Asia Pacific

Llinks Client Alert – Anti-Corruption (April 2020)

Llinks would like to share our views on the most recent hot topics and legal updates on the Anti-Corruption with “ Llinks Client Alert – Anti-Corruption (April 2020)”

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JV Compliance Issues during the Transition Period under the new FIL

On 1 January 2020, the Foreign Investment Law of the People’s Republic of China (“FIL“) came into force, at the same time, the four-decades old Sino-foreign Equity Joint Venture Law of the People’s Republic of China (“EJV Law“) and the three-decades-plus old Sino-foreign Co-operative Joint Venture Law of the People’ Republic of China (“CJV Law“) and their relevant regulations were simultaneously repealed. Read more…

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WFOE Compliance Issues during the Transition Period under the new FIL

On 1 January 2020, the Foreign Investment Law of the People’s Republic of China (“FIL“) came into force, and at the same time, the three-decades-old-plus Wholly Foreign-owned Enterprises Law of the People’s Republic of China (“WFOE Law” and its relevant regulations were simultaneously repealed. Read more…

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Safeguarding against Opportunistic Acquisitions – Restriction on FDI from China

In a significant change to the Foreign Direct Investment Policy 2017 (“FDI Policy”), the Department for Promotion of Industry and Internal Trade has issued Press Note No. 3 (2020 Series) dated April 17, 2020 (“Press Note 3”), wherein it has imposed certain restrictions for receiving FDI from neighbouring countries. According to the Press Note 3, any entity of a country which shares its land borders with India (i.e. China, Nepal, Bhutan, Bangladesh, Myanmar, Pakistan and Afghanistan) (“Specified Country”) or where the beneficial owner of any investment in India is based in such country or is citizen of such a country, will now require prior approval from the Government for its direct investment in India. Additionally, any transfer of ownership (whether existing or future) of an entity in India resulting in the beneficial ownership being situated in a Specified Country will also require prior Government approval. Changes proposed vide Press Note 3 will have statutory effect upon amendment of the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 (“NDI Rules”).

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Legalization of E-Meetings

The Emergency Decree B.E. 2563 (A.D. 2020) on E-Meetings which came into force on April 19, 2020, replaces the former National Council for Peace and Order No. 74/2557 (A.D. 2014) (“NCPO”) and legalizes the prior e-meetings under the said former NPKO order, and the new ones of both the public and private sectors, excluding those of the parliament, the courts of justice and the government’s procurement offices.

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FAQs on Companies Fresh Start Scheme, 2020 and LLP Modified Settlement Scheme, 2020

Vide its circular dated March 30, 2020, the Ministry of Corporate Affairs (“MCA”) had introduced the Companies Fresh Start Scheme, 2020 (“CFS Scheme”) and amended the LLP Settlement Scheme, 2020 (“LLP Modified Scheme”) to allow defaulting companies and limited liability partnerships an opportunity to file belated documents, returns etc. without charging of additional fees with respect to the delay in filing and grant immunity from prosecution with respect to such delay. We had, in an earlier update, highlighted the key provisions of the CFS Scheme and the LLP Modified Scheme (available at https://www.mondaq.com/india/shareholders/918732/relaxation-schemes-for-companies-and-limited-liability-partnerships and https://lexcounsel.in/wp-content/uploads/2020/04/Newsletter-April-012020-.pdf).

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SEBI RELAXES FPI REGULATIONS FOR INVESTMENTS THROUGH NON-FATF MEMBER COUNTRIES

The Securities Exchange Board of India (“SEBI”) vide notification number SEBI/LAD-NRO/GN/2020/09 dated April 07, 2020 amended the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 (“FPI Regulations”) and allowed foreign portfolio investors (“FPIs”) from countries other than Financial Action Task Force member countries, to be registered as category I FPIs if such countries are specified by the Central Government by an order or by way of an agreement or treaty with other sovereign Governments. The notification may be accessed here [Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2020].

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Ring-fencing under IBC, and Open Issues

An ordinance was promulgated on December 28, 2019 (“Ordinance”) making further amendment in the Insolvency and Bankruptcy Code, 2016 (“IBC) and the President of India accorded his assent to the Insolvency and Bankruptcy Code (Amendment) Act, 2020 (Amendment Act) inserting section 32 A which is now the fourth amendment to IBC.

The Amendment Act inter alia introduced Section 32 A to IBC which provides immunity to the corporate debtor and its assets if the resolution plan is approved and it results in change of the management of the corporate debtor from any prosecution, action, attachment, confiscation.

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Delhi High Court: Party challenging an award under Section 34, Arbitration and Conciliation Act, 1996 or seeking a stay on award to deposit the entire sum awarded

Judgment: Power Mech Projects Limited Vs. SEPCO Electric Power Construction Corporation [O.M.P. (I) (COMM.) 523/2017],

Forum: Hon’ble High Court of Delhi (“Court”)

Judgment delivered on: February 17, 2020

Act/Law: Arbitration and Conciliation Act, 1996 (“Act”).

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Llinks Client Alert – Anti-Corruption (March 2020)

Llinks would like to share our views on the most recent hot topics and legal updates on the Anti-Corruption with “ Llinks Client Alert – Anti-Corruption (March 2020)” Read more…Read more…

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