We are happy to present the tenth 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
- Intellectual Property Diligences from an Insolvency Lens‘Vuja de’ is an approach of viewing familiar things with fresh eyes. It is often the less obvious choice when looking at a problem because instinct makes us adopt the tried and tested route. This article highlights risks under Indian insolvency laws that may affect acquisitions of intellectual property and explores mitigation strategies, where through vuja de, we hope to gain new insights into old problems.
- A Roadmap for 100% Biomass-based energy solutionsThe government has directed thermal power plants to use biomass pellets as co-fuel for up to 25 years. It aims to reduce stubble burning by mandating the use of agricultural residue in power plants. However, this initiative faces technological, regulatory, and implementational obstacles. The alternative of 100% biomass-based power generation offers environmental and efficiency benefits but struggles with commercial viability due to outdated tariff regulations. With current tariff regulations expiring in March 2024, there is an opportunity for the Central Commission to bring in a revised framework to enhance the viability of biomass projects to help meet India’s 500 GW non-fossil fuel energy goal, benefitting farmers and local communities in the process.
TUNE IN
Our Partner, Jyotsna Jayaram, and Dr. Kailash Nadh, Chief Technology Officer, Zerodha, discuss important principles in building technology ecosystems for businesses in the backdrop of current policy and regulation. They discuss how businesses can implement privacy by design principles and talk about recent regulations on dark patterns and the importance of protecting consumer agency. They also discuss the role of free and open-source software (FOSS) in building a robust framework for software development.
To watch this video, click here.
QUARTERLY MILESTONES
- Corporate
- Disclosure regime for significant beneficial ownership strengthened; requirements for companies and limited liability partnerships streamlined
- New scale-based regulatory regime for non-banking financial companies
- Mandatory dematerialisation of securities of private companies
- Proposed changes to the corporate insolvency resolution process – clarifying minimum entitlements for dissenting creditors and streamlining processes for real estate projects
- Dispute Resolution
- Supreme Court affirms applicability of ‘group of companies’ doctrine under Indian arbitration law
- Supreme Court overrules its earlier decisions to hold that unstamped arbitration agreements are not void ab initio
- Supreme Court dismisses review petitions against its ruling in Rainbow Papers which treated statutory dues at par with dues of secured creditors
- Supreme Court upholds the constitutional validity of Sections 95-100 of the Insolvency and Bankruptcy Code, 2016, pertaining to insolvency resolution and bankruptcy of individuals and partnership firms
- Labour and Employment
- Telangana government renews exemption for IT/ITeS establishments from certain labour laws
- Haryana High Court quashes law guaranteeing 75% reservation for local candidates in private sector jobs
- Manipur Shops and Establishments (Regulation of Employment and Conditions of Service) Act, 2021 comes into force with retrospective effect
- Tamil Nadu government publishes draft amendments introducing registration requirements under the Tamil Nadu Shops and Establishments Rules, 1948
- Central government amends the rules on hybrid working under the Special Economic Zones Rules, 2006
- Financial Regulatory Regime
- Norms for lenders investing in alternative investment funds tightened to address regulatory concerns
- New scale-based regulatory framework for NBFCs
- Framework for ‘trading plans‘ under insider trading regulations to be modified to make them less onerous
- New regulatory framework proposed for index providers to increase transparency and accountability
- Requirements for grant of certification to accredited investors streamlined
- Capital Markets
- Framework for social stock exchanges revised following India’s first listing of zero coupon zero principal instruments
- Additional route prescribed for InvITs to achieve minimum public shareholding
- Operational framework introduced to transfer unclaimed amounts to Investor Protection and Education Fund and refund claims under InvIT and REIT Regulations
- FintechReserve Bank of India:
- Introduces an omnibus regulatory framework for cross-border payment processors
- Mandates reciprocity in data sharing in the account aggregator ecosystem
- Requires regulated entities to implement processes and policies for information technology governance and risk management.
- Technology
- MeitY directs intermediaries to prevent deepfakes on their platforms
- Madras High Court overturns the blanket ban on online games in Tamil Nadu
- Enhanced penalties for breaches under Aadhaar and information technology laws
- Withdrawal of restrictions previously imposed on the import of laptops and other electronics
- Consumer Protection and Advertising
- Central Consumer Protection Authority releases guidelines to prohibit the use of dark patterns
- Advertising Standards Council of India introduces additional conditions on advertising expenditure for qualification as a legitimate brand extension product or service
- Telecommunication and Broadcasting
- Telecommunications Act, 2023 enacted to overhaul the archaic telegraph-centric regime presently governing telecommunications in India
- TRAI mandates telcos to deploy the Digital Consent Acquisition facility to register subscriber consent for telemarketing
- DoT discontinues paper-based Know Your Customer processes for onboarding subscribers
- Decriminalisation of contraventions under the Cable Television Networks (Regulation) Act, 1995
- Broadcasting Services (Regulation) Bill, 2023 proposes to create a unified legislation for all broadcasting services in India
- Asset Management and Funds
- Proposed amendments to the regulatory framework for Special Situation Funds to facilitate the acquisition of special situation assets, including stressed loans
- Direct TaxSupreme Court’s decisions holding that:
- Issuing a notification is necessary for invoking the most favoured nation clause of tax treaties
- Annual telecom licence fee is an amortisable capital expenditure and not a revenue expenditure
- Indirect Tax
- New sub-rule introduced to notionally determine the taxable value of corporate guarantee transactions between related persons
- Supreme Court holds that amendments made to VAT laws post implementation of GST are invalid
- Limitation Act, 1963 is applicable to GST laws, unless specifically excluded
- GST Council cannot determine classification of goods and services
- CESTAT Chennai divided on the treatment of Service Tax on direct payments made to seconded employees; issue referred to larger bench
- Intellectual Property
- Division Bench of the Delhi High Court clarifies the criteria for maintainability of divisional patent applications
- Delhi High Court differentiates between goodwill and reputation in a determination of transborder reputation in a passing-off matter
- Madras High Court delineates the scope of the term ‘diagnostic’ for determining ineligibility of patents
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