In a significant change to the Foreign Direct Investment Policy 2017 (“FDI Policy”), the Department for Promotion of Industry and Internal Trade has issued Press Note No. 3 (2020 Series) dated April 17, 2020 (“Press Note 3”), wherein it has imposed certain restrictions for receiving FDI from neighbouring countries. According to the Press Note 3, […]
Authors – Sidhartha Das Managing Associate, Astha Nigam Senior Associate Arbitrator(s) is a private and disinterested person selected and appointed with reference to a mutually agreed procedure of appointment for friendly determination of disputes and differences. Under Section 11(2) of the Arbitration and Conciliation Act, 1996 (“the Act”) parties are free to agree on a procedure […]
With the growing number of Covid-19 cases worldwide, many countries are now facing severe economic downturn. The uncertainty around uptake in the business cycle has made many companies (across the globe) as potential targets for acquisition by overseas MNCs. This has led Governments of various countries to enter into a protectionist mode by making suitable […]
Vide its circular dated March 30, 2020, the Ministry of Corporate Affairs (“MCA”) had introduced the Companies Fresh Start Scheme, 2020 (“CFS Scheme”) and amended the LLP Settlement Scheme, 2020 (“LLP Modified Scheme”) to allow defaulting companies and limited liability partnerships an opportunity to file belated documents, returns etc. without charging of additional fees with […]
Authors, Maureen Z. Ralte, Associate Partner and Gajanand Kinodiwal, Associate Introduction:The Real Estate industry is one of the major sectors that contribute to the overall Gross Domestic Product (GDP) of our country. According to the KPMG report titled ‘Indian Real Estate and Construction: Consolidating for growth’ presented by the National Real Estate Development Council (NAREDCO) […]
In view of the pandemic COVID-19, the Ministry of Corporate Affairs (“MCA”), had issued circular no. 14/2020 (“Circular”) to facilitate companies to pass the ordinary and/or special resolutions through video conferencing (“VC”) or any other audio visual means (“OAVM”), to avoid convening of physical general meetings for urgent matters. The stakeholders made representations to the […]
Authors Niti Paul, Partner and Medha Srivastava, Partner On April 17, 2020, the Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, Government of India (“DPIIT”), amended paragraph 3.1.1 of the Consolidated FDI Policy, 2017 (“FDI Policy”). Pursuant to this amendment, all investments by an entity of a country, which shares […]
Judgment: Standard Retail Pvt. Ltd. V/s M/s. G. S. Global Corp & Ors. with Integral Industries Pvt. Ltd. V/s M/s. G. S. Global Corp. & Ors.; Vinayaga Marine Petro Ltd. & Anr. V/s M/s. G. S. Global Corp. & Ors.; Hariyana International Pvt. Ltd. V/s M/s. Hyundai Corporation & Ors. and Prabhat Steel Traders Pvt. […]
To ease the impact of disruption caused by the Coronavirus/COVID-19 pandemic and in the spirit of social distancing, the Ministry of Corporate Affairs (“MCA”), through its circular dated April 8, 2020 (“Circular”) and a subsequent clarificatory circular dated April 13, 2020 (“Clarification”), has provided specific guidelines for the companies to take all decisions which are […]
The Reserve Bank of India (“RBI”) has issued a circular bearing number RBI/2019-2020/214 A.P. (DIR Series) Circular No. 30 dated 15 April 2020 (“Circular 30/2020”) clarifying that: (i) The aggregate investment limits for Foreign Portfolio Investors (“FPIs”) in Government securities (G-secs) and State Development Loans (SDLs) will remain unchanged at 6% and 2% respectively, of […]
INTRODUCTION The CoViD-19 outbreak has brought the world to a standstill, and it would not be inaccurate to state that we, the present generation, collectively have no prior experience in dealing with a pandemic of this magnitude. CoViD-19 has affected all walks of life in every manner possible. Many countries all over the world including […]
Compliances have taken a backseat during the ongoing lockdown due to Covid-19 pandemic. Regulatory authorities have granted several relaxations to assist businesses to cope with the unprecedented lockdown and economic distress. We discuss herein below a few relaxations granted by the Securities and Exchange Board of India and the Insurance Regulatory and Development Authority of […]