Research Lab – BULWARK SOLICITORS

04 Oct

NEW OVERSEAS DIRECT INVESTMENT LEGISLATIVE FRAMEWORK OF INDIA – PART I OF THE RESEARCH SERIES

INTRODUCTION Over the last decade, numerous Indian corporates, entities and HNIs have invested in foreign countries in various ways / assets and expanded their business operations in offshore jurisdictions....

FEMA

15 Sep

SEBI’S NEW GUIDELINES FOR OVERSEAS INVESTMENT BY ALTERNATIVE INVESTMENT FUNDS

SEBI’S NEW GUIDELINES FOR OVERSEAS INVESTMENT BY ALTERNATIVE INVESTMENT FUNDS INTRODUCTION Pursuant to Circular No. SEBI/HO/AFD-1/PoD/CIR/P/2022/108 (“SEBI Circular”) dated 17th August, 2022, the Securities and Exchange Board of India...

FEMA, Fund Formation, Securities Law

16 Aug

NCLT CAN REFUSE TO ADMIT INSOLVENCY APPLICATION FILED BY A FINANCIAL CREDITOR EVEN WHEN DEBT AND DEFAULT IS PROVED – SUPREME COURT’S JUDGMENT

INTRODUCTION In the recent landmark judgment given by the Hon’ble Supreme Court of India (on 12th July, 2022), in the matter of Vidarbha Industries Power Limited v. Axis Bank Limited...

Bankruptcy & Insolvency

27 Nov

GAME’S UP FOR MISLEADING GAMING ADS- SAYS ASCI

INTRODUCTION The Advertising Standards Council of India (ASCI) is a self-regulatory industry body that has been set up for the regulation of advertisements on television/broadcasting. ASCI seeks to ensure...

Commercial Law

24 Aug

BUILDER CANNOT CLAIM A FORFEITURE OF AN AMOUNT (AS EARNEST MONEY)WHICH IS HIGHER THAN THE INITIAL DEPOSIT GIVEN IF THE BUYER DECIDES NOT TO TAKE THE FLAT- NCDRC NEW DELHI ORDER

Introduction Recently, the National Consumer Disputes Redressal Commission (“NCDRC”) in the case of Ramesh Malhotra & Ors. v. Emaar MGF Land Limited & Ors. has held that, – only...

Real Estate Conveyancing

27 Jul

NCLT MUMBAI DISMISSES AN INSOLVENCY PETITION BECAUSE THE FINANCIAL DEBT WAS “DISPUTED” AND THE PARTIES HAD AGREED TO RESOLVE THE DISPUTES THROUGH ARBITRATION

Introduction a) Recently, in the case of Indus Biotech Private Limited v. Kotak India Venture Fund-I , the NCLT Mumbai had to deal with a situation where even while...

Bankruptcy & Insolvency

28 May

SUPREME COURT SETS ASIDE AN AWARD AS BEING AGAINST INDIAN PUBLIC POLICY DUE TO ERRONEOUS INTERPRETATION OF CONTRACT BY THE ARBITRATORS: SEAMEC V. OIL INDIA CASE

1. INTRODUCTION AND BACKGROUND 1.1. In the recent judgment delivered by the Hon’ble Supreme Court of India on May 11, 2020 in the case of SEAMEC v. Oil India...

Alternative Dispute Resolution

28 Apr

LOOPHOLES IN DIPP’S PRESS NOTE – CURBING THE OPPORTUNISTIC TAKEOVER OF INDIAN ENTITIES BY CHINESE PART I OF RESEARCH UPDATE

INTRODUCTION With a view to curb the opportunistic takeovers / acquisitions of Indian companies due to the current Covid-19 pandemic, the Department for Promotion of Industry and Internal Trade...

FEMA

02 Apr

COVID-19: CAN A LESSEE / LICENSEE SUSPEND PAYING RENT TILL LOCKDOWN SUBSISTS IN CASE OF COMMERCIAL LEASE / LICENSE?

INTRODUCTION There is a government-mandated lockdown and quarantine across the globe which prohibits the licensees / lessees / tenants to access the Premises which are / licensed / leased...

Commercial Law, Real Estate Conveyancing

25 Mar

THE COVID 19 PANDEMIC – DO YOU HAVE A FORCE MAJEURE CLAUSE IN YOUR CONTRACT?

