The Ministry of Law and Justice, Government of India vide its Notification dated January 17, 2020 (“Notification”) declared United Arab Emirates (“UAE”) a “reciprocating territory” for the purposes of enforcing foreign civil decrees in India. The declaration has been made by the Indian government in exercise of powers under Explanation 1 appended to Section 44A, Code of Civil Procedure, 1908 (“CPC”). Pursuant to the Notification, decrees passed by the courts in UAE are now executable in India as if they were passed in India.
The Finance Act of 2015 had proposed certain amendments to the Foreign Exchange Management Act, 1999 (“FEMA”). After a long delay, the amendments have finally been notified by the Central Government on October 15, 2019. Pursuant to the notification, the Central Government issued the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 (“NDI Rules”) and Foreign Exchange Management (Non-debt Instruments) (Amendment) Rules, 2019 (“Amendment Rules”) (collectively referred to as “Rules”) and the RBI issued the Foreign Exchange Management (Debt Instrument) Regulations, 2019 (“Debt Regulations”) and the Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019.
Anti-corruption enforcement has never been more aggressive or coordinated. In light of this situation, multinational corporations have continued to emphasize investment in strong anti-corruption compliance programs. Around the globe, jurisdictions have taken steps to strengthen their anti-corruption legislative framework by requiring organizations and businesses to comply with internal policies and local regulations.
The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 : New amendments and its implications
The Insolvency and Bankruptcy Code, 2016 (“Code”) has been amended through promulgation of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 (“Ordinance”) on December 28, 2019. The Ordinance amends the Code to inter-alia, prescribe the threshold for financial creditors of certain specified categories to initiate the resolution process; clarification with respect to persons that are not entitled to initiate the insolvency resolution process, etc. amongst other amendments that have been introduced. Some of the salient features of the Ordinance are enumerated herein below:
We are delighted to share with you that LexCounsel, Law Offices has been awarded ‘The Dispute Resolution Law Firm of the Year’ at the BW Legal World-Global Legal Summit and Awards-2019. The Dispute Resolution Team led by Mr. Alishan Naqvee, Co-Founder accepted the award at the ceremony.
Ms. Seema Jhingan, Co-Founder of the Firm has also been awarded as ‘The Partner of the Year – Overall’ at the same event.
The Hon’ble High Court of Delhi in a recent judgment dated November 04, 2019 in the matter of Mukut Pathak & Ors. vs. Union of India and Anr. [W.P.(C) 9088/2018 & CM Appln. No. 35006/2018] interpreted the provisions of Section 164(2) of the Companies Act, 2013 (“CA 2013”) in detail including disqualification of directors, retrospective applicability of the section and applicability of principles of natural justice and discussed its consequent repercussions under Section 167(1) of the CA 2013.