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  • Supreme Court’s Continuous Battle with Covid-19

    I. Introduction The last few months have been extremely unpredictable and extraordinary for the world as it continuously battles against the novel Corona virus (“Covid-19”) in all its spheres. In India, the economy has suffered a severe blow and the legal fraternity and judicial system seems to be no different due to a lack... (See Article)

    May 22, 2020 6:34 AM

  • Another One Bites the Dust – Domestic Award Set Aside as Being Perverse

    In what one hopes is not a bull run, one more arbitral award has been set aside by the Supreme Court. In SEAMEC v. Oil India Ltd., a domestic award was set aside on the basis that the contractual interpretation by the Arbitral Tribunal was perverse and completely defeated the explicit wordings and purpose of... (See Article)

    May 21, 2020 6:34 AM

  • Summary Judgment under the Commercial Courts Act, 2015 – An Underutilized Tool in Contractual Disputes

    The Commercial Courts Act: A game of catch-up  The Commercial Courts Act, 2015 (“Act”) introduced a slew of measures intended to streamline procedures relating to commercial litigation as part of the Ease of doing Business in India initiative. The changes brought about were made on the recommendation of the Law Commission of India to bring... (See Article)

    May 19, 2020 6:34 AM

  • India’s Whistle Blower Mechanism: Growing Louder by the Day

    On February 25, 2020, the Ministry of Corporate Affairs of India released the Companies (Auditor’s Report) Order, 2020 (“CARO 2020”), which places additional responsibilities on the statutory auditors of the company with regard to whistle blower complaints. Please see full Publication below for more information. (See Article)

    May 19, 2020 6:32 AM

  • Single Brand Retail Trading: A tale to harmonise NDI Rules with the FDI Policy

    In an attempt to liberalise retail trading in India, the Government of India (“GoI”) has introduced intermittent reforms in the past decade, with a view to make the sector investor friendly and to ensure that India remains an attractive investment destination from the Foreign Direct Investment (“FDI”) perspective. The measures introduced have enabled foreign players... (See Article)

    May 15, 2020 6:34 AM

  • Don’t SULKA: Trademark Plaintiff Must Demonstrate Intent, Ability to Use Mark

    The US Court of Appeals for the Second Circuit affirmed the dismissal of a complaint seeking a declaration of trademark abandonment, finding that the plaintiff (the co-owner of an online business that sells to customers in India and Thailand) was unable to demonstrate a case or controversy absent evidence that he was prepared to immediately... (See Article)

    May 15, 2020 6:34 AM

  • Injunction against encashment/invocation of Bank Guarantees: evolution of “Fraud” and “Special Equities”

     Introduction  The restraining of the invocation of a bank guarantee has traditionally been one of the less ventured into areas of law. In India as well as in common law, Courts have laid down strict standards and thresholds for judicial intervention, and only in the rarest cases would Courts allow an injunction against invocation of... (See Article)

    May 14, 2020 6:34 AM

  • Asset Classification – Be-hold

    With the outbreak of the COVID-19 pandemic and the consequential countrywide lockdown, economic activities of almost all corporates, except those falling under essential services, have witnessed an unprecedented slowdown. As a result, cashflows and debt servicing capabilities of most borrowers have been seriously impacted, necessitating the Reserve Bank of India (“RBI”) to intervene and introduce... (See Article)

    May 13, 2020 6:34 AM

  • COVID-19 Impact: Responses by State Education Regulators

    Background To tackle the COVID-19 crisis, India has seen significant legislative and policy changes. The thrust of the new rule book has been aimed at softening the blow delivered by the crisis to various stakeholders in the society, including parents and students, and in certain cases, balancing this with the interests of the school management... (See Article)

    May 13, 2020 6:34 AM

  • I’m leaving on a Jet Plane (or maybe not!): CBDT clarifies tax residency for people trapped in India

    John Denver famously sang these lyrics in his famous love ballad, “Leaving on a Jet Plane”: “’Cause I’m leavin’ on a jet plane Don’t know when I’ll be back again Oh babe, I hate to go” When John sang these iconic words in 1966, when flying was quite the luxury, he could not even have... (See Article)

    May 12, 2020 8:34 AM

  • Validity of Operational Licenses In The Wake of Covid-19 – A Grey Area!

