Tag Archives: LexCounsel Law Offices

ILN Today Post

Payment of Gratuity to Teachers

The Hon’ble Supreme Court in its recent judgment pronounced on January 7, 2019 in the case of Birla Institute of Technology vs. State of Jharkhand [Civil Appeal No. 2530 of 2012] (“BIT Case”), has endorsed its earlier view taken in the case of Ahmadabad Pvt. Primary Teachers Association vs. Administrative Officer and Others [(2004) 1 SCC 755] (“APPTA Case”) that teachers are not employees for the purposes of Payment of Gratuity Act, 1972 (“PG Act”).

Read more

Read full article
ILN Today Post

GDPR Compliances by Indian Companies – A Brief Overview

The introduction of European Union’s (“EU”) regulations on protection of natural persons with regard to processing of personal data and free movement of such data (“GDPR”) has brought on certain significant implications on Indian entities processing personal data of EU Residents. Basically, since GDPR has extra-territorial application and applies to processing of personal data of EU residents even by entities situated outside EU, Indian entities who are acting as either a ‘controller’ (i.e. the person who determines the purposes and means of the processing of data) or a ‘processor’ (i.e. the person who processes the personal data on behalf of the controller), of personal data of persons of EU, in relation to offering of goods or services to such persons or monitoring their behaviour in so far as it takes place within EU, become subject to GDPR.

Read more

Read full article
ILN Today Post

Risks Mitigation Strategies under a Merger & Acquisition Transaction

Mergers and Acquisitions (“M&A”) are one of the most preferred methods for inorganic growth of businesses. However, M&As can go wrong due to various reasons: overenthusiasm about unquantifiable strategic benefits of the deal resulting in over valuation of the acquired company; post deal integration issues in systems, processes, human resources leading to lack of synergies; mismatch between vision and operating strategies of the new and old managers; undisclosed/unexpected liabilities or claims causing a dent in the benefits of the M&A, etc.

Read more

Read full article
ILN Today Post

Ever-Greening of Loans and Bad Debts – RBI’S Stand and its Implications

The Reserve Bank of India (“RBI”) has time and again, in its directions, reports and Master Circulars, reiterated that banks should not indulge in ever-greening of its loans. RBI strongly frowns upon the practice of ever-greening of bad debts where banks so as to avoid classifying their accounts as non-performing assets (NPAs) (which requires higher provisioning and ultimately affects the profitability of banks), extend more loans to debt-ridden companies to repay their old loans with such banks, much to the detriment of the interest of the stakeholders and general public interest.

Read more

Read full article
ILN Today Post

Cheque Bouncing – Amendments to The Negotiable Instruments Act, 1881

The Negotiable Instruments Act, 1881 (“NI Act”) has been amended from time to time to make the law relating to dishonor of the cheque more stringent against unscrupulous drawers of cheques. Repeated efforts have been made both by the Legislature and the Judiciary to curb the blatant abuse of the process of law by the accused who delay the proceedings for dishonor of cheques issued by them. However, despite several efforts, the law relating to dishonor of cheques have failed to give respite to the complainants (payees of the cheques). Accused not only delay the proceedings at the stage of trial but also harass the complainant by filing appeal against the order of the trial court thus leaving the complainant struggling with tedious, time-consuming and cumbersome court procedures without getting any timely relief.

Read more

Read full article
ILN Today Post

GDPR What it means for Indian Businesses?

With digital and cross border transactions growing at an exponential rate, protection of personal data has become a critical issue with multi-jurisdictional implications. The recent and most significant example of protection of personal data being that of the European Union’s (“EU”) regulation on protection of natural persons with regard to processing of personal data and free movement of such data (“General Data Protection Regulation” or “GDPR”) that came into force from May 25, 2018 onwards. GDPR on account of its extraterritorial applicability has given rise to certain significant questions on its implications on non-EU organizations, which I have attempted to address below.

Read more

Read full article
ILN Today Post

WITHHOLDING TAX IMPLICATIONS ON PAYMENT OF TECHNICAL SERVICES FEE

One of the most common questions in an international transaction is the tax liability of the non-resident on the income proposed to be generated in India on provision of managerial, technical or consultancy services in India. In this article, we will be addressing the issue faced vis-à-vis a withholding tax implication on payments made to foreign collaborators for provision of technical services.

Read more

Read full article

ILN Firm of the Month – LexCounsel Law Offices, India! 

The ILN is proud to announce our latest firm of the month, LexCounsel Law Offices, India! 
LexCounsel is a New Delhi, India based corporate, commercial and litigation law firm. Each Partner has more than a decade of experience handling complex legal transactions and issues in India, and has consistently been nominated as a Leading Lawyer in his/her respective area of practice, particularly in IT, telecommunications and media; venture capital and private equity; and labour and employment.
Read full article
ILN Today Post

WITHHOLDING TAX IMPLICATIONS ON PAYMENT OF ROYALTY

Taxation is one of the most fundamental aspect of cross border transactions and generally attracts a lot of attention while negotiating and closing international deals. Varied opinions, narrow interpretations by tax assessing officers (often favouring treasury) and conflicting judicial precedents on the same issues sometimes shake investor confidence.

Read more

Read full article
ILN Today Post

INITIAL COIN OFFERINGS – THE REGULATORY PARADIGM FOR CRYPTO COINS IN INDIA AND CHINA

1.             Demystifying ICOs.

Initial Coin Offerings (or “ICOs”) as a means of fundraising has steadily becoming the new normal in this digital age for start-ups looking to fund new projects (and sometimes for creation of a new cryptocurrency). One of the most common cited example of successful ICOs is that of the now famous cryptocurrency Ether which was the result of the Ethereum ICO that was floated in 2014.

Read more

Read full article