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This Case Update provides a brief analysis of the recent judicial decisions delivered by the Supreme Court of India (SC) and High Court of Bombay, on certain labour and employment matters pertaining to maternity / paternity leave in surrogacy cases, wage claims by absentee employees and communica

The Reserve Bank of India (RBI) vide circular numbered RBI/2018-19/226 (FLA Circular) issued on 28 June 2019, introduced a web-based online reporting portal for submission of return on foreign liabilities and assets (FLA) in an effort to enhance the security level in data submission and fu

The Securities and Exchange Board of India (SEBI), in its meeting on June 27 this year, approved certain key changes which financial investors may factor in while structuring transactions with public listed companies and its promoters.

While Budget 2019-20 was welcomed in India Inc, the potential impact of the announcement regarding the increase in surcharge applicable to ‘individuals’ (with income exceeding Rs 2 crore) was only realised upon reading the fine print.

On 10 July 2019, the Union Cabinet approved introducing the Draft Code on Occupational Safety, Health and Working Conditions Bill, 2019 (2019 Code) in the Parliament during the current monsoon session.

In Tyagi v Union of India (CM APPLN 28273/2019 in WP (C) 6727/2019) , the Delhi High Court has dismissed a public interest litigation/writ petition that sought a stay on the release of Bollywood film Bharat.

Further to our Ergo Update on 4 July 2019, on the registration of the Internal Committee (IC) constituted under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (PoSH) in the States of Maharashtra and Telangana, we sought further clarifications from th

The Bombay High Court (Court), in its recent decision in Dinesh Jaya Poojary vs Malvika Chits India Pvt Ltd (Arbitration Petition No 549 of 2016), had the occasion to deal with the above question in a petition filed under Section 34 of the Arbitration & Conciliation Act 1996 (Arbitrati

The Union Budget 2020, announced on Friday, 5 July 2019, has proposed some significant changes for the insurance sector in India.

The tax rates and income slabs under the Income-tax Act, 1961 (IT Act) remain the same, other than the following proposed changes

The budget proposes a dispute resolution-cum-amnesty scheme titled ‘The Sabka Vishwas Legacy Dispute Resolution Scheme, 2019’ (Scheme) for faster settlement of litigation pending inter alia under the erstwhile Central Excise and Service Tax regime.

On 3 July 2019, the Union Cabinet approved the Code on Wages Bill 2019 (Wages Bill).

In a welcome move towards enabling issuance and listing of shares with differential voting rights in India, the Securities and Exchange Board of India (SEBI) at the meeting of its board on 27 June 2019 approved a framework for enabling listing in India of companies with dual classes of shares, i.

The Board of the Securities and Exchange Board of India (“SEBI”), at their meeting held on 27 June 2019, has approved several changes to the regulations applicable to listed entities.

The Securities and Exchange Board of India (SEBI) vide its circular dated 1 November 2018 (SEBI Circular) laid down the roadmap for shortening the timeline for listing in a public issue, from the existing framework of T+6 working days, to 3 working days from the date of issue closure.

As per the Sexual Harassment of Women (Prevention, Prohibition and Redressal) Act, 2013 (PoSH Act) read with the Sexual Harassment of Women (Prevention, Prohibition and Redressal) Rules 2013 (Rules), every employer including Government/Non-Government organisation employing ten or more employees i

The Union Budget may be around the corner. But the task force set up by the finance ministry on the new direct taxes code (DTC) is scheduled to submit its draft by July 31.

On 5 June 2019, the Government of Tamil Nadu (Government) published a notification to bring into effect the relevant government order dated 28 May 2019 (Notification) granting exemption to all shops and establishments having ten (10) or more employees from complying with sections 7(1) and 13(1) (

With the Narendra Modi led NDA government returning to power for a second term with a roaring majority, it is likely that stability and continuity in terms of long-term policies will benefit the economic environment in India.

On 7 June 2019, the Reserve Bank of India (RBI) issued a revised prudential framework for resolution of stressed assets (RBI Framework) which filled the void in the pre-insolvency and Bankruptcy Code, 2016 (IBC) restructuring regime after the Sup

Pursuant to a government order dated 11 June 2019 (GO), the Government of Karnataka (Government) has discontinued the requirement of renewing the registration obtained under the Karnataka Shops and Commercial Establishments Act 1961 (Karnataka S&E Act).

The CBDT (Central Board of Direct Taxes) has issued Guidelines for Compounding of Offences under Direct Tax Laws on 14 June 2019 (2019 Guidelines).

Appellant Ssangyong's bid for the respondent National Highways Authority of India's four-lane bypass project was accepted in 2005.

In Sun Pharma Laboratories Ltd v Ajanta Pharma Ltd (CS (COMM) 622/2018 & IA 12663/2014), the Delhi High Court has held that the strict similarity test laid down for pharmaceutical brands in the Indian Supreme Court's decision in Cadila Pharmaceuticals also applies to nutraceutical brands. 

A single judge of the Hon’ble Bombay High Court (S.J. Kathawalla, J.) (Court) in Reliance General Insurance Co v Colonial Life Insurance Co (Comm Suit No.

On 13 June 2019, the Ministry of Labour and Employment, Government of India, issued a notification (Notification) amending Rule 51 of the Employees’ State Insurance (Central) Rules 1950 to reduce the rate of the contribution required to be made under the Employees’ State Insurance Act 1948 (ESI A

The Government of India (Union Cabinet) has approved the ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) and India’s final position to the same.

The Indian fintech industry is rapidly evolving to provide innovative technologies in the financial services sector.

