  • Published on : 01/01/2018

In the matter of Toyota Jidosha Kabushiki Kaisha vs M/S Prius Auto Industries Limited, the Supreme Court of India (the 'Supreme Court') reaffirmed the principle that the well-known status or international reputation of a brand is required to be established within India by the brand owner in a suit of passing off.

SEBI AIMS TO STIMULATE INVITS AND REITS BY ALLOWING UPTO 25% PARTICIPATION BY STRATEGIC INVESTORS THROUGH PUBLIC OFFER FOR THE FIRST TIME

  • Practise Area : Capital Markets & International Offerings, Corporate & Commercial, Real Estate
  • Published on : 01/01/2018

The Securities and Exchange Board of India ('SEBI') released a circular (the 'Circular') on January 18, 2018, outlining the operational modalities for participation by strategic investors in Infrastructure Investment Trusts ('InvITs') and Real Estate Investment Trusts ('REITs') under the SEBI (Infrastructure Investment Trusts) Regulations, 2014 (the 'InvIT Regulations') and the SEBI (Real Estate Investment Trusts) Regulations, 2014 ('REIT Regulations') respectively.

THE BUSINESS OF SPORTS REGULATION: CCI GOES HEAD-TO-HEAD WITH THE BCCI

In an order dated November 29, 2017 (the 'Order'), the Competition Commission of India (the 'Commission') found the Board of Control for Cricket (the 'BCCI') guilty of abusing its dominant position in contravention of the provisions of Section 4(2)(c) (denial of market access) of the Competition Act, 2002 (the 'Act') for entering into an anti-competitive agreement in relation to media rights with the broadcasters of the Indian Premier League (the 'IPL').

PROJECTS & PROJECT FINANCE IN INDIA: AN OVERVIEW

  • Practise Area : Energy, Infrastructure & Natural Resources, Projects & Project Finance
  • Published on : 01/11/2017

INDUSLAW recently spoke in Singapore on the subject of Projects & Project Financing in India, highlighting the broad regulatory and document structures encountered and key risks to consider

MASTER DIRECTIONS ON THE ISSUANCE AND OPERATION OF PREPAID PAYMENT INSTRUMENTS IN INDIA

  • Practise Area : Financial Services, Government & Regulatory
  • Authors : Suneeth Katarki
  • Published on : 01/11/2017

For over a decade now, Indian banks and non-bank entities have been issuing prepaid payment instruments ('PPIs') after obtaining necessary approvals from the Reserve Bank of India (the 'RBI') under the Payment and Settlement Systems Act, 2007 (the 'PSS Act').

The Executive Remuneration Review Edition 6

When dealing with executive remuneration or compensation, the trend in today's growing market is to find a fine balance between the act of rewarding executives and the growth and progress of the company

RESTRICTION ON THE NUMBER OF LAYERS OF SUBSIDIARIES

  • Practise Area : Corporate & Commercial
  • Authors : Kartik Ganapathy
  • Published on : 01/10/2017

The Ministry of Corporate Affairs notified the Companies (Restriction on Number of Layers) Rules, 2017 (the 'Rules') on September 20, 2017. The Rules have been issued pursuant to Section 2 (87) of the Companies Act, 2013 (the 'Act'), which provides the Central Government the power to cap the number of layers of subsidiaries that a company may have.

MASALA BONDS: ISSUING RUPEE DENOMINATED DEBT OVERSEAS

  • Practise Area : Banking & Finance, Government & Regulatory, Projects & Project Finance
  • Published on : 01/10/2017

The Reserve Bank of India (the 'RBI') altered certain norms relating to the issuance of rupee denominated bonds (commonly known as 'masala' bonds) in the overseas market ('Rupee Bonds') pursuant to two circular's dated September 22nd, 2017 (the 'Circulars').

NEW ACT TO REGULATE SHOPS & ESTABLISHMENTS IN MAHARASHTRA

  • Practise Area : Employment Law
  • Authors : Avik Biswas
  • Published on : 01/10/2017

The Government of Maharashtra published the Maharashtra Shops and Establishments (Regulation of Employment and Conditions of Service) Act, 2017 (the 'New Act') earlier in September. The New Act will come into force on a specific date that is yet to be announced and will repeal the Bombay Shops & Establishments Act, 1948 (the 'Present Act') presently in force.

COMPETITION COMMISSION'S PERSPECTIVE ON LIFTING THE CORPORATE VEIL WHEN DETERMINING BIDS FROM SISTER CONCERNS

In a recent order dated October 5, 2017 (the 'Order'), the Competition Commission of India (the 'CCI') found Grasim Industries Limited ('GIL'), Aditya Birla Chemicals (India) Limited ('ABCIL') and Gujarat Alkalies and Chemicals Limited ('GACL') in contravention of Section 3(1) read with Section 3(3)(d) of the Competition Act, 2002 (the 'Act') for rigging Delhi Jal Board ('DJB') tenders, which were floated for the public procurement of Poly Aluminium Chloride ('PAC') used in the purification of water.

RBI DIRECTIONS ON PEER TO PEER LENDING PLATFORMS

The Reserve Bank of India (the 'RBI') by way of a notification dated August 24, 2017, notified that a non-banking institution that carries on 'the business of a peer to peer lending platform' shall be a non-banking financial company (the 'Notification'). The RBI has issued the Notification pursuant to Section 45-I(f)(iii) of the Reserve Bank of India Act, 1934 (the 'RBI Act') which confers power on the RBI to include any non-banking institution or class of such institutions within the definition of a 'non-banking financial company' (an 'NBFC') with the prior approval of the Central Government.

REVISION OF WAGE CEILING UNDER THE PAYMENT OF WAGES ACT, 1936

The Payment of Wages Act, 1936 (the 'Wages Act') is a Central Government legislation that governs the manner of payment of wages to certain classes of employed persons. The Wages Act, inter alia, ascribes responsibility for the payment of wages, provides for the fixation of time periods for such payment, prescribes the manner of disbursing payments and also stipulates a framework for governing disputes arising thereunder. The Wages Act prescribes a wage threshold for its applicability and therefore, it is applicable only to those employees whose wages do not exceed a prescribed limit.

KEY HIGHLIGHTS OF THE CONSOLIDATED POLICY ON FOREIGN DIRECT INVESTMENT, 2017

By way of Press Note No. 1 of 2017, the Department of Industrial Policy and Promotion (the 'DIPP') on August 28, 2017, released the consolidated foreign direct investment policy circular for 2017 (the '2017 FDI Policy') effective from August 28, 2017. With the 2017 FDI Policy, the DIPP has integrated all the changes introduced by it with respect to foreign direct investment ('FDI') in India, between June 2016 and August 2017, and has introduced certain other changes, which are highlighted here.

TIME BARRED DEBT CAN BE PURSUED UNDER THE INSOLVENCY AND BANKRUPTCY CODE

  • Practise Area : Banking & Finance, Corporate & Commercial, Litigation & Dispute Resolution
  • Published on : 01/09/2017

In a recent judgment, the National Company Law Appellate Tribunal, New Delhi (the 'NCLAT') held that the provisions of the Limitation Act, 1963 (the 'Limitation Act') do not apply to proceedings initiated under the Insolvency and Bankruptcy Code, 2016 (the 'Code'). The judgment will have far reaching consequences as it means that a creditor can sue a corporate debtor under the Code, even though the debt is barred by time.

DIGITAL BUSINESS IN INDIA: OVERVIEW

The Q&A guide gives a high level overview of matters relating to regulations and regulatory bodies for doing business online, setting up an online business, electronic contracts and signatures, data retention requirements, security of online transactions and personal data, licensing of domain names, jurisdiction and governing law, advertising, tax, liability for content online, insurance, and proposals for reform.

INDIA'S NEW CROSS BORDER MERGER PROVISIONS: A REALISTIC STRUCTURING OPTION?

  • Practise Area : Mergers & Acquisitions
  • Published on : 01/08/2017

Earlier this year in April, the Ministry of Corporate Affairs (the "MCA") by way of notification effective from April 13, 2017 notified Section 234 of the Companies Act, 2013 (the "Act") along with the Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2017 (the "Rules") to operationalize Section 234 of the Act (the "MCA Notification") which broadly applies to schemes of mergers and amalgamations between Indian companies and foreign companies incorporated in foreign jurisdictions notified by the Central Government.

SEBI TEMPORARILY SUSPENDS MASALA BONDS AND FLAGS CORPORATE DEBT LIMITS TO FPIS

  • Practise Area : Banking & Finance, Government & Regulatory
  • Published on : 01/08/2017

Suggesting that the Indian corporate bond market's exposure to foreign investors may be overheating, the Securities Exchange Board of India issued a circular on 20 July 2017 temporarily suspending the overseas issue of Rupee denominated debt in a cautionary measure to stem Indian corporate debt exposure to foreign investors, which is fast approaching a legal limit.

UNION CABINET APPROVES THE WAGE CODE

The Second National Labour Commission in 2002, recommended the division of labour laws into four or five broad groups concerning wages, social security, safety, industrial relations, welfare and working conditions. In 2015, the Union Ministry of Labour and Employment introduced the draft Labour Code on Industrial Relations Bill (the "Industrial Relations Code") and the draft Labour Code on Wages Bill (the "Wage Code").

THE NEW LAW ON DISABILITY: WHAT DOES IT MEAN FOR INDIAN CORPORATES?

The Rights of Persons with Disabilities Act, 2016 (the 'Act') and the Rights of Persons with Disabilities Rules, 2016 (the 'Rules') came into effect on April 19, 2017 and June 15, 2017, respectively (together, the 'Disability Law'). The Disability Law replaces the old Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995, and the rules made thereunder.

