Insights
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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April 23, 2019

THE DELHI HIGH COURT STEPS IN TO STRIKE DOWN THE ARBITRARY ACTION OF INDIA’S TELECOM REGULATOR, TRAI

Background In September 2009, the Telecom Regulatory Authority of India (the “TRAI”) introduced mobile number portability services (“MNP Services”) in India by issuing the Telecommunication Mobile Number Portability Regulations, 2009 (the “MNP Regulations”).  MNP Services allow mobile telephone subscribers to transfer their mobile connection from one telecom service provider to another.  Simultaneously, the TRAI also…

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Technology, Telecommunication and Media
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March 25, 2019

INDIAN GOVERNMENT PROMULGATES AADHAR ORDINANCE – ATTEMPTS TO RESOLVE PRIVACY CONCERNS

Introduction On March 26, 2016, the Indian government introduced the Aadhar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 (the “Act”).  The Act’s objective was, inter alia, to provide good governance, and an efficient and transparent delivery of subsidies, benefits and services to individuals residing in India by assigning a 12-digit unique…

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Disputes and Arbitration
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March 12, 2019

NEW REPORTING REQUIREMENTS UNDER INDIA’S COMPANY LAW

Recently, the Indian government has introduced several new reporting obligations under the Companies Act, 2013 (the “Act”) for Indian companies in respect of their registered office address and dealings with micro and small enterprises (“MSEs”).  Additionally, the reporting requirements for significant beneficial ownership have been revised.  This update discusses the implications of the new reporting…

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Corporate/M&A
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