United States (US) by way of a Presidential Proclamation dated 31 May 2019 has revoked, effective from 5 June 2019, the ‘beneficiary developing country’ status accorded to India under the ‘Generalised System of Preferences’ (GSP) since 1975.

On 24 March 2019, the Securities and Exchange Board of India (SEBI) released a report on redrafting the SEBI (Foreign Portfolio Investors) Regulations 2014 (FPI Regulations) by the Working Group constituted under the chairmanship of Harun R Khan (HR Khan Report), for public comments.

The Reserve Bank of India (RBI) issued a revised prudential framework for resolution of stressed assets on 7 June 2019 (Revised Circular) in supersession of the erstwhile circular on Resolution of Stressed Assets dated 12 February 2018 (Feb 12 Circular) which was struck down by the Hon’ble Suprem

The Competition Commission of India (CCI) recently published its order granting a conditional approval to the combination between Larsen & Toubro Limited (L&T), Schneider Electric India Private Limited (SEIPL) and MacRitchie Investments Pte. Ltd.

On 25 May 2019, the Government of Karnataka (Government) issued a notification(Notification) extending the exemption granted to knowledge-based industries – including information technology (IT), information technology enabled services (ITES), start-ups, animation, gaming, computer graphics, tele

The Hon’ble Supreme Court, vide its order dated 29 May 2019, while refusing to interfere with the order of the Bombay High Court, has held that the position regarding the arrest provisions under Central Goods and Services Tax Act, 2017 (CGST Act) and the corresponding state goods and ser

In yet another judicial pronouncement, which comes as a shot in the arm for the fledgling online gaming industry, the Bombay High Court recently upheld the legality of online fantasy sports gaming.

In a recent judgement, the Division Bench of the Delhi High Court (Court), decided on the two appeals filed by Bayer Corporation (Bayer) - one from the decision of the Learned Single Judge in a writ petition, filed by Bayer against the Natco Pharma Limited (Natco) (Bayer Corporation v Un

The Government of Kerala has introduced a cess as per clause 14 of the Kerala Finance Bill, 2019 called the “Kerala Flood Cess”.  Effective Date: The Kerala Flood Cess would be effective from the 1 June 2019 and will be in effect for a period of two years.

In Cargil India Private Limited v M/s. M.M. Oil Enterprises(Notice of Motion No 1107 of 2019 in COMIP No. 425 of 2017), the Bombay High Court (Court) has once again passed a notable order whereby the Court imposed a sentence of 8 weeks simple civil imprisonment upon the proprietor of M/s. M.M.

The Hon’ble High Court of Orissa, vide its order dated 17 April 2019 (Order), in in Safari Retreats Private Limited v Chief Commissioner of Central Goods & Service Tax [W.P.

The Bombay High Court (Court) recently pronounced a ruling (Indostar Capital v Asst. Commissioner of Income Tax, Writ Petition No. 3296 of 2018) in favour of the Taxpayer (Indostar Capital).

The Gujarat Shops & Establishments Act 1948 (Old Act) stands repealed with the notification of the Gujarat Shops and Establishments (Regulation of Employment and Conditions of Service) Act 2019 (New Act) on 1 May 2019 (Effective Date) by the Government of Gujarat.

The Reserve Bank of India (RBI) issued a notification on 25 April 2019 allowing foreign portfolio investment (FPI) in municipal bonds (Muni Bonds). This was followed by a notification by the Securities and Exchange Board of India on 8 May 2019 also allowing FPI in Muni Bonds.

India’s capital market regulator, the Securities and Exchange Board of India (SEBI) notified the SEBI (Infrastructure Investment Trusts) Regulations, 2014 (InvIT Regulations) and the SEBI (Real Estate Investment Trusts) Regulations, 2014 (REIT Regulations) in September 2014 with a view to increas

Koninlijke Philips NV (Phillips) filed two suits for infringement of registered design, infringement of copyright, passing off and unfair competition against Nova Manufacturing Industries, BESTCO LLC and Omni Exim Private Limited (Defendants) with regard to the registered design, trade dress and

Hindustan Sanitaryware: Supreme Court verdict on the validity of the minimum wages notification issued by the Government of Haryana...

The question that arose before the Supreme Court in the appeal in Garware Wall Ropes Ltd vs Coastal Marine Constructions & Engineering Ltd, Civil Appeal No 3631 of 2019 (present case) was whether the earlier judgement of the Supreme Court in the case of SMS Teas Estates (P) Ltd Vs Chandmari T

The Bombay High Court has passed an unprecedented order in Nippon Steel & Sumitomo Metal Corporation Vs Kishor D Jain & Anr (Notice of Motion (L) No 810 of 2019 in COMIP (L) No 383 of 2019) imposing costs of INR 5 Crore to be paid by the defendants who were caught counterfeiting the Plain

The Competition Commission of India (CCI) closed a case involving allegations of Resale Price Maintenance (RPM) against Kaff Appliances (India) Private Limited (Kaff).

Recently, the Chennai Bench of the Income Tax Appellate Tribunal (Tribunal) in the case of M/s Nissan Motor India Pvt Ltd vs DCIT [ITA No.

The Kotak Committee Report on Corporate Governance had recommended certain changes to the regulatory regime for group audit.

The division bench of the Supreme Court of India (Supreme Court) comprising of Hon’ble Justice Dr D.Y.

On 26 March 2019, in the matter of Modern Transportation Consultation Services Private Limited & Anr. v Central Provident Fund Commissioner Employees Provident Fund Organisation & Ors. (Civil Appeal No.