LEGAL ISSUES IN INFRASTRUCTURE

  • Practise Area : Energy, Infrastructure & Natural Resources, Projects & Project Finance
  • Published on : 01/07/2017

Identifying risk in infrastructure projects is essential for allocation and potential mitigation strategies. Ran Chakrabarti highlighted some of the key risks and considered how they may best be managed at a recent conference in New Delhi

SUPREME COURT RULING AGAINST COMPENSATORY TARIFFS FOR POWER PROJECTS

  • Practise Area : Projects & Project Finance, Energy, Infrastructure & Natural Resources, Litigation & Dispute Resolution
  • Published on : 01/07/2017

Earlier this month, the Supreme Court of India in Energy Watchdog & Ors. v/s. Central Electricity Regulatory Commission set aside the orders passed by the Appellate Tribunal for Electricity ("APTEL") dated 7 April 2016 (the "APTEL Order") and the Central Electricity Regulatory Commission ("CERC") dated 6 December 2016 (the "CERC Order") relating to compensatory tariff awards granted to certain power generating companies, mitigating an increase in costs incurred by such companies where tariffs have been determined through a process of competitive bidding.

THE UNRESOLVED CONTROVERSY CAN TWO INDIAN PARTIES CHOOSE FOREIGN SEATED ARBITRATION AND FOREIGN LAW TO RESOLVE THEIR DISPUTES?

  • Practise Area : Litigation & Dispute Resolution
  • Published on : 01/06/2017

The question of whether two Indian parties can have a seat of arbitration outside India and choose foreign law to resolve disputes continues to remain a vexed issue. The Supreme Court recently had an opportunity to decide this controversy in the case of Sasan Power Ltd., v. North American Coal Corporation India Private Limited ("Sasan SC case").

TDS ON RENT FOR INDIVIDUALS AND HINDU UNDIVIDED FAMILES 

  • Practise Area : Private Client
  • Published on : 01/06/2017

The Finance Bill, 2017 had proposed a new Section 194IB to the Income Tax Act, 1961 (the "Act"), to provide that individuals and Hindu Undivided Families ("HUFs") paying rent of INR 50,000 (Indian Rupees fifty thousand) or more per month to a resident, will now have to deduct 5% (five per cent) tax at source ("TDS"). This change will be effective from June 1, 2017.

MASALA BONDS: ISSUING RUPEE DENOMINATED DEBT OVERSEAS

  • Practise Area : Banking & Finance, Capital Markets & International Offerings, Government & Regulatory
  • Published on : 01/06/2017

Earlier this month, the Reserve Bank of India (the 'RBI') published certain norms relating to the issuance of rupee denominated bonds (also commonly known as 'masala' bonds) in the overseas market ('Rupee Bonds') pursuant to a circular dated June 7, 2017 (the 'Circular').

CCI PENALIZES HYUNDAI FOR CURBING DEALER DISCOUNTS

The Competition Commission of India (the 'CCI'), through its order dated June 14, 2017, has imposed a penalty of INR 870 million (Indian Rupees Eighty-Seven Crores) (approximately USD 13.4 million) on Hyundai Motor India Limited ('HMIL') for indulging in anti-competitive practices in violation of Section 3(1) of the Competition Act, 2002 (the 'Act') by indulging in practices of maintaining resale prices of its dealers and entering into tie-in arrangements in violation of Section 3(4) of the Act, which sets out anti-competitive arrangements across vertical markets.

NEW GUIDELINES FOR DETERMINING WELL-KNOWN TRADEMARKS IN INDIA

  • Practise Area : Intellectual Property
  • Authors : Suneeth Katarki
  • Published on : 01/06/2017

The Office of the Controller General of Patents, Designs and Trademarks (the 'CG Office') recently notified and issued guidelines for setting out a procedure for determination of well-known trademarks in India (the 'New Guidelines'). The New Guidelines have been issued pursuant to Rule 124 of the Trade Marks Rules, 2017 (the 'Rules of 2017') that provides for determination of well-known trademarks by the Registrar of Trademarks (the 'Registrar').

GST: BACK ON TRACK FOR JULY 2017 ROLLOUT?

  • Practise Area : Government & Regulatory
  • Published on : 01/05/2017

The Parliament passed cornerstone legislation at the beginning of April, keeping the implementation of the new GST regime on track. The Acts essentially implement the intention of the Amendment, clearing the way for new fiscal powers at the Center and the State level, permitting the collection and sharing of the GST.

AWARD FOR DAMAGES DOES NOT BREACH SHARE PRICE VALUATION GUIDELINES: DELHI HIGH COURT REJECTS RBI INTERVENTION OVER ENFORCEMENT OF ARBITRAL AWARD

  • Practise Area : Corporate & Commercial, Government & Regulatory, Litigation & Dispute Resolution
  • Published on : 01/05/2017

Recently, the Delhi High Court (the "Court") passed a landmark judgment while deciding a petition seeking enforcement of a foreign arbitral award.

AMENDMENTS TO THE MATERNITY BENEFIT ACT, 1961

  • Practise Area : Employment Law
  • Authors : Avik Biswas
  • Published on : 01/05/2017

The Maternity Benefit Act, 1961 (the "Act") has been recently subject to certain significant amendments. Women employees are now entitled to additional maternity leave and employers with a certain number of employees are required to provide crèche facilities.

ABUSE OF DOMINANT POSITION: INQUIRY ORDERED AGAINST ROCHE

The Competition Commission of India (the "CCI"), in the matter of Biocon Limited ("Biocon"), Mylan Pharmaceuticals ("Mylan"), F. Hoffman La-Roche AG, Genetech Inc and Roche Products (India) Private Limited (collectively the "Roche Group") (the "CCI Order")[1] has held the Roche Group to be prima facie in contravention of section 4(2)(c) of the Competition Act, 2002 (the "Act").

CLOUD SERVICES: GUIDELINES FOR GOVERNMENT PROCUREMENT

The Ministry of Electronics and Information Technology, Government of India (the "Ministry") has announced the "MeghRaj Policy" (the "Policy") providing directions for adoption of cloud services by various government departments (including central, states and municipalities). The Policy comprises the objectives and aims of the Government of India towards procuring and leveraging cloud services offered by cloud service providers.

SUPREME COURT WEIGHS IN ON 'RELEVANT TURNOVER' FOR DETERMINING PENALTIES

  • Practise Area : Competition Law
  • Authors : Avimukt Dar
  • Published on : 01/05/2017

The Supreme Court of India (the "Supreme Court") on May 8, 2017 held that the 'relevant turnover' and not the total turnover should be the basis for determination of penalties under the Competition Act, 2002 (the "Act").

IS SERVICE OF SUMMONS BY WHATSAPP PROPER SERVICE? 

  • Practise Area : Litigation & Dispute Resolution
  • Published on : 01/05/2017

In a recent order of the Bombay High Court, service of summons by WhatsApp was considered as an acceptable mode of service based on the facts of that case. This was followed by another order in April 2017 by the Financial Commissioner Court of Haryana, which ordered summons to be served through WhatsApp in order to reduce the delay in serving summons in the absence of a proper address.

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The INDUSLAW brings you the key regulatory and legal developments in various sectors in India.

THE FINANCE ACT, 2017 - IMPLICATIONS & CONSTITUTIONALITY?

  • Practise Area : Government & Regulatory
  • Authors : Anubha Sital
  • Published on : 01/04/2017

India's finance bill for the financial year 2016-2017 (the "Bill") was presented by the Finance Minister on February 1, 2017 and approved by the Lok Sabha with certain modifications on March 22, 2017. The Lok Sabha voted the Bill to be a money bill.

CAIRN ENERGY LOSES RETROSPECTIVE TAX CASE BEFORE INDIAN APPELLATE TRIBUNAL

  • Practise Area : Energy, Infrastructure & Natural Resources, Litigation & Dispute Resolution
  • Published on : 01/04/2017

Cairn Energy recently lost its appeal before an Indian tax appellate tribunal in relation to the charging of retrospective capital gains tax. We analyse the implications of the ruling and the risks arising for foreign investors restructuring their Indian operations.

COMBINATIONS UNDER COMPETITION LAW: DE-MINIMIS EXEMPTIONS

The Ministry of Corporate Affairs (the "MCA") has clarified the scope of the de-minimis exemptions, which exempt certain enterprises from the applicability of section 5 of the Competition Act, 2002 (the "Act"), by issuing notification numbers. S.O. 988 (E) (the "2017 Notification") and S.O. 989 (E) (the "Repeal Notification"), both dated March 27, 2017.

INTERNAL COMPLAINTS COMMITTEES: REQUIREMENTS FOR COMPLAINTS RELATING TO SEXUAL HARASSMENT

The Delhi High Court on February 16, 2017, in the matter of Ashok Kumar Singh v. University of Delhi & Ors pronounced on the nature of inquiry reports of internal complaints committees ("ICCs") required under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (the "Act").

INFOLEX NEWSLETTER - IP

  • Practise Area : Intellectual Property
  • Published on : 01/04/2017

This Newsletter brings to you the IP updates during the first quarter of this year. The first quarter saw remarkable changes in trademark practice and procedure in India. With substantial changes in fees and with the introduction of a new register to record well known trade marks, the new Trade Marks Rules are in place and give hope for trademark registrations to happen at a much faster pace

CONTROL AND INVESTOR PROTECTION RIGHTS UNDER THE SEBI TAKEOVER REGULATIONS

  • Practise Area : Corporate & Commercial
  • Authors : Gaurav Dani
  • Published on : 01/04/2017

The Securities Exchange Board of India ("SEBI"), in a recent order dated March 31, 2017, in the matter of Kamat Hotels (India) Limited (the "SEBI Order") has clarified that protective covenants or rights in favor of an investor in the company are in the nature of checks and controls rather than formulating policies to run the company.

