We are happy to present the fourteenth 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
1. Indian merger control regime in flux: Unscrambling the egg for dealmakers
Indian merger control regime underwent significant changes in 2024. These changes necessitate a careful assessment of deal value and overlaps, cautious drafting of transaction documents, and flexible transaction timelines. This article charts the recent changes to the Indian merger control regime and discusses how best to navigate this uncertain terrain.
2. Obtaining Environmental Clearance in India: A comprehensive overview
In view of the recent judicial traction and stricter monitoring and enforcement of environmental compliance, it becomes crucial to decode the process of obtaining Environmental Clearance. This article aims to provide a clear understanding of the process through FAQs.
QUARTERLY MILESTONES
1. Corporate
- SEBI releases a consultation paper reviewing corporate governance norms for High Value Debt Listed Entities
- Issuance of framework for reclassification of foreign portfolio investment to foreign direct investment
- Norms governing issuance of Offshore Derivative Instruments tightened
- Updated framework for treatment of wilful defaulters
- Amendments to the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
- Framework for monitoring shareholding of Market Infrastructure Institutions
2. Dispute Resolution
- Supreme Court rules that clauses allowing a party to mandate other party to select arbitrators only from a panel curated by it are invalid
- Bombay High Court holds that arbitrators are empowered to change the venue of arbitration without consent of the parties
- Supreme Court clarifies the procedure for withdrawal of corporate insolvency resolution process under Section 12A of the Insolvency and Bankruptcy Code, 2016
3. Labour and Employment
- Delhi High Court rules special incentives paid during Covid-19 pandemic cannot be treated as part of wages under the Employees State Insurance Act, 1948
- Jharkhand High Court stays law extending 75% reservation for locals in private sector jobs
- Delhi High Court rules that new employer cannot deny employment once resignation has been accepted by previous employer
- Haryana government issues compliance checklist under Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
- Supreme Court reinforces importance of properly constituted Internal Committees under Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
4. Financial Regulatory Regime
- Regulatory framework for Investment Advisers and Research Analysts relaxed to facilitate compliance and ease of doing business
- Norms governing issuance of Offshore Derivative Instruments tightened
- Introduction of Mutual Funds Lite framework for passive funds and Specialised Investment Funds
- Clarification of framework for investments in overseas mutual funds/unit trusts by Indian mutual funds
- Comprehensive review of the Merchant Banker Regulations
- Issuance of framework for reclassification of FPI to FDI
5. Direct Tax
- ITAT characterises cryptocurrency as a capital asset; holds gains arising from transfer of cryptocurrency taxable as capital gains
- Switzerland withdraws ‘most-favoured nation’ benefit under India-Switzerland tax treaty
6. Indirect Tax
- Supreme Court validates authority of officers of Directorate of Revenue to issue show cause notices for recovery of customs duties
- Supreme Court holds mobile towers and pre-fabricated buildings to be moveable properties qualifying as capital goods for availing CENVAT credit
- Clarification on scope of “as is” and “as is, where is basis” used in Goods and Services Tax circulars issued for clarification on applicable GST rates and classification of specified goods and services
- Clarification on taxability of transactions in vouchers and sale of used vehicles, and amendments to Section 17(5)(d) of the Central Goods and Services Tax Act, 2017
7. International Trade
- Trade remedy actions on imports into India in the fourth quarter of 2024
- Imposition of safeguard duty on imports of Low Ash Metallurgical Coke
- Clarification on origin procedures under Free Trade Agreements
8. Private Client
- Singapore High Court sets important precedent by holding trustee liable for mismanagement and breach of trust
- Regulation 60A introduced to the Depositories and Participants Regulations, 2018 to streamline securities transmission and reduce unclaimed assets
- Dubai International Financial Centre Courts introduce Digital Assets Will for estate planning in the digital age
- US Internal Revenue Service discontinues automatic penalties for late filing of Form 3520 by US taxpayers who receive foreign gifts or inheritances
- Tax tribunal upholds the applicability of deemed gift tax on family trusts where trustees have discretion to add non-relative beneficiaries; order recalled for inadvertent error
9. Life Sciences
- New Biological Diversity Rules, 2024 define procedures for foreign entities to access Indian biological resources for research and commercial utilisation
- Medical device adverse event reporting form updated to enhance monitoring of medical device safety in India
10. Intellectual Property
- Suit filed against OpenAI for copyright infringement
- India signs the Riyadh Design Law Treaty
- Delhi High Court clarifies the scope of the Regional Director’s powers in company name rectification
- Screenwriters Rights Association of India recognised as a Copyright Society
- Delhi High Court rules that PhD theses are not exempt from right to information on the basis of intellectual property rights
- Orissa High Court holds copyright infringement disputes to be arbitrable
Read this Issue