Close on the heels of overhauling the external commercial borrowing regime in India, the Reserve Bank of India (RBI) released a revised framework on the extant policy on trade credits (Trade Credits) vide its circular titled “Trade Credit Policy – Revised Framework” dated 13 March 2019 (Revised F

The Supreme Court, in its recent judgment in ICOMM Tele Ltd.

The Bengaluru bench of the Income-tax Appellate Tribunal (ITAT) vide order dated 28 February 2019, held that consideration received by non-resident entity from an Indian company for performing management services cannot be taxed as ‘fees for technical services’ (FTS) in the absence of a specific

The issue of compounding of non-compoundable offences by a high court in exercise of its inherent power under Section 482 of the Code of Criminal Procedure (CrPC) has been addressed by the Supreme Court of India (Supreme Court) in a catena of decisions.

On 8 February 2019, the Ministry of Corporate Affairs (MCA) released the Companies (Significant Beneficial Owners) Amendment Rules 2019 (New SBO Rules) to revise and amend the Companies (Significant Beneficial Owners) 2018 (Old SBO Rules).

In M/s HDFC Property Fund v Income Tax Officer, the Mumbai bench of the Income Tax Appellate Tribunal (Tribunal) has, through an order dated 28 February 2019, ruled in favour of the taxpayer, a SEBI registered Venture Capital Fund (VCF) upholding its ‘pass-through’ status.

The Reserve Bank of India (RBI), in its Statement on Developmental and Regulatory Policies dated  5 October 2018 recognised that while several measures had been undertaken in the recent past to facilitate foreign portfolio investment (FPI) in the Indian debt market, additional liberalized regimes

Recently, in the case of Giriraj Garg v Coal India Limited and Others (Civil Appeal No.

Amidst the on-going hue and cry around the hotly debated ‘angel tax’ issue, the Department for Promotion of Industry and Internal Trade (DPIIT) had recently issued a notification (No. GSR 127(E) dated 19 February 2019) superseding its earlier notification.

In the case of Shrivardhan Mohta v Union of India [W.P. No.

The President of India has promulgated the Banning of Unregulated Deposit Schemes Ordinance on 21 February 2019 (Ref: No. 7 of 2019) (Ordinance). The Central Government had tabled a bill in the Lok Sabha (lower house of the Indian Parliament) which proposed to ban unregulated deposit schemes.

In its 33rd meeting held on 24 February 2019, the GST Council has recommended reduction in GST rates for under-construction residential properties.

The Hon’ble Supreme Court of India (Supreme Court) in its judgment, in M/s SCG Contracts India Pvt. Ltd. v. K.S. Chamankar Infrastructure Pvt. Ltd. & Ors. [Civil Appeal No.

A Bench of Hon’ble Justices Arun Mishra and Navin Sinha of the Hon’ble Supreme Court vide judgement dated 28 February 2019 in the case of The Regional Provident Fund Commissioner (II) West Bengal Vs Vivekananda Vidyamandir & Ors.

On 22 January 2019, the National Green Tribunal, Principal Bench, New Delhi (NGT)  in the case of Saloni Singh & Anr v Union of India & Ors (OA No.

The Reserve Bank of India (RBI) through its circular dated 15 February 2019 (RBI Circular) relaxed one of the restrictions imposed on foreign portfolio investors (FPIs) while investing in the Indian debt market.

Applicability and Deadline: Every company incorporated on or before 31 December 2017 is required to file e-form ACTIVE (Active Company Tagging Identities and Verification) on or before 25 April 2019.

On 1 January 2019, the Ministry of Commerce and Industry (MCI) vide Press Note No.1 of 2019 Series (Press Note 2019) specified the list of defence items under the Industries (Development and Regulation) Act, 1951 (IDRA) and the list of arms and ammunitions requiring license under Form VII of the

On 25 January 2019, the Supreme Court of India (Supreme Court) delivered its judgment (Judgment) in Swiss Ribbons Pvt. Ltd. v. Union of India (Swiss Ribbons).

On 11 February 2019, the Supreme Court dismissed the Civil Appeal bearing No. 1484 of 2019 filed by Rai Bahadur Shree Ram and Company Pvt. Ltd.

On 8 February 2019, the Ministry of Corporate Affairs (MCA) released the Companies (Significant Beneficial Owners) Amendment Rules, 2019 (New SBO Rules) to revise and amend the Companies (Significant Beneficial Owners), 2018 (Old SBO Rules).

The development of the International Financial Service Centre (IFSC) has been gaining significant momentum after a relatively sluggish start.

In what appears to be another step towards increasing the efficacy of the insolvency resolution process in India, the Reserve Bank of India (RBI), further relaxed the regime on external commercial borrowings (ECBs) in India by way of a circular dated 7 February 2019 (New ECB Circular).

On 4 February 2019, the Gujarat High Court, in the case of Yasho Industries Limited, Cosmo Films Limited and Gujarat Fluorochemicals Limited quashed the pre-import condition for advance authorisation scheme. The summary of this landmark decision argued by us is provided below:

The Reserve Bank of India (“RBI”) issued a statement on 7 February 2019 containing certain proposed regulatory policy measures for the deepening of the financial markets in India.

In the interim budget 2019 (Interim Budget) presented by the Finance Minister on 1 February 2019, the measures taken by the Government of India (Government) in the past few years for the benefit of different categories of workers were highlighted.

All issuance and transfers of ‘securities’ will be subject to stamp duty (i.e.