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The INDUSLAW brings you the key regulatory and legal developments in various sectors in India.

DIGITAL WALLETS IN INDIA- A BRIEF ASSESSMENT ON POTENTIAL LIABILITIES

  • Practise Area : Government & Regulatory, Banking & Finance, Financial Services
  • Published on : 01/03/2017

The Reserve Bank of India ("RBI") has classified digital wallets as "Prepaid Payment Instruments" (hereinafter "PPI" or "Issuer") which refers to payment instruments that facilitate purchase of goods and services, including funds transfer, against the value stored on such instruments.

THE RESURRECTION OF SAFE HARBOURS FOR INTERNET INTERMEDIARIES IN INDIA

  • Practise Area : Technology, Media & Telecommunications, Intellectual Property
  • Authors : Suneeth Katarki
  • Published on : 01/03/2017

In its recent judgment in the matter of MySpace Inc. v. Super Cassettes Industries Ltd., a division bench of the Delhi High Court (the 'Court') comprising of S. Ravindra Bhat and Deepa Sharma, JJ., overturned a single judge's order in the matter of Super Cassettes Industries Ltd. v. MySpace Inc.

NEW TRADE MARKS RULES IN INDIA

  • Practise Area : Intellectual Property
  • Authors : Suneeth Katarki
  • Published on : 01/03/2017

The Government of India has notified the Trade Marks Rules, 2017 (the 'New Rules') under the Trade Marks Act, 1999 (the 'Trade Marks Act') on 6th March 2017. The New Rules have replaced the Trade Marks Rules, 2002, which were earlier in force.

RISK MANAGEMENT AND INTER-BANK DEALINGS: OPERATIONAL FLEXIBILITY FOR INDIAN SUBSIDIARIES OF NON-RESIDENT COMPANIES

  • Practice Area : --
  • Published on : 01/03/2017

Pursuant to the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000, (the “Regulations”) the Reserve Bank of India (the “RBI”) has framed regulations to promote the orderly development and maintenance of the foreign exchange market in India.

FINANCE BILL MERGES QUASI JUDICIAL BODIES

The Lok Sabha on March 22, 2017, passed the Finance Bill, 2017 (the "Finance Bill"), introducing several key amendments to different laws relating to issues not previously presented in the Union Budget for this financial year.

JAPAN NEWSLETTER

The INDUSLAW brings you the key regulatory and legal developments in various sectors in India.

INDIA: JOINT VENTURES IN INDIA'S ATOMIC ENERGY: ANY TAKERS?

  • Practise Area : Nuclear Law, Energy, Infrastructure & Natural Resources
  • Published on : 01/02/2017

The Atomic Energy (Amendment) Act, 2015 (the "Amendment Act") essentially expanded the definition of "Government Company" in the Act to include a joint venture formed between NPCIL and a PSU. This article considers the implications of the Amendment Act, assesses its impact over the year since the Act was amended and more importantly, puts it into context of the estimated capital costs of a nuclear build out.

FIVE LAWS THAT THE FINANCE MINISTER PROPOSES TO CHANGE

  • Practise Area : Employment Law
  • Authors : Avik Biswas
  • Published on : 01/02/2017

The Budget promises to come up with a plan to consolidate labour laws under four subjects: wages, industrial relations, social security and working conditions.Fragmentation is a big issue as there are more than 100 statutes and many of them overlap, says Avik Biswas, partner, INDUSLAW.

KEY LEGAL DEVELOPMENTS 2016

This publication highlights some of the key changes to India’s legal framework during 2016, analysing its implications and what it means for investors, lenders, developers and other key stakeholders in the economy.

RENEWABLE ENERGY ALERT 

  • Practise Area : Projects & Project Finance, Renewable Energy
  • Published on : 01/02/2017

Our Renewable Energy Alert is a monthly update designed to keep you up-to-date with the latest legal developments that could potentially impact your business. We set out below a brief summary of some of the key legal developments impacting the sector during January 2017.

CLARIFICATION ON GRANDFATHERING OF COMPULSORILY CONVERTIBLE INSTRUMENTS UNDER GAAR

The Central Board of Direct Taxes (the "CBDT") released a circular on January 27, 2017 (the "CBDT Circular") providing certain clarifications on queries received by the CBDT on the implementation of the General Anti-Avoidance Rules (the "GAAR").

UNION BUDGET 2017-2018: HIGHLIGHTS

  • Practise Area : Government & Regulatory, Corporate & Commercial
  • Authors : Stuti Agarwal
  • Published on : 01/02/2017

India's Finance Minister presented the Union Budget 2017-2018 (the "Budget") before Parliament on February 1, 2017, with promises to boost rural spending and cut taxes for the lower middle classes and small to medium business enterprises.

EMPLOYEE ENROLLMENT CAMPAIGN

  • Practise Area : Employment Law
  • Published on : 01/02/2017

The Government has amended the Provident Fund Scheme, 1952, launching the 'Employees Enrollment Campaign, 2017' (the "Campaign").

ISSUANCE OF RUPEE DENOMINATED BONDS OVERSEAS: MULTILATERAL AND REGIONAL FINANCIAL INSTITUTIONS AS INVESTORS

  • Practise Area : Banking & Finance, Projects & Project Finance
  • Published on : 01/02/2017

Eligible resident corporates and/or body corporates had earlier been permitted to issue rupee denominated bonds (also commonly known as 'masala' bonds) in the overseas market ("Rupee Bonds") under India's external commercial borrowing policy pursuant to the terms of A.P. (DIR Series) Circular No.17 dated September 29, 2015 (the "Original Circular").

WHERE CAN A FOREIGN REGISTERED PROPRIETOR SUE IN INDIA FOR INFRINGEMENT OF ITS TRADEMARK?

  • Practise Area : Intellectual Property
  • Authors : Suneeth Katarki
  • Published on : 01/02/2017

A Division Bench of the High Court of Delhi (the "Court"), in its recent judgment in the matter of P.K. Sen vs. Exxon Mobile Corporation and Anr.[1], reversed the decision of a single judge of the Court and held that a foreign registered proprietor[2]who does not have an office or a principal place in India, cannot file and maintain a suit of trademark infringement and passing off on the basis of the location of the trademark’s permitted user.[3]

JAPAN NEWSLETTER

The INDUSLAW brings you the key regulatory and legal developments in various sectors in India.

INDUSLAW HOSTS IFCCI EVENT WITH SHRI. AMITABH KANT, CEO, NITI AAYOG

  • Practise Area : International Practice Group
  • Authors : Avimukt Dar
  • Published on : 01/01/2017

On Tuesday, January 24th 2017, INDUSLAW in collaboration with the Indo-French Chamber of Commerce and Industry (IFCCI) Delhi hosted an interactive session with Shri. Amitabh Kant, CEO, Niti Aayog to discuss the current economic and investment climate in India as well as opportunities for French firms to flourish their business operations.

INFOLEX NEWSLETTER - IP

  • Practise Area : Intellectual Property
  • Authors : Suneeth Katarki
  • Published on : 01/01/2017

As we take you through the advancements in the field of IP in the last quarter of 2016, we take this opportunity to wish you all a very happy and prosperous 2017 ahead!

BRIEFING NOTES - KEY LEGAL DEVELOPMENTS 2016

  • Practise Area : Corporate & Commercial
  • Authors : Induslaw
  • Published on : 01/01/2017

This time last year, few would have been optimistic that parliament would be able to push through much needed legislation to trigger sweeping changes to India's indirect taxation system and the resolution of bankruptcy and insolvency.

GUIDELINES ON CROSS BORDER TRADE OF ELECTRICITY

  • Practise Area : Projects & Project Finance, Energy, Infrastructure & Natural Resources, Government & Regulatory
  • Published on : 01/01/2017

In an effort to harmonise municipal laws, rules and regulations governing the trade of electricity, the Ministry of Power (the "MoP") issued on 5 December, 2016 guidelines for cross border trade of electricity (the "Guidelines").

REVISED WAGE LIMIT UNDER THE EMPLOYEES’ STATE INSURANCE ACT, 1948

  • Practise Area : Employment Law
  • Authors : Avik Biswas
  • Published on : 01/01/2017

The Employees’ State Insurance (Central) Rules, 1950 ("Rules") has been recently amended and the wage limit for coverage of an employee under the Employees’ State Insurance Act, 1948 stands revised.

BOOST TO FUNDING STARTUPS: THE ISSUE OF CONVERTIBLE NOTES TO FOREIGN INVESTORS

The Reserve Bank of India has amended theForeign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 (the "TISPRO Regulations"), on January 10, 2017 (the "TISPRO Amendment"), to provide for the issuance of ‘convertible notes’ to foreign investors by start-up companies.

THE 40 WHO MATTER IN THE INDIAN START-UP ECOSYSTEM

  • Practise Area : Private Equity, Venture Capital and Fund Investment, Corporate & Commercial, Technology, Media & Telecommunications
  • Authors : Srinivas Katta
  • Published on : 01/12/2016

In the first of a multi-part series, Mint profiles the 40 most influential people in India's start-up ecosystem. While e-commerce influencers still dominate the list, there are a handful of new entrants, most prominently those connected with enterprise software or Software as a Service (SaaS) start-ups that are fast becoming the new investor darlings.

