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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