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How compliance is the biggest issue for CFOs

As much as Chief Executive Officers (“CEOs”), Chief Financial Officers (“CFOs”) have been involved in corporate scandals reported around the world. There have been instances of connivance between CEOs and CFOs in fraudulent irregularities. Corporate scandals often involve material accounting manipulations, or what is commonly referred to as “cooking the books” which cannot otherwise be accomplished without the tacit nod of the CFO.

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H1B Visa’s Impact on IT Firms

The recent overhauling of the H1B visa policy under the Trump Administration, has led to rising concerns and uncertainties on issuance of visas in the Indian IT industry.

For instance, the revised H1B visa guidelines prescribe for certain eligibility criteria like minimum educational qualifications, requirement of establishing that a particular position is a specialty occupation etc. The US Citizenship and Immigration Services had also recently clarified that an entry level computer programmer position would not generally qualify as a position in a “specialty occupation”. A position of “specialty occupation” requires higher education and would typically include scientist, engineers, skilled computer programmers, etc. The impact of these guidelines are, therefore, likely to be felt by entry-level IT recruits the hardest, many of whom travel to and are regularly outsourced to the US, for projects of US companies.

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WHO CAN FILE A CONSUMER COMPLAINT?

The National Consumer Disputes Redressal Commission (“NCDRC”) is frequently allowing much needed relief to the homebuyers in India in cases of delays in delivery and defaults by the builders/developers (“builders”).

In this article, we discuss the pragmatic judicial approach of the NCDRC in its two full bench judgments. These judgments rule out the technical objections (frequently raised by the builders in consumer complaints) that have often troubled the homebuyers and delayed the adjudication process.

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Insolvency and Bankruptcy Code – Meaning of “Dispute In Existence”

The recently implemented Insolvency & Bankruptcy Code, 2016 (“Code”), which streamlines the insolvency and liquidation process in India, has lately become the subject of varying interpretations by the National Company Law Tribunal (“Tribunal”).

Conflicting interpretations as to what constitutes a “dispute in existence” have surfaced between the Delhi and the Mumbai benches of the Tribunal.

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Multi-level Marketing Models: Applicable Regulatory Regime

  1. INTRODUCTION.

1.1.         Multi-level marketing (“MLM”) or direct selling models, where goods are marketed/sold directly to the end user (and not through a fixed retail location), by a network of distributors at different levels of distribution is a well-established business model used by various companies.

1.2.         However, there have also been various instances, of ‘ponzi’ or ‘pyramid schemes’, operating under the guise of MLM models, where income is generated through enrolment of more and more members, rather than sale of any tangible product, and which lure in the unsuspecting public through claims of quick and easy money. These schemes are regarded as a ‘Money Circulation Scheme’ and prohibited under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 (“Money Circulation Act”).

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Comments invited on draft guidelines for procurement of wind power through bidding

With India presently having a wind power installed capacity of around 32GW, the Ministry of New and Renewable Energy (“MNRE”) has invited comments on the draft guidelines for procurement of wind power through bidding. The draft guidelines have been formulated to promote competition and transparency through the process of bidding as required in terms of section 63 of the Electricity Act, 2003. The draft guidelines identifies the participants in the bidding process and outlines the pre-bid and post-bid activities and documentation to be fulfilled while undertaking the bidding process. A copy of the draft guidelines can be found here. Comments are requested by April 21, 2017.

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Amendments to Maternity Benefit Act 1961 comes into force

The following amendments to the Maternity Benefit Act, 1961, by virtue of the Maternity Benefit (Amendment) Act, 2017, have come into force with effect from April 1, 2017:

  • The maximum period for which a woman employee is entitled to payment of maternity benefit is now increased to 26 weeks (instead of the earlier 12 weeks). Further, not more than 8 weeks will precede the date of expected delivery (instead of the earlier 6 weeks). However, such extended benefit will only be given to a woman employee for her first two deliveries. A woman employee having two or more surviving children would be entitled to maternity benefit as per the earlier provisions, that is, a maximum period of 12 weeks of which not more than 6 weeks will precede the date of her expected delivery.
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Legal status of virtual currencies/cryptocurrencies in India

  1. INTRODUCTION. 

1.1.         Unlike the traditional form of currencies issued by government/banking authorities, virtual currencies (“VCs”) such as Bitcoin are a form of cryptocurrency/digital currency, ‘issued and usually controlled by its developers, and used and accepted among the members of a specific virtual community1, and which relies on cryptography for its creation and management.

1.2.         In this digital age, trading and transacting in VCs such as Bitcoins has reached an alarming proportion and the question of recognition and regulation of VCs is therefore a question that governments have been grappling with over the last few years. India is no different, and this newsletter is an attempt to provide a brief overview of the legal status of VCs in India. 

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Now register Trademark as ‘Well Known’​

In a significant development to improve India’s intellectual property regime, rules for registering trademarks have been simplified. This is a step in the right direction as it would boost the ease of doing business.

Now you can register trade mark as “Well Known” and Save potential litigation cost. The registration fee of Rs 1 lakh is insignificant if compared to the savings in potential litigation costs.

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Things you need to know about Employment and Business Visa in India

 

General Requirements

The Foreigner’s Act, 1946, The Registration of Foreigners Act, 1939 and The Citizenship Act, 1955, together with allied rules and periodic amendments regulate the foreigner’s entry, along with the immigration policy, movement and stay in India. Most foreign nationals entering India require a valid passport along with an appropriate visa depending on the motive of visit to India. Visa can be issued for the following purposes.

Business Visa: An individual seeking to travel to India on business should obtain a Business Visa. The validity of a business visa can range from 6 months to 10 years. Individuals who seek to establish a business in India may be eligible for a business visa, which is usually issued with a longer validity period (a long term visa). A business visa application should include supporting documents from the sponsoring organization(s).

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