We are happy to present the twelfth issue of our e-magazine – Trilegal Quarterly Roundup.
If you would like to navigate to the magazine directly, click here. If you would like to read a brief summary of what this issue features, please continue reading below and use the hyperlinks provided to access individual features.
INSIGHTS
- Investing in Indian infrastructure companies: The recurring NBFC/CIC classification issue This article explores the challenges of using multi-level corporate structures in India’s infrastructure sector, more specifically due to the recurring and unintentional NBFC/CIC classification issue, and discusses exemptions for structures mandated by regulations, challenges for holding companies, and the potential way forward.
- The Uniform Code for Pharmaceutical Marketing Practices 2024: A potential minefield for pharmaceutical companiesThis article delves into the requirement for the introduction of the Uniform Code for Pharmaceutical Marketing Practices 2024, its enforceability, key differences from the previous version, compliances to be undertaken by pharmaceutical companies and medical device manufacturers, and certain aspects that remain unclear and are inconsistent.
TUNE IN
Our Partner, Pallabi Ghosal, speaks with Yash Ravel, CEO-Fund Management at Our Partner, Pallabi Ghosal, speaks with Yash Ravel, CEO-Fund Management at Welspun One, about the development of the logistics and warehousing sector in India, how that has fuelled the evolution of warehousing and logistics funds in India, including the remarkable growth of Welspun One’s fund management business.
Yash and Pallabi discuss some of the key challenges in the sector, such as challenges in land acquisition for warehousing and e-commerce and warehousing demand and strategies for mitigating them. They round up their conversation with a discussion on the future of warehousing investment opportunities in India, including in-city warehousing and port and airport based logistics.
To watch this video, click here.
QUARTERLY MILESTONES
- Corporate
- SEBI AIF Regulations amended to enhance transparency and protect investor interest
- Overseas investment framework revised to remove restrictions and liberalise norms
- Listing regulations amended to improve market integrity and investor confidence
- Capital issuance regulations amended in response to evolving market requirements
- SEBI’s complaint redressal system revamped for increased efficiency
- Reforms to the corporate insolvency resolution process proposed to increase effectiveness and reduce gaps
- Dispute Resolution
- Supreme Court:
- Clarifies that a party’s failure to attend arbitral proceedings does not amount to abandonment of its claim
- Limits the Enforcement Directorate’s power to make arrests once the special court is seized of the matter under the Prevention of Money Laundering Act, 2002
- Expands its curative jurisdiction to arbitral awards; lays down the standard for court intervention
- Delhi High Court holds that receipt of notice of arbitration by the respondent is a prerequisite for commencement of arbitration proceedings
- Labour and Employment
- EPFO revises rates for computation of damages
- Karnataka Government renews exemption for IT/ITES companies from applicability of standing orders in state
- Bombay High Court holds that nature of duties would determine whether employment is in a supervisory capacity
- Calcutta High Court holds that terms of endearment may not always be sexually coloured and amount to sexual harassment
- Karnataka High Court strikes down special provisions relating to international workers as unconstitutional and arbitrary
- Financial Regulatory Regime
- Regulated entities and their intermediaries prohibited from associating with unregulated entities providing financial advice, including finfluencers
- Stockbrokers mandated to establish institutional mechanisms for fraud prevention
- Introduction of a streamlined disclosure regime for material changes applicable to foreign portfolio investors
- SEBI permits up to 100% NRI contribution for foreign portfolio investors based in International Financial Services Centre to increase the inflow of foreign investment
- RBI mandates compounding for issuance of partly paid-up units by AIFs prior to 14 March 2024
- Technology
- India unveils new guidelines to promote and regulate participation in the space sector
- Bombay High Court examines overlapping offences in the Indian Penal Code and Information Technology Act
- Default Loss Guarantee Guidelines clarified
- Consumer Protection and Advertising
- Insurance regulatory authority issues fresh regulations for consumer protection
- Self-declaration requirements being developed for advertisers and advertising agencies
- Telecommunication
- Telecom department issues additional Know Your Customer instructions for business connections
- Telecom regulatory authority issues further directions to address spam complaints
- Direct Tax
- Telangana High Court upholds applicability of General Anti-Avoidance Rule over Specific Anti-Avoidance Rule
- Indirect Tax
- Validity of GST notification extending time limit for passing adjudication orders relating to proceedings for FY 2017-18 upheld
- GST related clarifications have been issued on:
- Valuation of import of services by a related person where recipient is eligible to claim full input tax credit
- Taxability of loan provided to a related person
- Limitation period for claiming input tax credit on self-invoices issued by recipients for supplies subject to reverse charge mechanism
- Taxability of stock options provided by a company to its employees through its overseas holding company
- International Trade
- Trade remedy actions on imports into India in the second quarter of 2024
- Appeals against trade remedy measures on hold as recent amendment adds to uncertainty surrounding the appeal process
- Directorate General of Foreign Trade expands the scope of exemption from domestic quality standards for goods used in manufacturing inputs
- Real Estate
- Bengaluru Corporation overhauls the methodology for property tax calculation
- Private Client
- First living will executed in Goa; implementation mechanism awaited from other states in line with the Supreme Court’s directions
- Supreme Court tables two matters challenging gender discrimination under Muslim personal law
- Tightened scrutiny on beneficial ownership for foreign owned or controlled companies
- SEBI permits up to 100% NRI contribution for foreign portfolio investors based in International Financial Services Centre to increase the inflow of foreign investment
- Investments in family investment funds clarified to be overseas portfolio investments
- Portugal reintroduces tax breaks for non-habitual residents
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