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  • Covid-19 – A booster for the EdTech Industry in India

    Introduction The EdTech sector is seeing significant investments and expenditure by governments, schools, universities, students and professionals globally. By 2030, it is expected that global EdTech expenditure will grow to USD 10 trillion[1]. The growing popularity of online learning, further necessitated due to the nationwide lockdown, has provided a major push to the sector in... (See Article)

    Jun 30, 2020 6:34 AM

  • When does the clock of limitation start ticking for suits falling under Article 113 of the Limitation Act?

    In Shakti Bhog Food Industries Ltd. v. The Central Bank of India and Anr.[1], the Hon’ble Supreme Court has clarified as to when the three-year limitation period contemplated under Article 113[2] of the Limitation Act, 1963 (Act), commences. It has also reiterated the importance of considering the averments made in a plaint as a whole... (See Article)

    Jun 29, 2020 6:34 AM

  • SEBI clarifies status of married daughters becoming promoters in listed companies

    In India, the law and practice in relation to property and inheritance have traditionally been more patriarchal. Unfortunately, married daughters were quite often not regarded as the heir apparent to a family’s estate and business; and sons continue to be the ‘chosen ones’. Many business families remain reluctant to pass their business wealth and assets... (See Article)

    Jun 26, 2020 6:34 AM

  • Bankruptcy, Insolvency & Rehabilitation Proceedings in India

    KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER INDIAN LAW - Suspension due to Coronavirus: Considering the adverse global impact of Coronavirus across the industry and the economy, filing of new cases under the (Indian) Insolvency and Bankruptcy Code, 2016 (“the Code”) has been suspended for the period of six months, extendable to one year, in relation to defaults that take place on or after March 25, 2020. The Code however continues for cases of an earlier default and would continue for cases post the suspension period. In addition, w.e.f. March 24, 2020, the threshold limit of a default to drag a defaulting company to the insolvency tribunal has also been raised to INR 10 million, from the earlier threshold of INR 0.1 Million. Please see full Chapter below for more information. (See Article)

    Jun 26, 2020 6:32 AM

  • COVID-19 Cloud Cover: Not so sunny times for renewable energy sector

    After more than three months of lockdown, there is no denying that the Indian economy has been impacted. This is also evidenced by the stimulus packages announced by the Government of India, in an attempt to protect and revive the economy. With most people staying indoors 24*7, electricity consumption in the commercial sector was also... (See Article)

    Jun 25, 2020 6:34 AM

  • SEBI and WhatsApp leaks: Every link in the chain matters

      “The most valuable commodity I know of is information.” – Gordon Gekko, Wall Street Over the past few weeks, the Securities and Exchange Board of India (SEBI) has passed three orders[1] (SEBI Orders) in the infamous ‘WhatsApp leak’ saga that has been in the news since November 2017[2]. Holding the impugned perpetrators guilty of... (See Article)

    Jun 25, 2020 6:34 AM

  • “Two-Tier” Arbitration: Progress in Enforcement of International Arbitral Awards in India

    Here is reason for hope for those who face with trepidation the prospect of enforcing an international arbitration award in India. On June 2, 2020, the Supreme Court of India (“ISC”) confirmed the enforceability there of a foreign arbitral award that was rendered in accordance with a “two-tier arbitration” agreement. See Centrotrade Minerals & Metals, Inc. v. Hindustan Copper Limited Ltd., Civil Appeal No. 2562 of 2006 (Sup. Ct. India). Among other things, the court rejected the dreaded catch-all “Indian public policy” defense as raised by the respondent. This is the latest in what seems to be a trend of pro-arbitration enforcement decisions by the ISC, and may help to alleviate some of the many anxieties concerning the enforceability generally of international arbitral awards in India. (See Article)

    Jun 25, 2020 6:32 AM

  • Supreme Court’s judgment in Vijay Karia v. Prysmian Cavi e Sistemi S.r.l.: Impact on challenges to awards passed in International Commercial Arbitrations conducted in India

      Section 34 of the Arbitration and Conciliation Act, 1996 (Act) sets out the grounds on which arbitral awards passed in domestic arbitrations and international commercial arbitrations seated in India can be set aside.  As regards foreign awards (i.e. arbitral awards passed in foreign seated arbitrations), whilst the same cannot be challenged in India, the... (See Article)

    Jun 24, 2020 6:34 AM

  • CMV Crew Member Dies Awaiting Repatriation to India

    A Cruise and Maritime Voyages (CMV) crew member on the Vasco da Gama cruise ship in the U.K. died early this morning, according to several crew members who wish to remain anonyous. The crew member was identified as Krishna Kumar Balaji who was employed by CMV as a “1st cook galley.” He reportedly died in... (See Article)

    Jun 19, 2020 6:34 AM

  • Global Law and Business Podcast: Hemang Parekh (India)