Introduction As coronavirus (Covid-19), spreads across the world, many companies are looking to suspend or terminate their contractual commitments. A particularly frequent question is whether a ‘Force Majeure’ clause...

General

25 Feb

ANALYSIS OF NCLAT ORDER IN TATA-MISTRY CASE

Background Pursuant to decision of Board of Directors of the Tata Sons Limited (“Tata Sons”) dated 24th October, 2016, just few months prior to the completion of the...

Company Law

11 Feb

Budget Analysis (Series 1) – Removal of Dividend Distribution Tax

The Indian Finance Minister (FM), Nirmala Sitharaman presented the Union Budget of India for financial year (FY) 2020-21 on 1st February, 2020. One of the biggest announcement was the...

General, Income Tax

14 Aug

ANALYSIS OF RULES RELATING TO ‘SIGNIFICANT BENEFICIAL OWNERS’ UNDER COMPANIES ACT, 2013

1. INTRODUCTION 1.1 The Ministry of Corporate Affairs on 8 February 2019 notified the Companies (Significant Beneficial Owners) Amendment Rules, 2019 amending the provisions of Companies (Significant Beneficial Owners)...

Company Law

27 Jun

NCLAT accepts dispute raised by whats app for the purpose of section 9 of Insolvency Code

Recently, by its judgement dated March 1, 2019 given in the matter ofBhandari Hosiery Exports Ltd. & Ors. vs. In-Time Garments Pvt. Ltd., the NCLAT took on record –...

Bankruptcy & Insolvency

15 Apr

THE BANNING OF UNREGULATED DEPOSIT SCHEMES ORDINANCE, 2019

1. BACKGROUND AND PURPOSE OF THE ORDINANCE 1.1 The Banning of Unregulated Deposit Schemes Ordinance, 2019 (Ordinance)1 was promulgated by the President of India on February 21, 2019 pursuant...

Company Law, General

19 Dec

CCI FINDS CERTAIN PRACTICES OF ALL INDIA CHESS FEDERATION ANTI-COMPETITIVE

Background of the Update Competition cases relating to sports associations/federations usually arise due to conflict between their regulatory functions and economic activities undertaken by them. Rules governing the...

Competition Law

19 Dec

LONG TERM LEASE OF 999 YEARS IS THE SAME AS ‘SALE’, RERA IS APPLICABLE: HON’BLE BOMBAY HIGH COURT

BACKGROUND In the recent case of Lavasa Corporation Limited v. Jitendra Jagdish Tulsiani and Ors., the Hon’ble Bombay High Court had to adjudicate on an interesting issue falling under the...

Real Estate Conveyancing

29 Sep

Passing off of ‘Additional’ Trade Marks: Delhi High Court throws some light

Background of the Update In the field of Trade Marks, several times there arises a very interesting issue. Two or more manufacturers or sellers of a similar / identical...

Trademarks

23 Aug

ANALYSIS OF INSOLVENCY AND BANKRUPTCY CODE (SECOND AMENDMENT) BILL, 2018

Background The Insolvency and Bankruptcy Code (Amendment) Ordinance 2018 (Ordinance) was notified on 6th June, 2018 to amend several provisions of the Insolvency and Bankruptcy Code, 2016.Insolvency and Bankruptcy...

Bankruptcy & Insolvency

13 Aug

PART III – ANALYSIS OF COMPANIES (AMENDMENT) ACT, 2017

ANALYSIS OF COMPANIES (AMENDMENT) ACT, 2017 PART III IMPORTANT AMENDMENTS MADE TO PROVISIONS RELATING TO CHARGES, MANAGEMENT AND ADMINISTRATION, DIVIDEND AND ACCOUNTS OF COMPANIES ...

Company Law

13 Aug

PART II – ANALYSIS OF COMPANIES (AMENDMENT) ACT, 2017

ANALYSIS OF COMPANIES (AMENDMENT) ACT, 2017 PART II IMPORTANT AMENDMENTS MADE TO PROVISIONS RELATING TO INCORPORATION OF A COMPANY, PROSPECTUS AND ALLOTMENT OF SECURITIES, SHARE CAPITAL AND ACCEPTANCE OF...

Company Law

03 May

ANALYSIS OF COMPANIES (AMENDMENT) ACT, 2017 PART I – AMENDMENTS TO IMPORTANT DEFINITIONS

The Firm is grateful to its following associates for their contribution in making this Research Update: Advocate & Solicitor Chirag Sancheti Advocate Rachita Chatter CS Nandini Parekh CS Krishma...

