Direct overseas listing by Indian companies
By: Sunando Mukherjee, Partner On May 17, 2020, Ministry of Finance, Government of India (MoF) announced that Indian companies would now be allowed to list their shares directly in foreign stock exchanges. While consequent amendments and clarifications in legal and regulatory regime are awaited, the move would now allow Indian companies access to multiple jurisdictions …
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Fresh Start Scheme to support businesses
By: Ramya Hariharan, Partner & Dipti Srivastava, Associate In order to support local businesses during the economic disruption caused due to Covid-19, the Government of India, Ministry of Corporate Affairs on March 30, 2020 introduced Companies Fresh Start Scheme, 2020 (CFSS 2020). This scheme provides an opportunity to companies which have defaulted in filing of …
Holding of general meetings by audio visual means
By: Ramya Hariharan, Partner Key circulars issued by MCA April 8, 2020 – clarifies the procedure for passing ordinary and special resolutions amidst Covid-19 outbreak (EGM Circular) and provides certain relaxations from provisions of the Companies Act, 2013 (Act) by allowing EGMs to be conducted through video conferencing (VC) or other audio-visual means (OAVM) April …
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New classification of MSMEs
By: Dipti Lavya Swain, Partner & Shruti Sundararajan, Associate Government of India enacted Micro, Small and Medium Enterprises Development Act, 2005 (MSME Act) under which classification of micro, small and medium enterprises (MSME) was dependent on two factors: (i) investment in plant and machinery; and (ii) turnover of the enterprise. It is also pertinent to …
Relaxations in minimum public shareholding
By: Dipti Lavya Swain, Partner & Shruti Sundararajan, Associate SEBI issued a circular dated May 14, 2020 (2020 Circular) granting relaxation to listed companies from the applicability of 2017 Circular that required recognized stock exchanges to review compliance of listed entities with Minimum Public Shareholding (MPS) requirements and introduced inter alia the procedure to be …
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SEBI relaxes takeover and buy-back regulations
By: Dipti Lavya Swain, Partner & Shruti Sundararajan, Associate On May 14, 2020, SEBI issued a circular (Circular) granting a one-time relaxation from strict enforcement of procedural requirements under Regulation 18(2) of the Takeover Regulations and Regulation 9(ii) of the Buy-Back Regulations for all open offers and buy-back tender offers opening till July 31, 2020. …
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Pushback against the practice of filing criminal complaints to settle civil and contractual disputes
By: Chinmay Mirji, Partner & Charitha V, Associate Last few years have witnessed a significant hike in number of frivolous criminal complaints being filed to settle civil disputes. In a majority of civil disputes which involve high stakes – such as family inheritance, partitions, property, will execution, fights between two companies or disputes resulting from …
PM Modi launches ‘Transparent taxation – Honoring the honest’
By: Faranaaz Karbhari, Counsel & Mahafrin Mehta, Associate On August 13, 2020, PM Narendra Modi launched ‘Transparent Taxation – Honoring the honest’, a new platform to encourage sincere taxpayers. This platform recognizes the need of creating a modern taxation system and introduces major reforms like Faceless Assessment, Faceless Appeal and Taxpayers Charter.
TO CONDONE DELAY OR NOT: A SHAKESPEAREAN DILEMMA FOR THE INDIAN WRIT COURTS
INTRODUCTION The Division bench of the Hon’ble Supreme Court of India (“SC” / “Supreme Court”) comprising of Hon’ble Justice Mr. A.M. Khanwilkar and Hon’ble Justice Mr. Dinesh Maheshwari, in Assistant Commissioner (CT) LTU, Kakinada & Ors. v. M/s Glaxo Smith Kline Consumer Health Care Limited[1] vide judgment dated May 6, 2020, decided as to whether …
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The KFTC rules that the Practice of Tying Patented LNG Technology with Engineering Assistance Services is Illegal
On November 25, 2020, the Korea Fair Trade Commission (the “KFTC”) imposed a fine of USD 11 million on Gaztransport & Technigaz (“GTT”), a multinational engineering company headquartered in France, for abusing its market dominance in liquefied natural gas (LNG) container tank technologies (the “LNG Technology”). Although GTT argued that the tying of its patented …