Cyril Amarchand Mangaldas (LexBlog India)

357 results for Cyril Amarchand Mangaldas (LexBlog India)

  • National Monetisation Pipeline – Fueling Economic Growth

    INTRODUCTION Monetisation of assets has been identified as one of the pillars for enhanced and sustainable infrastructure financing. The Finance Minister of India (“FM”) had, in December 2019, announced a National Infrastructure Pipeline (“NIP”) that envisages an investment of INR 111 lakh crore in the infrastructure sector in the period between 2019 and 2025 and...

  • Opportunities for Foreign Universities in India: A Regulatory Overview

    INTRODUCTION Education is one of India’s most rapidly-growing sector, which is expected to be worth approximately USD 225 billion[1] by 2025. Enrolment in higher education institutions that stands at approximately 37.4 million[2] today, is estimated to grow by nearly 38% by the year 2030, with India potentially emerging as the single-largest provider of global talent...

  • Post-IPO financial results – when to disclose

    Under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“SEBI Listing Regulations”), listed companies are required to submit their financial results within 45 days of end of each quarter, other than the last quarter of a financial year where they have 60 days. Due to such requirement,...

  • Role of IFSC in the Indian SPAC Dream: An Overview – Part 2

    In part 1 of this series of blogs (Role of IFSC in Indian SPAC Dream- An Overview), we succinctly summarised the various dimensions of IFSCs, viz. their ‘foreign territory’ status in India, applicable laws and regulation and the development of regulatory regime for special purpose acquisition companies (“SPACs”) listings therein. In this blog we are...

  • Interim Application Already Considered by Court? Section 9(3) of the Arbitration Act to Not Apply

    Introduction Recently, the Supreme Court in Arcelor Mittal Nippon Steel India Ltd. v. Essar Bulk Terminal Ltd.,[1] (“Arcelor-Essar Judgment”) held that the bar on the Court from entertaining interim applications under Section 9(3) of the Arbitration and Conciliation Act, 1996 (“Act”) was applicable only if the application  had not been taken up for consideration at...

  • Major Impetus to IPO Rush

    Despite the challenging times, the Indian capital markets are hitting all-time highs on a daily basis and have been flooded with capital. This has seen a rush of equity offerings over the last 12 months including record filings for draft documents over the last few months. In their continuous efforts to make India exchanges more...

  • Prakash Gupta Judgment – Has the Supreme Court given more Powers to SEBI in the Matter of Compounding

    Introduction The Securities and Exchange Board of India Act, 1992 (“SEBI Act”) was essentially introduced to protect the interests of investors and to regulate and promote the development of the securities market in India. As a direct consequence of this legislative intention, the SEBI Act lays down that contravention, attempt to contravene and abetment of...

  • Role of IFSC in the Indian SPAC Dream: An Overview – Part 1

    India, being one of the major consumers of international financial services, has been pushing the envelope on making itself the hub for such services. With this objective, the Government of India had operationalised India’s first (and currently the only) International Financial Services Centre (“IFSC”) at GIFT Multi Services Special Economic Zone (“SEZ”) in Gujarat in...

  • FIG Paper (No. 8) – New Master Directions for PPI – A Fresh Look at Prepaid Payment Instruments!

    Introduction: With the pandemic acting as a tailwind for the digital payments industry in India, the fintech industry represents a key opportunity for the Reserve Bank of India (“RBI”) for its financial inclusion push in the country. A key driver in this regard is the burgeoning prepaid payment instruments (“PPI”) industry. PPIs have been widely...

  • Penalty for penalty: CCI penalises Maruti Suzuki for indulging in resale price maintenance

    In an order published on August 23, 2021, the Competition Commission of India (CCI) penalised Maruti Suzuki India Limited (MSIL) to the tune of INR 2 billion (approx. USD 27 million) for restricting and controlling the discounts offered by its dealers to the end consumers. Such conduct by India’s leading passenger vehicle manufacturer was held...

  • Declarations of beneficial interest under the Companies Act vis-à-vis the Benami Act: No immunity and no “Ganga Snan”!

    Introduction Coinciding with the demonetisation of currencies by the Government of India in 2016, the Benami Transactions (Prohibition) Act, 1988, was substantially amended and renamed as the Prohibition of Benami Property Transactions Act, 1988 (“Benami Act”). The Benami Act was brought into effect from November 01, 2016. It was a well-timed move to ensure that...

  • Charging Up the EV Sector through Policy Reform

    Government of India approach As the world moves towards clean and eco-friendly mobility fuel alternatives, the Government of India (“GOI”) is playing its part by framing environmental-friendly policies & regulations and encouraging the use of electric vehicles (“EVs”) in the country. The National Electric Mobility Mission Plan, 2020 had launched the Faster Adoption and Manufacturing...

  • International Financial Services Centre, an idea whose time has come – Part I: Banking Sector

    Inauguration of India’s first International Financial Services Centre (“IFSC”) at the Gujarat International Finance Tec-City (“Gift City”) in Gujarat is a positive development to invigorate our financial sector. If everything that is being attempted to achieve is accomplished, it will mark our entry on the global stage. When IFSC was being set up, our then...

  • Delhi Court attempts to decode the cryptic case of cryptocurrencies in India

    INTRODUCTION: Cryptocurrencies, worryingly unregulated, decentralised virtual currencies, are steadily gaining traction in the Indian transaction landscape. With digitalisation and smart contracts becoming the new norm (especially considering the COVID-19 pandemic), global trade in cryptocurrencies has increased by leaps and bounds. However, one cannot ignore the unprecedented rise in cybercrimes

  • SEBI Regulatory Update : Proposed Amendments to AIF Regulations

      There have been significant changes to the regulatory regime governing alternative investment funds (“AIFs”)[1] in the past year and a half. In its Board Meeting dated August 06, 2021, the Securities and Exchange Board of India (“SEBI”) approved a fresh set of amendments to the SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”), governing...

