We are pleased to share our knowledge alert for the months of June and July 2024 being a compilation of our thought leadership articles on key legal and regulatory topics published by us in these months. ‘AL Insights – June and July 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: Recent amendments to the Insider Trading Regime
Recently, SEBI notified the SEBI (Prohibition of Insider Trading) (Second Amendment) Regulations, 2024, to ease the trading plan framework and provide flexibility in the execution of trades by insiders under the PIT Regulations.
Read MoreRegulatory Update: RBI relaxes norms for overseas investments in offshore funds
Recently, the Reserve Bank of India (RBI) issued a circular amending the Foreign Exchange Management (Overseas Investment) Directions, 2022 (OI Directions) with respect to investment in overseas funds (Circular). The OI Directions along with the Foreign Exchange Management (Overseas Investment) Rules, 2022 (OI Rules), the Foreign Exchange Management (Overseas Investment) Regulations, 2022 (OI Regulations) comprise…
Read MoreRegulatory Update: Certification requirement for key investment team of manager of AIF
In 2023, the Securities and Exchange Board of India (SEBI) published its consultation paper discussing its intention to do away with the requirement of having at least one key personnel of the key investment team of every Alternative Investment Fund (“AIF”) to have at least five years of experience in advising or managing pools of…
Read MoreRevenue not estopped from examining the taxability of receipts, other than attributable to service PE
In this globalized economy, individuals and businesses often operate across borders, leading to potential double taxation issues, which is prevented by entering double taxation avoidance agreements (DTAA) between various countries. Concepts such as permanent establishment (PE) and “make available” are the creations of DTAA, which have been subject to significant litigation in India. PE means…
Read MoreProduction Linked Incentive Scheme for white goods – application window reopened
The Indian Government had approved a Production Linked Incentive (PLI) scheme for White Goods (PLIWG Scheme) on 07 April 2021, as part of the ambitious ‘Atmanirbhar Bharat’ initiative. PLIWG Scheme has been designed to create a holistic component ecosystem for Air Conditioners (ACs) and LED lights industry and make India an integral part of the…
Read MoreSAAR vs. GAAR
SAAR vs. GAAR In the words of Indian judiciary[i] “tax planning may be legitimate provided it is within the framework of law. Colourable devices cannot be part of tax planning and it is wrong to encourage or entertain the belief that it is honourable to avoid the payment of tax by resorting to dubious methods.…
Read MoreBombay High Court grants interim relief despite ongoing arbitration
In the case of Ambrish H. Soni v. Chetan Narendra Dhakan & Ors., the Bombay High Court ruled that it can grant interim relief under the Arbitration and Conciliation Act, 1996 (A&C Act) even after an Arbitral Tribunal is constituted, if necessary. This decision clarifies the court's role in providing interim protection when arbitration proceedings…
Read More53rd GST Council meeting – Clarifications issued by CBIC
The 53rd Goods and Services Tax (GST) Council meeting was held on 22nd June 2024, which made several key recommendations with the objective to promote ease of doing business and reduce protracted litigation. In line with these recommendations, the Central Board of Indirect Taxes and Customs (CBIC) has issued certain circulars which seek to clarify…
Read MoreA thin rope for solicitation in Indian legal fraternity
Introduction In India, the legal profession is regarded as a noble practice, and lawyers are prohibited from advertising themselves. The practice of law, including the roles and responsibilities of lawyers and advocates, is governed by the Advocates Act, 1961 (Act) and the Bar Council of India (BCI) Rules. The BCI Rules specifically prohibit advocates from…
Read MoreNew guidelines for dispute resolution in public procurement contracts
On 03 June 2024, the Department of Expenditure under the Ministry of Finance, Government of India, issued guidelines for using arbitration and mediation in domestic public procurement contracts (available here). These guidelines aim to streamline the dispute resolution process, making it more efficient and cost-effective while addressing the unique challenges faced by government entities. The…
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