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The Maggi ban – has the Indian government done enough to control the damage?

by Majmudar & Partners | Sep 30, 2015 | Disputes and Arbitration

On June 5, 2015, the Food Safety and Standards Authority of India (the “FSSAI”) issued an order against Nestle India Limited (“Nestle”) imposing restrictions  on the manufacture, sale and distribution of nine (9) variants of Nestle’s product, Maggi instant noodles...

Positive signal to FIIs and FPIs – no MAT prior to April 1, 2015

by Majmudar & Partners | Sep 7, 2015 | Foreign Investment, Private Equity and Venture Capital, Tax

Background Section 115JB of India’s Income-tax Act, 1961 (the “IT Act”), provides for taxation of those companies who, despite showing high profits in their books and paying substantial dividends, do not pay or pay only marginal taxes, by taking advantage of the...

Policies and trends in India’s solar energy sector

by Majmudar & Partners | Sep 1, 2015 | Foreign Investment, Tax

Introduction In its Union Budget, 2015, the Indian government has set an ambitious target of installing 175,000 Megawatts (“MW”) of renewable energy by 2022, which will include 100,000 MW of solar energy, 60,000 MW of wind energy, 10,000 MW of biomass energy and 5,000...

Foreign companies receiving money from Indian payers may not need a permanent account number (PAN)

by Majmudar & Partners | Jul 31, 2015 | Tax

Background The provisions of section 90(2) of the Income-tax Act, 1961 (the “Act”) permit a non-resident to avail either the provisions of the Act or the Double Taxation Avoidance Agreement (the “DTAA”), whichever are more beneficial.  There are various judicial...

Borrowers beware – banks can now take over companies to recover their debt

by Majmudar & Partners | Jul 10, 2015 | Banking and Finance, Insolvency and Restructuring

Introduction To address various issues surrounding distressed assets in the banking system, on February 26, 2014, the Reserve Bank of India (the “RBI”) issued the Framework for Revitalising Distressed Assets in the Economy (the “Framework”). The Framework, inter alia,...
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