Tag Archives: LexCounsel Law Offices

ILN Today Post
June 7, 2013

Real Estate (Regulation and Development) Bill

By LexCounsel Law Offices

The Union Cabinet has reportedly approved the Real Estate Regulation & Development Bill (the “Bill”) on June 04, 2013, which seeks to regulate the real estate sector, which has so far been largely unregulated. Due to the lack of a robust regulatory mechanism and speedy litigation process, consumers have been at the receiving end in transactions with developers/builders with their rights often being compromised. It is expected that the Bill will reduce frauds, delays and corruption in the real estate sector and protect the interests of consumers. 

Posted in Asia Pacific | Legal Updates
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ILN Today Post
May 8, 2013

Sexual Harassment at Workplace– The Impetus on the Employer

By LexCounsel Law Offices

On April 23, 2013, the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (“Act”) came into force. The objective of the Act is to provide protection against sexual harassment of women at workplace and for the prevention and redressal of complaints in such regard. The aforesaid legislation is in furtherance to and in compliance with the Supreme Court’s directive, issued in the case of Vishaka v. State of Rajasthan, AIR 1997 SC 3011 (“Vishaka Guidelines”), for the government to legislate a law to curb the problem of ‘Sexual Harassment’ at workplace.

With the advent of the Act, understanding what it means for businesses assumes paramount significance. In view thereof, we have answered below some of the basic questions on this subject, to assist our clients and acquaintances in understanding and preparing for this change:

Posted in Asia Pacific | Legal Updates
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ILN Today Post
May 2, 2013

SC: FDI up to 51% in Multi Brand Retail, not unconstitutional

By LexCounsel Law Offices

On Wednesday, May 1, 2013 the Supreme Court of India (“SC”), reportedly dismissed a public interest litigation (“PIL”) filed by one Manohar Lal Sharma (“Petitioner”), providing a much awaited breather to the Government of India (“GoI”). The PIL was filed to challenge the notification of the GoI, permitting Foreign Direct Investment (“FDI”) up to 51% in multi brand retail in India (“Policy”).

The SC, whilst upholding the Policy, observed that there are enough examples of countries where small unorganized retailers have continued to co-exist with organized multinational retailers even after implementation of FDI and that the Policy will enlarge choices to consumers and do away with middlemen.

Posted in Asia Pacific | Legal Updates
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ILN Today Post
March 14, 2013

Government to Tame the Offset Route & Encourage Private Participation in Defence Production

By LexCounsel Law Offices

After the recent allegations of corruption in the defence deals, the Government is considering a second look at the Defence Procurement Procedure, the Defence Production Policy and the Defence Offset Guidelines, 2012 (“Offset Policy”). The present Defence Procurement Procedure and Offset Policy requires that in any purchase over INR 300 crore from a foreign company, thirty percent (30%) of the estimated cost of the acquisition in ’Buy (Global)’ category and thirty percent (30%) of the foreign exchange component in ‘Buy and Make’ with Transfer of Technology category should be ploughed back into India through offsets obligations. Offset obligations may be discharged with reference to eligible products and eligible services as described in the Offset Policy. Offsets are meant to improve indigenous manufacturing, engineering and technological base as well as to route investments into the domestic industry.

Posted in Asia Pacific | Legal Updates
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ILN Today Post
March 14, 2013

Transfer of Shares (of a Listed Company) between Non-Residents Exempt from Capital Gains Tax

By LexCounsel Law Offices

The Delhi High Court (“DHC”), has in a recent judgment (delivered on February 27, 2013) affirmed the ruling of the Authority for Advance Rulings (“AAR”), delivered on May 2, 2011, stating that income arising out of transfer of a long term capital asset, such capital asset being equity shares of an Indian listed company (where the transaction of sale of such equity shares is chargeable to securities transaction tax), would be exempt from payment of tax in India.

The issue concerning taxation arose when Goodyear Tire and Rubber Company (“GTRC”), a company incorporated under the laws of USA, transferred seventy four (74%) shares of Goodyear India Limited (“GIL”), a public company in India listed on the Bombay Stock Exchange (“BSE”), to its Singapore subsidiary, Goodyear Orient Company (Private) Limited (“GOCPL”) under a share contribution deed without any monetary consideration.

