We are pleased to share our knowledge alert for the month of September 2024 being a compilation of our thought leadership articles on key legal and regulatory topics published by us in this month. ‘AL Insights – September 2024’ consists of our publications on corporate laws, tax laws and disputes matters.
We trust you will find the same to be an interesting read.
To read more, click on the access links below or download the pdf.
Overview of the New Merger Control Regime
On 9 September 2024, the Ministry of Corporate Affairs has notified several provisions of the Competition (Amendment) Act, 2023 along with the related rules and regulations including introduction of the ‘deal value threshold’. In this update, we have summarized some of the key changes brought about in the merger control regime
Read MoreRegulatory Update: New Compounding Rules under FEMA
On 12 September 2024, the Department of Economic Affairs, Ministry of Finance has notified the Foreign Exchange (Compounding Proceeding) Rules, 2024 with a view to streamline and simplify the processing of compounding applications. In this update, we have provided a brief summary of the changes introduced by the new Rules.
Read MoreSupreme Court outlines the procedure of impounding of unstamped documents under the Karnataka Stamp Act
Recently, in the case of Seetharama Shetty v. Monappa Shetty, the Supreme Court of India has provided clarity on the procedure of impounding an unstamped / insufficiently stamped instrument under the Karnataka Stamp Act. In this update, we discuss the ruling of the Supreme Court.
Read MoreRegulatory Update: SEBI Guidelines on borrowings by AIFs and extension of tenure by LVFs
Recently, the Securities Exchange Board of India (Alternative Investment Funds) Regulations, 2012 (AIF Regulations) were amended with respect to: (a) borrowing norms for Category I and Category II Alternative Investment Funds (AIFs); and (b) maximum permissible limit for extension of tenure by Large Value Funds. We have outlined the guidelines brought into effect.
Read MoreExplosion in Derivatives Trading: Regulatory Measures to Shield Retail Investors
The Securities and Exchange Board of India (SEBI) on 30 July 2024 has proposed measures to restrict the participation of retail investors in trading of Futures and Options Derivatives. We have analysed the feasibility of SEBI's proposed regulatory measures, including increased contract sizes, stricter margin requirements, and limitations on weekly options expiries.
Read MoreEPFO: Revision to rate of damages payable by employers
On 14 June 2024, the Employees’ Provident Fund Organization, Ministry of Labour and Employment introduced certain amendments to the Employees’ Provident Funds Scheme, 1952, Employees’ Pension Scheme, 1995 and Employees’ Deposit Linked Insurance Scheme, 1976. In this update, we have summarised the revision in rate of damages applicable pursuant to the amendments.
Read MoreGST Update – 54th GST Council Meeting Recommendations
The 54th Goods and Services Tax (GST) Council meeting was held on 09 September 2024. The Council has made several recommendations, primarily relating to changes in GST rates, relief to be provided to individuals, measures for facilitation of trade and measures for streamlining compliances in GST. In this update, we have captured the key recommendations.
Read MoreGST Update: Circulars issued post the 54th GST Council Recommendations
Pursuant to recommendations of the 54th GST Council meeting held on 9 September 2024, the Central Board of Indirect Taxes and Customs has issued various clarificatory circulars. We have summarized the circulars and explained the clarifications which should put to rest certain ambiguities faced by the industry.
Read More“Royalty” paid on mines and mineral lands is not a “Tax” affirms Supreme Court
On 25 July 2024, the Supreme Court of India through an 8:1 majority, upheld the right of State Governments to impose taxes on mines and mineral-bearing lands. The Supreme Court also ruled that royalties payable on extracted minerals do not constitute a tax. In this article, we discuss the ruling of the Supreme Court.
Read MorePre-institution Mediation Mandatory for Counterclaim under the Commercial Courts Act
Here we discuss the mandate of pre-institution mediation provided under Section 12A of the Commercial Courts Act, 2015 in light of the recent Delhi High Court judgment of Aditya Birla Fashion v. Mrs. Saroj Tandon. The judgment has laid emphasis on following the mediation process before filing of a counterclaim in a commercial suit.
Read MoreTime limit prescribed under 29A applicable to arbitrations invoked post-2015 Amendment
Recently, the Delhi High Court in M/S Chinar Steel Industries v. Ircon International Limited had the opportunity to consider if the time limit prescribed under Section 29A of the Act applies to arbitrations that commenced even before the 2015 Amendment. Here we discuss the ruling of the Delhi High Court.
Read MoreNavigating Blacklisting: Key Takeaways from Supreme Court Ruling
On 7 August 2024, the Supreme Court of India in The Blue Dreamz Advertising Pvt Ltd. & Ors. vs. Kolkata Municipal Corporation & Ors. delivered a significant judgment deciding upon the validity of a blacklisting order issued by the Kolkata Municipal Corporation. In this update, we discuss the ruling of the Supreme Court.
Read MoreRegulatory Update: Securities Contracts (Regulation) Amendment Rules, 2024
Recently, the Ministry of Finance has amended the Securities Contracts (Regulation) Rules, 1957 vide a notification dated 28 August 2024. The amendments aim to simplify listing requirements for Indian public companies on international exchanges within the International Financial Services Centres and to facilitate easier access to global capital for Indian companies. We have summarised the amendments here.
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