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NBFCs brought under purview of insolvency code
With the introduction of a codified law on insolvency and bankruptcy processes, restructuring jurisprudence entered a new era. While the new law focused on rehabilitating and restructuring stressed companies, restructuring processes involving financial service...
Amendments bring clarity for foreign-owned retailers
The Department for Promotion of Industry and Internal Trade (DPIIT) released Press Note 4 of 2019 on 18 September 2019 introducing, among other matters, changes to the policy for foreign direct investment (FDI) in...
Perils of company buyback in venture capital financing
You just have raised a new round of financing for your company at a rich valuation. It has been a particularly hard and well-fought negotiation with your investors. Before the celebrations can begin, however,...
Open for business
The government recent relaxed foreign investment requirements in areas such as single brand retail and contract manufacturing to outside players. Dipti Lavya Swain assesses the move
The Indian government recently announced several measures intended to...
FDI reforms give embattled economy a shot in the arm
Government data show that economic growth has slipped to 5% for the April-June 2019 quarter, a six-year low. With stock markets tumbling and automobile manufacturers grumbling, the government has gone on a reform spree....
Foreign exchange management rules notified
The Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 (NDI rules), notified by the central government on 17 October 2019, along with the Reserve Bank of India’s (RBI) Foreign Exchange Management (Debt Instrument) Regulations, 2019,...
Acquisition of companies through share swaps
Analysis of global trends shows that share swap structures have become integral elements in most M&A transactions. The acceptance of stocks as currency for such acquisitions is well established, as Disney’s US$71 billion acquisition...
MSME policy and Korean investment in India
The micro, small and medium enterprise (MSME) sector is the second-largest employer in India, coming in just behind the agrarian sector. The MSME sector plays a critical role in the Indian economy. The central...
Searching for answers in new FDI proposal
On 28 August 2019 the government announced its new proposal on Foreign Direct Investment (FDI). While the announcement has been made, the fine print of the proposed changes to the existing FDI policy has...
Enforcing PPA: Guarding against unilateral change
Private sector participation in power generation has been at the core of power security in the last two decades, with independent power producers (IPP) currently owning 46% of the total installed generation capacity in...
Understanding changing e-commerce landscape
Indian government’s decision to allow 100% FDI in e-commerce through the automated route in 2016 was a breath of fresh air for a large number of startups in India. It was a welcome move...
Long and short of e-commerce foreign investment rules
E-commerce in India has grown at a phenomenal pace, successfully changing the way people transact. The Digital India initiative by the government has helped expand the e-commerce sector in India across services ranging from...
Infrastructure investments to boost economic growth
Infrastructure is the backbone of any nation’s development and, therefore, the sector enjoys the government’s attention. In the interim budget for 2019-2020, around ₹4.56 trillion (US$63.20 billion) was allocated to the infrastructure sector, which comprises...
Bitter pill to swallow for foreign investors in pharma
Partially in response to a number of high-visibility inbound acquisitions in the Indian pharmaceutical sector, the government of India decided to bring brownfield acquisitions completely under the government approval route in November 2011. Greenfield...
Policy prescriptions to ignite FDI in defence production
The foreign direct investment (FDI) policy allows foreign original equipment manufacturers (FOEM) in the defence sector to acquire up to a 49% stake in Indian joint ventures (JV) under the automatic route and up...
Online aggregators need legal, regulatory clarity
Regulation of e-commerce in India, specifically the permissibility of foreign investment in the sector has been dominated by, and has evolved into, a discussion on what constitutes a marketplace. While the foreign direct investment...
DPIIT provides clarity on defence manufacturing
India’s foreign direct investment (FDI) policy sets out the restrictions applicable to investments in the defence sector and makes it applicable to the defence industry subject to industrial license under the Industries (Development &...
Kachwaha grows its partnership
Ankit Khushu, a senior associate at Kachwaha & Partners, has been elevated to the firm’s partnership with effect from 1 April. With Khushu’s promotion the firm now has four partners.
“Our firm believes in organic...
Single brand retail: Poised for gains or lost in ambiguity?
Foreign direct investment (FDI) in the single brand retail trading (SBRT) sector was expected to gain traction owing to a comparatively relaxed framework introduced last year. The revised regime permitted 100% FDI under the...
SEBI issues circular for alternative investment funds
The Securities and Exchange Board of India (SEBI) on 26 November 2018 issued a circular outlining the operating guidelines for alternative investment funds (AIFs) in the international financial services centre (IFSC). SEBI had issued...
