Asia Pacific

Enforcement of Foreign Judgments in India – Inclusion of UAE as a Reciprocating Territory

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.

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Improved IP Protections under the Foreign Investment Law

On 1 January 2020, the PRC Foreign Investment Law (the “Foreign Investment Law”) and the PRC Implementation Regulation of the Foreign Investment Law (the “Foreign Investment Regulation”) (collectively, “FI Laws”) came into effect. Among other provisions regulating foreign equity investment in China, the FI Laws restate China’s position to strengthen the protections over foreign intellectual properties. Although it is still too early to see the real effects, the FI Laws have at least shown us a likely improved environment to protect foreign investors’ IP rights. Read more…

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FEMA Overhaul and Bifurcation of Debt and Non- Debt Instruments

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.

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Llinks Client Alert – Antitrust

I. The State Administration for Market Regulation issues the Draft of the Revised PRC Anti-Monopoly Law (Exposure Draft);

The State Administration for Market Regulation issues the Interim Provisions of the Review of Concentration of Undertakings (Exposure Draft);

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Llinks Client Alert – Cybersecurity, Data & Privacy

I. Highlights

Personal Information Protection Law and Data Security Law have been included in the 2020 legislative plan.

The Cyberspace Affairs Commission (CAC) issued Provisions on Governance of Network Information Content Ecosystem.

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Shanghai Summit to Feature Expert Discussions on Anti-Corruption Trends in Industry, Gov’t

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.

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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:

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LexCounsel, Law Offices awarded ‘The Dispute Resolution Law Firm of the Year’

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.

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A Future Based on Creditworthiness——Review of China’s Corporate Social Credit System and Corporate Compliance

“China has newly introduced its corporate social credit system (the “CSCS”)”, “the CSCS is mainly targeting European and American companies in China” and “the 2020 deadline is near and there is not much time left for foreign companies in China”, since the second half of 2020, headquarters and local offices of multinational companies operating in China have received many alert emails so headlined. Some consulting agencies held several seminars on the CSCS topic, which were quite popular among the concerned companies despite the costly tickets. Setting aside the hyperboles in these agencies market campaigns, the authors believes the CSCS’ profound influence on companies business operation in China.

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Disqualification of Directors – An Update

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.

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