Today, in the wake of the General Elections slated to be held in May 2019, the Government of India (Government) presented the Interim Budget 2019 (Budget) The Hon’ble Finance Minister, whilst presenting the Budget, recounted some of the major achievements and initiatives undertaken by the Governm

The Interim Budget 2019 did not propose any changes with respect to Indirect Tax. After the rollout of Goods and Services Tax (GST) in July 2017, the Annual Budget has lost its relevance in as much as it relates to GST.

The S1. upreme Court dismissed an appeal by the CCI challenging an order of the High Court of Bombay (High Court) in a matter alleging cartelisation by telecom companies Bharti Airtel Limited, Vodafone India and Idea Cellular Limited (collectively, IDOs).

2018 has been a tumultuous year for Foreign Portfolio Investors (FPIs) with each quarter bringing about significant changes in their investment regime. Arguably, the clubbing of their investment limits has wreaked the most havoc of all such changes.

On 8 January 2019, the National Company Law Appellate Tribunal (NCLAT) delivered a landmark judgment in Ferro Alloys Corporation Limited v Rural Electrification Corporation Limited (Comp. App (AT) (Ins) No. 92 of 2017) and other connected appeals.

In a much-anticipated order, the Indian Supreme Court on 25 January 2019 upheld the constitutional validity of the Insolvency and Bankruptcy Code, 2016 (IBC or Code) while ruling on several key aspects of the law.

The Supreme Court in the recent case of Anand Kumar Mohatta and Anr v State (Government of NCT of Delhi) (Criminal Appeal No 1395 of 2018) decided on 15 November 2018 has held that there is no bar to the maintainability of a quashing petition under section 482 of Criminal Procedure Code, 1973 (CR

The external commercial borrowing (“ECB”) regime is one of the central pillars of India’s exchange control regime and it tightly regulates loans between international lenders and Indian borrowers. Historically, a number of these requirements presented difficulties for international lenders.

Vide a recent judgment dated 3 January 2019 in the matter of Government of Haryana PWD Haryana (B and R) Branch v M/s G F Toll Road Pvt Ltd & Ors (Civil Appeal No. 27/2019 in S.L.P. (C) No.

In view of the Central Government’s objective of improving “ease of doing business” in India, the Reserve Bank of India (RBI) announced a new framework for external commercial borrowings (ECB) on 16 January 2019 liberalising the current ECB policy (the Revised ECB Framework).

The Securities and Exchange Board of India (SEBI) delivered on its commitment to bring transparency, objectivity and consistency to the SEBI (Prohibition of Insider Trading) Regulations 2015 (Insider Trading Regulations) while implementing recommendations of the Report of the Committee on Fair Ma

In its judgement dated 7 January 2019 (Wockhardt Limited & Anr v Union of India – Writ Petition 9739 of 2018), a single Judge of the Delhi High Court  (High Court) has set aside the impugned notification dated 7 September 2018 which had prohibited the manufacture, distribution and sale of a p

The Karnataka Appellate Authority for Advance Rulings (AAAR) has upheld the ruling of the Karnataka Authority for Advance Rulings (AAR) in the application filed by Columbia Asia Hospitals Pvt. Ltd. (Applicant).

In the case of Sabha Shanker Dube v Divisional Forest Officer (Civil Appeal No 10956 of 2018), a division bench of the Supreme Court of India (Supreme Court) comprising of Mr. Justice S A Bobde and Mr.

On 14 December 2018, the special bench of the Hon’ble High Court of Delhi, comprising five judges (Special Bench), delivered a landmark judgment in Carlsberg Breweries a/s v Som Distilleries and Breweries Limited, C.S.(COMM) 690/2018 on the maintainability of a composite suit of design infringeme

The Supreme Court of India (Supreme Court), vide its judgment in M/s Emaar MGF Land Limited v Aftab Singh (Review Petition (C) Nos 2629-2630 of 2018 in Civil Appeal Nos 23512-23513 of 2017), has conclusively decided that if a dispute brought before the consumer forum (consumer dispute/s) arises f

The Department of Industrial Policy and Promotion (DIPP) of the Ministry of Commerce and Industry, Government of India has issued Press Note No 2 (2018 Series) on 26 December 2018 (PN 2 of 2018).

On 17 December 2018, the Hon’ble Bombay High Court (Court), in Ravi Arya & Ors v. Palm View Overseas Limited & Ors, passed an important order in relation to an anti-arbitration injunction sought by the Plaintiffs in the matter, against an arbitral proceeding seated in Mumbai.

In a recent case of The Assistant Commissioner of Income Tax Vs.

Presently, India does not have an estate duty. The Estate Duty Act, 1953 which sought to impose an estate duty in India on property passing on demise was repealed in the year 1985. Is the estate duty a relic of the past? Rumours are rife that an estate duty will soon be re-introduced in India.

The Bangalore bench of the Income Tax Appellate Tribunal (Tribunal) in a recent case of M/s Jupiter Capital Pvt. Ltd.

On 7 December 2018, the Securities and Exchange Board of India (SEBI) issued circular No SEBI/HO/CFD/CMD1/CIR/P/2018/0000000149 (Circular) to modify Circular No.

The state of Bihar, after Odisha, now becomes the state to have imposed a complete ban on the use of plastic. The Bihar State Government, in exercise of the powers delegated under Notification No- S.O.

India has witnessed an unprecedented growth in the domain of investment funds, at a global level. The Indian fund legal and regulatory regime has exhibited dynamic promptitude in accommodating a wide variety of investors and fund managers.

