Rishabh Shroff

Co-Head and Partner in the Private Client Practice at the Mumbai office of Cyril Amarchand Mangaldas. Rishabh specialises in family constitutions and settlements, trusts, wills and succession planning. He can be reached at rishabh.shroff@cyrilshroff.com

Firm/Organization: Cyril Amarchand Mangaldas

Blogs: India Corporate Law, India Tax Law, Private Client

Latest Articles

India Corporate Law

New SBO Rules – Implementation Challenges

By Bharat Vasani & Rishabh Shroff

October 30, 2019

India is yet to hit its stride in dealing with Significant Beneficial Owner (SBO) rules introduced by the Companies (Amendment) Act, 2017. The SBO rules have its origin in the recommendations made by the Financial Action Task Force (FATF) to its member countries, to make suitable changes in the national legislation to find out individuals, who ultimately own significant beneficial shareholding in the reporting company. There remains a large degree of uncertainty and confusion around…

India Tax Law

ITAT Puts On It’s Thin(king)-Cap – Treatment of Interest Paid on Compulsorily Convertible Debentures Under the Income Tax Laws

By Rishabh Shroff & Kunal Savani

August 12, 2019

The recent Income Tax Appellate Tribunal (ITAT) Order in CAE Flight Training (India) Pvt. Ltd. (TS-440-ITAT-2019 (Bang)) clarifies how Compulsorily Convertible Debentures (CCDs) are to be treated under Income Tax Laws. Before delving into the Order and what the ITAT said in making it, it is important to understand the legal context in which this question arose in the first place. To do this, we first need to understand the nature of a CCD. A…

Private Client

Prosecution Under Black Money Act for Inherited Foreign Bank Accounts

By Rishabh Shroff, Kunal Savani & Pratyush Khanna

March 27, 2019

The scourge of ‘black money’ has been a persistent issue for India, becoming a major political issue in the recent past. The problem of black money leads to challenges on multiple fronts, greatest of them being denial of revenue to the Government. The parallel economy created by black money deprives the government of its due share of individual income tax, which in turn leads to reduced funds available for much needed government spending and stimulus.…

India Corporate Law

India Simplifies Foreign Investment Reporting Process: Update

By Rishabh Shroff & Kavya Keshari

July 4, 2018

On June 7th, 2018, the Reserve Bank of India (RBI) had introduced two new forms (namely Single Master Form and Entity Master Form) vide a circular[1] (RBI Circular), with the aim of simplifying reporting under the Foreign Exchange and Management Act, 1999 (FEMA). Our earlier blog post contained details of the two forms and our in-depth analysis of the same. On June 27th, 2018, RBI released a User Manual for Entity Master – FIRMS[2] (User…

India Corporate Law

India Simplifies Foreign Investment Reporting Process

By Rishabh Shroff, Tanmay Patnaik & Kavya Keshari

June 18, 2018

In alignment with the Indian Government’s continuing efforts to bolster foreign investment and ease of doing business in India, the Reserve Bank of India (RBI) has issued two important circulars in June 2018 with the aim of simplifying reporting under the Foreign Exchange and Management Act, 1999 (FEMA). The circulars are as follows: Currently all foreign investment transactions are reported in a complicated, disintegrated manner across various platforms/modes. The Foreign Exchange Management (Transfer or Issue…

Private Client

India’s Tough New Corporate Governance Regime – Impact on Promoters

By Rishabh Shroff, Tanmay Patnaik & Kavya Keshari

April 23, 2018

In recent years, the issue of corporate governance in India has been a hot topic of discussion. As India Inc. has grown by leaps and bounds, corporate India’s attention has evolved from simple ‘management’ to ‘governance’, and now ‘effective governance’. Given the unique challenges that India Inc. faces due to the predominance of family run businesses, there is a pressing need to move from the ‘Raja’ and ‘Praja’ model of governance (wherein the self-interests of…

India Corporate Law

India finally notifies Cross Border Merger Regulations

By Rishabh Shroff & Manu Varghese

April 5, 2018

Previously, the provisions of the Companies Act, 2013 (Act) governing inbound and outbound mergers, amalgamations or arrangements between Indian companies and foreign companies (Cross Border Mergers) were notified by the Ministry of Corporate Affairs on April 13th, 2017. Subsequently, on April 26th, 2017, the Reserve Bank of India (RBI) issued draft regulations to govern Cross Border Mergers (Draft RBI Regulation). We had published an earlier blog piece on this, discussing the key highlights of the…

Private Client

Impact Investing by Family Offices

By Rishabh Shroff

April 2, 2018

Give a man a fish, and you feed him for a day; teach a man to fish, and you feed him for a lifetime. – Anonymous Philanthropists the world over have been inspired by this simple but powerful statement, and have evolved from undertaking traditional notions of charity to philanthropy and now more recently, towards impact investing. Impact investing bridges the gap between pure charity and donations for social, environmental and other causes, and pure…

Private Client

Daughters Born Before 2005 Have Equal Rights to Ancestral Property: SC

By Rishabh Shroff

March 8, 2018

Pic: Vedic “Theorama” Series, painted by M. F. Hussain The issue of succession equality and rights for women has been extremely important and perhaps controversial in recent times. However, it is very heartening to see that our Indian Courts have continued to adopt a pro-women approach in a number of legal aspects, one of the most important of which is in relation to ancestral properties. In a landmark decision, the Supreme Court of India (SC)…

India Corporate Law

Cabinet Approves Major Changes in FDI Policy

By Rishabh Shroff

January 16, 2018

On January 10, 2018, the Indian Cabinet gave its approval to a number of major amendments to the Foreign Direct Investment (FDI) Policy of India, to further liberalise and simplify the same. This is to increase the ease of doing business in the country, and continue to attract much needed foreign capital to fuel India’s growth. In this post, we examine the latest amendments and their impact on the crucial sectors involved therein. Key Reforms…

Rishabh Shroff

New SBO Rules – Implementation Challenges

ITAT Puts On It’s Thin(king)-Cap – Treatment of Interest Paid on Compulsorily Convertible Debentures Under the Income Tax Laws

Prosecution Under Black Money Act for Inherited Foreign Bank Accounts

India Simplifies Foreign Investment Reporting Process: Update

India Simplifies Foreign Investment Reporting Process

India’s Tough New Corporate Governance Regime – Impact on Promoters

India finally notifies Cross Border Merger Regulations

Impact Investing by Family Offices

Daughters Born Before 2005 Have Equal Rights to Ancestral Property: SC

Cabinet Approves Major Changes in FDI Policy

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