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India Corporate Law

From Harbour to Hardships? Understanding the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 Part III

By Ankoosh Mehta, Srinivas Chatti & Janvi Manek

September 24, 2021

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This is in continuation to the series analysing the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 (“2021 Rules”). In the first part, we traced the evolution of intermediary liability and the key changes brought about by the 2021 Rules. In the second part, we discussed the consequences of non-compliance by intermediaries which, inter alia, disentitle them from claiming the safe harbour protection under Section 79 of the Information Technology…

India Corporate Law

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.…

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…

India Corporate Law

Declarations of beneficial interest under the Companies Act vis-à-vis the Benami Act: No immunity and no “Ganga Snan”!

By Bharat Vasani & Esha Himadri

August 30, 2021

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Introduction Coinciding with the demonetisation of currencies by the Government of India in 2016, the Benami Transactions (Prohibition) Act, 1988, was substantially amended and renamed as the Prohibition of Benami Property Transactions Act, 1988 (“Benami Act”). The Benami Act was brought into effect from November 01, 2016. It was a well-timed move to ensure that demonetisation doesn’t become a futile exercise.…

India Corporate Law

Relational Contracts and Implied Term of Good Faith

By Anuradha Mukherjee, Jyoti Dastidar & Shuchita Choudhry

August 25, 2021

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While there is sparse literature and judicial references to the concept of Relational Contracts in jurisdictions today, the concept of Relational Contracts has been well recognised in a few decisions by the courts in England.…

India Corporate Law

A Cyril Amarchand Mangaldas Blog

Blog Authors

From Harbour to Hardships? Understanding the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 Part III

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

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

Declarations of beneficial interest under the Companies Act vis-à-vis the Benami Act: No immunity and no “Ganga Snan”!

Relational Contracts and Implied Term of Good Faith

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