PERMANENT RESIDENCY STATUS TO FOREIGN INVESTORS

  • Practise Area : Private Equity, Venture Capital and Fund Investment, Private Client
  • Authors : Stuti Agarwal
  • Published on : 01/12/2016

Taking forward its Make in India initiative, on August 31, 2016, the Union Cabinet approved the scheme for grant of permanent residency status (“PRS”) with multiple entry to foreign investors, provided they fulfil certain conditions.

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA

  • Practise Area : Corporate & Commercial, Government & Regulatory
  • Published on : 01/12/2016

On December 1, the Ministry of Corporate Affairs notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (the “Regulations”) to govern the corporate insolvency resolution process under the new Insolvency & Bankruptcy Code (2016) (the “Code”).

SPECIAL MEASURES TO INCENTIVISE ELECTRONIC PAYMENTS

  • Practise Area : Financial Services, Banking & Finance, Government & Regulatory
  • Authors : Suneeth Katarki
  • Published on : 01/12/2016

The Reserve Bank of India (the “RBI”) has issued a circular to address the special circumstances that have emerged after the demonetization drive (the “Circular”).

THE ROLE OF THE NATIONAL COMPANY LAW TRIBUNAL AND THE TRANSFER OF INSOLVENCY PROCEEDINGS

  • Practise Area : Corporate & Commercial
  • Published on : 01/12/2016

On December 7, 2016, the Ministry of Corporate Affairs published 2 (two) notifications relating to the commencement of certain sections of the Companies Act, 2013 (the “Commencement Notification”) and the Companies (Transfer of Pending Proceedings) Rules, 2016 (the “Transfer Rules”).

JAPAN NEWSLETTER

The INDUSLAW brings you the key regulatory and legal developments in various sectors in India.

INSOLVENCY AND BANKRUPTCY CODE, 2016: A CRITICAL ANALYSIS

  • Practise Area : Corporate & Commercial, Banking & Finance, Insolvency & Restructuring
  • Published on : 01/11/2016

It's no secret that the Indian banking industry has a rather large number of loans outstanding that have simply gone wrong. With non-performing loans estimated at just over INR 6.3 trillion1 market. In this context, the new Insolvency and Bankruptcy Code (the "Code") passed by Parliament earlier this year, promises to address the structural problems hampering the efficient recycling of capital and rebalance the rights of creditors, giving them much needed recourse to take timely and effective action against defaulting borrowers.

BIGBASKET, JANALAKSHMI, DELHIVERY AMONG WINNERS OF VCCIRCLE AWARDS 2016

  • Practise Area : Private Equity, Venture Capital and Fund Investment
  • Authors : Srinivas Katta
  • Published on : 01/11/2016

Online supermarket BigBasket, microlender Janalakshmi Financial Services and logistics firm Delhivery Pvt Ltd have emerged among the winners of VCCircle Awards 2016 declared on Wednesday in Mumbai.

INDIA: THE GIST OF GST - A UNIFIED INDIRECT TAX MARKET?

  • Practise Area : Corporate & Commercial, Government & Regulatory
  • Published on : 01/11/2016

"One Country, One Tax, One Market" were the excited claims of the architects of the Constitution (One Hundred and First) Amendment Act, 2016, passed by the Rajya Sabha on 3rd August 2016 and the Lok Sabha on 8th August 2016 and which received the assent of the President on 8th September 2016 (the "Constitutional Amendment").

MONDAQ AWARDS – INDUSLAW WON CONTRIBUTOR WITH MOST POPULAR ARTICLE IN INDIA

  • Practise Area : Government & Regulatory
  • Published on : 01/11/2016

During the Month of November 2016. The Gist Of GST - A Unified Indirect Tax Market? (India) from INDUSLAW won the award for this category.*

HIGH DENOMINATION NOTES: GOVERNMENT ACTION MIRRORS INDUSLAW PARTNER’S 2014 OPEN LETTER

  • Practise Area : Government & Regulatory, Financial Services
  • Published on : 01/11/2016

The Government of India took unprecedented action at midnight on November 8, 2016 to effectively demonetize Rs. 500 and Rs. 1,000 notes (together "High Denomination Notes") as legal tender, withdrawing them from circulation.

HUBTOWN CASE – REALISTIC INTERPRETATION OF 'ASSURED RETURNS' FROM A FEMA PERSPECTIVE

  • Practise Area : Private Equity, Venture Capital and Fund Investment
  • Authors : Avimukt Dar, Stuti Agarwal
  • Published on : 01/11/2016

The Supreme Court, in its judgment in IDBI Trusteeship Ltd. V. Hubtown Ltd.[1] on November 15, 2016, has set aside the Bombay High Court’s judgment (summarised below) regarding the validity of structured investments by foreign investors, where an assured return is guaranteed, holding a corporate guarantee for payments due to an investor, valid.

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The INDUSLAW brings you the key regulatory and legal developments in various sectors in India.

RISE OF FLIPKART, AMAZON, OLA, UBER, MAKEMYTRIP COULD FACE ANTI-TRUST THREAT

  • Practise Area : Competition Law
  • Authors : Avimukt Dar
  • Published on : 01/10/2016

As India’s Internet businesses mature, a time may come when the anti-trust regulator will have to take a closer look at companies that are changing several industries including travel, retail and advertising. So far, the antitrust regulator Competition Commission of India (CCI) has almost always ruled in favour of Internet businesses when they were accused of predatory pricing and other unfair practices.

INFOLEX NEWSLETTER - IP

  • Practise Area : Intellectual Property
  • Authors : Suneeth Katarki
  • Published on : 01/10/2016

The third quarter of the year has seen remarkable developments in the field of copyright law. In addition to the Department of Industrial Policy and Promotion, India, bringing online broadcasting of copyrighted content under the ambit of the Copyright Act, 1957, there was a row of decisions on several copyright aspects. After years of wait, the Patent Agent examination will also be organized soon by the Indian Patent Office. This Newsletter brings to you an update on all substantial developments of the quarter.

COPYING EDUCATIONAL MATERIALS IN THE COURSE OF INSTRUCTION DOES NOT AMOUNT TO INFRINGEMENT

  • Practise Area : Intellectual Property
  • Authors : Suneeth Katarki
  • Published on : 01/10/2016

In its recent judgment, the Delhi High Court has held that the compilation of photocopies of various copyrighted material used “in the course of instruction” by teachers and educational institutions, does not amount to an infringement of copyright.

START-UP EMERGENCY FUNDING GETS A FANCY NAME IN PRE-SERIES A

  • Practice Area : --
  • Published on : 17/09/2016

Entrepreneurs are encouraged to be hustlers. Interestingly, they don’t just create ideas but also terminologies. As investors become more demanding, entrepreneurs and start-ups are increasingly turning to emergency financing which has been given a fancy name of Pre-Series A.

INDIA: HIGH COURT ISSUES "STRONG JUDGEMENT" IN WHATSAPP CASE

  • Practise Area : Litigation & Dispute Resolution, Technology, Media & Telecommunications
  • Authors : Avik Biswas
  • Published on : 01/09/2016

The High Court of Delhi (‘the High Court’) pronounced, on 23 September 2016, its decision in a public interest litigation case, Karmanya Singh Sareen and Anr v. Union of India and Ors (‘the Decision’), in relation to WhatsApp Inc.’s new privacy policy that allows for the sharing of users’ data with Facebook, Inc., for advertising and marketing purposes. The High Court ordered WhatsApp to delete users’ data completely from its servers and refrain from sharing users’ data with Facebook, provided that the users requested the deletion of their WhatsApp account before 25 September 2016, the date on which the users were asked to agree to the new terms, and also prohibited WhatsApp from sharing existing users’ data dated before 25 September 2016.

INDIA: BRAND LOGOS – TO TRADEMARK OR COPYRIGHT

  • Practise Area : Intellectual Property
  • Authors : Suneeth Katarki
  • Published on : 01/08/2016

Generally, logos and designs that are used as brand identities for representing businesses are protected as trademarks. As they are original artistic works that have an element of creativity, they are also protected as copyrights. Trademarks and copyrights are two different forms of intellectual properties and are protected by different laws; and the scope of protection under different laws is different too.

THE GIST OF GST: THE CONSTITUTION (122ND AMENDMENT) BILL, 2014

  • Practise Area : Government & Regulatory
  • Published on : 01/08/2016

The Constitution (122nd Amendment) Bill, 2014 (the “Bill”) paving the way for the implementation of the unified goods and services tax regime (the “GST”) has been passed by the Rajya Sabha on 3rd August 2016, with amendments re-tabled and passed by the Lok Sabha on 8th August 2016.

CONSISTENCY CAN MAKE INDIA A GLOBAL ARBITRATION HUB

  • Practise Area : Litigation & Dispute Resolution
  • Authors : Srinivas Katta
  • Published on : 01/07/2016

Mumbai, July 16, 2016: While lauding the recent amendments to the Indian Arbitration and Conciliation Act 1996, prominent legal experts called on the government to clear many ambiguities that is often leading to conflicting judgments and delays.

INDIA: DEPOSITS UNDER THE COMPANIES ACT, 2013

  • Practise Area : Corporate & Commercial
  • Authors : Kartik Ganapathy
  • Published on : 01/07/2016

Deposits have been defined under the Companies Act, 2013 ("2013 Act") to include any receipt of money by way of deposit or loan or in any other form by a company. However deposits do not include such categories of amounts as may be prescribed in consultation with the Reserve Bank of India ("RBI"). Chapter V of the 2013 Act and the Companies (Acceptance of Deposits) Rules, 2014 as amended from time to time ("Deposits Rules") primarily cover regulations relating to deposits.

