NEWS & UPDATES
July 8, 2020

N. RAJA SUJITH TALKS ABOUT THE IMPACT OF THE INDIAN BAN OF CHINESE APPS ON CHINESE FIRMS 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. The Ministry of Information and Technology had already asked app platforms such as Playstore and AppleStore to remove these apps on Monday and TikTok has already been removed. N….

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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

BLOOMBERG QUINT FEATURES RAVI S. RAGHAVAN’S THOUGHTS ON THE APPLICATION OF PRIVATE INTERNATIONAL LAW TO PERMIT TAX BENEFITS

The Bombay High Court applied the principles of private international law to permit tax benefits under the Income Tax Act, setting a precedent for tax disputes arising from reorganization of a business under foreign laws. Ravi S. Raghavan, Tax Counsel at Majmudar & Partners, shares his views with Bloomberg Quint – “This ruling is relevant…

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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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June 18, 2020

N. RAJA SUJITH DISCUSSES THE UNCERTAINTY FACED BY INDIAN STARTUPS FUNDED BY CHINA WITH BUSINESS STANDARD

N. Raja Sujith, Partner and Head (South India) at Majmudar & Partners, shares his views with Business Standard on how Chinese investments in Indian startups are expected to face hurdles as Sino-India tension escalates. India is expected to increase the level of scrutiny faced by Chinese investments – both direct and indirect. Read the complete…

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June 17, 2020

WEBINAR ON OVERVIEW OF EMPLOYMENT LAWS IN INDIA

Our partner, Amrit Mehta, will be speaking in a joint webinar with Mr. Takuya Fujimoto from Horitsumarket Corporation, Tokyo. Topic: Overview of Employment Laws in India Time: 0930 IST – 1100 IST (1300 JST – 1430 JST) Date: Thursday, June 18, 2020 The webinar will cover certain key aspects of Indian employment legislation that may…

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