Cyril Amarchand Mangaldas

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Latest from Cyril Amarchand Mangaldas

The past year has witnessed a massive increase in sanctions-related enforcement activity and has indeed caused a stir in the global sanctions landscape. Under the new administration, the US re-imposed all nuclear-related sanctions on Iran, culminating in the largest ever single set of sanctions designations to date. With the heightened global regulatory environment and the aggressive stance of enforcement agencies, it has been made rather clear that sanctions laws can no longer be ignored. Moreover,…
The media and entertainment industry in India enjoyed a stellar performance in 2018, with the film segment expanding by 12.2% to reach an annual revenue of INR 174.5 billion. Of this amount, the domestic film revenues crossed INR 100 billion with Net Box Office Collections for Hindi films at INR 32.5 billion – the highest ever. The number of Hollywood films released in India fell from 105 in 2017 to 98 in 2018. Hollywood films…
A foreign investor’s power to sue a host State plays a vital role in investment protection. Investment arbitration is undertaken to resolve disputes between a foreign investor and the host State and is also known as Investor-State Dispute Settlement (ISDS) and differs from an International Commercial Arbitration (ICA/s) dispute due to the nature of the claim and the parties involved. While the former deals with disputes arising under a public treaty between two contracting States,…
The Securities Exchange Board of India (SEBI) has recently circulated a consultation paper on Differential Voting Rights (DVRs). Issuance of shares with differential voting or dividend rights is not a novel concept for India. It has been around since 2000 and a few listed companies, like Tata Motors and Pantaloons, have issued shares with differential voting / dividend rights. However, ever since, SEBI amended the Listing Regulations in 2009, to state that listed companies are…
  In the first part of this two part series we discussed about the regulatory frameworks governing insurance companies and insurance intermediaries. In this part we will look at the guidelines applicable to both insurance companies and insurance intermediaries which includes cyber security and ecommerce guidelines. Guidelines Applicable to Both Insurance Companies as well as Insurance Intermediaries In addition to the previously-mentioned regulations, the IRDAI has also issued certain guidelines pertaining to data security and…
The concept of dual residence crucially affects taxation of non-resident Indians and individuals who travel frequently between India and other countries. India follows a residence-based taxation system for residents, i.e., an Indian resident is taxed on his global income. A non-resident is taxed on income which is sourced or accrued or received in India. However, the confusion arises when an individual leaves the country and starts residing in another country under the laws of which…
  A shift towards digitisation has been the central theme for the insurance industry in recent years. Digitisation lowers the cost of transacting business, helps increase penetration, and brings higher efficiencies. However, the convenience of digitisation brings with it concerns related to data protection. The Information Technology Act, 2000 (IT Act) and the Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules, 2011 (SPDI Rules) set out the general framework…
Technological innovation in the financial space, popularly known as ‘fintech’, has been at the forefront of regulatory thinking in recent times and is widely considered to be the panacea to the thorny issues of financial inclusion and ease of access to financial products/solutions, etc. In 2018, the inter-regulatory Working Group (WG) set up by the Reserve Bank of India (RBI) to review the granular aspects of fintech and its implications, released a report being the…
In a landmark decision on 10 April 2019, a division bench of the High Court of Delhi (Delhi HC), pronounced a judgment relating to a batch of petitions filed by car manufacturers, which challenged the constitutionality of certain provisions of the Competition Act, 2002 (Act). The genesis of the matter arose from the Competition Commission of India’s (CCI) findings in what has come to be known as the Auto Parts Case. The complaint alleged that…
The Supreme Court of India, in the case of Mohammed Salim vs Shamsudeen[1], has finalised the views of a number of High Courts by ruling that a child born out of the marriage of a Muslim man and Hindu woman is legitimate and the child is entitled to inherit the property of the father. This is a very significant judgment in the current socio-cultural milieu, even though inter-faith marriages are still deeply frowned upon. Inheritance…