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Understanding ‘Substituted Performance’ under the Specific Relief (Amendment) Bill, 2018


By Akshita Alok and Nikhil Singal

India ranks at #164 in the world rankings for ‘enforcing contracts’ given by the World Bank, and at #100 in the same rankings for “ease of doing business”. Certainly, this is a cause of concern and it is only natural for the Government to take steps towards improving the state of affairs p...

Making specific performance the rule; not the exception


By Akshita Alok
 
Introduction

On March 15th, 2018, the Lok Sabha passed the Specific Reliefs (Amendment) Bill, 2017 (“Bill”) by a voice vote proposing to amend several provisions of The Specific Reliefs Act, 1963 (“Act&...

Trading in Virtual Currencies: An analysis under foreign exchange laws of India

By Sudish Sharma and Anantha Desikan

The cryptocurrencies or virtual currencies (“VC”) [see Endnote 1] can be defined as a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. There are many forms of VC such a...

Cross-border Mergers – Analysis of FEMA provisions


By Mallika Shekhar and Neeraj Dubey
 
Introduction

On 13th April 2017, the Ministry of Corporate Affairs (MCA) notified Section 234 of the Companies Act, 2013 and inserted a new Rule 25A (merger or amalgamation of a Foreign Company with Indian company and vice-versa)...

Companies (Amendment) Act, 2017 – An analysis

By Pulkit Chaturvedi

The Central Government has notified Companies (Amendment) Act, 2017 (“Amendment Act”) on January 3, 2018 that was passed by the Parliament in its winter session [see End Note 1]. The Companies Act (Amendment) Bill, 2016 (“Bill”) was first introduced in the lower house of ...

The Insolvency and Bankruptcy Code (Amendment) Act, 2018 – Analysis of the Key Changes


By Aishwarya Dubey

Background

The Insolvency & Bankruptcy Code, 2016 (the “Code”) consolidated the archaic insolvency laws, provided a consolidated legislation and revolutionised the insolvency regime in India. Undoubtedly, the Code has had a significant impact on the way corporate India func...

Aiming greater transparency on sale of packaged commodity online

By Rohit Subramanian

The e-commerce sector has witnessed a phenomenal growth in the past few years resulting in the Central Government hightailing numerous legislative actions, initiatives and policies to regulate e-commerce companies. The Government vide these measures seek to ensure transparent and hassle-free operation of the e-commerce indus...

Condonation of Delay Scheme, 2018

By Pulkit Chaturvedi

Statutorily, Companies are required to file their annual financial statements and annual returns with the Registrar of Companies of their respective jurisdictions (“RoC”) in the forms as prescribed and rolled out by Ministry of Corporate Affairs (“MCA”) from time to time. Consequently, any non-filing of these ...

Luck Factor - An analysis of changes in Gaming Law


By Noorul Hassan SK and Aparajitha Narayanan
 
Introduction

In today’s world, there is no sector or industry which does not marginally, if not entirely, depend on technology for its business purposes. This has shrunk the physical world and enlarged the virtual space, increasingly...

Restriction on number of layers on companies


By Pulkit Chaturvedi

The Ministry of Corporate Affairs (MCA) vide Notification S.O. 3086(E), dated September 20, 2017 notified proviso to Section 2(87) of Companies Act, 2013 (Act). The notified clause provides for the definition of ‘Subsidiary company’ and specifies that such classes of holding companies, as prescri...

Key changes in 2017 FDI Policy for single brand retail trading sector


By Anurag Pareek and Rohan Singh
 
Background
 
Foreign Direct Investment (“FDI”) upto 100 percent is allowed in single brand retail trade (“SBRT”) sector. FDI upto 49 percent is allowed under the automatic route and FDI in excess of 49 percent requires prior government appr...

Overriding effect of Insolvency and Bankruptcy Code


By Aparajitha Narayanan

Introduction:

Until the commencement of the Insolvency and Bankruptcy Code (hereinafter referred to as IBC) in May, 2016, there was no single legislation dealing with matters of insolvency and bankruptcy in India. It was widely known and accepted that a plethora of the erstwhile leg...

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