The Chennai Bench of the Income Tax Appellate Tribunal (Tribunal) in a recent ruling in Dr. Muthian Sivathanu v Assistant Commissioner of Income-tax [ITA No.

The Ministry of Commerce and Industry has published Draft Patent (Amendment) Rules, 2018 (Draft Rules) for objections and suggestions. The key highlights of the Draft Rules are broadly set out below:

On 5 December 2018, the Supreme Court dismissed an appeal by the Competition Commission of India (CCI) challenging a Bombay High Court order in a matter alleging cartelisation by telecom companies Airtel, Vodafone and Idea (collectively, the IDOs).

On 16 November 2018, the Securities and Exchange Board of India (SEBI), by way of the SEBI (Listing Obligations and Disclosure Requirements) (Sixth Amendment) Regulations, 2018 (Amended Regulations) has amended and replaced Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements)

The Securities and Exchange Board of India (SEBI), through a notification dated 30 November 2018, has introduced the SEBI (Settlement Proceedings) Regulations, 2018 (Settlement Regulations).

Recently, the Mumbai bench of the Income Tax Appellate Tribunal (Tribunal) has ruled that the conversion of a private company into a limited liability partnership (LLP) shall be considered as a taxable “transfer” attracting capital gains tax under the Income-tax Act, 1961 (IT Act), unless certain

The government and the regulators in tandem have introduced a slew of coordinated measures to reduce dependence on the banking system and strengthen the Indian corporate bond market.

Leasing of aircrafts is a prevalent market practice in the aviation industry, and all existing airline operators in India have currently leased a significant number of aircrafts in their fleet.

In a recent decision, the Karnataka High Court considered whether a Judge, other than the Judge of a High Court, is empowered to delegate the duty of examining and impounding any instrument under Section 33 of the Karnataka Stamp Act, 1957 (Act) to any other officer.

The Maternity Benefit Act 1961 (MB Act) was amended vide the Maternity Benefit (Amendment) Act 2017 (2017 Amendment). Under the 2017 Amendment, setting up a creche was made mandatory for all establishment employing 50 (fifty) or more employees.

The Securities and Exchange Board of India (SEBI) has issued regulations dated 14 November 2018 (Ref: No. SEBI/LAD-NRO/GN/2018/46) (Amendment Regulations) further amending the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 (Delisting Regulations).

Recently, the Competition Commission of India (CCI) released a policy note titled Making Markets Work for Affordable Healthcare (Policy Note).

The Hon’ble Supreme Court (SC), in its recent decision in the matter of M/s Hindon Forge Pvt. Ltd. & Anr.

On 8 November 2018, the Competition Commission of India (Commission) passed a common order (Order) to dispose of 10 sets of information (Information) filed against GAIL (India) Limited (Gail) by some of its Regasified Liquified Natural Gas customers (Informants).

In the United States, settlement of securities issued pursuant to a public issue takes place within 3 days from the issue closure.

The Delhi High Court, vide its judgment in the case of Vodafone Mobile Services Limited v Commissioner of Service Tax, Delhi (2018-VIL-506-DEL-CE), dated 31 October 2018 has allowed CENVAT credit on telecom towers and related shelters, accessories, etc., thereby taking a contradictory position to

Several committees stretching back to 2002 had observed that the erstwhile Companies Act, 1956 contained penalties which were rather nominal and easily compoundable. Hence, the Companies Act, 2013 (Act) deliberately made serious offences such as fraud etc., non-compoundable.

In its recent decision in the matter of M/s Caravel Shipping Services Private Limited v M/s Premier Sea Foods Exim Private Limited (C.A. No.-010800-010801 of 2018 in SLP (C) Nos.

On 2 November 2018, the Delhi High Court (High Court), in Christian Louboutin SAS v Nakul Bajaj and Others (Civil Suit No.

The Supreme Court allowed the appeals filed by 45 liquified petroleum gas cylinder manufacturers, setting aside CCI orders and order of the former Competition Appellate Tribunal (COMPAT), which had held that the manufacturers indulged in bid rigging in the tender floated by the Indian Oil Corpora

After days of prolonging uncertainty amongst telecom service providers (TSPs) with regard to the use of Aadhaar based e-KYC for verification and reverification of subscriber in wake of the Supreme Court (SC)’s judgment dated 26 September 2018 (Aadhaar Judgment), the Department of Telecommunicatio

The Insurance Regulatory Development Authority of India (IRDAI) has issued a circular ref. IRDAI/NL/CIR//MOTP/170/10/2018 dated 9 October 2018 (Revised Circular) providing certain clarifications regarding the implementation of Compulsory Personal Accident (CPA) insurance for owner drivers.

On 11 October 2018, the Supreme Court (Court) vide its judgment in B.K. Educational Services Private Limited v Parag Gupta and Associates (Civil Appeal No.

The state of Odisha has joined the growing list of states to have introduced plastic ban in some form. An overwhelming 23 states in India thus have some form of regulation on the use of plastic.

On 11 October 2018, the Supreme Court of India (Supreme Court), in Vedanta Limited v Shenzen Shandong Nuclear Power Construction Company Limited (Civil Appeal No.

The Securities and Exchange Board of India (SEBI) in its meeting held on 18 August 2018, besides reviewing the total expense ratio of the mutual fund schemes and agreeing to introduce united payment interface with ASBA facility for public issues, has also paved the way for further stimulating the

The Insolvency and Bankruptcy Board of India (IBBI) amended the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) for the fourth time in 2018 on 5 October 2018 through the IBBI (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) R

In a long awaited move, the Ministry of Corporate Affairs (MCA) has notified the provisions of the Companies (Amendment) Act, 2017 (CA Amendment Act), relating to managerial remuneration, which are now in force with effect from 12 September 2018.

