Asia Pacific

Time to Protect Indian Businesses from Insolvency

The medium to long term financial effects of Coronavirus are yet to unfold, but the magnitude is already anticipated to be huge. Many countries across the world are announcing financial packages for businesses. India is also on the track to take a decision on relief packages.

With widespread lockdowns, the coming months are expected to witness a series of defaults by many viable businesses, and in this situation, we need to protect viable Indian businesses from landing up in our bankruptcy tribunals, for no fault of their promoters.

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FORCE MAJEURE AND CORONAVIRUS: FREQUENTLY ASKED QUESTIONS

Part 2: Possibility of Reduction in Workforce and Wage Bills

In Part 1 of this series, we discussed Force Majeure and Suspension/Termination of Contracts. You can contact newsletter@lexcounsel.in to get a copy of Part 1 of this series.

In this Part 2, we have attempted to answer some of the questions which businesses are asking concerning their ability to reduce workforce and wage bills.

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Initiative by Ministry of Corporate Affairs to contain the spread of COVID-19

As a part of Government of India’s initiative to ensure active preparation to face the challenge and threat posed by the growing pandemic of COVID-19, the Ministry of Corporate Affairs (MCA) has relaxed the rules with respect to meetings of board of directors and dispensed with the necessity of holding physical meetings on matters relating to approval of financial statements, board report, restructuring etc. up to 30th June 2020. Therefore, till 30th June 2020 the companies can convene meeting through video conferencing for approval of financial statement, board report etc. The MCA is further examining any other relaxations under the Companies Act, 2013, that may be necessitated on account of COVID-19.
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FORCE MAJEURE AND CORONAVIRUS: FREQUENTLY ASKED QUESTIONS

Part 1: Force Majeure and Suspension/Termination of Contracts

Coronavirus (COVID-19) is turning out to be a twin fold pandemic – that started with affecting public health and soon spread throughout the economy. Sudden global shutdown and travel restrictions have brought the economy to a screeching halt, before most of us could even comprehend the real impact. Many businesses are still at a loss and are only doing a guesswork regarding the magnitude of potential losses and recalibration needed for the businesses to survive this time, and remain viable.

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Lawyers: Don’t Let Coronavirus Stop You from Collaborating – Here’s How

As travel restrictions increase, and law firms begin to close their offices and reduce their client meetings, it’s time to get creative about the ways in which we keep in touch. “Collaboration” sounds like the sort of thing that requires you to be in the same room to achieve, but in fact, you can use content collaboration as a way to build relationships with clients, potential clients, and others all while remaining in your office (home or otherwise).

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Lawyers: Networking During the Coronavirus Outbreak

Coronavirus.

The hot topic on everyone’s mind at the moment (unless you’re in the US and then it’s pretty evenly split between politics and germs). I almost hate to join the fray and discuss it, but with so many events being cancelled, and travel restrictions being enacted, I wanted to add some suggestions for how to continue networking during this time, so that you don’t lose momentum on your relationship building efforts.

For some of us, travel and events still move forward. Travel guidance varies – it depends on your destination and the size of the gathering. Common sense and good hygiene are essential, and for our group, we’ll be instituting what we’re fondly referring to as “Operation Fist Bump” at our upcoming Annual Conference (which may be further downgraded to “Operation Wave Hello.”

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On Enterprises’ Obligations of Reporting Employees’ Information during the Epidemic

After the outbreak of Novel Coronavirus Pneumonia (COVID-19), government
departments, enterprises and institutions across the country have been
actively collecting information on the epidemic situation with a view to
maintaining the normal production order and economic order. On February 4,
the Office of the Central Cyberspace Affairs Commission (“CAC”) issued the
Notice on Protecting Personal Information and Using Big Data to Support
Joint Prevention and Control (hereinafter referred to as the “Notice”),
which is intended to urge all local government departments and all
institutions and entities to collect and report personal information related
to the joint prevention and control of the epidemic situation in accordance
with the law, to safeguard personal information security, and to protect
personal privacy from any violation. In this special period, enterprises
must not only make an orderly labor arrangement despite the impact by the
epidemic, cooperate with the information reporting tasks, but also pay
attention to employees’ personal information and privacy protection. This
article aims to clarify the legal basis for collecting and reporting
employees’ personal information to government agencies during this epidemic
situation, and to further provide enterprises with some compliance tips on
how to properly respond to requests for employees’ information from
government departments and secure employees’ personal information and
privacy at the same time. Read more…

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Chinese Legal and Regulatory Compliance Issues In relation to the Novel Coronavirus Outbreak

Outline:

  • Latest Local Policies on Postponing Work Resumption and Suggestions on Flexible
    Work Arrangements
  • Rent Relief or Termination of the Lease Agreement due to the Epidemic Outbreak?
  • Ten Preferential Policies – Suzhou, Jiangsu Province
  • Impacts of the WHO Declaration – Public Health Emergency of International Concern
  • General Legal Issues in relation to the Epidemic Outbreak
  • Employer Response
  • Toolkit of Relevant Notification & Worksheet

Read more…

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