India Corporate Law

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Latest from India Corporate Law

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

Madras High Court’s judgment on gaming law – Does it provide absolute immunity from regulatory scrutiny?

By Bharat Vasani & Varun Kannan

August 23, 2021

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Introduction The online gaming industry is among the few industries that have survived the onslaught of the Covid-19 pandemic, and is projected to witness a compounded annual growth rate (CAGR) of 21% over FY21-FY25. Today, online gaming platforms host a diverse variety of games – ranging from rummy and poker to ‘fantasy sports leagues’ relating to cricket.…

India Corporate Law

Charging Up the EV Sector through Policy Reform

By Arjun Goswami, Varun Mehta & Avinash Das

August 23, 2021

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Government of India approach As the world moves towards clean and eco-friendly mobility fuel alternatives, the Government of India (“GOI”) is playing its part by framing environmental-friendly policies & regulations and encouraging the use of electric vehicles (“EVs”) in the country. The National Electric Mobility Mission Plan, 2020 had launched the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (“FAME Policy / Scheme”) in the year 2015. The FAME Policy was launched in two…

India Corporate Law

Delhi Court attempts to decode the cryptic case of cryptocurrencies in India

By Aditya Mehta & Tanya Singh

August 19, 2021

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INTRODUCTION: Cryptocurrencies, worryingly unregulated, decentralised virtual currencies, are steadily gaining traction in the Indian transaction landscape. With digitalisation and smart contracts becoming the new norm (especially considering the COVID-19 pandemic), global trade in cryptocurrencies has increased by leaps and bounds. However, one cannot ignore the unprecedented rise in cybercrimes across the globe, relatable to virtual currencies. The expansion of the cryptocurrency landscape poses various challenges in the form of regulatory, legal, and operational risks. Whilst…

India Corporate Law

A Cyril Amarchand Mangaldas Blog

Blog Authors

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

Madras High Court’s judgment on gaming law – Does it provide absolute immunity from regulatory scrutiny?

Charging Up the EV Sector through Policy Reform

Delhi Court attempts to decode the cryptic case of cryptocurrencies in India

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