Insights
March 26, 2020

THE COVID-19 LOCKDOWN – IMPLICATIONS FOR INDIAN COMPANIES AND EMPLOYERS

The Novel Coronavirus (COVID-19) has affected almost every country in the world, and India is no exception. To control the spread, the Indian government has imposed a mandatory countrywide lockdown from March 24, 2020, until April 14, 2020. Only establishments and workplaces that provide essential services can continue operations, subject to adopting necessary measures to…

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Employment Law
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March 23, 2020

THE CORONAVIRUS – WILL IT IMPACT FOREIGN INVESTMENT AND M&A IN INDIA?

Covid-19, or the now infamous coronavirus, has put the brakes on life as we know it.  The large scale closure of offices and businesses globally, and now in India too, is taking a huge toll on the world economy and livelihoods.  A recession is upon us, and governments of industrialized nations have announced huge stimulus…

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March 13, 2020

AN UPDATE ON CRYPTOCURRENCY IN INDIA

Since 2013, India’s central bank, the Reserve Bank of India (the “RBI”), followed a cautionary approach as regards virtual currencies, including cryptocurrencies. While it never banned virtual currencies, it issued a number of public notices and reports highlighting the risks of dealing and trading in virtual currencies. This update discusses the SC’s ruling and the future of cryptocurrencies in India.

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March 6, 2020

CIRCULAR ISSUED AGAINST THE UNNECESSARY PROSECUTION OF NON-EXECUTIVE AND INDEPENDENT DIRECTORS OF INDIAN COMPANIES

Background and Jurisprudence Typically, independent and non-executive directors of Indian companies are not involved in the daily management or decision-making of a company. Nevertheless, under Indian company law, they are required to exercise due and reasonable care, and act in good faith and in the best interests of the company. In addition, they are required…

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Corporate/M&A Disputes and Arbitration
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February 7, 2020

RUKSHAD DAVAR’S KEY INSIGHTS ON UNION BUDGET 2020

Rukshad Davar chalks down his key insights and takeouts from the Union Budget 2020. “The new tax proposals in the budget will significantly benefit foreign companies in India and will improve their return on investment in India. One, the removal of the dividend distribution tax at the Indian company level will leave a company with…

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Rukshad Davar
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February 1, 2020

INDIA’S BUDGET 2020-21 – KEY HIGHLIGHTS

Introduction India’s Union Budget (the “Budget”) was announced on February 1, 2020, and the Finance Bill, 2020 (the “Finance Bill”) was tabled in Parliament. In a nutshell, the government has attempted to pay heed to the consumption slowdown and reduced the personal income tax rates up to INR1,500,000, which should give more money to wage…

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January 9, 2020

WILL THE NEW INSOLVENCY ORDINANCE INCREASE SPECIAL SITUATIONS M&A IN INDIA?

At the end of December, the Indian government promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 (the “Ordinance”) to iron out certain issues faced by buyers of assets in a corporate insolvency resolution process (the “CIRP”). While the Insolvency and Bankruptcy Code, 2016 (the “Code”) has largely achieved its objectives, certain aspects of the…

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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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