NEWS & UPDATES
July 9, 2020

GOVERNMENT OF INDIA ISSUES A NOTIFICATION REGARDING SOVEREIGN WEALTH FUNDS AND GLOBAL PENSION FUNDS

In order to boost foreign investment in India’s infrastructure sector, the government has issued a notification that, effective from April 1, 2021, sovereign wealth funds and global pension funds will be fully exempt from tax in respect of their incomes arising from interest and dividend, and capital gains arising from their investments in India. Reports…

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RUKSHAD DAVAR SHARES HIS VIEWS WITH BLOOMBERG QUINT

The Securities and Exchange Board of India (SEBI) has amended the Investment Advisers Regulations, setting a tone for a reform that may change business dynamics for these entities. Our Partner and Head of M&A, Rukshad Davar shares his views with BloombergQuint on this move along with other industry experts. Read the article here.

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July 8, 2020

N. RAJA SUJITH SHARES HIS VIEWS WITH THE HINDU

A recent mobile app analysis indicated that Chinese mobile applications insisted on far more access permissions from users compared to most other apps available internationally today. N. Raja Sujith, Partner and Head (South India) at Majmudar & Partners, shares his views with The Hindu along with other industry experts and legal experts. Read the article…

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KARNATAKA HIGH COURT PASSES A RULING REGARDING TAX ON NON-COMPETE FEES

Non-compete fees on termination of employment qualify as salary in India, and the employer is statutorily required to withhold taxes prior to making payment. In a recent ruling, the Karnataka High Court has held that an Indian company will not be liable to withhold tax on non-compete fees paid to key employees performing services in…

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July 6, 2020

AMENDMENTS TO THE INDIAN STAMP ACT, 1899

The amendments to the Indian Stamp Act, 1899, introduced by the Finance Act, 2019, are effective from July 1, 2020. These amendments provide uniform stamp duty rates across all States on instruments of transaction in stock exchanges and depositories and seek to streamline the payment procedures. Also, the stamp duty rate leviable on the transfer…

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July 3, 2020

THE RESERVE BANK OF INDIA HAS ISSUED A NOTIFICATION TO REGULATE THE FUNCTIONING OF DLPs

Pursuant to various complaints made by borrowers against digital lending platforms (DLPs), including for high-interest rates, harsh recovery measures, and unauthorized use of borrowers’ personal data, the Reserve Bank of India (RBI) has issued a notification to regulate the functioning of DLPs.  The main thrust of the RBI’s notification is that outsourcing of any activity…

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June 30, 2020

RAVI S. RAGHAVAN SHARES HIS VIEWS WITH BLOOMBERG QUINT

Ravi S. Raghavan, Tax Counsel at Majmudar & Partners, shares his views with Bloomberg Quint on the application of Private International Law to permit tax benefits under the Income Tax Act by The Bombay High Court – India. Read the article here.

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June 26, 2020

Majmudar & Partners acts as Indian legal counsel to Finicity on its sale to Mastercard

Mastercard (NYSE: MA) has entered into an agreement to acquire Finicity, a leading North American provider of real-time access to financial data and insights, having significant operations in India. The purchase price is US$825 million, and Finicity’s existing shareholders have the potential for an earn-out of up to an additional $160 million if performance targets…

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June 22, 2020

INDIA’S SUPREME COURT ISSUES NOTICE TO THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

India’s Supreme Court has recently issued a notice to the Insurance Regulatory and Development Authority of India (IRDAI) for an explanation on the IRDAI’s failure in getting insurers to provide cover for mental illness treatments in their health insurance policies as prescribed by the Mental Healthcare Act, 2017 and the guidelines issued by the IRDAI…

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June 19, 2020

INDIA’S SECURITIES REGULATOR HAS ANNOUNCED MEASURES TO EASE CAPITAL RAISING BY LISTED COMPANIES

India’s securities regulator has announced some measures to ease capital raising by listed companies. The creeping acquisition limit has been increased to 10% voting rights for promoters acquiring equity shares through a preferential issue until March 31, 2021. Such acquisitions will not trigger an open offer. This change will incentivise promoters to buy equity at…

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