Posted in Asia Pacific | Legal Updates
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ILN Today Post
March 6, 2013

COMPETITION LAW ISSUES IN INDIA’S OIL & GAS SECTOR – PART 2

By LexCounsel Law Offices

Absence of an Independent Regulator in the Upstream Segment 

While the downstream and midstream segments are regulated by the Petroleum and Natural Gas Regulatory Board (“PNGRB”), the upstream segment is directly regulated by the Ministry of Petroleum and Natural Gas (“MOPNG”) with the technical support of the Directorate General of Hydrocarbons (“DGH”), under the administrative control of the MOPNG. Neither the MOPNG nor the DGH is an independent regulator.

Posted in Asia Pacific | Legal Updates
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ILN Today Post
February 25, 2013

Private Universities under Tax Scanner

By LexCounsel Law Offices

In wake of depleting revenue reserves, the government has set out on a march to probe the alleged service tax evasion by private universities and education institutes. Taking note of the practice of the private universities to open off-shore campuses, off-campus centres and study centres allegedly flouting norms of the University Grants Commission (the “UGC”), the Central Revenue Department has initiated a probe in the matter with support of the UGC to unearth the unauthorised opening and operation of the said centres.

Posted in Asia Pacific | Legal Updates
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ILN Today Post
February 25, 2013

All Children in Private Schools to have access to Free Education – Karnataka High Court

By LexCounsel Law Offices

In a recent far-reaching order dated February 12, 2013, passed by Justice H. G. Ramesh, in the matter Sarvodaya School Students v. State of Karnataka [Writ Petition No. 18809/2012] (the “Order”), the Karnataka High Court (the “Court”) has stated that the right to free and compulsory education under Article 21A of the Constitution of India is available to all students in private schools of the age of 6 (six) to 14 (fourteen) years and not merely the 25% prescribed and selected by the State under the Right of Children to Free and Compulsory Education Act, 2009 (the “RTE Act”). The Court remarked that private schools are entitled to claim reimbursement from the State government, of the foregone fee for all the students who claim the benefit of fee concession. The State and the Central government were called upon by the Court to ensure that proper arrangements were made by them to indemnify the private institutions in this regard.

Posted in Asia Pacific | Legal Updates
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ILN Today Post
January 4, 2013

Government to Act as a Watchdog over Clinical Trials

By LexCounsel Law Offices

The Supreme Court of India (“SC”) while hearing the PIL filed by an NGO Swasthya Adhikar Manch expressed its concern over illegal clinical trials of drugs being allegedly conducted on humans by the multinational companies in India.

The SC further mentioned that the Government being under an obligation to protect the health of the citizens of the country, all the clinical trials should be conducted under the supervision of the Union Health Secretary. The SC has also directed the Government to take stringent action against any multinational companies engaged in conducting illegal clinical trials in India.

The observations of the SC and the order passed by its is expected to be of major concern to the clinical trial industry and also to affect the drug development process in India and abroad.

By: Alishan Naqvee, Partner (anaqvee@lexcounsel.in) and Dhruv Manchanda, Associate (dmanchanda@lexcounsel.in)

Posted in Asia Pacific | Legal Updates
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ILN Today Post
January 4, 2013

CCI Alters Realty Agreements

By LexCounsel Law Offices

India’s antitrust regulator, the Competition Commission of India (“CCI”) is proactively exercising its powers to gain its due and relevant place in the affairs of the world’s largest democracy. The CCI has recently taken a step forward towards protecting the interests of the property buyers by modifying the terms of the agreement executed between one of India’s largest real estate player and the apartment buyers for two different real estate projects. The provisions of the Apartment Buyers Agreement have apparently been modified to make the agreements more equitable and fair to the property buyers.

The CCI has reportedly modified approximately 16 (sixteen) sub-clauses which were deemed abusive and unreasonable to the buyer, as also required modifications in view of the laws applicable to the development of group housing projects in the state of Haryana. CCI has, inter alia, also commented that:

Posted in Asia Pacific | Legal Updates
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