Company Law

07 Mar

Arbitrability of IPR Disputes in India

Introduction The question whether or not disputes relating to intellectual property rights can be resolved by way of arbitration has been a subject matter of debate to some extent,...

Copyrights, Patents, Trademarks

03 Mar

‘MORATORIUM’ UNDER THE INSOLVENCY CODE DOES NOT APPLY TO THE PROCEEDINGS WHICH ARE BENEFICIAL FOR CORPORATE DEBTOR: DELHI HIGH COURT

The Firm is grateful to Advocate & Solicitor Chirag Sancheti and Advocate Rachita Chatter for their contribution in making this Research Update. Introduction In the recent judgement...

Bankruptcy & Insolvency

05 Feb

SUBMISSION OF BANK CERTIFICATE (CONFIRMING UNPAID DUES) NOT MANDATORY FOR (OPERATIONAL CREDITORS’ INITIATED) INSOLVENCY PROCEEDINGS: LANDMARK JUDGMENT OF THE HONORABLE SUPREME COURT OF INDIA

The firm is grateful to its partner, Advocate & Solicitor Chirag Sancheti for his inputs in this Research Update. INTRODUCTION In its recent landmark judgment given by the Honorable...

Bankruptcy & Insolvency

02 Jan

NCLAT WAIVES THE 10% SHAREHOLDING REQUIREMENT FOR MISTRY & CO. FOR FILING OPPRESSION / MISMANAGEMENT: MISTRY – TATA CASE

The Firm is grateful to its partner, Advocate & Solicitor Chirag Sancheti for his inputs in connection with this Research Update. INTRODUCTION The National Company Law Appellate Tribunal (“NCLAT”),...

Company Law, Litigation

27 Oct

Supreme Court’s landmark judgment clarifying “existence of a dispute” under the Insolvency Code

The firm is grateful to its associate Ms. Rachita Chatter for her contribution in this Update. INTRODUCTION In the recent landmark decision given in the case of Mobilox Innovations...

Bankruptcy & Insolvency

29 Sep

DELHI HIGH COURT EXPOUNDS ON RBI’S ‘LOCUS STANDI’ TO INTERVENE IN EXECUTION PROCEEDINGS IN CONNECTION WITH A DISPUTE WHEREIN RBI IS NOT A PARTY: THE TATA-DOCOMO CASE

Introduction In disputes involving performance of certain contractual obligations which fall under the legal and regulatory framework of FEMA (and requiring prior approval of the RBI), a question often...

FEMA, Litigation

25 Sep

LIMITATION ACT DOES NOT APPLY TO INSOLVENCY PROCEEDINGS: NCLAT JUDGMENT

Introduction In the recent judgment given in the case of Neelkanth Township and Construction Pvt. Ltd. Vs. Urban Infrastructure Trustees Limited on 11th August, 2017, the National Company Law...

Bankruptcy & Insolvency, General

06 Aug

Supreme Court allows parties to enter into a settlement even after the insolvency application was admitted by NCLT

As a part of the Insolvency law practice of our firm, we are pleased to email you our research update which deal with the following: Introduction In the recent...

Bankruptcy & Insolvency

02 Aug

ESSENTIAL INGREDIENTS TO ESTABLISH A PASSING OFF ACTION [BOMBAY HIGH COURT ELUCIDATES IN THE CASE OF TORRENT PHARMACEUTICALS LTD. V. WOCKHARDT LTD. & ANR.]

Introduction In the recent judgment pronounced (on 15th March, 2017) by the Honorable Bombay High Court in the matter of Torrent Pharmaceuticals Ltd. v. Wockhardt Ltd. & Anr., which...

Trademarks

09 Jul

NCLAT CLARIFIES THE MEANING OF THE TERM ‘DISPUTE’ UNDER INSOLVENCY CODE

INTRODUCTION The National Company Law Appellate Tribunal (“NCLAT”), in a recent judgment, given in the case of Kirusa Software Pvt. Ltd. (“Kirusa”) v. Mobilox Innovations Pvt. Ltd. (“Mobilox”) has...

