Cyril Amarchand Mangaldas

Flight and Fall Transmitting Power: Judicial Initiative to Retain Ecological Balance in Society

By Subhojit Sadhu, Nishtha Gupta & Tanusree Banerjee

September 22, 2021

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The renewable energy sector, while promising an environment friendly production of clean electricity, has posed a threat to the environment in certain situations. Recently, a public interest litigation before the Supreme Court, brought forward one such environmental hazard posed by the sector. The overhead transmission lines installed around solar and wind power projects (“Projects”) are posing an extinction risk to endangered birds (such as (i) the Great Indian Bustard (GIB); and (ii) the Lesser Florican).…

India Corporate Law

Major Impetus to IPO Rush

By Yash J. Ashar, Gokul Rajan & Devaki Mankad

September 21, 2021

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Despite the challenging times, the Indian capital markets are hitting all-time highs on a daily basis and have been flooded with capital. This has seen a rush of equity offerings over the last 12 months including record filings for draft documents over the last few months. In their continuous efforts to make India exchanges more competitive, the Securities and Exchange Board of India (“SEBI”) has notified the Securities and Exchange Board of India (Issue of…

India Corporate Law

Prakash Gupta Judgment – Has the Supreme Court given more Powers to SEBI in the Matter of Compounding

By Bharat Vasani, Ankoosh Mehta & Sanika Gokhale

September 15, 2021

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Introduction The Securities and Exchange Board of India Act, 1992 (“SEBI Act”) was essentially introduced to protect the interests of investors and to regulate and promote the development of the securities market in India. As a direct consequence of this legislative intention, the SEBI Act lays down that contravention, attempt to contravene and abetment of contravention of the provisions of the SEBI Act would be punishable with imprisonment and fines of varying quantum.…

Private Client

Rights of ‘members’ of an HUF remain extremely limited

By Rishabh Shroff & Tanmay Patnaik

September 15, 2021

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The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions in an article in the following Q&A which was published by the Mint Newspaper on 14th September, 2021 and the online edition of the same can be found here. What is the status of the wife of the grandson in a Hindu undivided family (HUF)? —Shiv Kumar Jha…

India Tax Law

The conundrum created by AAR regarding GST on damages

By S.R. Patnaik & Shivam Garg

September 9, 2021

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With the ongoing pandemic, the odds of invocation of clauses such as liquidated damages, price variation clause, compensation clause or forfeiture of deposits for the delay in adhering to contractual timelines, etc. have become very high. Such additional payments could also bring out an exposure on account of taxability under Goods and Services Tax (“GST”) legislations.…

India Corporate Law

MCA’s FAQs on CSR – Raises more questions than it answers

By Bharat Vasani & Varun Kannan

September 8, 2021

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On January 22, 2021, the Ministry of Corporate Affairs (“MCA”) notified the amendments made to Section 135 of the Companies Act, 2013 (“the Act”), along with the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 (“Amendment Rules”), which substantially revamped the CSR Rules, 2014. While the notification of the amendments made to Section 135 [by the Companies (Amendment) Act, 2019, and the Companies (Amendment) Act, 2020] was always on the cards, the onerous obligations imposed…

India Corporate Law

Role of IFSC in the Indian SPAC Dream: An Overview – Part 1

By Dhruv Singhal, Ketaki Mehta, Ravi Shah, Sonakshi Arora & Avani Dalal

September 6, 2021

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India, being one of the major consumers of international financial services, has been pushing the envelope on making itself the hub for such services. With this objective, the Government of India had operationalised India’s first (and currently the only) International Financial Services Centre (“IFSC”) at GIFT Multi Services Special Economic Zone (“SEZ”) in Gujarat in April 2015. In this regard and to further this objective, the International Financial Services Centres Authority Act was enacted in…

India Corporate Law

FIG Paper (No. 8) – New Master Directions for PPI – A Fresh Look at Prepaid Payment Instruments!

By Anu Tiwari, Utkarsh Bhatnagar & Rohil Deshpande

September 2, 2021

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Introduction: With the pandemic acting as a tailwind for the digital payments industry in India, the fintech industry represents a key opportunity for the Reserve Bank of India (“RBI”) for its financial inclusion push in the country. A key driver in this regard is the burgeoning prepaid payment instruments (“PPI”) industry. PPIs have been widely used in the country for many years, but have seen significant commercial changes in recent times to reach a wider…

India Corporate Law

Lessons from ReNew Power overseas listing through SPAC

By Dhruv Singhal & Sonakshi Arora

August 31, 2021

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The frenzy of Special Purpose Acquisition Company (SPACs), which became the buzzword in 2020, has continued into 2021 with around 711 SPACs currently present in the US market seeking a target. SPACs are blank check shell companies listed on a stock exchange (such as NASDAQ), which are set up by investment funds/ sponsors exclusively for the purpose of acquiring operating companies within a prescribed time period, with the acquisition resulting in listing of such operating…

Competition Law

Penalty for penalty: CCI penalises Maruti Suzuki for indulging in resale price maintenance

By Anshuman Sakle, Kirthi Srinivas & Shreya Joshi

August 31, 2021

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In an order published on August 23, 2021, the Competition Commission of India (CCI) penalised Maruti Suzuki India Limited (MSIL) to the tune of INR 2 billion (approx. USD 27 million) for restricting and controlling the discounts offered by its dealers to the end consumers. Such conduct by India’s leading passenger vehicle manufacturer was held to be anti-competitive resale price maintenance (RPM), and thus violative of the provisions of the Competition Act, 2002 (as amended)…

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Flight and Fall Transmitting Power: Judicial Initiative to Retain Ecological Balance in Society

Major Impetus to IPO Rush

Prakash Gupta Judgment – Has the Supreme Court given more Powers to SEBI in the Matter of Compounding

Rights of ‘members’ of an HUF remain extremely limited

The conundrum created by AAR regarding GST on damages

MCA’s FAQs on CSR – Raises more questions than it answers

Role of IFSC in the Indian SPAC Dream: An Overview – Part 1

FIG Paper (No. 8) – New Master Directions for PPI – A Fresh Look at Prepaid Payment Instruments!

Lessons from ReNew Power overseas listing through SPAC

Penalty for penalty: CCI penalises Maruti Suzuki for indulging in resale price maintenance

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