RECENT LEGAL DEVELOPMENTS IN INDIA

  • Practice Area : --
  • Published on : 01/07/2016

Key regulatory and legal developments in various sectors in India.

KEY HIGHLIGHTS IN THE CONSOLIDATED POLICY ON FOREIGN INVESTMENTS IN INDIA

  • Practise Area : Private Equity, Venture Capital and Fund Investment, Corporate & Commercial
  • Authors : Suneeth Katarki, Aakash Dasgupta
  • Published on : 01/07/2016

The Department of Industrial Policy & Promotion (the "DIPP") had, in supersession of the erstwhile policy on foreign investments in India (the "Erstwhile FDI Policy") released the consolidated policy on foreign investments in India (the "FDI Policy, 2016") which is effective from June 07, 2016. Vide the FDI Policy, 2016, the DIPP has consolidated all the Press Notes released by it in the last year and further attempted to provide much needed clarification with respect to some of the items. For our analysis of Press Note 9 of 2015, Press Note 12 of 2015 and Press Note 3 of 2016 please refer to our earlier Infolex Newsalerts. Here, we have attempted to capture the key highlights of the FDI Policy, 2016 over and above the revisions suggested in the aforementioned Press Notes. Soon after the FDI Policy, 2016, DIPP has issued Press Note 5 of 2016 which seeks to further liberalize a few sectors listed under the FDI Policy, 2016 (the “Press Note 5”).

INFOLEX NEWSLETTER - IP

  • Practise Area : Intellectual Property
  • Authors : Suneeth Katarki
  • Published on : 01/07/2016

The second quarter of this year has seen significant developments in the field of Intellectual Property Rights in India. While the National IPR Policy was approved by the Government of India to strengthen the future of IPR in India, the Patent (Amendment) Rules, 2016 were re-published and brought in effect in May. The Controller General of Patents, Trademarks and Designs was also in news and received severe criticism for erroneously abandoning approximately 2,50,000 Trademark Applications for lack of prosecution; such abandonments were subsequently stayed by the Hon’ble Delhi High Court and the Controller was ordered not to treat any trademark applications as abandoned without proper notice to the interested parties. In addition to the above, a case before the High Courts of Delhi dealt with the issues of moral rights and discussed the scope of copyright societies. In one of the cases, the Hon’ble High Court of Delhi questioned the role of Indian Performing Right Society Limited (IPRS), a copyright society, in granting licenses on behalf of copyright owners. Another notable case dealt with the issue of online piracy through torrent websites.

SOLAR POWER IN INDIA: SOLAR PANELS, DOMESTIC CONTENT REQUIREMENT AND THE WTO

  • Practise Area : Projects & Project Finance, Energy, Infrastructure & Natural Resources, Renewable Energy
  • Authors : Anubha Sital
  • Published on : 01/06/2016

The National Solar Mission or the Jawaharlal Nehru National Solar Mission (the "JNNSM") adopted by India in 2010 targets generation of 100,000 MW of grid connected solar power capacity by 2022.

INDIA: TRADE DRESS: LAWS RELATING TO THE PROTECTION OF WEBSITES

  • Practise Area : Intellectual Property
  • Published on : 01/06/2016

With the growth in the number of e-commerce ventures, the need for protecting intellectual property rights in respect of websites and related technologies has received considerable attention from founders, investors and other stakeholders involved in the growth and development of the e-commerce industry.

NATIONAL IPR POLICY

  • Practise Area : Intellectual Property
  • Authors : Suneeth Katarki
  • Published on : 01/06/2016

The National IPR Policy, approved by the Union Cabinet on 13th May 2016, is a visionary document, aiming to create awareness of intellectual property rights in general and promote the creation, commercialization, protection and enforcement of IPR in India. It aims to promote entrepreneurship and enhance access to healthcare, food security and environment protection amongst the sectors of social, economic and technological importance.

INDUSLAW MONTHLY NEWSLETTER

  • Practice Area : --
  • Published on : 01/06/2016

The INDUSLAW Monthly Newsletter brings you the key regulatory and legal developments in various sectors in India.

REFINANCING OF PROJECT LOANS BY NON-BANKING FINANCIAL COMPANIES

  • Practise Area : Banking & Finance, Projects & Project Finance
  • Published on : 01/06/2016

The Reserve Bank of India (the “RBI”) has recently allowed non-banking finance companies (“NBFCs”) to refinance any existing infrastructure or other project loans by way of take-out financing, pursuant to a notification dated June 2, 2016 (the “June 2016 Notification”).

MINING REFORMS: TRANSFER OF LEASE, A SMOOTHER RIDE

  • Practise Area : Projects & Project Finance, Energy, Infrastructure & Natural Resources
  • Authors : Anubha Sital
  • Published on : 01/06/2016

The Central Government has, on May 30, 2016, notified the Minerals (Transfer of Mining Lease Granted Otherwise than through Auction for Captive Purpose) Rules, 2016 (the "Rules"). The Rules are a step forward towards enabling existing holders of mining leases (which were granted otherwise than through auction and being used for captive purpose) to transfer those leases to persons that meet the prescribed criteria. This move is aimed to facilitate distressed companies to make a smooth exit and to address the concerns of banks and other financial institutions that have invested in such companies.

INTELLECTUAL PROPERTY DUE DILIGENCE

  • Practise Area : Intellectual Property
  • Authors : Suneeth Katarki
  • Published on : 01/05/2016

In any corporate transaction involving acquiring a business or a stake therein, the acquirer conducts due diligence of the targets’ assets and liabilities, in order to derive comfort that the business is as has been presented to the acquirer and to analyze the risks of the business, as currently conducted.

CRITICAL ANALYSIS OF THE ARBITRATION AND CONCILIATION (AMENDMENT) ACT, 2015

  • Practise Area : Litigation & Dispute Resolution
  • Published on : 01/05/2016

After much clamour, the Arbitration and Conciliation Act, 1996 (the "Arbitration Act") finally stands amended. The Arbitration and Conciliation (Amendment) Act, 2015 (the "Amendment Act"), which received the assent of the President of India on December 31, 2015 and deemed to have come into force on October 23, 2015, has proposed sweeping changes to the Arbitration Act.

THE INSOLVENCY AND BANKRUPTCY CODE, 2016

  • Practise Area : Banking & Finance, Corporate & Commercial, Insolvency & Restructuring
  • Published on : 01/05/2016

The Insolvency and Bankruptcy Code, 2016 (the “Code”) passed by the Lok Sabha on 5th May, 2016[1] seeks to provide a framework for time-bound settlement of insolvency by formulating a survival mechanism or by ensuring speedy liquidation by a formal insolvency resolution process (“IRP”).

AMENDMENT TO THE FOREIGN EXCHANGE MANAGEMENT (TRANSFER OR ISSUE OF SECURITY BY A PERSON RESIDENT OUTSIDE INDIA) REGULATIONS, 2000

  • Practise Area : Private Equity, Venture Capital and Fund Investment, Corporate & Commercial
  • Authors : Avimukt Dar, Aakash Dasgupta
  • Published on : 01/05/2016

The Reserve Bank of India (the “RBI”) notified an amendment to the FEMA 2000 on April 28 2016 by issuing the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Third Amendment) Regulations, 2016 (the “Amendment Regulations”). The Amendment Regulations reflect new proposals laid out in the Start-Up India: Action Plan launched by the Government under a notification issued by the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Government of India (the “DIPP”) on February 16, 2016 (the “DIPP Notification”).

PROTOCOL AMENDING THE INDIA - MAURITIUS TAX TREATY

On May 10, 2016, India and Mauritius signed the protocol (the “Amendment Protocol”) amending the Treaty for Avoidance of Double Taxation and Prevention of Fiscal Evasion dated August 26, 1982 (the “Treaty”). The Amendment Protocol intends to tackle issues of treaty abuse, round tripping of funds and curb revenue loss. The key change that will raise investor’s eyebrows is the imposition of a capital gains tax on the sale of shares by a Mauritian company holding shares in an Indian company.

EMPLOYMENT CONTRACTS - ENFORCEMENT OF RESTRICTIVE COVENANTS UNDER VARIOUS JURISDICTIONS

  • Practise Area : Employment Law
  • Authors : Suneeth Katarki
  • Published on : 01/04/2016

Companies and organizations include "restrictive covenants" in employment agreements, to protect their trade secrets, confidential information and human resources. The restrictive covenants essentially place restrictions and limitations on an employee to deal, solicit or engage with employees, customers, clients of their former organization as well as on the manner in which he/she is permitted to use the information they become privy to during the course of their employment.

ANALYSIS OF THE COMMERCIAL COURTS, COMMERCIAL DIVISION AND COMMERCIAL APPELLATE DIVISION OF HIGH COURTS ACT, 2015

  • Practise Area : Litigation & Dispute Resolution
  • Authors : V. Srinivasa Raghavan
  • Published on : 01/04/2016

The efficiency of the legal system and the pace at which disputes are resolved by courts are very important factors in deciding the growth of investment and the overall economic and social development of a country. The inefficiency of our justice delivery system is well known and well documented. The Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Act, 2015 ("Act") is an important step taken by the Government to expedite the justice delivery system at least as regards commercial disputes.

