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News & Briefings

The latest updates on relevant areas of law, curated by our team to be the most useful to clients as well as fellow legal practitioners.

News

Insolvency and Bankruptcy – Recent changes

09 December 2016

With the notification of the Insolvency and Bankruptcy Code, 2016, on May 28, 2016, matters pertaining to the reorganisation and insolvency resolution of corporate persons, partnership firms and individuals would now be regulated by a specialized regulatory body, i.e. the Insolvency and Bankruptcy Board of India (IBBI).

Foreign investments and enforcement of corporate guarantee

09 December 2016

Earlier last year, on May 5, 2015, the Bombay High Court, in its ruling in IDBI Trusteeship Services Limited (Plaintiff) v. Hubtown Limited (Defendant), dealt with the legalities of a foreign investment structure that involved compulsory convertible debentures (CCDs)

Arbitration proceedings commencing outside India – Applicability of new provisions

09 December 2016

Delhi High Court has held that Section 26 of the Arbitration and Conciliation (Amendment) Act, 2015 (which states that Amendment Act is not to apply to pending arbitral proceedings) not bars applicability of the said Act to proceedings which commenced outside India.

FDI in pension sector - Foreign Exchange Management Provisions, amended

09 December 2016

Pursuant to an amendment to the Consolidated Foreign Direct Investment Policy in June 2016, the Reserve Bank of India, by its Notification dated November 04, 2016, has amended the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 as applicable to the pension sector in India.

Foreign Direct Investment (FDI) in Non-banking Finance Companies

07 November 2016

The Reserve Bank of India by its Notification dated September 9, 2016, amended the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000.

‘Trust Deed’ just like ‘Will’ is not an arbitration agreement

07 November 2016

Supreme Court of India on 17-8-2016 has held that ‘Trust Deed’, which provides for resolving the disputes arising between the  beneficiaries of the Trust through arbitration, does not constitutes an ‘agreement’ much less an “arbitration agreement” within the meaning of Section 2(b) and 2(h) read with Section 7 of the Arbitration and Conciliation Act, 1996.

Conversion of shares and increase of authorized share capital, when illegal

07 November 2016

In the present petition before the Supreme Court, the contention of the respondents (“Sanwalka Group”) was that the company had come under the control of the appellants (“Gupta Group”) by various actions and omissions.

New All Industry Rates of Drawback notified

04 November 2016

Central Board of Excise and Customs (CBEC) has notified new All Industry Rates (AIR) of Duty Drawback which are effective from 23-11-2015, i.e. will be applicable on exports made from 23rd of November 2015.

New All Industry Rates of Drawback notified

04 November 2016

Indian Ministry of Finance has revised the All Industry Rates (AIR) of Drawback, payable to the exporters by the Revenue department to neutralize various duties suffered by the former in respect of goods exported.

AEOs allowed to pay Customs duties on fortnightly basis

04 November 2016

Customs duties payable on import of goods in India can now be paid on fortnightly basis by specified Authorised Economic Operators - importers.

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