Tag Archives: newsletter

ILN Today Post

WHO CAN FILE A CONSUMER COMPLAINT?

The National Consumer Disputes Redressal Commission (“NCDRC”) is frequently allowing much needed relief to the homebuyers in India in cases of delays in delivery and defaults by the builders/developers (“builders”).

In this article, we discuss the pragmatic judicial approach of the NCDRC in its two full bench judgments. These judgments rule out the technical objections (frequently raised by the builders in consumer complaints) that have often troubled the homebuyers and delayed the adjudication process.

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ILN Today Post

Insolvency and Bankruptcy Code – Meaning of “Dispute In Existence”

The recently implemented Insolvency & Bankruptcy Code, 2016 (“Code”), which streamlines the insolvency and liquidation process in India, has lately become the subject of varying interpretations by the National Company Law Tribunal (“Tribunal”).

Conflicting interpretations as to what constitutes a “dispute in existence” have surfaced between the Delhi and the Mumbai benches of the Tribunal.

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ILN Today Post

Decrease of the corporate income tax rate to 28%

The standard corporate income tax rate fixed at 33.33% will progressively be decreased to 28%.

In 2017, only the SMEs which have less than 250 employees, and less than EUR 50 million turnover or balance sheet of under EUR 43 million benefit from the 28% on their profit first EUR 75,000 of taxable income.

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ILN Today Post

Peterka Partners – The CEE Law Firm Newsletter 1Q 2017

CZECH REPUBLIC

New Act on Public Procurement

On 1 November 2016, the new Act on Public Procurement, reflecting three European Directives from 2014, came into effect in the Czech Republic. The new Act brings with it more extensive scope for the application of the general principles of public procurement (transparency, non-discrimination, equal treatment, proportionality, etc.).

Electronic Records of Sale

On 1 December 2016, the Act on Electronic Records of Sale entered into effect. Due to the Act, a new system of online information for the tax authorities on all cash payments received was introduced and it caused the closing of a few small businesses; however, no substantial problems have yet occurred.

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ILN Today Post

Peterka Partners – Newsletter July 2016

CZECH REPUBLIC

Register of Contracts As from 1 July 2016, contracts with public institutions must be published in a central register kept by the Ministry of the Interior. The failure to publish the relevant contracts will be sanctioned as from 1 July 2017, and this for contracts concluded from 1 July 2017 on.

Registration of beneficial owners

Amendment to the Act on Public Registers is passing through the legislative process. If enacted, companies registered in the Czech Republic will be required to disclose, within one year, their ultimate beneficial owner.

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ILN Today Post

Roles and Responsibilities of a Director Under Companies Act, 2013 – Pitfalls and Safeguards

1. Duties and Responsibilities of Directors.

1.1. The erstwhile Companies Act, 1956 (‘CA 1956’) contained no statement
of statutory duties of directors, and acts of directors were usually
reviewed in the context of their powers in terms of section 291 of the CA
1956 (which dealt with general powers of the board) and other applicable
laws, and their established roles under common law as laid down in several
judicial precedents1.

1.2. The Companies Act, 2013 (‘CA 2013’) for the first time has laid down
the duties of directors in unequivocal terms in section 166. In summary, the
general duties of directors under the CA 2013 are as follows:
* to act in accordance with the articles of the company, in other
words, to act within powers; 

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ILN Today Post

Swiss challenges method-solicited proposal for development

Introduction

Infrastructure development and its advancement is the first indicator of the level of growth of a nation. While the Government of India has explored various options for a speedy and efficient development of the country’s infrastructure, there are still many a gaps in the Indian infrastructure growth story.

Traditionally, the conceptualization, designing and planning of an infrastructure project is undertaken by the government followed by tenders and awards for such projects to the selected bidders. The government usually uses the least cost method or the quality and cost based selection method for granting these tenders and encourages the public private partnership for effecting the projects.  However, a private sector entity may also take the initiative and pursue the government suo moto for development of social infrastructure projects. To avoid allegations of arbitrariness, unfairness and biasness, the most common method adopted by the government in granting approval to such unsolicited proposals is the Swiss Challenge Method (“the Method”).

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ILN Today Post

Dej-Udom & Associates Newsletter – March 2016

ASEAN Economic Community News

US-ASEAN Connect
The United States and the leaders of the 10 ASEAN member countries launched the US-ASEAN Connect, an economic cooperation initiative, during last month’s leadership summit in California. The initiative has four pillars. Business Connect to support increased commercial engagement between U.S. and ASEAN businesses in regionally important sectors. Energy Connect to assist in the development of power sectors using sustainable and innovative technologies. Innovation Connect to support Southeast Asia’s entrepreneurs through policy support, technical support, and knowledge exchange. Policy Connect to support ASEAN in creating a stable policy environment favorable to trade and investment. The US government also agreed to establish centers in Singapore, Jakarta, and Bangkok to support the initiative and coordinate US economic engagement in ASEAN.

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ILN Today Post

Dej-Udom & Associates Newsletter – February 2016

The Dej-Udom & Associates Newsletter for February 2016

ASEAN Economic Community News

Sunnylands Declaration
In February, leaders of the ten ASEAN nations and the President of the United States met for the first US-ASEAN Leaders Summit – the first ever held in the US and the first since the establishment of the ASEAN Economic Community. At the conclusion of the Special Leaders Summit, a joint US-ASEAN statement, the Sunnylands Declaration, was signed. The 17-paragraph Sunnylands Declaration lists the key principles that will guide US-ASEAN cooperation going forward and is meant to provide the most comprehensive framework for strategic and security cooperation between ASEAN and the US thus far.

Top Digital Economy
In a recent report, a global management consulting firm and a leading Asian telecommunications company maintain that the ASEAN region has the potential to become one of the world’s top five digital economies by 2025. The authors believe that the region is set to be at the forefront of the coming digital revolution and that many fundamentals for the growth are already in place. A robust digital economy could add US$1 trillion to the ASEAN GDP over the next 10 years.

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ILN Today Post

Dej-Udom & Associates Newsletter – December 2015

COUNTDOWN 2015 – ASEAN Economic Community

Asia Infrastructure Investment Bank
China’s Finance Ministry announced the formal establishment of the Asian Infrastructure Investment Bank (AIIB) which will be headquartered in Beijing and commence operations in early 2016. The bank’s Articles of Agreement became effective after the parliaments of 17 founding members who hold a 50.1% stake ratified the agreement. The bank has 57 founding members, 37 regional and 20 non-regional, including all ASEAN member states. The AIIB will provide infrastructure financing for the construction of roads, railways, and airports across Asia-Pacific. A major regional bank estimates that Asian countries will need USD 8 trillion in infrastructure investments over the next 10 years to sustain current economic growth rates.

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