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M&A

What’s in store for M&As in a post COVID-19 economy

By Raghubir Menon and Aditya Parolia, Shardul Amarchand Mangaldas & Co
The economy has come to a halt in the current unprecedented situation. Apart from medical and essential service providers, labour and capital have been idle during the coronavirus-induced lockdown, and the world economy seems...
covid

RBI provides COVID-19 relief; others yet to catch up

By Sawant Singh and Aditya Bhargava, Phoenix Legal
A “black swan event” such as the current COVID-19 crisis is beyond the risk management capabilities of financial institutions as well as regulators such as central banks that oversee them. In such situations, it...
force majeure

COVID-19: Conundrum for borrowers and lenders

By Aniket Sawant and Shreenath Pandeya, SNG & Partners
The COVID-19 pandemic has caused significant disruption and slowed down the economy. In the finance sector the ability of borrowers to perform their obligations under financing agreements has been severely impacted. In light of...
yes bank

Yes Bank reconstruction scheme ready

The government has approved the reconstruction scheme for Yes Bank with many leading banks participating in the revival effort including the country’s top public sector bank, State Bank of India (SBI). As part of the...
demergers

A chaotic situation in cross-border demergers

By Nisha Mallik and Roshni Menon, Samvad Partners
In December 2019, the National Company Law Tribunal (NCLT) in the matter of Sun Pharmaceutical Industries held that the Companies Act, 2013 (act), read with the Foreign Exchange Management (Cross Border Merger) Regulations, 2018...
yes bank

A speedy resolution scheme for Yes Bank

By Sawant Singh and Aditya Bhargava, Phoenix Legal
Other than in the 2008 global financial crisis, bank insolvencies have been rare. The few instances where domestic banks have run into trouble have been dealt with swiftly and without any loss to depositors...
enforcement

Bias towards enforcement of foreign awards

By Karthik Somasundram and Shreya Gupta, Bharucha & Partners
Disputes arose between joint venture partners for the control of Ravin Cables Ltd. Prysmian, the Italian partner, invoked arbitration under the London Court of International Arbitration (LCIA) rules alleging material breaches by the Indian...
Legal and financial plans

Legal and financial plans beyond COVID-19

By Gautam Khurana, India Law Offices
COVID-19 has presented challenges that nobody could have envisaged three months ago. Each day existing as well as future challenges become larger. We need to fight the current difficulties and keep ourselves safe from...
virtual currency

Supreme Court paves way for virtual currencies

The Supreme Court of India, in Internet and Mobile Association of India v Reserve Bank of India, on 4 March 2020, set aside the Reserve Bank of India (RBI) circular on virtual currencies, dated...
sandbox

The curious case of the privacy sandbox

By Lagna Panda, Chandhiok & Mahajan
In December 2019, the Personal Data Protection Bill, 2019 (PDP bill), was introduced in parliament and was then referred to a joint parliamentary committee for review. Compared to the 2018 version, the PDP bill...
policy

Interplay of polity, policy on infrastructure development

By Shreshth Sharma and Molshree Bhatnagar, HSA Advocates
Governed by its constitution and derivative laws, a country speaks through its policies. Sound economic and regulatory policy creation coupled with effective implementation encourages investor confidence and forms the fundamental basis of attracting large...
retail

Draft framework for retail payment systems operators

By Sawant Singh and Aditya Bhargava, Phoenix Legal
In a move that reflects well-reasoned foresight, on 10 February, the Reserve Bank of India (RBI) released a draft framework for the establishment of new retail payment systems operators. The stage for this draft...
stamp act

Significant amendments made to Indian Stamp Act

The central government vide a notification extended the date on which amendments made to the Indian Stamp Act, 1899, through the Finance Act, 2019, would come into effect on 1 April 2020. Laws pertaining to...
loans

Banking on relaxations for commercial real estate loans

By Devyani Dhawan and Jyotika Bajaj, SNG & Partners
Following the sudden increase of loans to real estate players in the early 2000s and with no effective and orderly risk-management system in place, the Reserve Bank of India (RBI) in 2005 required banks...

Lenders assign GSML debt to ARC

Argus Partners advised a Garden Silk Mills (GSML) consortium of lenders, led by Bank of Baroda, on the resolution of its stressed assets and account under the Reserve Bank of India’s (RBI) circular dated...
funding

Funding from international sources for companies

By Gautam Khurana, India Law Offices
India has been a capital-deficient country since independence and raising funds either by means of equity or debt has always been problematic for industry. The question that comes up when a business is planning...
family

Securing the family silver

Spooked by domestic tax and regulatory changes, many wealthy Indians are shifting capital overseas. Vandana Chatlani reports In India, business is personal. An estimated 95% of companies are run by families. Promoters of companies...
deals

Deals of the Year 2019

India Business Law Journal reveals the most significant deals and disputes of 2019 and the law firms that worked tirelessly to bring them to fruition The best transactions for the past year in India came...
stamp

Overhaul of debenture related stamp duties

By Aditya Vikram Dua and Arjit Sahni, SNG & Partners
The Finance Act, 2019 (act), has amended the Indian Stamp Act, 1899 (stamp act). The amendments will come into effect on 1 April 2020 and this column summarizes the key amendments to the provisions...
Korean

Perspectives on Korean investment in India

By Rajat Prakash and Siddharth Mahajan, Athena Legal
India has gradually liberalized its norms for attracting foreign direct investment (FDI). South Korea has emerged as one of the largest contributors to FDI. More than 500 South Korean companies, including Samsung, LG, Hyundai,...