Bankruptcy & Insolvency

09 Jul

EXCLUSIVE JURISDICTION OF COURTS WHERE THE SEAT OF THE ARBITRATION IS LOCATED: HONORABLE SUPREME COURT’S JUDGMENT

Introduction The Honorable Supreme Court of India, in its recent decision (given on 19th April, 2017) given in the case of Indus Mobile Distribution Private Ltd. v. Datawind Innovations...

Alternative Dispute Resolution

09 Jul

NCLT Comes to Rescue Operational Creditors under Insolvency Code

Brief Background in relation to the Research Update We refer to our research update circulated earlier which relates to the divergent orders given by two benches of the National...

Bankruptcy & Insolvency

09 Jul

MAINTAINIBILITY OF INSOLVENCY APPLICATION WHERE OPERATIONAL DEBTS ARE DISPUTED UNDER SECTION 8 OF THE INSOLVENCY AND BANKTRUPTCY CODE, 2016

Introduction Recently, two benches of the National Company Law Tribunal (“NCLT”), namely the Principal Bench at New Delhi and the Mumbai Bench gave divergent orders on the following issue:-...

Bankruptcy & Insolvency

09 Jul

CONSTANT DEMAND OF WIFE TO CONSTRAIN HUSBAND TO BE SEPARATED FROM HIS FAMILY CONSTITUTED AN ACT OF “CRUELTY” AND GROUND FOR DIVORCE: SUPREME COURT’S RECENT JUDGMENT

Introduction The Honorable Supreme Court of India, in a recent landmark judgment given (on 6 th October, 2016) in the case of Narendra v. K. Meena has held that...

Private Succession & Personnel

09 Jul

Anti Competitive Agreements & Combinations: K Sera Sera and Real Estate Brokers Association Case

PREFACE This update deals with two of the recent orders of Competition Commission of India (“CCI”), given under the provisions of section 3 (anticompetitive agreements) and section 4 (abuse...

Competition Law

09 Jul

ARBITRABILITY OF DISPUTES INVOLVING ALLEGATIONS OF FRAUD

Introduction In the landmark judgment (given on 4th October, 2016) in the case of the A. Ayyasamy v. A. Paramasivam & Ors., a division bench of the Honorable Supreme...

Alternative Dispute Resolution

07 Jul

Dishonor of post dated cheque – Remedy under section 138 of Negotiable Instrument Act

Background In case of a dishonour of a cheque, the payee can file a complaint under section 138 of the Negotiable Instruments Act, if the cheque is issued for...

General

07 Jul

UNREGISTERED PARTNERSHIP FIRMS CAN OPT FOR ARBITRATION

In the recent judgment given (in the case of Umesh Goel v. Himachal Pradesh Co-operative Housing Society Ltd. on June 29, 2016), the Honorable Supreme Court of India held...

Alternative Dispute Resolution, General

07 Jul

THE HONORABLE SUPREME COURT OF INDIA IS EMPOWERED TO TRANSFER CIVIL AND CRIMINAL CASES FROM AND TO THE STATE OF JAMMU AND KASHMIR

Introduction In the recent judgement given by the Honourable Supreme Court of India in the case of Bunga Daniel Babu v. Sri. Vasudeva Construction1, the Court held that in...

Litigation

07 Jul

Landholder is a Consumer under the Consumer Protection Act, says Honorable Supreme Court of India

Introduction In the recent judgement given by the Honourable Supreme Court of India in the case of Bunga Daniel Babu v. Sri. Vasudeva Construction1, the Court held that in...

General

07 Jul

Live-in Levis Trade Mark Infringement Case

Introduction Under a recent order of injunction, passed in the case of Federal Brands Ltd v. Levi Strauss India Pvt. Ltd, the Honorable Bombay High Court has temporary restrained...

Trademarks

07 Jul

COMMERCIAL COURTS IN INDIA: AN ANALYSIS OF THE PROVISIONS OF THE COMMERCIAL COURTS, COMMERCIAL DIVISION AND COMMERCIAL APPELLATE DIVISION OF HIGH COURTS ACT, 2015

INTRODUCTION The Indian Judicial System faced inordinate delays and there was a need for quick disposal of commercial disputes of high pecuniary value. The Law Commission examined the international...

Litigation

03 Jul

STAMP DUTY IN AN AMALGAMATION OF COMPANIES HAVING REGISERED OFFICES IN TWO DIFFERENT STATES [BOMBAY HIGH COURT’S JUDGMENT IN RELIANCE CASE]

INTRODUCTION A full bench of the Honorable Bombay High Court, in its recent judgment (given on March 31, 2016) in the case of the Chief Controlling Revenue Authority v....

