Can a transaction that complies with foreign exchange laws at every step still be violative? In Genpact India Private Limited v. Directorate of Enforcement, the Karnataka High Court observed that formal compliance did not by itself end the inquiry under the Foreign Exchange Management Act, 1999. Rather, the High Court allowed the Directorate of Enforcement to examine the larger fund-flow arrangement for possible round-tripping. Our presentation explains the case and why businesses must assess the overall fund-flow, transaction structure and economic substance of cross-border transactions.
Fast-track mergers in India: Will the proposed Company Law amendments help speed the process?
Download .pdf Background Section 233 of the Companies Act, 2013 (the “Act”) offers an expedited route for specified mergers, including those between: (i) small companies; (ii) a holding company and its wholly-owned subsidiary; or (iii) a prescribed class of...