India Corporate Law

A Cyril Amarchand Mangaldas Blog

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New Drugs and Clinical Trials Rules, 2019 – A Regulatory Overview

By Ashwin Sapra, Biplab Lenin & Kartik Jain on July 31, 2019

Issues around payment of compensation in cases of clinical trial related injury, disability and death have long remained open. Despite a directive from the Hon’ble Apex Court, much was left open to question. On March 19 of this year, the Ministry of Health and Family Welfare (MoHFW) eventually took steps in this regard and notified the New Drugs and Clinical Trials Rules, 2019 (NDCT Rules) under the aegis of the Drugs and Cosmetics Act,…

India Corporate Law

2019 IBC Amendment Bill: Swift Action for Course Correction

Posted on July 30, 2019

The Insolvency and Bankruptcy Code, 2016 (IBC) has been widely considered a landmark legislation that has brought about a paradigm shift in the recovery and resolution process. However, during the implementation of the IBC over the past two years and eight months, several challenges have emerged, including: The Supreme Court recognises the utmost importance of following model timelines under Regulation 40A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons),…

India Corporate Law

How the Penny Drops– An Examination of the Bombay High Court’s New Rules on Arbitral Tribunal Fees

Posted on July 30, 2019

The provisions for appointment of an arbitrator, under Section 11 of the Arbitration and Conciliation Act, 1996 (Act), underwent a sea change with the 2015 amendments. A notable amendment was in relation to setting fees for arbitrators appointed by a court under the Act, for the purpose of which, the new Section 11 (14) and Fourth Schedule were introduced. Under these provisions and for the purpose of determination of the fees of the arbitral…

India Corporate Law

The 70% Conundrum Part II – Game Changing Directions of Haryana RERA

By Abhilash Pillai on July 23, 2019

Taking a cue from the Supertech Home Buyers case (as discussed in Part I of this series), the Haryana Real Estate Regulatory Authority (HRERA) has now issued directions to promoters on opening bank accounts, titled as ‘The Haryana Real Estate Regulatory Authority, Gurugram Bank Accounts for the Registered Projects Directions, 2019’ (Directions). The Directions discuss the opening and maintenance of bank accounts specified under the Real Estate (Regulation and Development) Act, 2016 (Act) and the…

India Corporate Law

Corporate Criminal Liability – #DirectorToo

By Bharat Vasani & Umang Pathak on July 10, 2019

Criminal liability encompasses two elements: actus reus (guilty act) and mens rea (guilty mind). There is no dispute that a company is liable to be prosecuted for criminal offences. However, the company being an artificial person cannot have the requisite mens rea, hence the question whether a company could be prosecuted for an offence for which the mandatory sentence is imprisonment. The law has evolved from the position that a company cannot be prosecuted…

India Corporate Law

All In or Fold – The Legal Conundrum of Real Money Online Poker

By Anand Jayachandran & Aditya Prasad on July 10, 2019

Indian mythology suggests that playing and losing at a game of dice led to the Pandava brothers, their wife and mother being sent to exile. Regardless of this cautionary tale, the online gaming market in India has taken off in India with revenues reaching Rs. 43.8 billion in FY 18 and expected to grow to Rs. 118.8 billion by 2023.[1] The question of whether the state should permit businesses relating to betting and gambling…

India Corporate Law

Lease Transactions Under RERA

Posted on July 9, 2019

Real estate is one of the largest industries in India. In the past two decades, the real estate sector has seen a boost in the country, in terms of the quantum of development (commercial and residential properties) and the price of properties. In spite of the same, real estate has remained the most unregulated of sectors, with every State having a different law to regulate properties. Hence, there was no single superior legislation, which would…

India Corporate Law

DVRs Are Dead, Long Live DVR!

By Saee Athalye on July 8, 2019

Since December, 2000, Indian companies have been permitted to issue ‘dual class shares’. This was when the concept of ‘shares with differential voting rights’[1] was introduced in the Companies Act, 1956. The Securities and Exchange Board of India (SEBI) has, since July 21, 2009[2], disallowed listed companies to issue shares with superior rights to voting or dividend. However, listed companies were permitted to issue shares with inferior (or fractional) voting rights. In an apparent…

India Corporate Law

Budget Special : The Liberalisation of Foreign Investment in Insurance Brokers – A Shot in the Arm

Posted on July 6, 2019

Around noon on Friday, July 4th, 2019, the Hon’ble Minister of Finance, in her budget speech to the nation, proposed revisions to the existing foreign investment caps applicable to insurance brokers and other insurance intermediaries in order to allow 100% foreign direct investment (“FDI”). This move was long overdue on the government’s part, particularly in relation to insurance brokers. In fact, a proposal for liberalising foreign investment caps for insurance brokers has been on the…

India Corporate Law

Part III – Exit Stage: Preparing for a REIT IPO Exit

By Arjun Lall & Janhavi Manohar on July 4, 2019

*An eight-part series covering the commercial and legal considerations of REIT listings in India. Click here to read Part 2. Institutional investors have demonstrated a steadfast interest in Indian real estate in recent years. Private equity investments in the real estate sector peaked at $2.5 billion in the first quarter of 2019 – the highest since 2008.[1] With the lion’s share of investments being cornered by commercial office spaces, retail and hospitality sectors, the…

India Corporate Law

A Cyril Amarchand Mangaldas Blog

New Drugs and Clinical Trials Rules, 2019 – A Regulatory Overview

2019 IBC Amendment Bill: Swift Action for Course Correction

How the Penny Drops– An Examination of the Bombay High Court’s New Rules on Arbitral Tribunal Fees

The 70% Conundrum Part II – Game Changing Directions of Haryana RERA

Corporate Criminal Liability – #DirectorToo

All In or Fold – The Legal Conundrum of Real Money Online Poker

Lease Transactions Under RERA

DVRs Are Dead, Long Live DVR!

Budget Special : The Liberalisation of Foreign Investment in Insurance Brokers – A Shot in the Arm

Part III – Exit Stage: Preparing for a REIT IPO Exit

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