We are happy to present the third 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
- Indian judiciary’s progressive approach to foreign arbitral awards enforcing put optionsForeign investors looking to invest in India usually require clear exit options. However, over the years a spate of shareholder disputes resisting the invocation of put options on the grounds of their impermissibility under Indian securities and foreign exchange laws had raised serious concerns. In this article, we analyse recent developments before the Supreme Court of India and the Calcutta High Court, affirming the pro-investor and pro-enforcement stance of the judiciary.
- Payment of bribes in the face of duress and extortionMost compliance teams the world over focus on training their employees to avoid making improper payments to foreign officials for securing business advantages. However, in rare scenarios, companies may face situations where an improper payment is demanded while its employees face threats of physical danger in a foreign country. In this article, we analyse an opinion issued by the United States Department of Justice that can be useful for companies navigating situations where demands are made pursuant to an extortion attempt or putting the company under duress. We also contrast it with Indian law and provide practical tips for companies to lawfully navigate such requests.
TUNE IN
Our partner, Anuradha Agnihotri in conversation with Cavinder Bull, SC, Chief Executive Officer, Drew and Napier, discuss the enforcement of arbitral awards in Singapore, standards for setting aside arbitral awards and how interim reliefs are treated under Singapore laws.
To watch this video, click here.
QUARTERLY MILESTONES
- CorporateThe first quarter of 2022 witnessed the liberalisation of the Foreign Direct Investment regime and developments aimed at ease of doing business, setting the tone for a promising year of M&A activity.
- Dispute ResolutionThe previous quarter witnessed another wave of the pandemic and the courts recalibrated accordingly. The Supreme Court, High Courts and NCLAT pronounced important judgments in arbitration and contract law, company law, and insolvency law.
- Technology, Media and TelecommunicationsThe past quarter witnessed several regulatory and legislative developments in the crypto, telecom and cybersecurity space.
- Labour and EmploymentThe first quarter of the year 2022 witnessed several orders by the government in the wake of the Omicron wave as well as key employment law developments in Gujarat, Jharkhand and Maharashtra. On the judicial front, the Supreme Court issued orders in the case of the controversial Haryana State Employment of Local Candidates Act, 2020, amongst others.
- Banking and FinanceWith the Union Budget 2022-2023 being announced on 1 February 2022, the previous quarter has been an eventful period in the financial sector. The Reserve Bank of India has continued its reforms spree and introduced some relevant initiatives.
- Financial Regulatory RegimeThe previous quarter witnessed amendments by SEBI to the Prohibition of Fraudulent and Unfair Trade Practices Regulations, 2003 and the issuance of a framework for geo-tagging of payment system touchpoints by the RBI.
- Funds and Asset ManagementThe past quarter witnessed key regulatory and legislative developments in the funds and asset management space. SEBI introduced special situation funds and provided clarity on provisions related to change in control of sponsor and/or manager of an AIF. The IFSC released regulations for setting up AIFs in GIFT City, Gujarat.
- Capital MarketsDespite the ongoing pandemic, fuelled in part by the outbreak of the Omicron strain, the stock market continued to surge in the previous quarter with sustained investment in public offerings. To further encourage and facilitate fundraising, the SEBI ICDR Regulations were amended.
- Energy and InfrastructureThis past quarter witnessed several regulatory and judicial developments, such as the Andhra Pradesh High Court’s much-awaited decision on re-determination of tariffs, the introduction of the Green Hydrogen Policy, the Electric Vehicle Charging Guidelines, and the Procurement and Utilisation Guidelines for Battery Energy Storage Systems, in addition to various measures introduced as part of the Union Budget.
- Direct TaxThe Indian income tax framework saw interesting developments in the previous quarter, such as the circular issued by the Central Board of Direct Taxes according a restrictive interpretation to certain beneficial treaty provisions, notification of faceless schemes for various tax proceedings and amendments to the Income Tax Act, 1961 with the passage of the Finance Act, 2022.
- Indirect TaxThis update highlights some of the key budgetary changes along with other important developments in the indirect tax space in the last quarter.
- Intellectual PropertyThe previous quarter saw notable developments around intellectual property rights in India, specifically the Delhi High Court’s rules for adjudication of intellectual property and patent suits. On the international trade front, the United States Trade Representative released its report on foreign trade barriers in the context of intellectual property protection in India.
QUOTE UNQUOTE
Industry experts, business leaders and senior legal professionals share their thoughts on ‘Mediation Bill: Charting the future of dispute resolution in India’. To read this section, click here.
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