Unlike the erstwhile Consumer Protection Act, 1986, the Consumer Protection Act, 2019 (“CPA 2019”), has defined ‘direct selling’[1], and expressly included any person who buys products or avails services through direct selling or multi-level marketing within the definition of ‘consumer’. However, a framework for regulating direct selling under the CPA 2019 has not been put into place till now. With the recently released draft Consumer Protection (Direct Selling) Rules, 2021 (“Draft Rules”), the…

In recent times, the debate around safe harbour protection has grabbed media attention on account of the recently notified Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 (“2021 Intermediary Rules”), and the ensuing spat between the Government and social media heavyweights like Twitter.…

The legal framework under the Companies Act, 2013 (“2013 Act”), has not enacted adequate provisions for ‘squeeze-out’ of minority shareholders. Under the circumstances, selective capital reduction has emerged as an interesting and legally viable option for companies that intend to give an exit to the minority shareholders. Selective capital reduction is also very useful for giving an exit option to minority shareholders in specific scenarios, such as to the remaining shareholders, post the completion of…

Introduction Recent amendments to the statutory framework under the Companies Act, 2013 (“the Act”), have cast focus on the ever-expanding statutory duties of the auditors of a company. The purpose of an audit is to enhance the degree of confidence of users of the financial statements. In this regard, Section 129 of the Act provides that the financial statements prepared by a company should comply with three prime conditions:…