Asia Pacific

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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Ahlawat & Associates ranked amongst Top 50 law firms in India by RSG Consulting

We are pleased and delighted to share with you that Ahlawat & Associates has been ranked amongst the top 50 law firms of 2019 by RSG Consulting in its India Report.

The rankings were unveiled at the RSG India Summit held on 26th November 2019 at the Four Seasons Hotel in Mumbai. RSG rankings are widely considered to be the most robust ranking of Indian law firms and is even used by the UK and Indian governments and academic institutions such as Harvard University as a source of reference. The rankings are conducted every alternate year and are based on number of deals, client satisfaction reviews and practice areas among other things.

Provided below is the link to the rankings: 

https://www.rsgindiareport.com/the-rsg-top-50-2019

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GLOBAL TAKE-DOWN OF DEFAMATORY CONTENT BY ONLINE PLATFORMS

An intense international debate is on relating to merits of global blocking of offensive and defamatory content including any URLs/web links/videos uploaded from global domains by online platforms such as Facebook Inc., Google Inc., YouTube LLC, Google Plus, Twitter etc. (the “Online Platforms”). This interesting issue was recently considered in detail by the Hon’ble Delhi High Court in the matter of Swami Ramdev and Anr. vs. Facebook, Inc. and Ors. [CS(OS) 27/2019].

Facts of the Case: The petitioner Swami Ramdev approached the Delhi High Court to inter alia seek a permanent and mandatory injunction against the Online Platforms for disseminating various defamatory remarks and information including videos, based on a book titled “Godman to Tycoon – The Untold Story of Baba Ramdev”. Though an interim order was granted by the Delhi High Court on January 24, 2019, directing removal of the offending URL and weblinks for the Indian domain, the question whether the said content was to be blocked globally was deferred for determination. The Court thereafter separately considered “what would constitute removal or disabling access within the meaning of section 79 of the Information Technology Act, 2000 (“IT Act”)? And can removal or disabling access be geographically limited or should it be global?”.

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