Insights
September 1, 2016

DOES THE ARBITRATION AND CONCILIATION (AMENDMENT) ACT, 2015 APPLY TO COURT PROCEEDINGS FILED BEFORE ITS COMMENCEMENT?

Introduction  Recently, in three (3) identical matters (two (2) of which were filed by the Board of Control for Cricket in India (“BCCI”) against Rendezvous Sports World and Kochi Cricket Private Limited, respectively,) where the award-debtors sought to dismiss the applications to enforce the arbitral awards under the Arbitration and Conciliation Act, 1996 (the “Arbitration…

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Disputes and Arbitration
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July 28, 2016

THE INDIAN REAL ESTATE SECTOR: AN OVERVIEW

Introduction  The real estate sector is the driving force behind the growth of the Indian economy.  It is the second largest employment generator and GDP contributor in the country.  In the most generic sense, real estate business means buying and selling of properties (residential and commercial), which consist of land, buildings, natural resources attached, etc….

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Corporate/M&A
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July 15, 2016

CBDT NOTIFIES RULES ON FAIR MARKET VALUE

Introduction Reducing tax litigation has been a key focus area for the Modi government.  Several initiatives have been taken by the Central Board of Direct Taxes (the “CBDT”) in the recent past to significantly reduce disputes and provide relief to taxpayers involved in tedious litigation with the revenue authorities. The CBDT has also issued several…

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Tax
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June 24, 2016

INDIA EASES FOREIGN INVESTMENT NORMS IN DEFENCE, PHARMACEUTICALS, AND OTHER KEY SECTORS

Introduction India’s foreign investment regime has been liberalized significantly in the last couple of years.  On June 20, 2016, the Indian government announced a host of reforms to further liberalize foreign investment in the defence, pharmaceuticals, retail trading, civil aviation and broadcasting carriage services sectors, as also in private security agencies, and the Department of…

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Foreign Investment
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June 17, 2016

INDIAN MERGER CONTROL THRESHOLDS REVISED

Introduction The Competition Act, 2002 (the “Act’) read with the Competition Commission of India (Procedure in Regard to the Transaction of Business relating to Combinations) Regulations, 2011 deal with the merger control regime in India.  Recently, the Indian government has issued notifications to revise the de minimis and merger control thresholds, and has extended certain…

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Competition, Corporate/M&A
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June 15, 2016

RBI PRESCRIBES LIMITS ON DEFERRED CONSIDERATION AND INDEMNITY IN CROSS-BORDER TRANSACTIONS

Introduction M&A transactions often include escrow and indemnification provisions. Recently, the Reserve Bank of India (the “RBI”) has amended the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, permitting parties to defer the payment of a certain portion of the consideration and open escrow accounts (to deposit…

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Corporate/M&A, Foreign Investment
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June 10, 2016

INDIA’S NEW INSOLVENCY CODE – IS IT A GAME CHANGER OR A RUN-OF-THE-MILL REFORM?

Background – The need for a new law The Indian legal framework for insolvency resolution, debt recovery and restructuring of stressed assets was ineffective in ensuring satisfactory repair of credit default mainly due to the fact that insolvency and debt recovery were governed by different overlapping statutes having conflicting objectives. The laws governing debt recovery…

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Insolvency and Restructuring
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May 26, 2016

SEBI PROPOSES CHANGES TO THE P-NOTES REGIME TO CHECK MONEY LAUNDERING

Introduction On May 19, 2016, the Securities and Exchange Board of India (the “SEBI”), in its board meeting, specified certain additional measures to enhance transparency and control over the issuance of offshore derivative instruments (“P-Notes”).  These measures will come into effect through appropriate amendments in the existing regulations. Background The SEBI (Foreign Portfolio Investors) Regulations,…

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Securities Law
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May 12, 2016

IMPACT OF THE INDIA – MAURITIUS PROTOCOL

Introduction Under the bilateral double taxation avoidance agreement between India and Mauritius (the “Mauritius DTAA”), any capital gain arising from the sale of shares can be taxed only in Mauritius and not in India.  India has been attempting to renegotiate the Mauritius DTAA over the past decade to check round-tripping of funds and treaty abuse….

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Corporate/M&A, Tax
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April 27, 2016

AN OVERVIEW OF THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016

Introduction After much deliberation in the Indian Parliament, on March 25, 2016, the Real Estate (Regulation and Development) Act, 2016 (the “Act”) was enacted.  The Act seeks to regulate the real estate sector, and pave the way for speedier dispute resolution between property consumers and real estate developers.  The provisions of the Act will be…

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Real Property
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