Tag Archives: LexCounsel

ILN Today Post

SUPREME COURT: LAWYERS CAN ISSUE BANKRUPTCY LAW NOTICES AND BANKER’S CERTIFICATE IS NOT MANDATORY

Judgment: Macquarie Bank Limited (“MBL”) v. Shilpi Cable Technologies Ltd. (“SCTL”).

Forum: The Supreme Court of India (“SC”).

Judgment delivered on: December 15, 2017

Act/Law: The Insolvency and Bankruptcy Code, 2016 (“Code”).

Ratio: Firstly, lawyers can issue notice(s) under Section 8 of the Code, on behalf of the operational creditor they represent.

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NEW RBI NORMS ON PREPAID PAYMENT INSTRUMENTS

The Reserve Bank of India (“RBI”) has issued various guidelines from time to time on issuance and operations of Prepaid Payment Instruments (“PPIs”) in India. PPIs are defined as payment instruments that facilitate purchase of goods and services, including financial services, remittance facilities, etc., against the value stored on such instruments, and can be classified under three types viz. (i) Closed System PPIs, (ii) Semi-closed System PPIs, and (iii) Open System PPIs.

In view of the numerous technological innovations, progress in fintech and the use of PPIs growing at an exponential rate, RBI with the aim to foster innovation and competition, safety, security, and customer protection, has issued a fresh set of directions relating to issuance and operations of PPIs on October 11, 2017, in the form of RBI (Issuance and Operation of Prepaid Payment Instruments) Directions, 2017 (“Master Directions”). These Master Directions are applicable to PPI Issuers, System Providers, and System Participants, and are effective immediately. Existing authorised PPI issuers have, however, been allowed till December 31, 2017 to comply with the revised requirements (except where otherwise specified in the Directions).

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Security interests over moveable assets

Security interests over movable property can be created by way of mortgage, pledge, hypothecation, lien and charge.However, mortgage is usually a method of creating security interest over immovable properties, and its only in certain specified cases that it is coupled with a mortgage on moveable properties thereon. This article provides a brief introduction to some of the more commonly used security interests for moveable properties (being pledge, hypothecation, lien and charge). 

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ICCA recognizes Ms. Seema Jhingan as one of India’s Trusted Corporate Lawyers in its publication – ‘The Vanguards’

We are pleased to announce that Ms. Seema Jhingan, has been recognized as one of India’s Trusted Corporate Lawyers of 2017 by the Indian Corporate Counsel Association (ICCA) in its publication – ‘The Vanguards’ (as attached together with her published profile), with forwards from the Department of Legal Affairs, Ministry of Law and Justice and the Department of Commerce, Ministry of Commerce and Industry.

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India Proposes New Guidelines for Biosimilars/Vaccines

The Central Drugs Standard Control Organization (“CDSCO”) has released draft guidelines in an effort to streamline the regulatory process for granting marketing permission to similar vaccines and other biosimilars in India. The proposed revised Guidelines on Similar Biologics, 2016 (“Draft Guidelines”) seek to supplement the earlier “Guidelines on Similar Biologics: Regulatory Requirements for Marketing Authorization in India” (“2012 Guidelines”). 

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Is Imparting of ‘Education’ by Private Educational Institutions a ‘Public Function’ and its Implications

India has seen an exponential growth in the education sector and it holds an important place in the global education market. With 1.3 plus billion population, a market size of US$ 100 billion plus, more than 36,000 higher education institutions contributing 59.7 per cent of the market size, India has one of the largest higher education systems in the world*. With private sector taking a larger share of student enrolments every year, there is a huge potential for private equity participation in the education sector for sustained growth and delivery of quality education. However, this participation has also created unique challenges and one of such challenges is the amenability of educational institutions to the wider writ jurisdiction of the High Courts under Article 226 of the Constitution of India (“COI”) in its capacity of being an ‘authority’. 

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Sorry Mark, no “Free Basics” here – says India

The Telecom Regulatory Authority of India (“TRAI”), the Indian regulator for telecom services has on February 8, 2016 effectively said ‘NO’ to operation of “Free Basics” and similar platforms in India. TRAI has proposed the soon to be notified “Prohibition of Discriminatory Tariffs for Data Services Regulations, 2016” (“the Regulations”) along with an Explanatory Memorandum, which without naming, prohibit operation in India of platforms such as “Free Basics”, that may interfere with the principles of “net neutrality”.

“Free Basics”, a platform by Facebook, advocated fervently by its CEO, Mark Zuckerberg has faced vehement opposition by net neutrality supporters in India. The social media backlash earlier forced an Indian e-tailing giant Flipkart, to pull out of its participation in “Airtel Zero”, a platform by Airtel, the leading telecom service provider (“TSP”) in India. Zuckerberg also met the Indian Prime Minister in India and abroad, and conducted a Townhall meeting at Facebook Headquarters in San Jose in September 2015. No, there is no official confirmation that they ever discussed “Free Basics”! 

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Low Tariff for Solar PV Projects: The Good and the Not So Good

Tariffs for solar power have been falling steadily since 2010 when the Jawaharlal Nehru National Solar Mission (“JNNSM”) was launched – from the lowest tariff of ₹10.95 per kWh, discovered for photovoltaic (“PV”) projects in batch I of phase I of JNNSM, to ₹7.49 per kWh (being the lowest tariff discovered in reverse auctions based on discounted feed-in tariff) for PV projects in batch II of phase I of JNNSM, to a levelised tariff of ₹5.45 per kWh (₹4.95 per kWh in case benefit of accelerated depreciation is availed) for PV projects selected under reverse auctions based on viability gap funding (“VGF”) under batch I of phase II of JNNSM. 

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Inspiring innovation in start-ups – protection of intellectual property rights

India has become the fastest growing Start-Up base worldwide and stands third in the global Start-Ups ecosystem as per NASSCOM Start-Up Ecosystem Report 2015. With more Start-Up ventures taking shape, the ecosystem for establishing a successful a Start-Up is not only competitive but also tough to survive. In this scenario, novelty and innovation plays a pivotal role in attracting potential clients and investors. Inventions and creativity generates valuable intellectual property such as symbols, designs, content, marks, patents and images which can be protected under various legislations inter alia, Indian Copyright Act, 1957, Trade Mark Act, 1999, The Patents Act, 1970 and Designs Act, 2000. Consequently, proper implementation and enforcement of IP rights by a Start-Up is imperative. IP protection not only provides security against third-party infringements but also enhances the valuation and attractiveness of a Start-Up to investors.

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Call drops menace – Trai’s role and whether a rupee compensation is the answer to the problem

India’s mobile phone subscribers recently crossed the one billion mark. With the cheapest call tariffs in the world, India’s mobile user base is expected to contribute to massive growth in data usage and internet accessibility through mobile phones in the near future. However, the Telecom Regulatory Authority of India (TRAI) has a bigger problem on its hands. Although India definitely seems to be shining (it may also outstrip the United States in smartphone users), it cannot be denied that this shining comes with a considerable amount of whining from mobile phone users about the rapidly increasing phenomenon of “call drops”. 

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