Introduction On July 31, 2023, National Deep Tech Startup Policy Consortium (“NDTSP Consortium”) chaired by the Principal Scientific Adviser to the Government of India, issued the Draft National Deep Tech Startup Policy (the “Draft Policy”) for public consultation. The Prime Minister’s Science, Technology, and Innovation Advisory Council, in its 21st meeting held on July 7, …
Impact of Section 56(2)(viib) Amendment on Non- Resident Investors When the Finance Act, 2023 amended Section 56(2)(viib) of the Income Tax Act, 1961 to make the angel tax provisions applicable to share application / premium received from non- resident investors as well, concerns were raised by several overseas stakeholders, who often obtain valuation reports at …
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Decoding The Impact Of Digital Personal Data Protection Act, 2023 On Transaction Documents After what seemed like an eternity, India has finally gotten its personal data privacy legislation in form of Digital Personal Data Protection Act, 2023 (“Act”). The Act is nothing short of a seismic shift in India’s approach to safeguarding personal data in …
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Delhi High Court Clarifies The Implication Of ‘exclusive Jurisdiction’ And ‘venue Of Arbitration’ Clauses In A Contract The Delhi High Court (“Delhi HC/Court”) in Reliance Infrastructure Limited v/s Madhyanchal Vidyut Vitran Nigam Limited 1 (the “Judgement”) clarified that a standard exclusive jurisdiction clause in a contract does not stand as a contrary indica which prevents …
Introduction After nearly 20 months since its initial introduction in the upper house of Parliament of India, the Mediation Act, 2023 (herein after referred to as the “Act”) has successfully passed through both houses of Parliament and has received the assent of the President of India and was notified in the Gazette of India on …
NCLT Bench rules Preference Shareholders not recognized as Financial Creditors On August 29, 2023, the Kolkata bench of the National Company Law Tribunal (NCLT) has issued a ruling in the case of EPC Constructions India Limited vs. M/S Matix Fertilizer and Chemicals Limited, stating that preference shareholders who hold Non-Cumulatively Redeemable Preference Shares (NCRPS) cannot …
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Franchising is one of the common business models that allows a company to expand its reach by granting the right to use its products, services and brand names to another party in exchange for a fee. It is a beneficial relationship for both the franchisor and the franchisee wherein the franchisor gets an efficient method …
DPIIT Recognized Start-Ups Will Not Face Angel Tax Scrutiny : Cbdt Clarifies Section 56(2)(viib) of the Income-tax Act, 1961 stipulates that where a company (other than a public listed company) receives consideration for shares which exceeds the fair market value (“FMV”) of the shares, the excess consideration would be chargeable with income tax, under the …
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Key Highlights Of Prevention Of Money Laundering (Maintenance Of Record) Third Amendment Rules, 2023 And The Impact On Vdasps The Ministry of Finance on October 17, 2023 notified the Prevention of Money Laundering (Maintenance of Record) Third Amendment Rules, 2023 (“Amendment”) to amend the Money Laundering (Maintenance of Record) 2005 (“PMLA Rules”). Following are some …
Highlights of PMLA (Maintenance of Record) 3rd Amendment Rules, 2023 & Impact on VDASPs Read More »
The Reserve Bank of India (RBI), through its a circular dated: October 17, 2023, amended the Master Direction on Know Your Customer (KYC) (“Master Directions”) to impose stricter Customer Due Diligence (“CDD”) guidelines, instructing regulated entities (which, inter alia, includes NBFCs, scheduled commercial banks, payment system providers, prepaid payment instruments etc.) (“RE”) to adopt a …
Breaking Down the Amendments to RBI’s Master Direction on KYC Read More »
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