Asia Pacific

Extension for holding AGM for FY 2020

The Ministry of Corporate Affairs (MCA) has given directions to extend the due date for holding Annual General Meetings for the financial year ending on March 31, 2020, taking into account the difficulties faced due to Covid-19 pandemic situation in the country.

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Calcutta High Court Calls for Expenses Incurred by Schools during Pandemic

Case: Vineet Ruia vs. State of West Bengal [WP 5890(W) of 2020]

Forum: Hon’ble High Court of Calcutta (“CHC”)

Order delivered on: August 18, 2020

Substance of the Order: Establishment of a committee to ascertain the expenses incurred by schools during lockdown to determine if any concession in fees can be passed on to the students in view of the financial distress caused by the COVID 19 pandemic.

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ILN: Unprecedented Aid During the COVID-19 Crisis

The ILN’s Labor & Employment Group has put together a summary document, addressing the question, “In the UK the government has stepped in with unprecedented aid such as paying 80% of employees’ salaries who are at home and not working up to £2500 per month. There are also a raft of other financial measures. What measures have been enacted in your jurisdictions, and what are the impacts?” Click the guide below to see responses from 11 jurisdictions.

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Negotiation/Settlement of Lockdown Wages is a Way Forward Holds Supreme Court

Non-payment or substantial reduction of wages for the period the Indian industry was closed or operating at limited capacity due to COVID-19 despite the Central Government’s order to continue paying wages to workmen during the lockdown period has led to filing of several petitions before the Hon’ble Supreme Court of India.  In  the matter of Ficus Pax Private Ltd. & Ors. Vs. Union of India & Ors. [Writ Petition (C) Diary No. 10983 of 2020] (clubbed with various writ petitions), the Supreme Court has issued interim measures aimed at negotiating and settling the wages to be paid by employers to its employees for the lockdown period pursuant to the order dated March 29, 2020 (“MHA Wage Order”) issued by the Ministry of Home Affairs (“MHA”) in exercise of its powers under Section 10(2)(l) of the Disaster Management Act, 2005 (“DM Act”) and its subsequent withdrawal vide MHA’s order dated May 17, 2020 with effect from May 18, 2020. The settlement, if any, will be without prejudice to the rights of the employers/employees which is the subject of adjudication of the aforesaid petitions.

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Can Every Breach or Non-Performance be Justified or Excused on Invocation of COVID-19 as a Force Majeure: Delhi High Court Verdict

COVID-19 has caused tremendous economic loss, delays in project completion, missing of targets and milestones and potential breaches and disputes among contracting parties. Recently, in the matter of Halliburton Offshore Services Inc. vs Vedanta Limited & Anr. [O.M.P (I) (COMM.) No. 88/2020 & I.As. 3696-3697/2020], a petition seeking inter alia restrain on invocation of the bank guarantees issued in favour of the Respondent, the Hon’ble High Court of Delhi considered the issue of invocation of COVID-19 as a Force Majeure condition and held that “Every breach or non-performance cannot be justified or excused merely on the invocation of COVID-19 as a Force Majeure condition”. The Court further observed that it would have to take into consideration various factors to assess whether a party is genuinely prevented or justified in its non-performance due to the epidemic/pandemic.

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Temporary Layoffs during the COVID-19 Crisis – Updated

Companies have asked “Can an employer do temporary layoffs?” and want the answer in a short, summary format – and the ILN has answered – 17 member jurisdictions have weighed in with concise responses to help guide your business in the current crisis.

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CAN SUSUPENSION OF RENT DUE TO LOCKDOWN BE CLAIMED BY A LESSEE?

Judgment: Ramanand & Ors. Vs. Dr. Girish Soni & Anr. [CM APPL. 10847/2020]

Forum: Hon’ble High Court of Delhi (“DHC”)

Judgment delivered on: May 21, 2020

Act/LawIndian Contract Act, 1872 (“ICA”) and Transfer of Property Act, 1882 (“TPA”)

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Temporary Layoffs during the COVID-19 Crisis

Companies have asked “Can an employer do temporary layoffs?” and want the answer in a short, summary format – and the ILN has answered – 14 member jurisdictions have weighed in with concise responses to help guide your business in the current crisis.

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Changes in MSME Act under Economic Package announced by Union FM

Prime Minister Shri Narendra Modi announced Rs 20 lakh crore fiscal stimulus equivalent to 10 per cent of India’s GDP to deal with COVID-19 situation in the country, the Union Finance Minister Nirmala Sitharaman announced the following changes in the MSME sector to promote the motto of Self Reliant India and boost the economic status of the Country.

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Key takeaways from the Economic Package announced by Union FM

Prime Minister Shri Narendra Modi announced Rs 20 lakh crore fiscal stimulus equivalent to 10 per cent of India’s GDP to deal with COVID-19 situation in the country, the Union Finance Minister Nirmala Sitharaman announced the following changes in the various other sectors to promote the motto of Self Reliant India and boost the economic status of the Country.

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