A division bench of the Hon’ble Supreme Court of India (the Court), consisting of Mr. Justice N V Ramana and Ms.

The Competition Commission of India (CCI) notified the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Amendment Regulations, 2018 on 9 October 2018 (Amendment Regulations).

A three-judge Bench of the Hon’ble Supreme Court of India (Supreme Court) has by its judgment dated 25 September 2018 in Union of India v Hardy Exploration and Production (India) Inc, (Civil Appeal No.

The Maternity Benefit Act, 1961 (MB Act) was amended vide the Maternity Benefit (Amendment) Act, 2017 (2017 Amendment) to grant certain additional benefits to eligible women employees.

A division bench of the Hon’ble Supreme Court of India (the Court) consisting of Mr. Justice Abhay Manohar Sapre and Mr. Justice S. Abdul Nazeer has, in the case of Rajasthan State Road Transport Corporation v Phool Chand (Rptd.

On 26 September 2018, after marathon hearings over four months, a five judge constitution bench of the Supreme Court comprising of Hon’ble Chief Justice Deepak Mishra, Hon'ble Justice A K Sikri, Hon’ble Justice A M Khanwilkar, Hon’ble Justice D Y Chandrachud and Hon’ble Justice Ashok Bhushan uphe

With the FPIs on tenterhooks since the issuance of the now famous, or rather infamous, circular dated 10 April 2018 (April 10 Circular), following the submission of the report[1] by the working group under the Chairmanship of Shri H R Khan (Working Group) and in-principle acceptance of their reco

On 6 September 2018, a five-judge constitution bench of the Supreme Court of India pronounced its verdict on the constitutional validity of Section 377 of the Indian Penal Code, 1860 (IPC) in the case of Navtej Singh Johar & Ors. v Union of India (Writ Petition (Criminal) No.

While answering a question on dematerialisation of shares of unlisted companies during the Question Hour session of the Lok Sabha on 29 December 2017, the Ministry of Corporate Affairs (MCA) had expressed its intention of making it mandatory for unlisted public companies to issue shares in demate

The Hon’ble Supreme Court of India (Supreme Court) in its recent judgment M/s Shriram EPC Limited v Rioglass Solar SA dated 13 September 2018, has put to rest the issue qua enforcement of foreign awards without being stamped (stamp duty need not be paid).

The Ministry of Finance, vide Notification No. 50/2018-Central Tax and Notification No.

In Fermat Education v Sorting Hat Technologies P. Ltd. [CS(OS) 330 of 2018], the Madras High Court (Court) dealt with a copyright infringement dispute relating to educational materials uploaded on an intermediary platform.

On 30 August 2018, the Ministry of New and Renewable and Energy, Government of India (MNRE), amended the guidelines for setting up grid connected solar photovoltaic power projects under the viability gap funding scheme of 750 MW under Batch I of Phase II, 2000 MW under Batch III of Phase II, and

The Income Tax Appellate Tribunal, Delhi (ITAT) in the case of Deputy Commissioner of Income Tax v M/s BS Infosolution Private Limited (ITAT Order dated 23 August 2018) rejected the taxpayer’s claim for setting-off long term capital loss (Loss) arising on sale of unlisted shares against long term

The Supreme Court in its recent decision in K Kishan v M/s Vijay Nirman Company Private Limited, Civil Appeal No 21825 of 2017, has put to rest the question of whether an arbitral award that has been challenged under Section 34 of the Arbitration and Conciliation Act, 1996 (Act) by the award debt

Based on the Companies (Amendment) Act, 2017, the Companies Act, 2013 was amended to introduce new filing requirements by “Significant Beneficial Owners”.

Recently, the provisions of the Integrated Goods and Services Tax Act, 2017 (IGST Act), the Central Goods and Services Tax Act, 2017 (CGST Act), the Union Territory Goods and Services Tax Act, 2018 (UTGST Act) and the Goods and Services Tax (Compensation to States) Act, 2017 have been amended by

A division bench of the Supreme Court of India (Court), comprising of Justice Madan Lokur and Justice S. Abdul Nazeer, has, In Re: Outrage as Parents End Life After Child’s Dengue (SMW (c) No.

The Multiplex Association of India (MAI) and PVR Limited (PVR) (collectively, the Petitioners) challenged the following two orders issued by the Controller of Legal Metrology (Controller), an authority appointed under the Legal Metrology Act, 2009 (Act), in Writ Petition No.

On 27 August 2018, the Ministry of Civil Aviation, Government of India (GOI) released the National Drone Policy, 2018 version 1 (Drone Policy), comprising of: (a) Civil aviation requirements (CARs) of civil remotely piloted aircraft system (RPAS); (b) FAQs on operation of RPAS; and (c) Do’s and D

On the anvil of the proposed amendment in the Arbitration and Conciliation Act, 1996 (Act), on 20 August 2018, the Supreme Court of India in Emkay Global Financial Services Ltd. v.

The Madras High Court (Court) recently ruled in favour of the Taxpayer (M/s WABCO India Limited v. The Deputy Commissioner of Income-tax, W.A.No. 884 of 2018 and C.M.P Nos.

The Trade Unions Act, 1926 (Act) provides for the constitution and registration of trade unions in India.

