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In a historic move, the Supreme Court of India has lifted the ban on financial institutions from dealing in virtual currencies in the case of the Internet and Mobile Association of India vs. Reserve Bank of India.
The year 2019 saw a paradigm shift in the regulation of foreign investments in India. From the supersession of what was once the backbone of the regime, i.e. the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017 (FEMA 20) to the bifurcation of investment instruments into debt and non-debt instruments, there has been a change in how foreign investments in India are regulated.
This article mainly focuses on the legislative change brought under the IBC 2016 for the inclusion of restructuring processes for a Financial Service Provider, more specifically Non- Banking Financial Companies (NBFC). In light of this significant development, we have also analyzed the role of RBI for initiating any corporate resolution process under these new rules.
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The last quarter of 2019 saw a number of developments in the IBC landscape, both in terms of legislative and regulatory changes as well as landmark judgments. While some of the developments did clarify certain positions in law, some also added more ambiguity to the ever changing landscape.
The Finance Act of 2019 (hereinafter referred to as the “Finance Act”) came into effect on April 01, 2019 and proposed certain changes, primarily in context to the income tax rates for the fiscal year of 2019-2020. Part I of Chapter IV of the Finance Act also proposed amendments (“Amendment Provisions”) to the extant Indian Stamp Act of 1899 (hereinafter referred to as the “Stamp Act”).
The issue of party-appointed sole arbitrators was recently discussed by the Supreme Court of India in Perkins Eastman Architects DPC & Anr. v. HSCC (India) Ltd. . The key question before the Court was - whether a person having an interest or connection with the case can appoint an arbitrator?
GTDT – Market Intelligence – Private Equity 2019 – India
“Getting the Deal Through (“GTDT”) works with many of the best lawyers and law firms in the world to bring together a unique legal information resource, written by experts on each subject area, in every significant jurisdiction. GTDT is published by Law Business Research and its online research platform is used by thousands of law firms, universities, regulators, and corporate counsel at leading multinational organizations as a reliable, first port of call for any legal query worldwide. GTDT interviewed Vineetha MG, Neela Badami and Nisha Mallik in relation to the changing landscape of private equity practice in India.
IOur partner, Ms. Aparna Ravi is part of the Committee constituted by the Ministry of Corporate Affairs to provide its recommendations on two emerging areas in insolvency resolution - the insolvency of group enterprises and the rules and regulations for the smooth implementation of cross border insolvency provisions into the Insolvency and Bankruptcy Code.
As you may be aware, with the spread of Covid-19 worldwide and locally, Samvad Partners, has moved to a ‘Work from Home’ mode from March 16th, 2020 onwards. We will be continuing this till the immediate future. We have taken this measure pursuant to the Government orders and keeping in mind the safety of our lawyers and staff, and with the larger public interest in mind.