We are pleased to share our knowledge alert for the month of August 2024 being a compilation of our thought leadership articles on key legal and regulatory topics published by us in this month. ‘AL Insights – August 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.
Regulatory Update: Amendments to the Foreign Exchange Non-Debt Instrument Rules
Recently, the Ministry of Finance has introduced amendments to the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 (NDI Rules) to simplify cross border share swaps and harmonize key definitions with the relevant legal frameworks in India. In this update, we discuss the amendments brought to the NDI Rules.
Read MoreNo extra benefit can be claimed beyond the return of income
Recently, the Income-tax Appellate Tribunal (ITAT) Delhi in the case of Nikesh Arora vs. Deputy Commissioner of Income-tax has arrived at its ruling in favour of the taxpayer. Here is a summary of the ruling and our thoughts on the same.
Read MoreTaxability of compensation in relation to diminution in value of ESOPs
Recently, the Hon’ble Madras High Court in the case of Nishithkumar Mukeshkumar Mehta v. DCIT, has dealt with the question of taxability of compensation in relation to ESOPs received by the employee at a pre-exercise stage, when the employee had not exercised the options under the ESOP scheme.
Read MoreIBBI Guidelines for the members of committee of creditors
On 06 August 2024, the Insolvency and Bankruptcy Board of India released the “Guidelines for the Committee of Creditors” outlining nine considerations for timely resolution of insolvency of the corporate debtor. In the present update, we discuss the guidelines.
Read MoreSupreme Court’s take on rate of conversion of foreign currency awarded in arbitral award
In this update, we discuss the decision of the Supreme Court of India in DLF Ltd. & Anr. v. Koncar Generators and Motors Ltd. The Supreme Court has laid down twin principles to determine the appropriate foreign exchange rate in cases where the arbitral award is expressed in foreign currency for the purpose of enforcement.
Read More“Doctrine of Necessity” can be read in accordance with the Code to revive a corporate debtor
In this update, we discuss the decision of the National Company Law Appellate Tribunal in C. Sivasami v. A.R. Ramasubramania Raja & Anr. The Appellate Tribunal invoked its inherent powers to apply the “doctrine of necessity” to revive a corporate debtor
Read MoreNCLAT: CoC has no power to substitute successful resolution applicant once approved
Recently, the NCLAT ruled that the Committee of Creditors (CoC) does not hold the power to approve the substitution of a Successful Resolution Applicant with an entity who was not a part of pool of Prospective Resolution Applicants. Read the details in this update.
Read MoreEstablishments in Maharashtra to mandatorily have insurance
The Maharashtra Government recently issued a notification requiring establishments covered under the Maharashtra Shops and Establishments law to mandatorily obtain insurance and include policy details in their compliance submissions. In this update, we provide a short summary on this notification.
Read MoreIBC: Mandatory Requirement of Valuation Number
On 12 August 2024, the Insolvency and Bankruptcy Board of India (IBBI) issued a circular mandating Registered Valuers (RV) and Registered Valuer Entities (RVE) to generate a VRIN for each valuation conducted under the Insolvency and Bankruptcy Code, 2016. We discuss this circular in this update.
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