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International Financial Services Centre – RBI, SEBI & IRDA issue guidelines

22 April,2015

In a major move to bring more meaning to SEZs in India, the Reserve Bank of India has notified Foreign Exchange Management (International Financial Services Centre) Regulations 2015, according to which a financial institution or a branch thereof set up in the International Financial Services Centre (IFSC) and permitted or recognised as such by the g...

Implied exclusion of Indian laws under an arbitration agreement

19 March, 2015 The agreement stipulated that the contract is to be governed and construed according to the English law in the arbitration clause. No other clause stating the applicable law was included in the agreement. Although there was no express exclusion of Indian laws or the Arbitration and Conciliation Act, 1996, there was ample indication of this through various phrases like ‘arbitrat...

Loans and advances by company to employees clarified

19 March, 2015 The Ministry of Corporate Affairs has clarified that loans or advances made by the companies to their employees, other than to the managing or whole time directors (which is governed by Section 185) are not governed by the requirements of Section 186 of the Companies Act, 2013. Earlier, the provisions of Section 186 were applicable to loans to ‘any person’ or other body corpora...

CCI order on abuse of dominance quashed

19 March, 2015 The Competition Appellate Tribunal (COMPAT) has set aside the order of the Competition Commission of India which had found abuse of dominance reasoning that information downloaded from the net and similar other material as relied upon by the Commission do not have any evidentiary value. The Tribunal in this regard noted that information available in the public domain could not ...

SEZ – Dual use of infrastructure permitted in non-processing area

20 January, 2015 Ministry of Commerce and Industry has allowed dual use of non-processing area in the Special Economic Zones with effect from 2-1-2015. According to the newly inserted Rule 11A in the Special Economic Zones Rules, 2006, the non-processing area can be divided into two parts, wherein social or commercial infrastructure and facilities in one part can be used both by SEZ entities ...

Status of secured creditor not alters unless charge explicitly extinguished

20 January, 2015 The Supreme Court of India has, on 9-1-2015, held that a charge created under Section 125 of Companies Act, 1956 shall not be extinguished unless the arbitration award does not explicitly say so. It was held that the consent award in an arbitral proceeding would not bar a suit for enforcement of the charge and it would not be hit by Order II, Rule 2 Code of Civil Procedure, a...

Director’s liability – ‘Alter ego’ and attribution of acts of companies

20 January, 2015 The Supreme Court of India has, on 9-1-2015, held that when the company is the offender, vicarious liability of the Directors cannot be imputed automatically, in the absence of any statutory provision to this effect. The Court in this regard set aside the Order of the special magistrate which had treated Managing Directors of specified companies as “alter ego” of their respec...

New Insider Trading Regulations notified

20 January, 2015 Securities and Exchange Board of India has notified new set of regulations, to put in place a framework for prohibition of insider trading in securities. As per the new Regulations, ‘insider’ means a connected person or a person having access or possession of unpublished price sensitive information. It may be noted that according to the note below the definition of ‘insider’,...

FDI in defence sector

17 December, 2014 The Department of Industrial Policy and Promotion (DIPP) has provided a list of defence items as finalised by Department of Defence Production, Ministry of Defence and has clarified that items not in the list, and dual use items i.e. items  having military as well as civilian applications, would not require industrial license for defence purposes. Further, according to RBI...

BIFR does not automatically lose jurisdiction once company gets revived

17 December, 2014 The Supreme Court of India has held that after a reference is registered by the Board for Industrial and Financial Reconstruction (BIFR), all throughout the subsequent stages, BIFR has complete supervisory control over the affairs of such company till it is revived or the decision to wind up such company is taken. The Apex Court rejected the plea that since the net worth o...

Land Developer Scheme linking returns to land value appreciation is a ‘Collective Investment Scheme'

17 December, 2014 SEBI has held that fund mobilizing activity of a company under the garb of real estate business for sale/purchase, development and maintenance of agricultural land is covered within the parameters of ‘collective investment scheme’ as defined in Section 11AA of the SEBI Act, 1992. The company in this case was running a scheme whereby it collected deposits from public in lump-...

FDI Policy relaxed for construction sector

6 November, 2014 The Indian Government has approved amendments to Foreign Direct Investment Policy (FDI) relating to Construction Development Sector. According to the press release issued after the Cabinet meeting, the minimum area requirement of 10 hectares for serviced housing plots has been removed and the minimum built-up area has been reduced to 20,000 sq metres of minimum floor area.  A...

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