India Law Guide
India Law Guide: Find all the law news and articles on Business, Real Estate, Corporate, Banking and Finance etc. law..
Economic Laws Practice (ELP)’s Taxation Update (for the period of October 15 – October 30, 2020) The update contains Direct and Indirect Tax updates on: - ELP Update CAROTAR 2020 Importers. Legal Advice and Services to the Hospitality Industry. ELP Corporate Update SEBI gives another 4 months to implement procedural guidelines by proxy advisors for resolution of grievances between listed companies and proxy advisors.
Thought Leadership. Are home buyers secured financial creditors or unsecured creditors under IBC? On June 6, the Insolvency and Bankruptcy Code, 2016 (IBC) was amended through the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 (Ordinance).
Following the ordinance, home buyers and allottees under the Real Estate (Regulations and Development) Act, 2016 (RERA) got the status of financial creditors under IBC (pursuant to the amendment to the definition of financial debt). This will enable the home buyers and other allottees (refers to buyers and long-term lessees under real estate projects) to be able to invoke Section 7 of IBC (which allows financial creditor(s) (either individually or jointly) to file an application in NCLT for initiating corporate insolvency resolution process against a defaulting company) against defaulting promoters. Further, they have representation in the committee of creditors through an authorised representative (the authorised representative being a resolution professional appointed by the National Company Law Tribunal, as per the stated process).
ELP LAW Ranked Amongst the Top 10 Law firms in India by RSG India. Shareholders holding securities in physical form can participate in open offers. SEBI has issued following clarification/ relaxation under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations): 1.Clarification on participation in open offers, buy-backs and exit offers of voluntary or compulsory delisting by shareholders holding securities in physical form Regulation 40(1) of the LODR Regulations prohibits processing of requests for transfer of securities of a listed entity unless the securities are held in dematerialized form with the depository, except in cases of transmission or transposition of securities.
In this regard, SEBI has issued a clarification stating that shareholders holding securities in physical form will be allowed to tender shares in open offers, buy-backs through tender offer route and exit offers in case of voluntary or compulsory delisting. Aforementioned clarification has been issued by SEBI vide its Circular dated July 31, 2020 (available here). ELP Arbitration: Update - August 2020. ONGC Petro Additions Limited v.
Fernas Construction Co. Inc.1 § Vide an order dated September 25, 2019 (Order), the Delhi High Court (Court) disposedoff the petitionfiled by ONGC Petro Additions Limited (Petitioner) against Fernas Construction Co. Competition Law and Policy Update by ELP LAW. Decriminalization of Financial Offences: A Move in the Right Direction? As per the data available on the website of National Judicial Data Grid as on June 23, 2020, total number of cases pending in India are 3,29,08,887 out of which pending criminal cases are 2,37,67,564 (around 72%) and pending civil cases are 91,41,323 (around 27%).
As is clearly reflected from the numbers, pending criminal cases are far higher in numbers than the civil cases. Keeping the backlog of cases as one of the main factors, the Government is seeking to decriminalize 39 sections under 19 statues dealing with financial matters, by making them compoundable and has issued a consultation paper dated June 8, 2020 for public comments. Click Here. International Trade and Customs Practice. Services Trade Regulations and Transactions.
TradeWatch Weekly Bulletin by Economic Laws Practice. Trade Watch Newsletter. Navigating GST 2.0 – Issue 6. Taxation Newsletter - The Covid For Covid Series. ELP’s Taxation Update. The Indian Hospitality Industry: A Comprehensive Guide to Managing COVID-19. Legal Advice for Infrastructure Industry - ELP LAW. Overview ELP has carved a niche for itself in the Energy and Infrastructure (including mining) market in India.
We also have the distinction of being one of the few Indian law firms to provide advice to multi-national clients as foreign counsel in other jurisdictions. We provide integrated legal solutions covering all issues from the inception of a project to financial close continuing through design, construction, equipment supply, operations and management. Through our commercial understanding, ability to assist clients in managing risk, strong understanding of regulatory issues and by bringing to the table our expertise in undertaking due diligence exercises, drafting and negotiating concessions, design consultancy, construction, civil engineering, equipment supply and O&M contracts, we help sponsors and lenders allocate and minimise risks of delivery and performance. Our experience in Energy and Infrastructure (including mining) dates back to 2003, when Mr.
Services. Best Securities Law and Capital Markets Law firm in India - ELP LAW. Overview ELP has an active Securities Law & Capital Markets practice covering the entire spectrum of capital markets activities for listed companies.
Our lawyers have significant experience in transaction structuring, transaction advisory and regulatory matters. Being result oriented, our approach focuses on building a deep understanding of every client’s requirements and the complexity of their transactions in order to offer effective legal solutions. Our Securities Laws & Capital Markets team acts as domestic counsel to fund raising programs such as IPOs, QIB placements, rights offerings, Institutional Placement Program, follow-on public offers. The team also acts as legal advisors to acquirers / merchant bankers in public takeovers, corporate restructuring (buy-backs, delisting, relisting, mergers, reverse mergers, demergers).
