Insights
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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January 23, 2019

INDIA’S EXTERNAL COMMERCIAL BORROWINGS REGIME SIMPLIFIED

The Reserve Bank of India (the “RBI”) has revised the external commercial borrowings (“ECB”) framework on a regular basis in a bid to make foreign borrowings a lucrative method of raising capital.  On December 17, 2018, the RBI replaced the erstwhile regulations on ECBs and notified the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018. …

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Banking and Finance
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January 21, 2019

DELHI HIGH COURT HOLDS THAT 24 GE GROUP ENTITIES HAVE A PE IN INDIA

Recently, the Delhi High Court (the “DHC”) upheld a judgement of the Delhi Bench of the Income-tax Appellate Tribunal (the “Delhi Tribunal”) in the case of GE Energy Parts, Inc. (the “Taxpayer”).  The DHC held that the liaison office established by the Taxpayer in New Delhi with the permission of the Reserve Bank of India…

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Tax
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January 16, 2019

CHANGES INTRODUCED BY THE COMPANY LAW ORDINANCE, 2018

In 2013, India adopted a new company law regime under the Companies Act, 2013 (the “Act”) and the rules there under, which have been amended from time-to-time. This update discusses the changes introduced by the Companies (Amendment) Ordinance Act, 2018 (the “Ordinance”) with effect from November 2, 2018.  As the Ordinance did not get approved…

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Corporate/M&A
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January 10, 2019

MAJMUDAR & PARTNERS IN 2018

Happy New Year to you. 2018 marked the 75th anniversary of Majmudar & Partners, and we celebrated it by launching our New York office.  This move has been well received by our clients and has added a new dimension to our growth. M&A in India The Indian M&A market crossed its all-time highs and saw…

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Testimonials
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December 27, 2018

RECENT UPDATES ON GAAR, ANGEL TAX AND TAX EXEMPT CONVERSIONS

Recent developments The Indian tax authorities have started invoking the general anti-avoidance rules (“GAAR”) under India’s Income-tax Act, 1961 (the “IT Act”).  In the last twelve (12) months, tax notices have been issued to many Indian subsidiaries of foreign companies to question transactions such as mergers, demergers, hive-offs, stock purchase transactions in Indian subsidiaries where…

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Tax
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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

RECENT CHANGES ANNOUNCED BY INDIA’S SECURITIES REGULATOR

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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