Insights
August 23, 2019

INDIA’S MERGER CONTROL REGIME GETS A “GREEN CHANNEL”

In 2018, the Indian government constituted a committee to review the Competition Act, 2002 (the “Competition Act”), and its rules and regulations.  On July 26, 2019, the committee released its report with various recommendations dealing with the functioning of the Competition Commission of India (the “CCI”), the merger control regime and on anti-competitive conduct. Currently,…

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Competition Corporate/M&A
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August 9, 2019

RECENT CHANGES TO INDIA’S COMPANY LAW

On July 31, 2019, the Indian government notified the Companies (Amendment) Act, 2019 (the “Amendment Act”), which amends certain provisions of the Companies Act, 2013 (the “Companies Act”).  While a large part of the Amendment Act covers the changes introduced by the ordinance effective from November 2, 2018, the Amendment Act has also incorporated certain…

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Corporate/M&A
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August 7, 2019

THE RESERVE BANK OF INDIA LIBERALIZES EXTERNAL COMMERCIAL BORROWING NORMS ON END-USE PROVISIONS

Introduction Earlier this year, the Reserve Bank of India (the “RBI”) had revised the framework on external commercial borrowings (“ECBs”), and put in place a new and simplified framework for Indian entities to borrow monies from foreign lenders.  On July 30, 2019, the RBI has further relaxed the restrictions on end-use of ECBs for corporates…

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Banking and Finance
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July 16, 2019

SEXUAL HARASSMENT LAW UPDATE – MANDATORY REGISTRATION OF THE INTERNAL COMMITTEE FOR ESTABLISHMENTS LOCATED IN TELANGANA AND MUMBAI

Introduction In India, the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (the “Harassment Act”) and the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Rules, 2013 (the “Harassment Rules”) deal with sexual harassment against women at the workplace. The Harassment Act and the Harassment Rules require an employer…

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Employment Law
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July 12, 2019

INDIA’S BUDGET 2019-20 – KEY HIGHLIGHTS

Introduction India’s Union Budget (the “Budget”) was announced on July 5, 2019, and the Finance Bill, 2019 (the “Finance Bill”) was tabled in Parliament. The Finance Bill will be discussed in Parliament before its enactment, and therefore, it is likely that the Finance Bill may be amended as a result of these discussions. Once enacted,…

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Tax
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June 24, 2019

INDIA’S SUPREME COURT REITERATES THE TESTS TO DETERMINE WHETHER A CONTRACT LABOURER IS AN EMPLOYEE

In a recent ruling, India’s Supreme Court (the “SC”) reiterated the basic tests to be applied in determining whether contract labourers can be classified as direct employees.  This update discusses the SC ruling and analyzes the precautions that employers should adopt while employing contract labour. Background Bharat Heavy Electronics Limited (“BHEL”) had entered into an…

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Employment Law
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June 12, 2019

RBI REVISES FRAMEWORK FOR RESOLUTION OF STRESSED ASSETS

On April 2, 2019, India’s Supreme Court (the “SC”) quashed the Reserve Bank of India’s (the “RBI”) consolidated framework for resolution of stressed assets (the “2018 Framework”) as being ultra vires the RBI’s powers under the Banking Regulation Act, 1949 (the “Act”).  Consequently, on June 7, 2019, the RBI revised the 2018 Framework and released…

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Insolvency and Restructuring
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June 4, 2019

RBI RELEASES DRAFT GUIDELINES TO BETTER REGULATE INDIA’S SHADOW BANKS IN THE AFTERMATH OF THE IL&FS CRISIS

On May 24, 2019, the Reserve Bank of India (the “RBI”) released a draft liquidity risk management framework (the “Proposed Framework”), which is proposed to be made applicable to all non-deposit taking non-banking financial companies (“NBFCs”) with a minimum asset size of INR1 billion (US$14.42 million approximately), all deposit taking NBFCs and all systematically important…

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Banking and Finance
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May 20, 2019

INDIA’S SUPREME COURT ALLOWS REGISTERED TRADE UNIONS TO FILE APPLICATION AS OPERATIONAL CREDITORS ON BEHALF OF MEMBERS

In a recent ruling, the Supreme Court (the “SC”) resolved a long-standing dispute between JK Jute Mill Mazdoor Morcha (the “Union”) and Juggilal Kamlapat Jute Mills Company Limited (the “Debtor”) by allowing registered trade unions to initiate insolvency proceedings as operational creditors on behalf of their members under the Insolvency and Bankruptcy Code, 2016 (the “Code”). …

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Employment Law Insolvency and Restructuring
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April 29, 2019

AMENDMENTS TO INDIA’S INSIDER TRADING REGULATIONS COME INTO EFFECT

On December 31, 2018, the Securities and Exchange Board of India (the “SEBI”) introduced several changes to the SEBI (Prohibition of Insider Trading Regulations), 2015 (the “Regulations”), which became effective on April 1, 2019.  They were introduced pursuant to the report of the Committee on Fair Market Conduct which advocated for tighter norms to prevent…

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Corporate/M&A Securities Law
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