    Listen above or stream on Spotify, Apple Podcasts, Google Play or Stitcher! The large-scale shift to telework brought on by the COVID-19 pandemic is prompting businesses around the world to explore new avenues to engage with clients and friends. Harris Bricken is no exception, and we are proud to announce our new podcast series: Global Law and Business, hosted by... (See Article)

    Jun 19, 2020 6:34 AM

  • July 2020 Visa Bulletin –Backlogs Persist, but India Advances at a Quicker Pace

    The Visa Bulletin is released monthly by the Department of State and is used to determine when a sponsored foreign national can submit the final step of the green card process, or if already pending, when the final step can be adjudicated. Below is a summary of the July Visa Bulletin, including Final Action Dates... (See Article)

    Jun 18, 2020 10:33 AM

  • July 2020 Visa Bulletin Shows Sizeable Advancement for EB-1 India

    The Department of State (DOS) July 2020 Visa Bulletin shows significant advancements for EB-1 India and slight movement in the majority of employment-based categories. In the EB-1 category, all countries with the exceptions of India and China will remain current in July. India will advance by 11 months on the Final Action chart, while China... (See Article)

    Jun 18, 2020 8:33 AM

  • RBI’s move to revamp loan transfers in India

      On June 08, 2020, the Reserve Bank of India (RBI) released two draft frameworks — one for securitisation of standard assets (Draft Securitisation Framework) and the other on sale of loan exposures (Draft Sale Framework). In our previous article (available here), we had dealt with key revisions introduced by the RBI under the Draft... (See Article)

    Jun 18, 2020 6:34 AM

  • Social Distancing while approving financing transactions: MCA, SEBI Relaxations

      To battle the ongoing COVID-19 pandemic, the central government and the various state governments imposed a nationwide lockdown in India. Additionally, to arrest the spread of the pandemic, government authorities and corporates are promoting “work from home”, and wherever necessary to work with minimum work force. Acknowledging the difficulties faced by corporates on account... (See Article)

    Jun 16, 2020 6:34 AM

  • A new regime for Securitisation

    The Reserve Bank of India (RBI) issued guidelines on February 01, 2006, in relation to securitisation of standard assets by banks, All India Term-Lending and Refinancing Institutions and non-banking financial companies (NBFCs). Securitisation was defined as the process by which assets are sold to bankruptcy remote special purpose vehicle (SPV) in return for immediate cash... (See Article)

    Jun 15, 2020 8:33 AM

  • Indian Insolvency Law responds to the COVID-19 Pandemic- Part-II

    Introduction On June 5, 2020, the President of India promulgated the Insolvency and Bankruptcy (Amendment) Ordinance, 2020 (“Ordinance”), in furtherance to the economic measures announced by the Ministry of Finance[1] to support Indian businesses impacted by the outbreak of the Covid-19 pandemic. The Ordinance has introduced the following amendments to the Insolvency and Bankruptcy Code,... (See Article)

    Jun 11, 2020 6:34 AM

  • Do parties have an unfettered right to exclude or limit their liability for breach of contract? – Part II

      In Part I of this post, we had discussed the concept of exclusion or limitation of liability clauses and the position in India. In this part, we will examine the position of such clauses in England and provide our views on such clauses.  Position in England  The application of clauses excluding or limiting liability... (See Article)

    Jun 10, 2020 6:34 AM

  • Blockchain Week in Review: Week of May 29, 2020

    Weekly Focus: BitClave Settles with SEC Telegram Withdrawals Appeal First Meeting of Wyoming Select Committee on Blockchain Louisiana Takes a Step Towards Establishing a Crypto License Regime India Permits Banking for Cryptocurrency Related Businesses Antigua and Barbuda Cryptocurrency Regulation Switzerland Denies Crypto Valley Bailout U.S. Developments BitClave Settles with SEC On May 28, 2020 the... (See Article)

    Jun 9, 2020 8:33 AM

  • Covid-19 – Navigating Choppy Waters for Port Projects

    The Covid-19 pandemic has resulted in an unprecedent crisis throughout the world and has caused widespread disruptions in normal operations across industries and life in general. In India, the National Disaster Management Authority determined that India was threatened by the spread of Covid-19 pandemic and took steps to prevent the spread of the pandemic in... (See Article)

    Jun 9, 2020 6:34 AM

  • Do parties have an unfettered right to exclude or limit their liability for breach of contract? – Part I

    Introduction The law of damages in India is codified in Sections 73 and 74 of the Indian Contract Act, 1872 (“Contract Act”). Section 73 of the Contract Act provides that a party that suffers breach of contract is entitled to receive from the party that has broken the contract, compensation for any loss or damage... (See Article)