A full bench of the Hon’ble Supreme Court of India (the Court) in the case of United India Insurance Co Limited v Hyundai Engineering and Construction Co Ltd & Ors (Civil Appeal no 8146 of 2018) has clarified that the observation “After Amendment Act 3 of 2016, as per the amended provision of

The Authority of Advance Ruling (AAR) in the state of Karnataka, in its order in Columbia Asia Hospitals Private Limited (the Applicant) dated 27 July 2018, made critical observations concerning the taxability of employee cost at a corporate office under Goods and Services Tax (GST).

Recently, the Central Board of Direct Taxes (CBDT) vide circular (Circular) dated 11 July 2018 (please access our newsflash on this Circular by clicking here had revised the monetary thresholds of the ‘tax effect’ on matters, below which an appeal should not be filed by the Income-tax Department

This is with reference to our newsflash titled “NRIs: Not Really for Indians? SEBI tightens FPI Norms” dated 17 April 2018 (Newsflash).

In a significant ruling having widespread ramifications, the Hon’ble Supreme Court (Court) on 14 August 2018 pronounced its judgment in the case of State of Bank of India v V. Ramakrishnan & Anr (Civil Appeal No. 3595 of 2018).

The corporate insolvency resolution process (CIRP) against Jaiprakash Infratech Limited (JIL) commenced when the National Company Law Tribunal, Allahabad (NCLT) passed an order dated 09.08.2017 admitting the petition of IDBI Bank Limited under Section 7 of the Insolvency and Bankruptcy Code 2016

Recently in the case of Standard Chartered Bank v.

By an order dated 8 August 2018 passed in M/s Ved Prakash Mithal and sons v Union of India (Special Leave to Appeal (C) No(s).

The Competition Commission of India (CCI) on 9 July 2018 closed a case involving allegations of abuse of dominant position against Merlin Developers, Merlin Projects Limited (Merlin Developers and Merlin Projects Limited have been collectively referred to as Merlin), Merlin group companies and th

The Specific Relief (Amendment) Act, 2018 (Amendment Act) was published in the official gazette on 1 August 2018. The Amendment Act has been introduced with the primary intent of introducing greater certainty in enforcement of contracts and enabling faster and easier

On 30 July 2018, the constitution bench of the Supreme Court of India (Court), in Commissioner of Customs (Import), Mumbai (Appellant) v Dilip Kumar and Company & Ors. (Respondent) [Civil Appeal No.

On 7 August 2018, the Central Government has issued a notification bringing into force the provisions of Section 10 of the Companies (Amendment) Act, 2017 amending Section 42 of the Companies Act, 2013 (Act) relating to private placement norms for issue of securities.

The Chennai Bench of the National Company Law Tribunal (NCLT) has recently approved the merger of a Limited Liability Partnership (LLP) with a private limited company (Scheme). This newsflash analyses key aspects of the NCLT order permitting the aforesaid merger.

In July 2017, the Ministry of Electronics and Information Technology, Government of India had constituted a committee of experts (Committee) under the chairmanship of a retired judge of the Supreme Court, Mr B N Srikrishna, to examine and propose changes to the data protection re

The Union Cabinet on 1 August 2018 approved the policy framework (Policy) for the exploration and exploitation of unconventional hydrocarbons.

In the recent case of Modi-Mundipharma Private Limited v Union of India & Ors., (Writ Petition (Civil) No.

The Prevention of Corruption Act, 1988 (PC Act) was enacted to prevent corruption in Government departments and to prosecute and punish public servants involved in corrupt practices.

The GST Council recommended amendments in the Central Goods and Services Tax (CGST) Act 2017, Integrated Goods and Services Tax (IGST) Act 2017, Union Territory Goods and Services Tax (UTGST) Act 2017 and the GST (Compensation to States) Act.

The Principal Bench of the National Green Tribunal (NGT) in its order dated 19 July 2018 in the case of Shivpal Bhagat v Union of India has directed that every applicant and appellant must approach the NGT after giving the concerned authority against which it has filed the appeal or application a

The Insolvency and Bankruptcy Board of India (IBBI) notified the IBBI (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 (Amendment Regulations) on 4 July 2018 to amend the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Re

On 18 July 2018, the Cabinet Committee on Economic Affairs approved policy framework for streamlining operations of production sharing contracts (PSCs) for increased domestic production of hydrocarbon resources (Policy).

In a move that is intended to enhance the ease of doing business, reduce low value litigations, and also help the Income-tax department (Department) focus on high value litigations, on 11 July 2018, the Ministry of Finance released a circular (Circular) enhancing the monetary thresholds of the ta

The Ministry of Corporate Affairs (MCA) has, pursuant to its notification dated 5 July 2018 (Notification), amended the Companies (Appointment and Qualification of Directors) Rules, 2014 (Rules).

Recently, the Delhi High Court, in the matter of Koninklijke Philips Electronics N.V.

On 4 July 2018, the Ministry of Corporate Affairs (MCA) extended the vessel sharing exemption applicable to the liner shipping industry from scrutiny under Section 3 of the Competition Act, 2002 (Exemption) for a further period of three years  .

The Reserve Bank of India (RBI) has issued a circular dated 19 June 2018 (Circular) (Ref: RBI/2017-18/204. A.P. (DIR Series) Circular No. 32) amending the liberalised remittance scheme (LRS) as set out in the Master Direction – LRS issued from time to time (Master Directions).

