Introduction The Reserve Bank of India (“RBI”) on December 19, 2023 released a circular (RBI/2023- 24/90) (“Circular”), addressing the practice of “evergreening”. Evergreening refers to a practice where Regulated Entities (“REs”) circumvent the direct exposure to the debtor company by making investments in units of Alternative Investment Funds (“AIFs”) which in turn makes investment in […]
Introduction Businesses are moving towards Artificial Intelligence (“AI”) enabled services/product delivery. This move towards AI underscores the importance of regulating the field of AI development to ensure public interest and at the same time promote innovation within the space. Governments across the world are taking and (in some cases) have taken a proactive role in
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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