    Jun 9, 2020 6:34 AM

  • Rules for minimum remuneration notified for Indian managers of offshore funds to qualify for exemption from taxable presence in India

    Background Section 9A of the Income-tax Act, 1961 (“IT Act”) carves out a special taxation regime to exempt eligible offshore funds from being regarded as having a business presence in India and hence subject to taxation in India, despite their fund managers being located in India. If the offshore funds as well as the Indian... (See Article)

    Jun 8, 2020 8:33 AM

  • USTR Initiates Section 301 Digital Services Tax Investigations on EU, India and Others

    The Office of the United States Trade Representative has announced it will begin investigations under Section 301 of the 1974 Trade Act into digital services taxes that have been adopted or are being considered by Austria, Brazil, the Czech Republic, the European Union, India, Indonesia, Italy, Spain, Turkey, and the United Kingdom. According to the... (See Article)

    Jun 5, 2020 6:34 AM

  • India Update: Indian Government Institutes Community and Workplace Safety Guidelines for Phased Re-Opening Following the COVID-19 Lockdown

    As we previously reported, in response to the COVID-19 pandemic, the Indian government invoked special provisions of the Disaster Management Act, 2005 (the “DMA”) to implement a series of orders under the DMA (“Orders”) imposing a nationwide lockdown. The Indian national lockdown went into effect on March 25, 2020 and was extended several times, until May 31, 2020. (See Article)

    Jun 5, 2020 6:32 AM

  • Forensic Due Diligence: Another Tick in the Box?

    According to Refinitiv, a financial market data provider, the overall value of mergers and acquisitions in India amounted to US$41.6 billion in the first half of 2019. Furthermore, given the Indian Government has eased Foreign Direct Investment norms, with the aim to entice heavy foreign investments, and is looking at market growth in the interest of the buyers who are consolidating businesses, India will remain a lucrative investment destination in the coming years. There are multiple steps which investors undertake to ensure a profitable return on their investment — due diligence being one of the steps. Please see full Publication below for more information. (See Article)

    Jun 4, 2020 6:32 PM

  • USTR Initiates Section 301 Digital Services Tax Investigations Covering India, the European Union and Several Other Countries

    The Office of the U.S. Trade Representative (“USTR”) announced on June 2, 2020 that it is initiating Section 301 investigations on Digital Services Taxes (“DSTs”) adopted or under consideration by Austria, Brazil, Czech Republic, the European Union (“EU”), India, Indonesia, Italy, Spain, Turkey, and the United Kingdom (“U.K.”). The Section 301 DST investigations could lead... (See Article)

    Jun 4, 2020 6:34 AM

  • Disclosure of Covid-19 Impact by Listed Entities – Finding the Right Balance

    Across India, each subsequent phase of the lockdown has permitted a responsible increase in economic activity. As companies re-start their operations, they continue to assess the impact of Covid-19 pandemic on their businesses and operations, which is rapidly and continuously evolving. Listed entities are particularly conscious of their disclosure obligations, more so after the Securities... (See Article)

    Jun 3, 2020 6:34 AM

  • Reduction in the rate of PF contributions: Some practical considerations

    As part of the ‘Atmanirbhar Bharat’ (Self-Reliant India) campaign, which is the Central Government’s initiative in its war against the Covid-19 pandemic, the Ministry of Labour and Employment (“EPF Amendment”) through a notification dated May 18, 2020, has introduced an amendment to the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (“EPF Act”). The EPF... (See Article)

    Jun 1, 2020 6:34 AM

  • Contract of service or contract for service: The Supreme Court Test

    In Sushilaben Indravadan Gandhi v. The New India Assurance Company Limited,[1] the Supreme Court crystallised and clarified the tests to differentiate between a contract of service and a contract for service, while also interpreting an exemption of liability clause in an insurance policy. Factual Background Respondent No. 3 viz. the Rotary Eye Institute, Navsari (“Institute”)... (See Article)

    May 29, 2020 6:34 AM

  • Double Trouble in 2020 – Tackling COVID-19 while Protecting the Right to Privacy

    Background Dire times call for ingenious, and often, radical measures. The COVID-19 pandemic, which has led to actions being taken under the Epidemic Diseases Act, 1897, and the Disaster Management Act, 2005, in India, is one such unprecedented and grim event. While governments and health workers all over the world are grappling to curb the spread... (See Article)

    May 28, 2020 6:34 AM

  • Public Interest versus Promissory Estoppel – Chalk another one up on the board for Public Interest

    In its recent decision in Union of India & Anr. v. M/s. V.V.F. Limited & Anr.,[1] the Hon’ble Supreme Court held that government notifications which are issued in public interest are not hit by the doctrine of promissory estoppel. Facts The Gujarat Notifications Post the devastating earthquake that struck the District of Kutch (in the... (See Article)

    May 27, 2020 6:34 AM