Corporate Restructuring, General

03 Jul

FDI IN E-COMMERCE

BACKGROUND E-Commerce is one of the fastest growing businesses in India with Flipkart, Amazon and Snapdeal being the major players. These e-commerce companies themselves do not own any inventory...

FEMA

03 Jul

RECTIFICATION OF REGISTER OF TRADE MARKS PENDING ADJUDICATION OF TRADE MARK INFRINGEMENT SUIT [OVERRULING JUDGMENT OF FULL BENCH OF DELHI HIGH COURT]

Background Under the Trade Marks Act, 1999 (“Act”), when a suit for infringement is filed by the plaintiff based on its registered trademark, the defendant is entitled to plead...

Trademarks

03 Jul

ANALYSIS OF AMENDMENTS TO ARBITRATION AND CONCILIATION ACT, 1996

Arbitration has emerged as a popular method of dispute resolution. The Arbitration and Conciliation Act, 1996 (“Act”) has now been in force for almost two decades and its objective...

Alternative Dispute Resolution

16 Jun

BREACH OF CONFIDENCE & COPYRIGHT INFRINGMENT (BOMBAY HIGH COURT’S JUDGMENT IN “MANJHI – THE MOUNTAIN MAN” CASE)

Introduction In the recent judgment given (on August 20, 2015) in the case of Narendra Mohan Singh v. Ketan Mehta1, the Honorable Bombay High Court had to adjudicate on...

Trademarks

16 Jun

JURISDICTION FOR TRYING CHEQUE DISHONOUR SUITS (AMENDMENTS TO NEGOTIABLE INSTRUMENTS ACT)

Introduction In order to create a suitable legal framework for determination of the place of jurisdiction for trying cases of dishonor of cheques under section 138 of the Negotiable...

General

15 Jun

BONAFIDE DELAY IN REGISTRATION – BOMBAY HIGH COURT’S JUDGMENT

In the recent decision of the Bombay High Court given on June 24, 2015, in the case of Nestor Builders and Developers Pvt. Ltd and Anr. v. The State...

General

15 Jun

NOMINEE DOES NOT BECOME THE BENEFICIAL OWNER OF THE SHARES BUT HOLDS THEM IN TRUST FOR THE CLAIMANTS UNDER SUCCESSION LAW (BOMBAY HIGH COURT CLARIFIES THE LAW & HOLDS THE JUDGMENT IN KOKATE CASE PER INCURIAM)

PREFACE The Bombay High Court, recently, had to deal with a question of law, namely the effect of nomination of securities vis-à-vis law of succession in the case of...

Company Law

14 Jun

COMPARATIVE ADVERTISING & TRADE MARK INFRINGEMENT [DELHI HIGH COURT’S JUDGMENT IN THE HAVELLS INDIA CASE]

PREFACE The Delhi High Court, recently, had to deal with an issue of comparative advertising (in the case of Havells India ltd v. Amritanshu Khaitan1). In the aforesaid case,...

Trademarks

14 Jun

BOMBAY HIGH COURT’S JUDGMENT IN THE CAFE MADRAS CASE

OVERVIEW This research update elucidates on the judgment recently given by the Bombay High Court (on March 11, 2015 in the case of Jagdish Gopal Kamath & Ors. v....

Trademarks

10 Jun

INDIA’S NEW INSIDER TRADING REGULATIONS

Introduction of SEBI (Prohibition of Insider Trading Regulations) 2015 In simple terms, insider trading is the act of trading, directly or indirectly, in the securities of a publicly listed...

Securities Law

08 Jun

POWER OF THE ARBITRATOR(S) TO AWARD INTEREST ON INTEREST (Recent decision of the Honorable Supreme Court of India)

BACKGROUND The Supreme Court of India, in its recent judgment given on November 25, 2014, in the case of Hyder Consulting (UK) Ltd v. Governor, State of Orissa, reconsidered...

Alternative Dispute Resolution

07 Jun

CAN COMPANIES AND / OR ITS OFFICERS BE PENALISED FOR NOT MAKING CSR EXPENDITURE UNDER COMPANIES ACT, 2013?

Legal Background As per provisions of section 135 of the Act and the rules made thereunder, every company having a (i) net worth of Rs. 500 crore or more,...