GUIDELINES FOR FOREIGN DIRECT INVESTMENT IN E-COMMERCE

  • Practise Area : Corporate & Commercial, Private Equity, Venture Capital and Fund Investment
  • Authors : Srinivas Katta, Aakash Dasgupta
  • Published on : 01/04/2016

The petition filed by the Footwear Manufacturers & Retailers Association before the High Court of Delhi (the “High Court”) last year, alleging violation by the e-commerce players of the regime governing foreign direct investments (the “FDI”) in India (the “FDI Policy”) and the subsequent order of the High Court directing investigation into the matter has spooked foreign investors and the industry players in this sector. To bolster the confidence of foreign investors and the industry players, the Department of Industrial Policy & Promotion (the “DIPP”) has released Press Note 3 (2016 Series) dated March 29, 2016 (the “Press Note”) , which lays down regulatory boundaries of the FDI in the e-commerce sector with immediate effect.

INFOLEX NEWSLETTER - IP

  • Practise Area : Intellectual Property
  • Authors : Suneeth Katarki
  • Published on : 01/04/2016

The Office of the Controller General of Patents, Designs and Trademarks released Guidelines for Examination of Computer Related Inventions in the beginning of this year. A set of guidelines was first issued in 2015, but was severely criticized. The said guidelines widened the scope of patenting of software beyond what has been provided under the patent law. The same were recalled then and have been re-issued recently. Separately, the Delhi High Court dealt with a case of cybersquatting and reasoned on the principles of personality rights (right to privacy and right of publicity – of famous personalities), which are evolving in India. Another case discussed the principles of territorial jurisdiction in suits of passing off. The important changes that we saw in the first quarter of 2016 are summed up herein.

REVISED GUIDELINES FOR EXTERNAL COMMERCIAL BORROWING

  • Practise Area : Banking & Finance, Projects & Project Finance
  • Published on : 01/04/2016

The Reserve Bank of India (the “RBI”) has recently brought in significant changes to the external commercial borrowing guidelines (the “ECB Guidelines”) with respect to companies in the infrastructure and other related sectors, pursuant to a circular dated March 30, 2016 (the “March 2016 Circular”).

BITS AND PIECES - INDIA'S BILATERAL INVESTMENT TREATY REVISITED

  • Practice Area : --
  • Published on : 01/03/2016

Back in March 2015 the Government of India released a draft model bilateral investment treaty (the "Draft BIT") for public consultation and comments, which we analyzed in our earlier article in May 2015.

THE START-UP PUSH

  • Practise Area : Corporate & Commercial
  • Authors : Avimukt Dar
  • Published on : 01/03/2016

The Government of India has launched “Startup India” – an initiative to build a strong eco-system for nurturing innovation and start-ups in the country that could drive sustainable economic growth and generate large scale employment opportunities. The Government of India through this programme aims to empower innovative start-ups and has released the “Startup India: Action Plan” dated January 16, 2016 (“Action Plan”).

REVISED THRESHOLDS FOR COMBINATION REGULATIONS

  • Practice Area : --
  • Published on : 01/03/2016

The Ministry of Corporate Affairs, Government of India (“MCA”) has recently brought in significant changes to the merger control thresholds through three notifications.

CORPORATE INDIA NEEDS TO UP ITS COMPLIANCE OF PREVENTION OF THE SEXUAL HARASSMENT LAW IN THE WORKPLACE, BOTH IN LETTER AND SPIRIT, OR FACE REPUTATIONAL AND PECUNIARY DAMAGES

  • Practise Area : Employment Law
  • Authors : Avik Biswas
  • Published on : 01/02/2016

Another challenge facing corporate houses in such situations is the difficulty in collecting evidence while investigating allegations of sexual harassment. "In most cases, the evidence is circumstantial in nature. Generally, such harassments occur in isolated areas, or without witnesses"

CLOUD-BASED MESSAGING SERVICES IN INDIA: DATA SECURITY OBLIGATIONS

'Cloud Computing' refers to internet based computing that allows access to a pool or network of computing resources that are owned and maintained by a third party via the internet. There is an emerging trend of smartphone companies in India operating a cloud-based messaging service which routes messages sent between service users via the internet instead of the telecom operator's SMS gateway. For instance, smartphone company Xiaomi Technology India Pvt. Ltd. operates the MIUI cloud messaging service and Apple India Pvt. Ltd. operates the iMessage service.

AMENDMENTS TO THE CITIZENSHIP ACT, 1955 AND THE CONCEPT OF THE OVERSEAS CITIZENS OF INDIA CARDHOLDER

  • Practise Area : Private Client
  • Published on : 01/01/2016

In response to growing demands to introduce dual citizenship from its overseas diaspora, India introduced the concept of the person of Indian origin (a "PIO") in 2002 and an overseas citizen of India (an "OCI") in 2006 as categories of persons who enjoy certain legal rights in India. This article summarises the rights that PIOs and OCIs have in India and examines the impact of the recently introduced Citizenship (Amendment) Act, 2015 (the "Amendment Act").

INFOLEX NEWSLETTER - IP

  • Practise Area : Intellectual Property
  • Authors : Suneeth Katarki
  • Published on : 01/01/2016

In the wake of Prime Minister Mr. Modi’s ‘Make in India’ and ‘Digital India’ initiatives, drafts and inputs were provided to the Indian government in the year 2015 for finalizing India’s Intellectual Property Policy. The IP Policy is yet to be finalized; however, India saw some other developments on the intellectual property front in the last year. The same are – India joined TMClass; new Design Amendment Rules were notified; and some notable decisions were given by Indian courts, including, long-pending patent infringement dispute between Roche and Cipla was decided in favour of Roche.

AMENDMENTS TO INDIA'S ARBITRATION ACT: AN ANALYSIS

  • Practise Area : Litigation & Dispute Resolution
  • Published on : 01/12/2015

Last month, the Government of India passed the Arbitration and Conciliation (Amendment) Ordinance, 2015 (the "Ordinance") amending the Indian Arbitration and Conciliation Act, 1996 (the "Act") with a view to generally restrict the courts from challenging an arbitration award. This article highlights the key provisions of the Ordinance and its likely effect on the dispute resolution landscape in India.

RECENT REFORMS IN INDIA'S FOREIGN DIRECT INVESTMENT POLICY

  • Practise Area : Corporate & Commercial, Private Equity, Venture Capital and Fund Investment, Government & Regulatory
  • Published on : 01/11/2015

Earlier this month, the government of India eased restrictions on foreign direct investment ("FDI") in India with a view to promoting the 'Make in India' and 'Startup India' initiatives. The reforms are wide ranging and aim to ease doing business, simplifying and rationalizing the process of FDI. The key highlight of the recent reforms is that more FDI proposals in more sectors will now be placed under the automatic route and not require the consent of the government. Of particular note is the liberalization in the Broadcasting, Construction, Defense and Single Brand Retailing sectors.

RECENT REFORMS IN INDIA’S FOREIGN DIRECT INVESTMENT POLICY

  • Practice Area : --
  • Published on : 01/11/2015

Earlier this month, the government of India eased restrictions on foreign direct investment (“FDI”) in India with a view to promoting the ‘Make in India’ and ‘Startup India’ initiatives1. The reforms are wide ranging and aim to ease doing business, simplifying and rationalizing the process of FDI. The key highlight of the recent reforms is that more FDI proposals in more sectors will now be placed under the automatic route and not require the consent of the government. Of particular note is the liberalization in the Broadcasting, Construction, Defense and Single Brand Retailing sectors.

WHETHER INDIAN PARTIES CAN CHOOSE FOREIGN LAW TO SETTLE DISPUTES?

  • Practice Area : --
  • Published on : 01/09/2015

The question of whether or not Indian parties can choose foreign law to resolve disputes through arbitration has been much debated. While some argue that this is possible since the choice of the party to determine the choice of law must be recognised; the more conservative argument has been that Indian parties cannot agree to resolve disputes choosing a foreign law, as that would mean contracting out of Indian Law, and therefore opposed to public policy. There has been no conclusive judgement deciding this specific issue, though there has been some observations in this regard in the case of TDM Infrastructure Private Limited v UE Development India Private Limited, (2008) 14 SCC 271, ("TDM Infrastructure case"). Recent judgement of the Bombay High Court in the case of Addhar Mercantile Private Limited v Shree Jagdamba Agrico Exports Pvt Ltd (Arbitration Application No 197 of 2014 along with Arbitration Petition No 910 of 2013) has considered this pertinent issue.

REVIEW OF THE EXISTING FOREIGN DIRECT INVESTMENT POLICY ON WARRANTS AND PARTLY PAID SHARES

  • Practise Area : Corporate & Commercial, Private Equity, Venture Capital and Fund Investment
  • Authors : Suneeth Katarki
  • Published on : 01/09/2015

The Department of Industrial Policy and Promotion, Government of India vide press note 9 dated September 16, 2015 ("Press Note") amended the definition of 'capital' and also added paragraph 3.3.3 in the Consolidated Foreign Direct Investment Policy Circular of 2015 ("FDI Policy"). This amendment would now make it possible for persons resident outside India to acquire warrants and partly paid shares.

NEED TO DEVELOP CONTRACTUAL AND REGULATORY MECHANISMS

  • Practise Area : Energy, Infrastructure & Natural Resources
  • Published on : 01/08/2015

Given the large asset size and long life (between 10 to 50 years) of public-private-partnership (PPP) contracts, the stakes are enormous for all parties. It is necessary that these contracts are sustainable throughout the life cycle of the infra project.

INSIDER TRADING: A CONFUSED WATCHDOG?