    In the wake of the pandemic Covid-19, many legal and regulatory modifications have been undertaken in the country to facilitate compliances by the business houses as well as ease of doing business. Recently, the Ministry of Corporate Affairs, Securities and Exchange Board of India, Insolvency and Bankruptcy Board of India, Real Estate Regulatory Authority, to... (See Article)

    May 12, 2020 6:34 AM

  • COVID-19 : Its impact on the telecommunications sector in India

    As the global economy continues to reel from the shock and the lasting impact of the novel coronavirus (COVID-19) outbreak, “work from home” and “social distancing” have become the buzzwords in today’s business landscape, with the telecom sector being the invisible hand driving this shift. Remote working, video conferencing, and telecommunications technology have quickly emerged... (See Article)

    May 11, 2020 8:34 AM

  • 100% FDI allowed in insurance intermediaries – No more ‘peekaboo’!

    The Government of India notified the Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2020 (“Non-Debt Rules Second Amendment”) on April 27, 2020, amending the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019. With this amendment, foreigners can now look to acquire 100% stake in an insurance intermediary, subject to verification by the Insurance Regulatory and... (See Article)

    May 11, 2020 6:35 AM

  • Covid-19: Flight Plan for Indian Aviation Industry

    Covid-19 crisis has severely impacted almost all industries but disruptions in the airline industry is so profound that it is assumed to be greater than the combined crises of 9/11 and the 2008 global financial put together. The Government of India (acting through DGCA) (“GoI”) has vide its (i) order dated March 23, 2020 passed... (See Article)

    May 7, 2020 6:34 AM

  • REITs in India: A prescription for regulatory inoculations and booster shots

    In our previous piece , we had gazed into our crystal ball for predictions on the future of REITs in India, specifically in light of the ongoing Covid-19 pandemic and its aftermath. However, putting the largely untameable forces of macroeconomic factors, sectoral outlooks and market perceptions aside, there are some regulatory changes which, if introduced... (See Article)

    May 6, 2020 6:34 AM

  • India Plans to Require Use of COVID-19 Contact Tracing App for Certain Activities

    “Indian authorities plan to make a contact-tracing mobile app mandatory for everything from taking public transit to going to work, raising concerns among digital rights experts about privacy and increased surveillance.” “While authorities have said use of the app is voluntary, it has been made mandatory for food-delivery workers and some other service providers, and... (See Article)

    May 6, 2020 6:34 AM

  • FORCE MAJEURE IN THE TIMES OF COVID -19

    The onset of the Covid-19 pandemic in India has proven not only to be a humanitarian crisis, but also an economic crisis of an unprecedented scale. Specifically, restrictions on movement of persons and goods, save for those involved in essential services, have raised serious doubts on the ability of parties to perform their obligations under... (See Article)

    May 1, 2020 7:05 AM

  • Private Equity In A COVID-19 World: Assessing The Impact Of The Pandemic On PE Investments In India

    As the global tally of COVID-19 cases rises steadily, the pandemic has proven to be an unprecedented public health emergency of our time. With nations enforcing social distancing, lockdowns and travel restrictions, the global economy has witnessed a drastic downturn. Closer to home, in India, RBI has warned of a growth slowdown, and the capital... (See Article)

    Apr 30, 2020 8:33 AM

  • FRUSTRATION (OF CONTRACT) IN THE TIME OF SARS-CoV-2

    Overview On March 11, 2020, the World Health Organization (WHO) declared the novel coronavirus disease a pandemic. On the same day, the Government of India imposed visa and other travel restrictions. Soon thereafter, many states in India declared a ‘lockdown’, an emergency measure [under the Epidemic Diseases Act, 1897 and the Disaster Management Act, 2005... (See Article)

    Apr 30, 2020 6:34 AM

  • Reimagining the Good Times: Start-ups and the Covid-19 Crisis

    In recent years, the start-up ecosystem in India has emerged as a reckoning force, largely due to efforts of stakeholders and initiatives implemented by the government to facilitate growth. Investments in start-ups surged from $550 million in 2010 to $14.5 billion in 2019.[1] The Covid-19 pandemic has now adversely impacted the overall investment climate. While... (See Article)

