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Corporate Amicus: December 2018

Dawn of the regulatory regime for Over-The-Top services By Prashant Phillips
The Telecom Regulatory Authority of India (TRAI) has recently released a consultation paper on regulatory framework for Over-the-Top (OTT) Communication Services. An example of such services includes messaging over the Internet, like WhatsApp. The present consultation paper is an attempt to assess the regulatory measures that need to be in place for such communication services. The consultation paper proposes different models based on which a regulatory framework for such services may be developed. Discussing these options, like, similar treatment of similar services, relaxed/reduced obligations on telecommunication service providers instead of proposing equal regulations for Over-the-Top Service Providers (OTPs), and no regulatory framework for OTPs, the first article in this issue concludes that regulatory framework for such services should provide sufficient regulatory control without inhibiting technological development. According to the author, a combination of different legislations may be required...

Adding teeth to the corruption law in India
By Akshita Alok
In February 2018 India ranked #81 in Corruption Perception Index, identified as one of the “worst offenders” in the Asia-Pacific region by these rankings. India has remained woefully behind in enforcing anti-corruption laws by largely keeping its watch-dog agencies toothless in terms of powers of prosecution. It is now working with stakeholders to create an even-playing field for companies as it competes for more investment and business from across the globe. Most significant recent change in this regard has been the Prevention of Corruption (Amendment) Act, 2018 brought into effect from July 26, 2018. The second article in this issue of Corporate Amicus discusses at length some of the key provisions of this Amendment Act and many other changes which will affect all corporations doing business in India. According to the author, it would be incumbent for commercial organizations to have appropriate policies like “Anti-bribery Policy” and “Whistle-blower Policy” in place to address the situations of dealing with third-parties and/or government departments. Organisations should also schedule training sessions for employees to create awareness regarding the policies and have a committee to oversee the effective implementation...

Notifications and Circulars

  • Companies (Registered Valuers and Valuation) Fourth Amendment Rules, 2018 come into effect from 13-11-2018.
  • SEBI lays down norms for transfer of securities in physical mode.
  • National Financial Reporting Authority Rules, 2018 effective from 13-11-2018.
  • Companies (Amendment) Ordinance, 2018 notified to promote the intent of the government on encouraging ease of doing business and re-categorises certain punishable acts found in the category of compoundable offences to acts having civil liabilities.

Ratio decidendi

  • IBC – Rejection of resolution plan by CoC when not correct – Supreme Court
December, 2018/Issue-87 December, 2018/Issue-87

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