  • Practise Area : Mergers & Acquisitions
  • Authors : Avimukt Dar
  • Published on : 01/07/2015

Historically, regulating insider trading has been the exclusive domain of the Securities Exchange Board of India ("SEBI"). This is in line with the regulatory approach witnessed in most jurisdictions around the world. In consonance with the modern regulatory approach, SEBI not only acts as a watchdog, but it is also empowered to constantly fine tune the rules and guidance in relation to insider dealing.

ARBITRATION IN INDIA – THE WAY FORWARD

  • Practise Area : Litigation & Dispute Resolution
  • Published on : 01/07/2015

With an increase in cross border transactions and open economic policies acting as a catalyst, commercial disputes have been steadily rising. The Indian judiciary has been criticized for an interventionist approach in arbitration, particularly when it involves a foreign party

"MENS REA" IN INSIDER TRADING – A "SINE QUA NON"?

There is no uniform or consistent definition of an 'insider' among the securities regulatory authorities of the world's major financial economies. An insider (in context of insider trading in securities) is anyone who has privileged access to material price sensitive non-public information of the company due to some special relationship, and could be the director, corporate executive, lawyer, banker, accountant or a major shareholder.

COMMON, BUT FATAL ERRORS IN SOFTWARE ASSIGNMENT AND LICENSE AGREEMENTS (AND OTHER COPYRIGHT AGREEMENTS) IN INDIA

  • Practise Area : Intellectual Property
  • Published on : 01/06/2015

For any commercial agreement dealing with transfer of property (a tangible or an intangible property), it is essential to set out the terms and conditions of the transfer cautiously. The present article highlights some fatal errors that occur when parties entering in agreements for commercialization of copyrights either by way of assignments or licensesignoreimportantstatutory principles with respect to mode of transfer prescribed under the Indian copyright law.

BITS AND PIECES - REASSEMBLING INDIA'S BILATERAL INVESTMENT TREATY

  • Practice Area : --
  • Published on : 01/06/2015

India's Ministry of Finance recently published its draft model bilateral investment treaty in March this year (the "Draft BIT"), inviting comments from the public before planning to roll it out and replace the existing 83 agreements that are currently in place.

NEW INSIDER TRADING REGULATIONS: WOULDN’T LESS BE MORE?

  • Practise Area : Mergers & Acquisitions
  • Published on : 01/05/2015

With effect from May 15, 2015, the new insider trading regulations, notified by the Securities and Exchange Board of India (SEBI) have come into force. The SEBI (Prohibition of Insider Trading) Regulations, 2015 (New Regulations) will replace the SEBI (Prohibition of Insider Trading) Regulations, 1992 (Old Regulations). The need for bringing in the New Regulations could well be understood from the fact that more than two decades have passed since SEBI issued the Old Regulations. More important than the time period, are the changes that listed companies in India, the stock markets and the Indian economy as a whole have undergone since 1992.

PPP IN THE RAIL SECTOR - CHALLENGES FOR MODERNIZING INDIA’S RAIL NETWORK

  • Practise Area : Projects & Project Finance, Energy, Infrastructure & Natural Resources
  • Published on : 01/05/2015

Back in February this year, India announced an ambitious rail budget, proposing to invest almost USD 16 billion in rail projects over the coming year.1 Previously, in December 2014, it had further liberalized the sector to permit foreign direct investment of up to 100 per cent across a range of rail assets, including the construction, operation and maintenance of high-speed, suburban and freight corridors, signaling and infrastructure projects and the manufacturing and maintenance of rolling stock.

INDIA: CIVIL NUCLEAR LIABILITY LAW IN INDIA

  • Practise Area : Nuclear Law, Projects & Project Finance
  • Published on : 01/05/2015

Back in January this year, India and the United States reached an understanding, in public at least, on the commercial liability of suppliers for nuclear accidents in India. The general understanding appears to be that operators of nuclear facilities in India will continue to remain primarily liable for a nuclear incident and that any residual liability of suppliers for damage arising from a nuclear accident will be mitigated by an insurance pool, funded by Indian insurers and the Government of India.

NEW INSIDER TRADING REGULATIONS: RESTRICTIONS ON ESOPS

  • Practice Area : --
  • Published on : 01/05/2015

With effect from May 15, 2015, the new insider trading regulations, notified by the Securities and Exchange Board of India (“SEBI”) have come into force. The SEBI (Prohibition of Insider Trading) Regulations, 2015 (“New Regulations”) will replace the SEBI (Prohibition of Insider Trading) Regulations, 1992 (“1992 Regulations”).

FROM BUCKS TO BITCOINS – ENFORCEMENT OF CRYPTOCURRENCY TRANSACTIONS

  • Practise Area : Banking & Finance, Technology, Media & Telecommunications, Financial Services
  • Authors : Avimukt Dar
  • Published on : 01/04/2015

It was circa 1955 when computer was used for the very first time in India and it was circa 1995 that internet services were first launched here. In 2015, one cannot imagine a life without the two. This goes to show how fast we adapt to the advancement in technology and make it a part of our daily lives. In this article, the authors seek to unfold the cryptographic world behind Bitcoins alongside the regulatory issues making the Indian Government wary of its usage in the near future. Pursuant to the warning released by the Reserve Bank of India; are authorities in the Indian Government in denial regarding Bitcoins increasing relevance in the business world?

HAPPILY ‘CLICK’ AFTER – THE REAL STORY OF E-CONTRACTS

  • Practise Area : Technology, Media & Telecommunications
  • Authors : Suneeth Katarki
  • Published on : 01/03/2015

India is no longer identified by its elephants and snake charmers. This is not because of the dwindling number of elephants or the almost extinct species of snake charmers, in India but because the reason India shines is no longer found in the jungle, unless you consider the Internet a virtual jungle!

COMPANIES ACT 2013: A NEW SAIL IN LLP REGIME?

The Companies Act 2013 has shaken the way business was conducted in India. The governance ecosystem of the Companies Act, 1956 ("Old Act"), with its laissez faire approach to privately held companies, is now history. The Companies Act, 2013 is driven by three key objectives:

WHAT’S IN A NAME: ONLY PREFERENCE AND EQUITY?

  • Practise Area : Private Equity, Venture Capital and Fund Investment
  • Authors : Kartik Ganapathy
  • Published on : 01/02/2015

What's in a name' - channeling Shakespeare, we looked at the changes in the Companies Act, 2013 ("2013 Act") with respect to preference and equity shares. The scheme of erstwhile Companies Act 1956 ('1956 Act') under Part IV - titled 'Kinds of Share Capital', was two-fold.

MEASURING PERFORMANCE IN A HOTEL MANAGEMENT AGREEMENT-OWNER'S ANXIETY

  • Practise Area : Hospitality
  • Authors : Avimukt Dar
  • Published on : 01/01/2015

A hotel management agreement defines the relationship between the owner and the operator of a hotel. The relationship between these two parties is driven primarily by contract and not by equity or property, and as such aligning the interest of both parties is critical. The operator looks at a long-term undisturbed right to operate the hotel under its brand standards and the owner is interested in return from the property.

INDIA: CAPITAL RAISE MADE EASY…?

  • Practise Area : Private Equity, Venture Capital and Fund Investment
  • Authors : Suneeth Katarki
  • Published on : 01/01/2015

The Companies Act, 2013, ('New Act') attempts to consolidate all the methods available to a company to raise capital. Chapter III and Chapter IV of the New Act sets out all the methods by which any company, whether private or public, could raise capital.

CHACHA CHAUDHARY AND CHARACTER MERCHANDISING

  • Practise Area : Intellectual Property
  • Authors : Suneeth Katarki
  • Published on : 01/12/2014

In order to understand character merchandising, it is first important to note what is merchandising. Merchandising in its broadest sense, is any practice or plan that contributes to the sale of a product or service to a retail consumer. It encompasses the planning involved in marketing the right product or service at the right place, the right time, at the right price and in the right quantities.

WOMEN'S SAFETY: E-COMMERCE COMPANIES NEED TO DO MORE TO ENSURE QUALITY OF OFFLINE WORKFORCE

  • Practise Area : Employment Law
  • Authors : Avik Biswas
  • Published on : 01/12/2014

When I am alone at home I am not comfortable with them coming into my house, especially when my neighbours aren't home," she says. "It appears the safety aspect is not something that these companies thought of when putting together their business plan," says Priyanka Roy, partner at Indus Law, a firm specialising in the e-commerce and technology space.

SHOULD INVESTORS STILL PREFER THE PREFERRED? – A PERSPECTIVE ON INVESTING IN PREFERENCE SHARES IN THE LIGHT OF THE NEW COMPANIES ACT, 2013

  • Practise Area : Private Equity, Venture Capital and Fund Investment
  • Authors : Suneeth Katarki
  • Published on : 01/12/2014

With the passing of the Companies Act, 2013 (New Act) replacing the Companies Act, 1956 (Old Act), investors have to deal with several new concepts and principles now governing their investments into Indian companies. The government is implementing the New Act in a phased manner but most of the provisions of the New Act have already been notified.

DEALMAKER: SRINIVAS KATTA, PARTNER AT INDUSLAW

  • Practise Area : Private Equity, Venture Capital and Fund Investment
  • Authors : Srinivas Katta
  • Published on : 01/11/2014

Bar & Bench recognizes Srinivas Katta as the Dealmaker for his role in Softbank’s investment in Snapdeal. We understand that the complex transaction included multiple legal and commercial issues. Katta not only provided valuable legal advice to his client, but also helped the investors and management come together and close the deal.