Company Law

07 Jun

SAT’S JUDGMENT ON CLAUSE 35 DISCLOSURES: GOLDEN TOBACCO V. SEBI

INTRODUCTION In its judgment given on October 30, 2014, in the case of Golden Tobacco Ltd & GHCL Ltd v. SEBI , the Securities Appellate Tribunal (“SAT”) has held...

Securities Law

07 Jun

DELHI HIGH COURT JUDGES THE SCOPE OF “SUBSTANTIALLY” IN CASE OF INDIRECT TRANSFER OF SHARES AS PER SECTION 9 OF THE INCOME TAX ACT

BACKGROUND In its landmark judgment given on August 14, 2014, the Delhi High Court in the case of DIT v. Copal Research Limited, Mauritius and Ors has held that...

Income Tax

07 Jun

GAINS ARISING FROM SALE OF CCDs ARE CAPITAL GAINS AND NOT INTEREST INCOME: DELHI HIGH COURT REVERSES THE RULING OF AAR

BACKGROUND Setting aside the ruling of Authority for Advance Ruling (“AAR”), Delhi High Court (in its judgment given on July 30, 2014) in the case of Zaheer Mauritius Limited...

Double Tax Avoidance Agreements

04 Jun

PERMANENT ESTABLISHMENT CREATED BY SECONDMENT OF EMPLOYEES

BACKGROUND In its recent judgment given on April 25, 2014 in the case of Centrica India Offshore (P.) Ltd v. CIT, the Delhi High Court, the division bench of...

Double Tax Avoidance Agreements

04 Jun

QUORUM AND VOTING WITH RESPECT TO RELATED PARTY TRANSACTIONS UNDER COMPANIES ACT, 2013

APPLICABLE LEGAL PROVISIONS Section 174 of the Act – Quorum for meetings of the Board (as reproduced) “(1) The quorum for a meeting of the Board of Directors of...

Company Law

04 Jun

AMENDMENTS TO CLAUSES 35B & 49 OF THE EQUITY LISTING AGREEMENT

BACKGROUND With the objectives to align with the provisions of the Companies Act, 2013 and the rules made there under, adopt best practices on corporate governance and to...

Securities Law

03 Jun

RBI DOES AWAY WITH MANDATORY DCF VALUATION

Introduction Pursuant to the notification dated May 23, 2014 (which came into effect from July 8, 2014, being the date of publication in Official Gazette of India), RBI has...

FEMA

03 Jun

BOMBAY HIGH COURT REAFFIRMS THE JURISDICTION OF CIVIL COURT FOR GRIEVANCES FOR WHICH REMEDIES ARE NOT PROVIDED UNDER COMPANIES ACT, 1956

INTRODUCTION In the recent judgment (given on March 24, 2014) by the Bombay High Court in the case of Madhu Ashok Kapur and Ors v. Rana Kapoor and ors.,...

Company Law, Litigation

03 Jun

PART III OF SECOND RESEARCH SERIES ON COMPANIES ACT, 2013

Acceptance & repayment of deposits [Ref: Section 73, 74 76 and Companies (Acceptance of Deposits), Rules 2014 As per Companies (Acceptance of Deposits), Rules 2014, deposits inter alia includes...

Company Law

01 Jun

PART II OF SECOND RESEARCH SERIES ON COMPANIES ACT, 2013

Meaning of “total share capital” for the purpose of definition of “subsidiary company” As per section 2(87), a...

Company Law

31 May

SEBI ASKS LISTED COMPANIES TO FILE AN ANNUAL INFORMATION MEMORANDUM (“AIM”)

INTRODUCTION Presently, in India, companies make comprehensive disclosure at the time of filing offer document for a public issue. Thereafter, upon listing, issuers are bound by the continuous disclosure...

Securities Law

31 May

RBI allows non residents to “put” but without any assured returns

Background Any typical investment agreement invariably has a “put option” which provide an exit route to the investor under circumstances where the promoter fails to achieve other exit routes...

FEMA

31 May

ANGEL FUNDS COVERED UNDER SEBI AIF REGULATIONS, 2012

Pursuant to the Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2013, Angel Funds have been recognised as a distinct sub-category under venture capital funds. The...

Fund Formation, Securities Law

31 May

DELHI HIGH COURT PROVIDES TESTS FOR “PERMANENT ESTABLISHMENT” DETERMINATION

PRELUDE Delhi High Court in its recent judgment given on February 5, 2014, in the case of DIT v. E-funds Corporation, has clearly and comprehensively established the basic criterion...

