Insights
November 27, 2019

INDIA’S SUPREME COURT RULES ON THE ROLE OF INSOLVENCY STAKEHOLDERS AND EQUALITY OF CREDITORS  

On November 15, 2019, the Supreme Court (the “Court”) ruled on several contentious aspects of the Insolvency and Bankruptcy Code, 2016 (the “Code”) and put an end to the long-drawn-out litigation in the insolvency resolution process of one of India’s largest steel manufacturers, Essar Steel India Limited (“ESIL”).  This update highlights the key aspects of…

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Insolvency and Restructuring
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November 14, 2019

THE NEW FOREIGN DIRECT INVESTMENT NORMS FOR INSURANCE INTERMEDIARIES

Background Previously, foreign direct investment (“FDI”) in insurance intermediaries was treated at par with FDI in insurance companies and was restricted up to 49% under the automatic route.  Insurance intermediaries (including, insurance brokers, re-insurance brokers, insurance consultants, corporate agents, third party administrator, surveyors and loss assessors) vehemently argued this to be unfair as they did…

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Foreign Investment Insurance Law
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November 8, 2019

INDIAN COURT ISSUES A GLOBAL INJUNCTION UNDER INDIA’S INFORMATION TECHNOLOGY ACT, 2000

In a recent ruling, a single judge of the Delhi High Court (the “Delhi HC”) has held that a global injunction can be issued for removal of defamatory data, if the data has originally been uploaded from a computer resource in India.  We have discussed the Delhi HC’s judgment in this update. Background The origin…

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September 27, 2019

IMPORTANT CHANGES TO INDIA’S PRODUCT LIABILITY AND CONSUMER LAWS

Last month, the Indian government enacted: (i) the Consumer Protection Act, 2019 (the “CP Act 2019”), which, when notified, will replace the Consumer Protection Act, 1986 (the “CP Act 1986”); and (ii) the Motor Vehicles (Amendment) Act, 2019 (the “MV Amendment Act”), which will amend the Motor Vehicles Act, 1988 (the “MV Act”).  The CP…

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September 20, 2019

INDIAN GOVERNMENT ANNOUNCES KEY TAX PROPOSALS

Today (September 20, 2019) the Indian government has introduced the Taxation Laws (Amendment) Ordinance, 2019, to make certain amendments in the Income-tax Act 1961 (the “IT Act”). We have summarized below some of the key changes. Option to pay a reduced corporate tax rate of 22% In order to promote growth and investment, a new…

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Tax
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September 10, 2019

INDIA’S CABINET LIBERALIZES THE FOREIGN DIRECT INVESTMENT REGIME

Introduction Addressing India’s need to attract investments to revitalize its economy, on August 28, 2019, the Union Cabinet (the “Cabinet”) has approved a number of changes to the foreign direct investment (“FDI”) regime.  The reforms cover the single brand retail trading (“SBRT”), digital media and coal mining sectors.  This update discusses the key changes approved…

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Foreign Investment
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September 5, 2019

PORTFOLIO INVESTORS TO BENEFIT UNDER THE RECENT CHANGES TO INDIA’S SECURITIES LAWS

On August 21, 2019, India’s securities market regulator, the Securities and Exchange Board of India (the “SEBI”), introduced a plethora of changes to Indian securities laws and regulations.  This update discusses the key changes. Background In recent months, a multitude of factors including, inter alia, the ongoing trade tensions between the US and China, a…

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Securities Law
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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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