Entry Tax – the Quandary Continues…

By | India Tax Law | June 20, 2017
The constitution validity of Entry Tax has faced a series of challenges. It was hoped that once the constitutional bench took control of the matter, the controversy would be resolved once for all. However, even after the constitutionality of the levy of Entry Tax per se was upheld by the majority of a nine judge bench of the Hon’ble Supreme Court (SC) in the case of Jindal Stainless Steel v. View Full Post
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Need for New Voting Regime to Achieve True Independence

By | India Corporate Law | June 8, 2017
It seems we live in an independent director-bashing era. News articles, blogs, scholarly write-ups are replete with criticism relating to independent directors, whether it’s to do with their appointment, ‘true’ independence, removal, resignation or generally their very existence! Anything remotely connected to what such directors do is presented as wrong. View Full Post
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Formula One: SC Lays Down the Formula for Permanent Establishment

By | India Tax Law | June 6, 2017
With globalisation spreading economic activities across jurisdictions, enterprises nowadays have a presence in several jurisdictions. The taxability of activities undertaken by companies on foreign soil is closely linked to whether they are conducted through a permanent establishment (PE). This is a concept widely used in the context of international taxation wherein a particular business transaction leaves its footprint in multiple jurisdictions. View Full Post
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SEBI’s Informal Guidance On Continual Disclosures Under the Prevention of Insider Trading Regulations

The Securities and Exchange Board of India (SEBI) recently issued an informal guidance in response to a request for an interpretive letter from Kotak Mahindra Bank Limited (KMBL) on the continual disclosure requirements under the SEBI (Prohibition of Insider Trading) Regulations, 2015 (PIT Regulations). View Full Post
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NCLAT Defines the Scope and Extent of the Corporate Debtor’s Right to Contest Admission of Insolvency Applications Filed by Financial Creditors

In a landmark judgment recently delivered by the National Company Law Appellate Tribunal (NCLAT) in the case of Innoventive Industries Limited v. ICICI Bank Limited, the NCLAT has held that the National Company Law Tribunal (NCLT) is bound to issue only a limited notice to the corporate debtor before admitting a case under Section 7 of the Insolvency and Bankruptcy Code, 2016 (Insolvency Code). View Full Post
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SC Clarifies the Scope of Regulatory Power Under Section 79 (1) of Electricity Act, 2003

By | India Corporate Law | May 16, 2017
At least since 2012, there has been a fair amount of legal uncertainty on the ambit of powers of the Central Electricity Regulatory Commission (CERC) and the State Electricity Regulatory Commissions (SERCs) under the provisions of the Electricity Act, 2003 (the 2003 Act) to award what came to be known as a “compensatory tariff” in case of tariff-based competitively bid power generating projects. View Full Post
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Indian Insolvency Regime Without Cross-border Recognition – a Task Half Done?

By | India Corporate Law | May 16, 2017
The Insolvency and Bankruptcy Code, 2016 (Insolvency Code) has been one of the biggest Indian reform of recent times, which has moved the regime away from one that was highly uncertain for foreign investors. Among other important changes, the Insolvency Code contemplates change in control of the company during the insolvency resolution process to an insolvency professional (IP). View Full Post
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