Services. ELPs Business Continuity Series COVID 19 and Anti trust How will the Competition Commission of India Respond. Business Continuity Series. Implementation of Artificial Intelligence in Indian Defence Services. In keeping with the Hon’ble Finance Minister’s interim budget speech, a Task Force was constituted by the Ministry of Defence (“MoD”) for ‘Strategic implementation of Artificial Intelligence (“AI”) for National Security and Defence’.
The Task Force has submitted its recommendations on the basis of which the MoD has issued an order implementing these numerous recommendations. A summary of this order has been given here below: Summarya. Establishment of a High Level Defence AI Council (“DAIC”) – DAIC shall be constituted to enable and effect development of operating framework, policy level changes and structural support. Best Securities Law and Capital Markets Law firm in India - ELP LAW. ELP Competition Law & Policy Update: CCI orders investigation against Amazon and Flipkart. Delhivery co-founders lead seed in foodtech startup Food Memories. Ahmedabad based startup ‘FoodMemories’, a marketplace for authentic geographically unique Indian foods, has secured seed investment from a consortium of 8 investors led by Delhivery co-founders Bhavesh Manglani & Suraj Saharan and Darshan Upadhyay & Sanjay Notani, Partners at Economic Laws Practice, Mumbai.
Additionally, Sachin Khandelwal, Founder of Bangalore-based Corporate Gifting major – Kirti Sales & Services, has joined the investor group. Established in September, 2016 by Dr. Harmitsingh Sikh, FoodMemories aggregates all top iconic brands and delicacies of Indian food industry and delivers their delicacies to customers around the globe. The investors and seed investment will not only power ‘Food Memories’ rapid expansion in the current business segments but also enable the company to establish a physical retail footprint in the top cities across India. Karvy clients challenge IBC amendment on individual creditors. New Consumer Protection Act: Why businesses need to be prepared for greater risk exposure. Tax department wants to impose 18% GST on CXO salaries. Tax litigation, the saga continues with GST. Who is liable for car theft from a hotel parking lot? A lesson for the service industry.
India Law Guide - ELP- Quarterly Update – PE&VC. LEGAL ISSUES IN INDIA'S ENERGY SECTOR. When you enter a dark room, you dispel the darkness by a flip of a switch.
A small reflex action-which comes as second nature to us. One fails to realise how much electricity is taken for granted. As a nation, we are witness to a conflicting situation in our energy sector today- we might be the third largest producer of electricity in the world and indeed even a net power exporter- yet, this sector bears the weight of several stressed assets. With payable loans to the tune of USD 78 billion, about 66 GW of conventional energy is under various degrees of financial stress today.
A number of reasons including primarily the lack of coal supply, lack of long-term power purchase agreements, inability of promoters to infuse the equity and inordinate delays in regulatory orders and receivables from distribution companies added to the woes of the energy market in the country. The silver lining though is the tide seems to be slowly changing for the better. ELP – Infrastructure and Energy Digest – December 2019. We are pleased to bring you the Infrastructure and Energy Digest for the month of December 2019, covering decisions and regulatory amendments of the previous month that impact the infrastructure and energy sectors in India.
In this month’s Digest, we start off with analyzing the Supreme Court’s recent decision in Hindustan Construction Company Limited v. Union of India on the stay of arbitral awards, that potentially provide respite to players in the infrastructure sector that almost invariably seem mired in disputes. We also cover the approved amendments to the Toll Operate Transfer model proposed by the NHAI in order to attract more investments by opening up the projects available. ELP – Infrastructure and Energy Digest – December 2019. Indian Defence Market – The Opportunity. ELP Update – Amendments to the Prevention of Corruption Act. The Government has amended the Prevention of Corruption Act, 1988 (‘PC Act’) by enacting the Prevention of Corruption (Amendment) Act, 2018 (‘Amendment Act’) which received the President’s assent and became a law on 26th July 2018. The amendments will come into force from such date as may be appointed by Central Government vide a notification, which is yet to be issued.
The PC Act which was enacted in 1988 is the principal law which criminalises corruption and has been in force for three decades now. Later, India ratified the United Nations Convention against Corruption (‘UNCAC’) in May 2011, in which, India had committed inter alia to strengthen its anti-corruption laws. ELP Update – Amendments to the Prevention of Corruption Act.
