Compliance

Investigations in Public Interests and Into Ownership Under Companies Act: An Overview

Investigations in Public Interests and Ownership Under Companies Act

By / Company Setup, Compliance, Corporate Secretarial, Start-Ups / February 9, 2024

Background Recently, the Ministry of Corporate Affairs (“MCA”) launched an investigation into the affairs of Hero MotoCorp Limited under Section 210(1)(c) read with Section 216 of the Companies Act, 2013 (“2013 Act”). This development makes it germane to understand what these powers entail and the consequences thereof. Necessary In Public Interest Section 210(1)(c) of the …

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rbi notification on evergreening

RBI Notification On Evergreening

By / Compliance / March 7, 2024

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 …

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dpiit recognized start ups will not face angel tax scrutiny

DPIIT Recognized Start-Ups Will Not Face Angel Tax Scrutiny

By / Compliance, Data Privacy / March 7, 2024

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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Highlights of PMLA (Maintenance of Record) 3rd Amendment Rules, 2023 & Impact on VDASPs

Highlights of PMLA (Maintenance of Record) 3rd Amendment Rules, 2023 & Impact on VDASPs

By / Compliance, Data Privacy / February 9, 2024

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 …

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Breaking Down the Amendments to RBI’s Master Direction on KYC

Breaking Down the Amendments to RBI’s Master Direction on KYC

By / Compliance, Data Privacy / March 7, 2024

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 …

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RBI Notifies Directions for Regulation of Payment Aggregators – Cross-Border

RBI Notifies Directions for Regulation of Payment Aggregators – Cross-Border

By / Compliance, Data Privacy / March 7, 2024

Delineating The Difference Between A Payment Aggregator – Cross Border And An Online Payment Gateway Service Provider On October 31, 2023, the Reserve Bank of India (RBI) through its circular named Regulation of Payment Aggregator – Cross Border; (the Regulations), has brought all entities involved in facilitating cross-border payments for the import and export of …

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EV Charging Infrastructure In India – Emerging Need And Governing Framework

EV Charging Infrastructure in India – Emerging need and Governing Framework

By / Compliance / January 30, 2024

The Electric Vehicles (“EV(s)”) sector and its charging infrastructure is evolving at a fast pace, with implementation of the Central and State policies, and contribution by several companies, India can be seen elevating towards an all EV-nation. The Asia Pacific region is the largest market for charging infrastructure with a growth rate of 40.7% from …

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Understanding the Civil Liabilities and Importance of D&O Insurance for Company Directors in India

Civil liabilities of a director and why every investor needs a D & O insurance policy

By / Compliance, Funds, Investments, Setting Up a Company / April 12, 2024

The role of directors in a company is to provide leadership, guidance, and oversight to ensure that the company is being run in a responsible and ethical manner, and that its goals and objectives are being achieved. The directors play a crucial role in ensuring that a company operates in the best interests of its …

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Withdrawal Of The Data Protection Bill, 2019

Withdrawal of the data protection bill, 2019

By / Compliance, Data Privacy / January 16, 2024

Withdrawal of Personal Data Protection Bill The Central Government on Wednesday withdrew the heavily deliberated Data Protection Bill, 2019 (“Bill”) as per a statement circulated to Members of Parliament in the ongoing monsoon session. The Union Minister for Electronics and Information Technology, Ashwini Vaishnaw stated that the bill was deliberated at great lengths by the …

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