April 28, 2021
Introduction of the Information Technology Rules:
After years of discussions and debates, the Ministry of Electronics and Information Technology, Government of India has notified new rules under the Information Technology Act, 2000 (“IT Act”) for monitoring social media digital media platforms. The new rules, viz. Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 (“Intermediary Guidelines”) inter alia aims to serve a dual-purpose: (1) increasing the accountability of the social media platforms (such as Facebook, Instagram, Twitter etc.) to prevent their misuse and abuse; and (2) empowering the users of social media by establishing a three-tier redressal mechanism for efficient grievance resolution. The Intermediary Guidelines have been framed in exercise of powers under section 87(2) of the IT Act and supersede the previous Information Technology (Intermediary Guidelines) Rules, 2011.
April 26, 2021
On March 12th, to further implement the requirement under the PRC Cyber Security Law that network operators comply with the principles of “legitimacy, justifiability and necessity” when collecting and using personal information”, as well as “network operators not collect personal information which are not relevant to the services which they provide” etc., Cyberspace Administration of China, Ministry of INformation and Industry, Public Security Bureau and State Administration for Market Regulation collectively issued the Rules for the Scope of Necessary Personal Information for the Common Category of Mobile Internet Applications (the “Rules for Necessary Personal Information“), prohibiting mobile internet application operators from refusing users to use APP’s fundamental functions only if the users decline to grant consent to the collection of unnecessary personal information. Read more…
April 16, 2021
LexCounsel is pleased to share that Mr. Ankit Kanodia would be leading the Indirect Tax Practice of the Firm. Ankit is a LLB and LLM degree holder from Vidyasagar University with distinction and is practicing in the Indirect Taxation domain for a decade. Ankit is also a qualified Chartered Accountant and a rank holder Company Secretary.
April 15, 2021
The Government on April 4, 2021 notified the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 (“IBC Ordinance, 2021”) amending the Insolvency and Bankruptcy Code, 2016 (“IBC”) to introduce pre-packaged insolvency resolution process (“Pre-Packaged Insolvency”) for Micro, Small and Medium Enterprises (“MSMEs”). The Government has also introduced the Insolvency and Bankruptcy (Prepackaged Insolvency Resolution Process) Rules, 2021 (“Pre-Packaged Insolvency Rules, 2021”) with effect from April 9, 2021.
April 15, 2021
Recently we have succeeded in applying for a winding-up order on behalf of our client against the National Investments Fund Limited (stock code 1227)(“NIF”), which is a typical chapter-21 listco and incorporated overseas and had been favoured by oversea investors for their subscription of recognised permissible asset for immigration purposes. Similar to other chapter-21 listings, NIF started with no track record, an all-cash balance sheet, an appointed investment manager and a custodian. Before the Capital Investment Entrant Scheme came to an end in 2015, NIF issued promissory notes in the aggregate amount of HK$ 110 million, all of which were in default upon the maturity dates. Read more…
April 14, 2021
The Government has promulgated an Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 (“Ordinance 2021”) to introduce a pre-packaged insolvency resolution process (“PIRP”) for corporate persons classified as micro, small and medium enterprises (“MSMEs”) with a maximum default value of INR 1 crore.
March 31, 2021
The Ministry of Corporate Affairs (“MCA”) through a gazette notification dated March 24, 2021 (“Notification”) amended the Schedule III of the Companies Act, 2013 (“Act”); Companies (Accounts) Rules, 2014 (“Account Rules”); and Companies (Audit and Auditors) Rules, 2014 (“Audit Rules”), (collectively referred to as “Amendments”) wherein the statutory auditor and the Board of Director (“Board”) of the company is required to make new disclosures and reporting while preparing the financial statement along with audit report and Board’s report respectively from the financial year 2021-22 and onwards.
March 17, 2021
On February 20, 2021, the State Administration for Market Regulation (“SAMR”) and the Standardization Administration issued GB 40050-2021 Security General Requirements on Critical Network Equipment (“Standard”), which is expected to take effect on August 1, 2021. The Standard consists of two parts: security function requirements and security safeguard requirements. Security function requirements include equipment identification security, redundant backup recovery and abnormal detection, vulnerability and malicious program precaution, pre-installed software startup and update security, user identification and authentication, access control security, log audit security, telecommunication security, data security and password requirements. Security safeguard requirements are related to design and development, production and delivery, operation and maintenance stages. Read more…
March 11, 2021
In 2020 several chop-hostage crises afflicted high profile companies in China which created corporate drama news headlines on a number of occasions. Read more…
March 10, 2021
Needless to say, it is important to make sure that a chop or signature is genuine. But in reality, it is impractical, if not impossible at all, to expect checks to be conducted at the forensic, or quasi-forensic level. Read more…