Double Tax Avoidance Agreements

28 May

SEAT V/S VENUE OF ARBITRATION: ISSUE OF CONCURRENT JURISDICTION [SC’S RULING IN ENERCON’S CASE]

BACKGROUND Supreme Court, in its recent decision (of February 14, 2014) in the case of Enercon India Ltd v Enercon GmBH & Anr, has inter alia held that the...

Alternative Dispute Resolution

28 May

COMPANIES ACT, 2013 ANALYSIS OF IMPORTANT SECTIONS & RELATED RULES NOTIFIED ON MARCH 26, 2014 [PART I OF SECOND RESEARCH SERIES]

INTRODUCTION Pursuant to a notification issued on March 26, 2014, Ministry of Corporate Affairs has recently notified more sections of the Companies Act, 2013 (“New Act”) and also some...

Company Law

28 May

FEES FOR TECHNICAL SERVICES, TRAINING SERVICES & “MAKE AVAILABLE” CLAUSE: ITO v. VEEDA CLINICAL RESEARCH PRIVATE LIMITED , SARGENT & LUNDY, LLC, USA V. AD CIT & UNITED HELICHARTERS PRIVATE LIMITED V. ACIT

Background Taxation of payments characterised as “fees for technical services” (“FTS”) is a contentious issue in arena of international taxation. The definition of FTS covered under DTAAs entered into...

Double Tax Avoidance Agreements

28 May

DEPENDANT AGENT, PERMANENT ESTABLISHMENT AND FORCE OF ATTRACTION: BRIEF ANALYSIS

Background Permanent Establishment (“PE”) is typically defined in DTAAs to mean a fixed place of business through which the business of an enterprise is wholly or partly carried on...

Double Tax Avoidance Agreements

28 May

UNLISTED PUBLIC COMPANIES COVERED UNDER SCRA SAYS SUPREME COURT

Introduction The Supreme Court of India in its judgment given on July 15, 2013 in the matter of Bhagwati Developers Pvt. Ltd v. Peerless General Finance & Investment Company...

Company Law, Securities Law

28 May

GUIDELINES FOR CALCULATION OF TOTAL FOREIGN INVESTMENT IN AN INDIAN COMPANY

Introduction Pursuant to notifications of RBI of June 7, 2013 and June 21, 2013, the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India)...

FEMA

28 May

SUPREME COURTS VERDICT ON WITHDRAWAL OF OPEN OFFER BY NIRMA

Introduction Supreme Court in the case of Nirma Industries Ltd & Anr v. SEBI rejected Nirma Industries‘s (‘Nirma’) plea for withdrawal of public offer. Background Nirma Industries applied to...

Securities Law

28 May

SUPREME COURT REMOVES “PATENT ILLEGALITY” FROM THE SCOPE OF “PUBLIC POLICY” TO FACILITATE ENFORCEMENT OF FOREIGN AWARD

Introduction In the judgment passed by the Supreme Court on July 3, 2013 in the case of Shril Lal Mehra v/s Progetto Grano SPA, it has been held that...

Alternative Dispute Resolution

28 May

ISSUE OF COPYRIGHT v/s COPYRIGHTED ARTICLE: ITAT RULING IN RELIANCE – LUCENT V/S DEPARTMENT OF INCOME TAX (RELIANCE – LUCENT CASE)

Issue of Characterization under a tax treaty The controversy discussed here revolves round the issue whether the payment received by non resident for giving license or selling of a...

Double Tax Avoidance Agreements

28 May

SEBI‘s Nod to Preemptive Rights and Put and Call Options

Legal Development Pursuant to a notification issued by the Securities and Exchange Board of India on October 4, 2013, (“2013 notification”) the following arrangements / contracts which were earlier...

Securities Law

27 May

CONSTANT DEMAND OF WIFE TO CONSTRAIN HUSBAND TO BE SEPARATED FROM HIS FAMILY CONSTITUTED AN ACT OF “CRUELTY” AND GROUND FOR DIVORCE: SUPREME COURT’S RECENT JUDGMENT

Introduction The Honorable Supreme Court of India, in a recent landmark judgment given (on 6th October, 2016) in the case of Narendra v. K. Meena has held that persistent efforts...

Private Succession & Personnel