PARLIAMENTARY PANEL FAVOURS COMPOSITE FDI CAP OF 49% IN INSURANCE SECTOR

  • Practise Area : Insurance
  • Published on : 01/10/2014

A parliamentary select committee, tasked to review the long-standing Insurance Amendment Bill, has recommended a composite limit of 49 per cent on foreign investment, that include foreign direct investment, foreign institutional investment and non-resident Indian investment, in the insurance sector compared with the current limit of 26 per cent.

CORPORATE LAW FIRMS BENEFIT FROM RISE IN VALUE OF M&AS, SHARE SALES

  • Practise Area : Mergers & Acquisitions
  • Published on : 01/10/2014

Corporate law firms in India are benefiting from an increase in the value of mergers and acquisitions (M&As) and share acquisitions during the course of the year. The enterprise value of deals on which law firms have advised has shot up to $35.7 billion this year till December, a 22% increase over the $29.3 billion in deals seen in the whole of 2013, according to Thomson Reuters data.

CERTAIN PRECAUTIONS REGARDING EMPLOYEE LIABILITIES WHEN BUSINESSES ARE PURCHASED

  • Practice Area : --
  • Published on : 01/08/2014

Business transfers in India may be accomplished by adopting the asset sale route, or by way of a merger, slump sale etc. The decision to adopt one method over the other is usually driven by factors such as tax implication, stamp duty payable, time-lines for completion etc. The transfer of a business as a going concern involves the transfer of substantially all the assets and liabilities in relation to that particular business.

RAILWAYS BUDGET: A GRAVY TRAIN FOR THE INVESTORS?

  • Practise Area : Energy, Infrastructure & Natural Resources
  • Published on : 01/07/2014

The Railways Budget lacks clear blue print but creates a clear blue water between this budget and any previous budgets. I guess, by now, most of us have deliberated the bold to the fine print of the Railways Budget 2014-15. At the first blush, it looks delightfully vague. Unable to see a clear blue print, the stock market gave its knee jerk reaction by shedding 518 points. 

INDIA: BANE OF POLICY UNCERTAINTY – NOW IN FINANCIAL SERVICES

  • Practise Area : Banking & Finance
  • Authors : Suneeth Katarki
  • Published on : 01/05/2014

Foreign direct investments drive the growth of financial markets of a country. While interest rate regulations and other financial indicators are essential ingredients for increasing the volume of foreign direct investment in a country, the legal regulatory regime also provides an impetus to the inflow of foreign investments. Ambiguity in the legal regulatory framework can act as a deterrent in a country's ability to attract foreign investment. Therefore, certainty and predictability in law can work towards strengthening the stability of foreign investment inflows in a country.

CORPORATE SOCIAL RESPONSIBILITY

  • Practise Area : Corporate & Commercial
  • Authors : Suneeth Katarki
  • Published on : 01/04/2014

"A good company delivers great products and services but a great company does that and makes the world a better place". This statement by William Ford Junior, Chairman of the Ford Motor Company seems very apt to introduce the topic of corporate social responsibility not just for the statement but because of the person making it. Ford Motor Company is said to have increased wages for its own employees so that it could create a market for cars to be purchased. 

BUY-BACK UNDER THE COMPANIES ACT, 2013 – A STEP BACKWARD?

  • Practise Area : Private Equity, Venture Capital and Fund Investment
  • Authors : Avimukt Dar
  • Published on : 01/03/2014

The provisions relating to buy-back of securities under the Companies Act, 2013 ("Act of 2013") are an attempt to build upon the experience of the current buy back regime (as introduced in Companies (Amendment) Act, 1999) under the Companies Act, 1956 ("Act of 1956"”). An effort has been made by the legislature to bring in transparency and clarity in the buy-back process by enacting stringent norms, with the intent to make the provisions less ambiguous.

RELATED PARTY ARRANGEMENTS UNDER THE COMPANIES ACT, 2013

  • Practice Area : --
  • Published on : 01/01/2014

Uncles, aunts, cousins, nephews; in India, ‘related parties’ are everywhere. The existing provisions governing related party transactions when juxtaposed with extant structures and practices in India have seemed largely inadequate. This Article seeks to evaluate whether such concerns have been addressed in the new provisions of the Companies Act, 2013 (“New Companies Act”). Hitherto, the Companies Act, 1956, Listing Agreement of the National Stock Exchange ("Listing Agreement") and Accounting Standards issued by the Institute of Chartered Accountants of India (“AS 18”) provided the legal framework governing related party transactions. From the scheme of the New Companies Act, it seems that the legislature has given significant importance to addressing corporate governance related issues. Regulating related party transactions through effective supervision and transparency is an important aspect of good corporate governance. This Article will also briefly review the same key provisions of the New Companies Act in light of corporate governance principles

NATIONAL COMPANY LAW TRIBUNAL - SIGNED, SEALED AND DELIVERED?

  • Practice Area : --
  • Published on : 01/01/2014

The new Companies Act, 2013 ("Act of 2013") proposes seminal changes in the manner in which companies are governed and regulated in India. The law has been substantially restated with an additional focus on creating an elaborate mechanism from an enforcement perspective. In this article, we will be focusing on the creation of the National Company Law Tribunal ("NCLT") and National Company Law Appellate Tribunal ("NCLAT") and issues in relation thereto. It was desired that, in place of various bodies presently looking into different company related matters such as mergers, bankruptcy and shareholder actions, a body should be constituted to handle all such matters in a speedy and efficacious manner

ARBITRATION IN INTERNATIONAL COMMERCIAL TRANSACTIONS – INDIAN COURTS TO THE RESCUE

  • Practise Area : Litigation & Dispute Resolution
  • Authors : Gaurav Dani
  • Published on : 01/05/2013

Arbitration is key to resolving disputes in the global economic scenario and is viewed as a gateway to speedier resolution of disputes. As arbitration rules of most nations have been based on or patterned after the United Nations Commission on International Trade Law (UNCITRAL) Model Laws, arbitration law and practice enjoy a certain level of uniformity across nations. This has made arbitration an attractive mode of dispute resolution for foreign investors in many countries. In India, commercial litigation is a long drawn and time consuming process. Thus, arbitration has become a preferred mode of dispute resolution in India. Detailed arbitration clauses typically form an integral part of every commercial contract in India. Moreover, in a majority of contracts, parties select an arbitration venue outside India, beyond the jurisdiction of Indian courts where legal battles can be a long drawn process

LIABILITY OF DIRECTORS FOR DISHONOR OF CHEQUES ISSUED BY A COMPANY

Are all directions of a company deemed to be criminally liable in the event of dishonor of cheque issued by the company? Can they all be prosecuted for the dishonor of the cheque? Is it possible at all for the directors to contend that they are not liable to be prosecuted? In this article, authors answer these questions which have been frequently asked given the general understanding that all the directors are responsible for the day-to-day conduct of business of the company

ARTICLES OF AGREEMENT

  • Practise Area : Private Equity, Venture Capital and Fund Investment
  • Authors : Kartik Ganapathy
  • Published on : 01/02/2013

A common question that usually arises at the time of closing in a private investment in public equity (PIPE) deal or a private equity or venture capital investment transaction in India is: ‘Which of the provisions in the definitive agreements, relating to the investment, must be captured in the restated Articles of Association (AoA) of the company?’ The AoA of a company is its ‘Magna Carta’. It regulates the internal management and defines the powers of the officers of the company.

A CRITICAL APPRAISAL OF THE GENERAL ORDER

The erstwhile Controller of Capital Issues (“CCI”), in an attempt to ensure good quality offerings, used to determine the amount vis-à-vis issues that could be raised, and the price at which the securities ought to be priced. The CCI controlled access to the capital markets and at that time, issues also depended on the ability of the issuers and merchant bankers to convince the CCI of the issue. The CCI was abolished in 1991 through a Presidential Ordinance. The abolition of the CCI was the precursor to the move to a disclosure based system overseen by SEBI for capital markets. Under the CCI, the completeness of disclosure seemed not to be paramount because it seemed to decide what was right for the market

THE IMPACT OF CCI’S ORDER ON INDIAN REALTY FIRMS

  • Practise Area : Real Estate, Competition Law
  • Authors : Avimukt Dar
  • Published on : 01/11/2011

The recent judgment of the Competition Commission of India (“CCI”) in Belaire Owner’s Association vs DLF Limited has created ripples in the real estate sector. The news has come as another dampener for a sector that is already reeling under the impact of hike in interest rates, dwindling buyers and a looming recession in the US. However, the judgment has come as a shot in the arm for home buyers, who were, till now, at the mercy of builders due to their inordinate delay in executing projects and the one-sided arbitrary clauses used by realty firms. In an unprecedented order in terms of scope and scale of punishment, the anti-monopoly regulator had imposed on DLF Ltd a hefty penalty of 7 per cent of the average of the turnover for its last three preceding financial years

JURISDICTION OF COURTS OVER ARBITRATIONS HELD OUTSIDE INDIA

  • Practise Area : Litigation & Dispute Resolution
  • Authors : V. Srinivasa Raghavan
  • Published on : 01/08/2011

The Arbitration and Conciliation Act, 1996 (“Act”) initially caused some concern for Indian parties entering into commercial contracts with foreign collaborators. The primary reason of concern was that in cases where the Indian party has been bulldozed into agreeing to expensive arbitration proceedings abroad, it appeared as if they would also have to approach a foreign court of law to obtain any interim relief, pending the commencement of such arbitration or to challenge the award even though the subject-matter of such contracts would fall within the jurisdiction of Indian courts.