The Governor of Maharashtra promulgated the Code of Civil Procedure (Maharashtra Amendment) Ordinance, 2018 (Ordinance) on 27 June 2018 to amend the Code of Civil Procedure, 1908 (Code) by deleting Section 9A of the Code in its application to the State of Maharashtra.

The concept that companies are independent corporate personalities and have separate juristic nature has been often misused for illicit purposes, including money laundering and other illegal activities.

On 7 May 2018, the Supreme Court of India (Supreme Court) passed an important order (Clarification Order) in Competition Commission of India (CCI) v.

On 7 June 2018, the Reserve Bank of India (RBI) notified changes to the existing reporting requirements in respect of foreign investments in India with the objective to consolidate and integrate all existing reporting for, inter alia, issue of shares and transfer of shares in a Single Master Form

In a case connected to the Competition Commission of India’s (CCI) cartel investigation in the conveyor belt market, an appellate bench of the Delhi High Court (Court) (LPA 607/2016; Judgment dated 24 May 2018) has confirmed a single judge bench judgment of the Court (WP(C) 11411 of 2015; Judgmen

Between 31 May to 1 June, the Securities and Exchange Board of India (SEBI) amended a number of securities regulations to provide certain dispensations for listed companies undergoing the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code 2016 (IBC).

On 19 June 2018, the Department of Telecommunications, Government of India (DoT) finally provided its nod to several key recommendations (Recommendations) made by the Telecom Regulatory Authority of India (TRAI) on the Regulatory Framework for Internet Telephony in October 2017.

The President of India promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance 2018 on 6 June 2018 (Ordinance) to amend the Insolvency and Bankruptcy Code 2016 (IBC).

On 4 June 2018 the Maharashtra Real Estate Regulatory Authority (MahaRERA) passed an order (Order) in the case of Champatlal Jain, Parvin Dumasia and 6 Others (Complainants) v Suriti Developers Private Limited (MahaRERA Registration Number - P51800003082) (Respondent) and held that though the agr

The Reserve Bank of India (RBI) vide circular dated 16 November 2015 had permitted foreign direct investment (FDI) in investment vehicles, i.e., any entity registered and regulated by Securities and Exchange Board of India (SEBI), including alternative investment funds (AIFs), real estate investm

One of the most significant legal reforms of the country in recent times has been the enactment of the Companies Act, 2013 (the 2013 Act) as this was a major step towards aligning Indian company law with the company laws prevalent globally.

The Department of Telecom (DoT) has issued a notification dated 16 May 2018 (Notification) which prescribes know your customer (KYC) norms for issuing subscriber identity module (SIM) cards to be used in machine to machine (M2M) communications.

India is a growing and dynamic emerging economy. The year 2017 saw the second highest level of M&A transaction since 2001, with 379 deals announced that had a value $54.7 billion.

As a follow up to the recent circulars issued by the Reserve Bank of India (RBI), which brought about certain changes in the limits applicable to investments by Foreign Portfolio Investors (FPI) in debt instruments (analysed in our update dated 7 May 2018),

The Delhi High Court (Court) pronounced its judgment in Union of India v. Vodafone Group PLC United Kingdom & Anr. dismissing Union of India’s (Plaintiff) prayer.

Amidst growing investor appetite for Indian debt securities and increased government and corporate debt needs, the Foreign Portfolio Investment (FPI) route has been a dominant source of foreign funding.

In the recent case of Commissioner v Mahindra and Mahindra Limited (Judgment)[Civil Appeal Nos.

On 21 March 2018, the Ministry of Health and Family Welfare (MoHFW) placed the draft of the Digital Information Security in Healthcare Act (DISHA) in public domain for inviting comments. DISHA aims to secure the privacy and confidentiality of digital health data (DHD) in India.

The Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 (SEBI REIT Regulations) and the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 (SEBI InvIT Regulations), which were last amended on 27 December 2017

The Securities and Exchange Board of India (SEBI) vide two circulars dated 10 April 2018 introduced certain changes in the Know Your Clients (KYC) requirements for Foreign Portfolio Investors (FPI) and clarified its stance with respect to clubbing of investment limits of foreign Government or the

The Reserve Bank of India (RBI), India’s central bank and the regulator for payment systems in India, in its press release dated 5 April 2018 (Press Release) on Statement on Development and Regulatory Policies of the First Bi-monthly Monetary Policy Statement for 2018-19, had announced that all p

The Securities and Exchange Board of India (SEBI) in its board meeting dated 28 March 2018 (Board Meeting), accepted several recommendations (a few with modifications) of the Committee on Corporate Governance, headed by Mr. Uday Kotak (the Kotak Committee).

Section 234 of the Companies Act, 2013 (Companies Act) and Rule 25A of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 (Companies Merger Rules) permit mergers and amalgamations between Indian companies and companies incorporated in certain jurisdictions.

The Payment of Gratuity (Amendment) Act, 2018 (Gratuity Amendment Act) has received the Presidential assent on 28 March 2018 and has been notified on 29 March 2018. Our previous update pertaining to the Gratuity Amendment Act can be accessed

SEBI, in its board meeting on 28 March 2018 considered the Kotak Committee report (Report) on corporate governance.

On 5 December 2017, the Insurance Regulatory and Development Authority of India (IRDAI) published a set of guidelines to regulate private equity investment in Insurance companies -the IRDAI (Investment by Private Equity Funds in Indian Insurance Companies) Guidelines 2018. 

Although the security enforcement landscape in India has historically posed a number of challenges, the market in India in evolving.

India has moved to attract more debt capital. But lingering legal issues mean that these investments need careful structuring