The Government of India overhauled the indirect tax structure and implemented the goods and services tax (“GST”) many years ago but its execution especially with regard to transitional credit has been shaky and subject to various writ petitions and other litigations across India. Fortunately, the issue related to carrying forward of credit from the erstwhile service tax regime to GST was resolved by the recent verdict of the Supreme Court in the case of “Union of India & Ors V. Filco Trade Center Pvt. Ltd & Anr” 1.
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ILN Today Post
April 28, 2022
No Vested Right To Receive Foreign Contribution – Indian FCRA Regulations
In the Matter of: Noel Harper & Ors. vs. Union of India & Anr. [Writ Petition (Civil) No. 566 of 2021] with Writ Petition (Civil) No. 634 of 2021 and Writ Petition (Civil) No. 751 of 2021
Forum: Hon’ble Supreme Court of India
Order Delivered on: April 8, 2022
ILN Today Post
January 9, 2018
International Food Law and Policy – India Along with Other Jurisdictions
We are happy to announce that the textbook “International Food Law and Policy” published by Springer, with the India chapter lead authored by Ms. Dimpy Mohanty, Partner, LexCounsel, is now available in print version. It is also available as an e-book.
The book covers major aspects of food regulation, law, policy, food safety and environmental sustainability in a global context.
ILN Today Post
January 2, 2018
Virtual Currencies – An Enigma for Indian Authorities
In the present times, where trading and dealing in virtual currencies (“VCs”) such as Bitcoins, is surging at an extraordinary rate with astonishing highs and lows, the question of recognition and regulation of VCs under the Indian laws still looms in a cloud of confusion. After several advisories of the Reserve Bank of India (“RBI”), which has till date stood short of declaring VCs as illegal, and subsequent raids reportedly conducted by the Enforcement Directorate against operators of trading platforms of VCs in India (as already discussed in our previous updates1), the Income Tax (“IT”) department and the Securities Exchange Board of India (“SEBI”) are now considering to crack down the unregulated reign of Bitcoins.
ILN Today Post
December 15, 2017
Specific performance of an agreement to sell of an immovable property
The law with respect to specific performance of a contract is well established in India. The grant of relief of specific performance is a discretionary and equitable relief. The courts are therefore not bound to always grant the relief of specific performance merely because it is lawful to do so, but are required to apply their discretion in a sound and reasonable manner to meet the ends of justice.
ILN Today Post
December 1, 2017
Insolvency Code – Resolution of NPAs Vis-À-Vis Defaulting Promoters
Massive expansion and investments, primarily funded through bank loans (despite a weak promoters’ equity base), has given rise to companies which have overleveraged their balance sheets. Coupled with the economic slow-down, industry conditions and global financial crisis in the past, this led to these companies becoming financially stressed. While, certain companies were able to sustain themselves through swapping loans, many have already reached a point where they have financially broken down. Bhushan Steel, Lanco, Essar Steel, Kingfisher, Monnet Ispat and Alok Industries, are just a few reported examples of such broken down stories.
ILN Today Post
November 13, 2017
Compensation Agreements with Employees of Subsidiaries of Listed Indian Entities Within the Ambit of SEBI Listing Regulations
Earlier this year, the Securities and Exchange Board of India (“SEBI”) amended the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), to structure the unregulated compensation and profit sharing arrangements/agreements between shareholders/third parties with the employees, including the key managerial personnel, directors and promoters of listed investee companies (“Regulation 26(6)”). These arrangements were widely used by private equity investors to not only incentivize the promoters/key employees/directors but to accelerate the growth of the company and its consequent valuation to benefit the investors and other shareholders at large. But, from SEBI’s view point, these arrangements were a breeding ground for corporate governance issues and unfair trade practices. We have in our earlier article1, discussed the implications of the above SEBI amendment. While the Listing Regulations were amended to incorporate Regulation 26(6) vide its notification dated January 4, 2017, certain ambiguities related to interpretation of the Regulation 26(6) persist.
ILN Today Post
November 3, 2017
Security interests over moveable assets
Security interests over movable property can be created by way of mortgage, pledge, hypothecation, lien and charge.However, mortgage is usually a method of creating security interest over immovable properties, and its only in certain specified cases that it is coupled with a mortgage on moveable properties thereon. This article provides a brief introduction to some of the more commonly used security interests for moveable properties (being pledge, hypothecation, lien and charge).
ILN Today Post
October 27, 2017
ICCA recognizes Ms. Seema Jhingan as one of India’s Trusted Corporate Lawyers in its publication – ‘The Vanguards’
We are pleased to announce that Ms. Seema Jhingan, has been recognized as one of India’s Trusted Corporate Lawyers of 2017 by the Indian Corporate Counsel Association (ICCA) in its publication – ‘The Vanguards’ (as attached together with her published profile), with forwards from the Department of Legal Affairs, Ministry of Law and Justice and the Department of Commerce, Ministry of Commerce and Industry.
ILN Today Post
October 4, 2017
Significance of territorial exclusivity rights of franchisees
India has increasingly attracted global brands to establish their franchise arrangements in the country to benefit from the ever-expanding Indian market. Indian enterprises have also adopted franchise business models to expand in to the vast Indian territories. Typically, under a franchise model the franchisees benefit from the established business systems of the franchisors under a licensing arrangement with the right to use the trade mark and brand of the franchisors, and open franchise outlets for distribution of the products/services of the franchisor, in consideration of payment of franchise fees and/or royalties to the franchisor.
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