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labour laws

SC weighs in on interplay of labour laws and IBC

By Abhishek Dutta and Vineet Shrivastava, Aureus Law Partners
India as a welfare state has enacted various labour laws in order to ensure the protection and promotion of the social and economic status of workers and the elimination of their exploitation. Under the Indian...
Election results

Election results brighten prospects for M&A in 2019

By Iqbal Khan, Shardul Amarchand Mangaldas & Co
Even with all the euphoria around India’s elections results, the country’s key economic indicators remain depressed. If the economists are right, one of Asia’s largest economies seems to be losing its glitter and sheen....
debt funding

New ECB rules open doors to debt funding for startups

By Aparna Ravi and Samyuktha Damojipurapu, Samvad Partners
Indian companies looking to raise debt overseas have typically had to do so through external commercial borrowings (ECB). ECB can take the form of loans, foreign currency convertible or exchangeable bonds, fixed or floating...
Reserve Bank of India

RBI market abuse directions: A mature development

By Sawant Singh and Aditya Bhargava, Phoenix Legal
In June 2018, in what might have been considered a period of relative stability (given the events that transpired thereafter), the Reserve Bank of India (RBI), in its statement on developmental and regulatory policies,...
india advertising laws

Running in circles

Preeti Balwani evaluates the country's labyrinthine advertising laws and their impact on the industry Advertisements are at the heart of commercial speech, which the Supreme Court has held is a part of freedom of speech...
Grounded Jet Airways

Grounded

Did the reluctance of Jet Airways’ creditors to pursue bankruptcy proceedings point to turbulence in the insolvency regime? Rebecca Abraham reportsEditor’s note: The National Company Law Tribunal (NCLT) Mumbai bench admitted the insolvency petition...
bankrupt-bankrupcy

Much ado about nothing?

Dear Editor, Recently, the Supreme Court struck down a Reserve Bank of India (RBI) circular. The February 2018 circular was intended to overhaul the earlier restructuring frameworks and to mandate banks and financial institutions to...

Parliament in numbers

Continuing our regular coverage of India’s parliamentary sessions, Mandira Kala assesses the performance of the Lok Sabha in the past five years compared with the two previous terms The 2019 budget session of India's parliament...
RBI-Investor

RBI scraps single-company bond limit for foreign investors

The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) released circulars on 15 June 2018 reviewing the requirements for investment by foreign portfolio investors (FPIs) in debt securities....
Bhumika-Batra-and-Sachita-Shetty-Crawford-Bayley-&-Co

Courts clarify put options are not forward contracts

By Bhumika Batra and Sachita Shetty, Crawford Bayley & Co
Joint ventures are established with the objective of creating value by combining different types of assets. Once partners agree on their respective contributions, they decide on the contractual terms, which include exercising control, both...
Shweta-Bharti-Hammurabi-&-Solomon

Commercial implications of RBI circular strike-down

By Shweta Bharti, Hammurabi & Solomon
The Supreme Court recently struck down the Reserve Bank of India Circular dated 12 February 2018 (RBI circular), which directed banks to mandatorily initiate corporate insolvency resolution process (CIRP) for defaulting companies with loan...
Devyani-Dhawan-Jyotika-Bajaj-SNG-Partners

Ordinance puts depositors ahead of secured creditors

By Devyani Dhawan and Jyotika Bajaj, SNG & Partners
The last three decades have seen an unprecedented rise in dubious deposit-taking schemes run by unscrupulous operators in various parts of India such as the Saradha Realty scam, the MPS Greenery scheme and the...
Sawant-Singh-and-Aditya-Bhargava,-Phoenix-Legal

Voluntary retention route: A halfway measure?

By Sawant Singh and Aditya Bhargava, Phoenix Legal
The government and the financial sector regulators, the Reserve Bank of India (RBI) and the Securities and Exchange Board of Indian (SEBI), have considered various measures to ease debt investment rules for foreign portfolio...
Sandip-Bhagat-Raya-Hazarika-S&R-Associates

Empowering shareholders on executive compensation

By Sandip Bhagat and Raya Hazarika, S&R Associates
Recent shareholder activism and regulatory action have focused attention on the issue of executive compensation in India. The Companies Act, 2013 (act), restricts the total managerial remuneration payable by a public company to its directors...
DIPP unveils revised FDI policy

Harmonization of NBFC categories

The Reserve Bank of India (RBI) issued a notification on 15 February 2019 merging asset finance companies, loan companies, and investment companies into a new category called non-banking finance company - investment and credit...
market-investment-fail-capital-law-business

RBI issues directions on market manipulation

The Reserve Bank of India (RBI), in order to regulate the markets for financial instruments, has issued the Reserve Bank of India (Prevention of Market Abuse) Directions, 2019 (directions), on 15 March 2019. The...
Manoj Kumar, Hammurabi & Solomon

External borrowing policy: A commercial perspective

By Manoj Kumar, Hammurabi & Solomon
A new external commercial borrowing (ECB) policy was notified by the Reserve Bank of India (RBI) recently, bringing in sweeping changes to the ECB framework. Some key features of the new ECB policy are:The...
Sawant Singh and Aditya Bhargava, Phoenix Legal

Revised ECB regulations: Old wine in new bottle

By Sawant Singh and Aditya Bhargava, Phoenix Legal
The Reserve Bank of India’s (RBI) statement on developmental and regulatory policies for December proposed “rationalizing” the external commercial borrowing (ECB) framework “with a view to improving the ease of doing business”. While the...

New ECB policy opens doors for foreign capital inflows

By Devashree Limaye and Medha Unadkat, SNG & Partners
To improve the ease of doing business, the Reserve Bank of India (RBI), in consultation with Government of India, notified a new framework for external commercial borrowings (ECB) on 16 January 2019. The new...
Shilpa Mankar Ahluwalia, Shardul Amarchand Mangaldas & Co

Aadhaar: The way forward for fintech companies

By Shilpa Mankar Ahluwalia, Shardul Amarchand Mangaldas & Co
Fintech has caused significant disruption in the financial services industry. Aadhaar (a unique identity number-based on biometric data) was, probably, the single largest factor that contributed to the exponential growth in fintech products in...