Insights
December 14, 2018

INDIA – COMPETITION LAW WRAP 2018

The Competition Act, 2002 (the “Act”) sets out the regime for anti-competitive practices and merger control in India.  While the Competition Commission of India (the “CCI”) is a fairly young regulator, over the last few years, the jurisprudence on Indian competition law and the merger control regime has developed substantially.  This update highlights a recent…

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Competition
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November 27, 2018

INDIA – SECURITIES LAW UPDATE

The Securities and Exchange Board of India (the “SEBI”) actively monitors the Indian securities and commodities markets, and has been implementing new regulations based on market practices.  Some of the more important SEBI circulars issued recently have been discussed in this update. SEBI tightens disclosure norms for credit rating agencies In the aftermath of the…

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Securities Law
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November 15, 2018

India – Tax Update

Financial, legal and risk management services not “Included Services” In the case of US Technology Resources Private Ltd v. DDIT, the Kerala High Court (the “KHC”) has held that management, financial, treasury and risk management services, and advising on legal matters or undertaking public relations activities (collectively, the “Services”) provided by a non-resident to an…

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Tax
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November 1, 2018

INDIA’S SUPREME COURT ALLOWS DISQUALIFIED RESOLUTION APPLICANTS TO CURE INELIGIBILITY

Under India’s Insolvency and Bankruptcy Code, 2016 (the “Code”), a potential bidder (who has been party to or caused the indebtedness and insolvency of a company) can be disqualified from bidding for and submitting a resolution plan to rehabilitate the company.  The primary reason for this is to prevent such a bidder from deriving the…

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Insolvency and Restructuring
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October 1, 2018

India – Privacy Law Update

Background  On March 26, 2016, the Indian government promulgated the Aadhar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 (the “Aadhar Act”) with the objective of, inter alia, providing good governance, and an efficient and transparent delivery of subsidies, benefits and services, to individuals residing in India by assigning of a…

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Technology, Telecommunication and Media
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September 27, 2018

India – Insolvency Law Update

Introduction  In a recent judgment in the case of K. Kishan v. Vijay Nirman Company Pvt. Ltd., India’s Supreme Court (the “Supreme Court”) has examined whether an insolvency process can be put into operation when there is a pending proceeding challenging an arbitral award. Background  Vijay Nirman Company Pvt. Ltd. (the “Respondent”) entered into a…

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Insolvency and Restructuring
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September 3, 2018

INDIA – DISPUTES UPDATE

Introduction India’s Specific Relief Act, 1963 (the “Act”) permits a party to seek specific performance of a contract as an alternative to seeking damages for breach of contract or failure to perform the contract under the Indian Contract Act, 1872. On January 28, 2016, the Indian government constituted an expert committee to examine the Act…

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Disputes and Arbitration
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August 17, 2018

INDIA’S PROPOSED DATA PRIVACY LAW: A CRITIQUE

On July 27, 2018, the committee of experts under the chairmanship of Justice B. N. Srikrishna (the “Committee”) released a report titled, “A Free and Fair Digital Economy – Protecting Privacy, Empowering Indians” (the “Report”), with its analysis and recommendations on a new data privacy regime for India.  Along with the Report, the Committee has…

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Technology, Telecommunication and Media
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July 27, 2018

UNSECURED LENDING TRANSACTIONS CAN AMOUNT TO AN ACQUISITION OF CONTROL OF A LISTED COMPANY – A CRITIQUE

In India, under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (the “Takeover Regulations”), there exists a mandatory tender offer regime for acquisition of listed companies.  Under this regime, both, the acquisition of a substantial shareholding stake (25%) and the acquisition of “control” are treated equally, and require…

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Corporate/M&A, Securities Law
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July 19, 2018

AN UNSTAMPED AGREEMENT DOES NOT BAR THE CONSTITUTION OF AN ARBITRATION PANEL

In a recent judgment in the matter of Coastal Marine Construction and Engineering Limited v. Garware-Wall Ropes Limited, the Bombay High Court (the “Bombay HC”) has examined whether Indian courts can act upon an unstamped arbitration agreement to constitute an arbitration panel.  This judgment is important in the backdrop of the amendment to Section 11…

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Disputes and Arbitration
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