M&a and Internal Restructuring – Providing Clarity & Plugging Loopholes

By | India Tax Law | March 3, 2017
The Finance Bill 2017 proposes certain significant amendments in respect of the direct tax regime, especially in the area of M&A and restructuring / reorganisation. While some of the suggested changes are designed to ensure that the provisions are not abused by taxpayers through aggressive tax planning, the Finance Bill also attempts to provide much needed clarity on certain long-standing issues. View Full Post
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Streamlining Reporting Standards

The Securities Exchange Board of India (SEBI) has, over the years, undertaken initiatives to align reporting and disclosure requirements for listed companies in India with global standards, including alignment with the principles prescribed by the International Organization of Securities Commissions. On February 6, 2017, SEBI issued a circular on Integrated Reporting by Listed Entities (SEBI Circular) to strengthen disclosure standards of listed Indian companies. View Full Post
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Thin Capitalisation – the Line is Getting Blurred!

By | India Tax Law | March 1, 2017
India has time and again shown its commitment to curbing base erosion and profit shifting (BEPS), an initiative of the Organisation of Economic Co-operation and Development (OECD) and the G20 nations. The Finance Act 2016 is testimony to this fact as it enabled the introduction of an equalisation levy, country-by-country reporting and the Indian patent box regime. View Full Post
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Repeal of Sick Industrial Companies (Special Provisions) Act, 1985

By | India Corporate Law | February 23, 2017
The Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) was enacted to make special provisions for the timely detection of sick (and potentially sick) companies owning industrial undertakings. The Board for Industrial and Financial Reconstruction (BIFR) was formed under the SICA to determine the sickness of such industrial companies and to prescribe measures either for the revival of potentially viable units or the closure of unviable companies. View Full Post
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Mere Allegation of Fraud – No Longer an Obstruction to Arbitration Proceedings

By | India Corporate Law | February 20, 2017
There is a perception that arbitration proceedings in India are plagued with delays, interventionist courts, and parties attempting to scuttle the proceedings. A mere allegation of fraud was often enough to obstruct an arbitration proceeding on the ground that the criminality underlying the fraud would render the dispute non-arbitrable. View Full Post
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FIPB – the Sunset Year

By | India Corporate Law | February 17, 2017
In the Budget Speech of February 1, 2017, the Finance Minister (FM) announced that the Government has “decided to abolish the Foreign Investment Promotion Board (FIPB) in 2017-18”. He also announced that the roadmap for the same is expected to be announced in the next few months, and in the meantime, “further liberalisation of FDI policy is under consideration.” Considering that the “Approval Route” now forms only 10% or so of the FDI inflow, this decision appears logical. View Full Post
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