Insights
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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July 12, 2018

NEW ANNUAL KYC CHECK REQUIREMENT FOR INDIVIDUALS HOLDING DIRECTOR IDENTIFICATION NUMBER

In 2006, the Indian government introduced the concept of a director identification number (“DIN”), and consequently, an individual could be appointed as a director of a company only if he or she had obtained a DIN.  A DIN is allotted by the Ministry of Corporate Affairs upon receipt of an application in a prescribed form…

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Corporate/M&A
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June 29, 2018

IMPACT OF THE NEW REPORTING REQUIREMENTS UNDER INDIA’S FOREIGN INVESTMENT REGULATIONS AND COMPANY LAW

Consolidated reporting form for foreign investment transactions On June 7, 2018, the Reserve Bank of India (the “RBI”) released a circular (the “Circular”) changing the reporting formats in all transactions involving issuance, or transfer of shares of Indian companies to foreign investors or vice versa.  Formerly, this was done by filing the Forms FC-GPR and…

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Corporate/M&A, Foreign Investment
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June 19, 2018

NEW LEGISLATION APPLICABLE TO SHOPS AND ESTABLISHMENTS IN MAHARASHTRA

In India, each State has its own Shops and Establishments law which regulates the working conditions of employees engaged in shops and commercial establishments, other than in factories.  On December 19, 2017, the new Maharashtra Shops and Establishments (Regulation of Employment and Conditions of Service Act), 2017 (“New Shops Act”) was made effective, which replaced…

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Employment Law
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