  • Funds in GIFT City – FAQs & Structuring Insights

     A. Introduction Gujarat International Fin-Tec City (“GIFT City”) is being developed as a global financial and IT Services hub on the lines of globally benchmarked financial centres. It includes a Special Economic Zone having the status of an International Finance Services Centre (“IFSC”). The IFSC is set up to undertake financial services transactions that are...

  • Extra-territorial application of India’s securities law – Has SEBI cast its net too wide?

    “If a connection exists, it is for the Legislature to decide how far it should go in the exercise of its powers.[1]” Introduction The territorial application of laws made by Parliament is enshrined in Article 245 of the Constitution of India (“Constitution”). The universal presumption that laws made by a country are limited to its...

  • Decoding the applicability of new TDS provisions on sale of securities

    Generally, transactions involving sale of shares by non-resident shareholders are subject to withholding tax at applicable rates under the Income-tax Act, 1961 (“IT Act”), provided the gains arising from such sales are taxable in India. However, there was no requirement to withhold/ deduct any tax on gains arising to resident sellers from sale of shares/...

  • International Trade: Analysing India’s potential free trade agreements with the UK and the EU – Part 2

    In the first part of this series (read here), we analysed the prospects and challenges of a potential free trade agreement (FTA) between India and the UK, as a precursor to which, the governments of India and the UK agreed on an Enhanced Trade Partnership last month. Around the same time, the EU also agreed...

  • Probate Requirement in Delhi & Around

    Introduction A probate is a certificate granted by the court in respect of a Will, which proves the validity of the Will and grants rights to the executor to administer the estate of the deceased testator in the manner set out in the Will. Post the demise of the testator, the executors named in the...

  • Legal Privilege and Covid-19 – Part II

    Part II of the article discusses the Indian legal position on attorney-client privilege as well as best practices during internal investigations and for work-from home setups. Legal Position in India Under the Indian Evidence Act, 1872 (“the Act”), any professional and confidential communication with the legal advisor is protected. Sections 126 to 129 of the...

  • Into the Web: AML Risks of Virtual Assets? – Part II

    Part I of this article explores the current Indian regulatory and legal framework governing the virtual asset industry and recommendations for AML/CFT compliance in respect of virtual asssets. Indian legal framework The virtual asset industry has had a somewhat difficult time in India, with the RBI banning any regulated entities from providing services to any...

  • Taxing Times Ahead for Slump Sale Transactions

    Slump sale transactions are a preferred method of transferring a business as a going concern. They are often used for internal restructuring purposes and for sale of a whole or part of a business undertaking to a third party. Several global transactions also comprise of a slump sale element to execute the transfer of the...

  • Analysing India’s potential free trade agreements with the UK and the EU – Part 1

    Last month, the UK and the EU separately announced their intention to negotiate a free trade agreement (FTA) with India. This is a significant development, not only from an international trade perspective, but also from geo-politics perspective. For India, FTAs with the UK and the EU have the potential of integrating it with the dominant...

  • Withdrawal of resignation valid, until effected – Delhi High Court rules

    The High Court of Delhi (“Delhi HC”) in its recent judgment in the case of Arjun Ahluwalia and Ors v Air India Limited[1] (“Arjun v Air India”) gave a ruling in favour of Air India’s pilots, who were seeking withdrawal of resignations and reinstatement of terminated employees. The Delhi HC passed a common judgment (“Judgment”)...

  • How Much is Too Much? Supreme Court on Scope of Examination of Arbitration Agreement at Pre-Arbitral Stage

    When faced with a suit or proceeding in any court or tribunal when there is an arbitration clause in the agreement, Section 8 of the Arbitration and Conciliation Act, 1996 (“Act”), empowers a judicial authority to refer parties to arbitration, thereby honouring the parties’ (pre-dispute) bargain. The Law Commission of India, in its 246th report,...

  • The Antitrust Year in Review – 2020

    The Competition Commission of India (CCI) adapted nimbly to the challenges of 2020 and focused on digital payment platforms and cartel investigations; a few merger cases threw up interesting results as well. The much-anticipated guidance notes for the amended Form I notice were also a key highlight in 2020. The COVID -19 Pandemic and the...

  • Karnataka High Court’s Judgment in Dreamz Infra India Limited v. Competent Authority: Yet another manifestation of primacy of the IBC

    Since the introduction of the Insolvency and Bankruptcy Code, 2016 (“Code/IBC”), the courts and tribunals in India have had to constantly assess the application of the Code vis-à-vis other central and state legislations in light of the non-obstante clause under Section 238 of the Code.  The courts have time and again reiterated that the Code...

  • Technicality or Trivialisation? SAT’s Attempt to Balance Interests of Justice

    The Securities Appellate Tribunal (SAT) passed an order (Order)[1] recently, ruling that it is empowered to hear and decide appeals even in the absence of a Technical Member. The Order was prompted by an objection raised by the Securities and Exchange Board of India (SEBI) regarding the constitution of SAT’s Bench, in light of the...

  • FIG Paper (No. 7) – Cryptocurrency in India!

    Introduction: In recent years, investments in cryptocurrencies have witnessed exponential growth, with growing recognition by established financial institutions across the globe and cryptocurrencies morphing from a digital payment method to an asset class for investment. In India, the regulators have been hesitant to regulate cryptocurrencies. The Reserve Bank of India (“RBI”) had issued press...

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