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iconErgo Update

31 Aug '20

Supreme Court reiterates suit to commence De Novo after return of plaint under order VII Rule 10 and 10a of the Code of Civil Procedure, 1908

By decision dated 5 August 2020 in M/s EXL Careers & Anr. vs. Frankfinn Aviation Services (P) Ltd. (CA No. 2904 of 2020), a three judge bench of the Hon’ble Supreme Court resolved conflicting views in two of its earlier division bench judgments - ONGC vs. Modern Construction & Company(2014)1SCC648 (‘ONGC’) and Joginder Tuli vs. S. L. Bhatia (1997) 1 SCC 502 (‘Joginder Tuli’). It approved ONGC and held that a suit filed in a court having jurisdiction after the return of plaint under Order VII Rule 10, Civil Procedure Code, 1908 (‘CPC’) is to be treated as a fresh filing and Oriental Insurance Company Ltd. vs. Tejparas Associates and Exports Pvt. Ltd. (2019) 9 SCC 435 (‘Oriental Insurance’) was overruled.

Vivek Jhunjhunwala

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iconErgo

25 Mar '20

COVID 19 MCA continues to reduce compliance burden for Companies and LLPs

With the increase in COVID 19 cases in India, the Indian Government announced a complete nationwide lockdown for 21 days starting from 00:00 hours of 25 March 2020. Knowing that this unprecedented lockdown will further disrupt the business continuity of all sectors, the Hon’ble Finance Minister, Ms. Nirmala Sitharaman (FM) on the afternoon of 24 March 2020 announced a slew of fiscal and monetary stimulus measures giving companies a huge sigh of relief in these trying times. Continuing the theme of FM, the Ministry of Corporate Affairs (MCA) in the evening of 24 March 2020 granted further relaxations from few statutory compliances under the Companies Act, 2013 (CA 2013) to companies and limited liability partnerships (LLP) vide a circular bearing no. 11/2020. These new relaxations are in addition to earlier relaxations granted by MCA on 19 March 2020 – elaborated in our earlier Ergos dated 21 March 2020 and 24 March 2020.

Sharad Abhyankar, Manisha Shroff

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iconErgo Update

06 Mar '20

The Banning of Unregulated Deposit Schemes Rules 2020

The President of India had promulgated the Banning of Unregulated Deposit Schemes Ordinance on 21 February 2019 (Ref: No. 7 of 2019) (Ordinance) which was replaced by the Banning of Unregulated Deposit Schemes Act 2019 on 31 July 2019 (Ref: Act No. 21 of 2019) (Act). In our Ergo dated 7 March 2019 (which can be accessed here) we had provided an overview of the Ordinance and its key highlights. To recap, the Ordinance (and subsequently the Act), amongst other things, bans solicitation and receipt of unregulated deposits, creates a framework for reporting and monitoring of deposit schemes, and sets out a prosecution and penalty mechanism for its enforcement. An ‘Unregulated Deposit Scheme’ means a scheme or arrangement under which deposits are accepted or solicited by a deposit taker by way of a business (and notably not for purposes of business), and such deposit is not regulated by any sectoral regulator or ministry.

Rishabh Bharadwaj

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iconErgo Update

07 Feb '20

RBI enlarges net of cyber security controls – now covers ATM switch application service providers

Digital transactions and fintech have been the buzz words during the past few years. The Indian government, the regulators and the industry have trained their focus on adopting fintech and digital transactions.

Nikhilesh Panchal

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iconErgo Update

23 Jan '20

SEBI introduces new guidelines for the rights issue of units by Real Estate Investment Trusts

Under the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations 2014 and relevant guidelines and circulars issued thereunder (REIT Regulations), a real estate investment trust (REIT) is required to list its units on a recognised stock exchange only through an initial public offer. Subsequently, further issuance of units may be undertaken by way of a follow on public offering, a preferential issue, an institutional placement or a rights issue, in the manner specified by the Securities and Exchange Board of India (SEBI).

Sudhir Bassi

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iconErgo Update

26 Nov '19

Cabinet Approves Amendment of Toll Operate and Transfer Model of National Highways Authority of India

The Cabinet Committee on Economic Affairs (CCEA), on 20 November 2019 gave its approval to the proposed amendment to the to the Toll Operate Transfer (TOT) model of the National Highways Authority of India (NHAI). After the successful roll out of the TOT model in 2016, CCEA’s recent decision appears to be with a view to increase more participation of institutional investors in national highways sector for raising funds for NHAI.

Dibyanshu

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