Summary of the panel report in the dispute India – Export Related Measures (DS 541) A WTO Panel has issued its report in the dispute India – Export Related Measures (DS 541) on 31 October 2019. The dispute was initiated by the United States in March 2018 challenging several of India’s export promotion schemes as violative of Article 3 of the Agreement on Subsidies and Countervailing Measures (SCM Agreement). The Panel has found that India acted inconsistently with its obligations under the SCM Agreement with respect to all the challenged export promotion schemes. While the current impasse surrounding the functioning of the Appellate Body makes it unclear as to when and how this report will be adopted, the findings of the Panel are important given India is already in the process of rejigging its export promotion programs. Summary of the panel report in the dispute India – Export Related Measures (DS 541)
Legal Advice for Infrastructure Industry - ELP LAW. Legal Services for Hospitality Industry - ELP LAW. Overview The hospitality sector is one of the key drivers of growth among the services sector in India. There is little doubt of the sheer potential this industry holds going forward…. Yet heavy is the head that wears the crown. Faced with stringent government regulations and constantly changing policy related issues, coupled with red tapism and increasing infrastructure costs, the path to profitability is a tough one.
Lack of proper trained talent and an increasingly demanding customer further compound these issues. Drawing upon our experience of over 16 years within the hospitality sector, ELP’s hospitality sector practice aims to provide a one stop shop for addressing legal and regulatory issues within the hospitality sector. Services Our practice includes : ELP Competition law update- Amendment to Combination Regulations. More banks likely to have been singed by Bhushan Power fraud. Venture Intelligence – India PE roundup – ELP article-Minority protection against oppression and mismanagement.
M&A Quarterly Update – Volume 1 of 2019. Webinar Presentation on Compliance under Legal Metrology – Issues and Challenges. SEBI Update. Securities and Exchange Board of India (“SEBI”) vide notification no. SEBI/LAD-NRO/GN/2019/16 has issued the SEBI (Alternative Investment Funds) (Amendment) Regulations, 2019 dated May 10, 2019 (available here). The changes have been summarised hereunder: Definition of ‘Custodian’: The term “custodian” has been defined as a person who has been granted a certificate of registration to carry on the business of custodian under SEBI (Custodian) Regulations, 1996.Physical settlement of commodity derivatives: Category III Alternative Investment Funds (“Cat III AIFs”) have now been permitted to deal in goods (defined hereunder) received in delivery against physical settlement of commodity derivatives.
All Cat III AIFs were required to appoint custodians as per the existing regulations. The custodian appointed by Cat III AIFs would now be required to keep custody of securities as well as goods received in delivery against physical settlement of commodity derivatives. 190516 ELP Arbitration Weekly Update. Regulatory Update – Draft National e-commerce policy. Dear Reader The Department for Promotion of Industry and Internal Trade released the draft ‘National E-commerce Policy’ on Saturday, 23rdFebruary 2019 and has sought comments on the draft till 9th March, 2019. To this end, ELP is creating a white paper analyzing this policy and its potential impact on business from the perspective of international trade, taxation, ease of business, data privacy, etc., with the intent of presenting this to the Government of India in response to the comments invited by DPIIT. Prevention of sexual harassment in the hospitality industry: Whose cross is it to bear?
The Real Estate Sector: Finally Witnessing Its Silver Lining? ELP Knowledge Series – India Update Part 1 of 2019. Banking & Finance. Best Securities Law and Capital Markets Law firm in India - ELP LAW. Implementation of Artificial Intelligence in Indian Defence Services. In keeping with the Hon’ble Finance Minister’s interim budget speech, a Task Force was constituted by the Ministry of Defence (“MoD”) for ‘Strategic implementation of Artificial Intelligence (“AI”) for National Security and Defence’. The Task Force has submitted its recommendations on the basis of which the MoD has issued an order implementing these numerous recommendations. A summary of this order has been given here below: Summarya. Establishment of a High Level Defence AI Council (“DAIC”) – DAIC shall be constituted to enable and effect development of operating framework, policy level changes and structural support.
Package Scheme of Incentives in Maharashtra – Is it actually incentivizing? With a view to encourage industrialization, especially in the lesser developed areas within India’s States, various state governments have introduced Package Scheme of Incentives (‘PSI’) also known as Industrial Promotion Subsidies (IPS). Practice Areas. ELP Knowledge Series – India Update Part 1 of 2018. Best veneer plywood reseller. Calibrated Plywood Manufacturers. ELP's Infrastructure Energy Digest – January 2019. Infrastructure and Energy Digest – Overview of Legal and Regulatory Developments : November 2018. Dear Reader. ELP Law - India's Leading Litigation and Dispute Resolution Firm. Legal Advisor For Real Estate in India. Infrastructure and Energy Digest – Overview of Legal and Regulatory Developments : November 2018.
Infrastructure and Energy Digest – Overview of Legal and Regulatory Developments : November 2018. Legal Advice for Infrastructure Industry - ELP LAW. ELP Law - India's Leading Litigation and Dispute Resolution Firm. Tax Litigation Firm In India. Legal Advice for Infrastructure Industry - ELP LAW. Banking and Finance, Consultant for Banking Legal Advice - ELP LAW.
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