Cyril Amarchand Mangaldas

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Latest from Cyril Amarchand Mangaldas

The business form of Limited Liability Partnership (LLP) became available in India when the Limited Liability Partnership Act, 2008 (LLP Act) was enacted. Prior to this, businesses were organised as companies under the Companies Act. Small businesses find LLP to be a preferred form and since the LLP Act has a provision for conversion of a company into an LLP, many companies sought to convert to LLP. However, the question was whether such conversion would…
The Exploration and Production (E&P) basins usually mature in about 20-30 years. What is left after the prolonged E&P phase are the abandoned installations and wells (onland), sub-sea infrastructure, platforms, and wells (offshore). Once the hydrocarbon resources are exhausted or it becomes unviable to extract them further, the E&P project moves to an abandonment phase, and the project is decommissioned. Decommissioning ensures that the E&P installations and infrastructure are removed subsequent to their abandonment and…
At the heart of any modern democracy lies the doctrine of separation of powers, which ensures division of responsibilities and also structurally validates a key principle of governance, i.e., allowing each institution to function autonomously, while still maintaining accountability within the larger legislative framework. In codifying its own unique (and somewhat limited) interpretation of this doctrine, the Constitution of India delineates functions of the Union and the states, allowing Parliament to legislate on the functions…
According to World Health Organization (WHO), seven cities in India are positioned among the most polluted cities in the world. In these circumstances, the need of the hour, among other solutions, is to switch to a cleaner and more sustainable fossil fuel, for instance, liquefied natural gas (LNG). The combustion of natural gas does not emit soot, dust or fumes, and thus it makes it one of the cleanest fossil fuels with high energy to…
  Pursuant to the discussion paper on delisting of equity shares floated by the Securities and Exchange Board of India (SEBI) on July 26, 2018, SEBI has recently amended the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 (Delisting Regulations) and has accordingly notified the Securities and Exchange Board of India (Delisting of Equity Shares) (Second Amendment) Regulations, 2018 (Amended Delisting Regulations) on November 14, 2018. The aim of the amendment…
  Can a secured creditor respond to a representation by a borrower, in response to a notice issued to him under section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), beyond the mandatory period of 15 days (as stipulated under Section 13 (3A) of SARFAESI Act)?…
The Maternity Benefit Act, 1961 (MB Act) was amended in 2017 (Amendment), to enhance/ increase the maternity leave period to 26 weeks from the previous 12, for a woman employee, for the first two children. This blog follows on from our previous posts wherein we discussed the obligations under the Amendment that were solely applicable to an employer. Read our previous post here. Since the Amendment was aimed to ensure the health of women employees…
Recently, based on the recommendations of the Committee to Review Offences under the Companies Act, 2013 (Committee), the Companies (Amendment) Ordinance, 2018 (Ordinance) was passed on November 2, 2018, to effect certain changes in the Companies Act, 2018 (CA 2013). Around the same time the Ministry of Corporate Affairs (MCA) also issued a notice, seeking comments/suggestions from stakeholders on additional amendments of an “urgent nature” that are required to strengthen the corporate governance and enforcement…
With increasing globalisation of the world economy, the continuous movement of people from one jurisdiction to another has become imminent. However, such decisions have also created a significant amount of uncertainty, not only because of the social impact of such movement, but also because it creates tax complexities. In a recent case, the Income Tax Appellate Tribunal (ITAT) had the occasion to examine the tax implications of reimbursement of salaries and other expenses in the…
The Human Immunodeficiency Virus and Acquired Immune Deficiency Syndrome (Protection and Control) Act, 2017 (the Act) was enacted on September 10, 2018. The Act was introduced since India is a signatory to the United Nations’ Declaration of Commitment on Human Immunodeficiency Virus and Acquired Immune Deficiency Syndrome, 2001. The Act provides for the prevention, control and protection of human rights of persons affected by the human immunodeficiency virus (HIV) and acquired immune deficiency syndrome (AIDS).…