    Apr 29, 2020 8:33 AM

  • Current Issues in the Mutual Funds Industry

    Things indeed have been less than perfect for the mutual funds industry as a result of economic slowdown as well as specific events, key among which is the value deterioration across a number of industries and asset classes. The onset of COVID-19 has served to exponentially compound these problems. The most recent victim of the... (See Article)

    Apr 29, 2020 6:34 AM

  • Enforcement of Foreign Awards in India – Have the Brakes been Applied?

    In NAFED v. Alimenta S.A.,[1] the Supreme Court held a foreign award to be unenforceable, on the basis that the transaction contemplated would have violated Indian law, and was therefore contrary to the public policy of India.  The narrow scope of public policy: Over the last decade, the judiciary and the legislature have been at... (See Article)

    Apr 28, 2020 6:34 AM

  • Indian Tax measures to counter COVID-19 impact: How do they compare with OECD’s suggestions?

    At a time when economic activities have come to a standstill on account of the lockdown imposed by the government to tackle the Covid-19 pandemic, some leeway in tax laws will provide much needed relief to taxpayers. Many countries, including India, have announced various economic relief measures, ranging from financial aid and provision of free/... (See Article)

    Apr 24, 2020 6:34 AM

  • COVID-19 in India: Lockdown Guidelines Revised

    The nationwide lockdown in India in response to the coronavirus (COVID-19) pandemic has been extended until May 3. The Indian government has permitted the operation of certain additional business activities from April 20 onwards. (See Article)

    Apr 24, 2020 6:31 AM

  • COVID-19 Test Kits. A Cheat Sheet

    The COVID-19 pandemic has literally brought the world to a standstill. Large scale infections have resulted in lockdowns across the globe. At this critical juncture, testing continues to remain the most important step to get a grip over the situation. The situation in India is no different. With an upsurge in the number of COVID-19... (See Article)

    Apr 23, 2020 6:34 AM

  • Put option Holders: Financial Creditors under the IBC? – Part 2

    In our previous post, we discussed the La-Fin Judgments passed by the NCLAT (Pushpa Shah v. IL&FS Financial Services Limited[1]) and NCLT[2], which had held that a put option holder may be treated as a ‘financial creditor’ under the Insolvency & Bankruptcy Code, 2016 (IBC). A three-judge bench of the Supreme Court set aside the... (See Article)

    Apr 22, 2020 6:35 AM

  • Chinese Investments Into India

    On April 17, 2020, India announced a change to its foreign investment policy under which investments by “an entity of a country, which shares a land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country” will need prior regulatory approval. The policy is not yet law. The Reserve Bank of India is expected to issue additional regulations before the rule goes into effect. (See Article)

    Apr 22, 2020 6:32 AM

  • Corporate house-keeping during a crisis

      Secretarial compliances, periodic reporting and disclosure requirements, programmed into the DNA of listed companies, often proceed seamlessly following protocols defined by the legal regime and industry best practices. However, with social distancing advisories changing the way in which corporate India goes to work, management and secretarial teams will need to re-assess established protocols and... (See Article)

    Apr 21, 2020 6:34 AM

  • COVID-19 and M&A in India: Navigating Risks and Understanding Opportunities

      As the Covid-19 crisis deepens, and the number of positive cases and casualties continue to mount rapidly, governments across the world are enforcing stringent lockdown and social distancing measures. With the engines of economic growth grinding to a halt, the pandemic has mutated into an economic crisis, plunging the global economy into an unparalleled... (See Article)

    Apr 20, 2020 8:34 AM

  • REITs in India: Some predictions for the next 24 months (and beyond)

      Tenant-landlord dynamics are likely to change. In the short term, tenants may seek dispensation, moratoriums or discounts to their payment obligations, on the grounds of force majeure or otherwise. In the medium term, there will be an expectation from developers to increase spend on social wellness and hygiene infrastructure. The forced experiment of remote... (See Article)

    Apr 20, 2020 6:34 AM