Supreme Court Upholds Validity of Service Bond Clause in Employment Contract
In Vijaya Bank and Another vs Prashant B Narnaware[1] a division bench of the Hon’ble Supreme Court of India has upheld the validity of a clause in an appointment letter requiring an employee to pay Rupees Two Lakh (INR 2,00,000/-) as liquidated damages if he resigned before completing three (3) years of service.
SEBI Imposes Penalty on Axis Securities Limited for Regulatory Non-Compliances
The Securities and Exchange Board of India (SEBI), vide an adjudication order (Order) dated 21 February 2025 penalised Axis Securities Limited (Axis Securities) for several non-compliances with various regulatory circulars applicable to them.
SECURITIES LAW UPDATE | SEBI IMPOSES RESTRICTIONS ON INTERMEDIARIES AND FINFLUENCERS
Overview: A recent Circular dated 29 January 2025 issued by the Securities and Exchange Board of India (‘SEBI’) provides imperative clarifications regarding the association of persons regulated by SEBI, market infrastructure institutions (MIIs), and their agents with individuals or entities engaged in prohibited activities.
FEMA UPDATE | AMENDMENTS TO FEMA REGULATIONS PROMOTING INCREASED INR USAGE
Background The Reserve Bank of India (RBI), through a press release dated 16 January 2025, introduced amendments to several regulations made under the Foreign Exchange Management Act 1999 (FEMA). These amendments aim to enhance the use of the Indian Rupee (INR) in cross-border transactions. This initiative is a significant step towards reducing dependency on foreign …
Continue reading “FEMA UPDATE | AMENDMENTS TO FEMA REGULATIONS PROMOTING INCREASED INR USAGE”
ARBITRATION LAW UPDATE: GAG ORDER UNDER SECTION 9 OF THE ARBITRATION ACT CAN BE GRANTED FOR PROTECTING REPUTATION
Background: The Hon’ble High Court of Bombay in the matter Wonderchef Home Appliances Pvt. Ltd. v. Shree Swaminarayan Pty Ltd. held that a gag order under Section 9 of the Arbitration and Conciliation Act, 1996 (“the Act”) can be granted, pending resolution of disputes between the parties, if the contractual obligation between the parties stipulates …
Kalyani Transco V Bhushan Power and Steel Limited: A Precedent on Procedural Integrity under IBC
In a significant and far-reaching pronouncement, the Hon’ble Supreme Court of India has rendered a watershed judgment under the aegis of the Insolvency and Bankruptcy Code, 2016 (“IBC”), which is poised to operate as a binding judicial precedent in the regime of corporate insolvency resolution processes.
FROM CREATION TO PROTECTION: IP STRATEGIES FOR THE AI ERA
OVERVIEW In today’s tech-driven world, Artificial Intelligence (AI) is transforming the way businesses operate, innovate, and connect with consumers. With the emergence of AI, we also see new trends whereby people transform their photos to various animated styles.
Navigating the Regulatory Landscape – CCI’s Impact on Private Equity Deal Structures
The recent order issued by the Competition Commission of India (“CCI”) against Goldman Sachs (India) Alternative Investment Management Private Limited under Section 43A of the Competition Act, 2002
THE INTERPLAY BETWEEN THE KARNATAKA APARTMENT OWNERSHIP ACT, 1972 AND THE KARNATAKA CO-OPERATIVE SOCIETIES ACT, 1959
INTRODUCTION Recently, the High Court of Karnataka in the case of Saraswathi Prakash & Others vs. State of Karnataka & Ors.[1], brought much-needed clarity to the legal framework governing management of residential complexes in Karnataka. The judgment addresses the long-standing conflict between the Karnataka Apartment Ownership Act, 1972 (‘KAO Act’) and the Karnataka Co-operative Societies …
The Clean Slate Doctrine and the tax quandary
Background The Clean Slate Doctrine is a key legal principle embedded in the Insolvency and Bankruptcy Code, 2016 (“IBC”), which plays a pivotal role in the corporate insolvency process in India. The doctrine suggests that once a company successfully undergoes the insolvency resolution process and is taken over by a new buyer, the new owner …
Continue reading “The Clean Slate Doctrine and the tax quandary”