Corporate
The preceding quarter saw some key developments in the corporate regulatory regime with the overseas investment framework undergoing an overhaul and the RBI and SEBI issuing circulars aimed at further liberalising the investment climate as well as providing much needed clarity on several issues.
Dispute Resolution
In the previous quarter, the Supreme Court pronounced important judgements on the admission of insolvency applications filed by financial creditors and the validity of resolution plans not providing for payment of statutory dues to government authorities. In arbitration law, the Supreme Court clarified the scope of the court’s power to grant interim measures under Section 9 of the Arbitration and Conciliation Act, 1996, and assess the arbitrability of a dispute in an application filed for appointment of the arbitrator.
Technology, Media and Telecommunications
The preceding quarter witnessed the proposal of several key reforms in the telecommunication and information technology law regimes, including the expansion of regulated telecommunication services, developments relating to data protection, privacy and consumer protection.
Labour and Employment
The third quarter of 2022 witnessed crucial Supreme Court rulings on atypical families and their entitlement to equal protection of law and continuity of service in cases of retrenchment. The central government introduced a new WFH rule in SEZs and issued updates regarding the Labour Codes.
White Collar Crimes Investigations
Two important developments coincided in the last quarter – the US Department of Justice updated its corporate criminal enforcement policies, and various international companies resolved Foreign Corrupt Practices Act charges (one concerning conduct in India) with US regulators. We look at aspects of these enforcement actions which companies doing business in India should keep in mind, and discuss the Department of Justice’s related policy updates.
Financial Regulatory Regime
The third quarter of 2022 heralded key shifts in the country’s financial regulatory framework. SEBI and RBI kept pace with the rapid changes in the financial space by releasing a flurry of guidelines and consultation papers sketching out regulatory frameworks. The regulators’ focus, as always, was on balancing investor interest, security and market stability while encouraging innovation. The fintech boom has not gone unnoticed – several steps taken by the regulators govern recent innovations and practices, such as UPI lite and digital lending.
Banking and Finance
There have been key regulatory and legislative developments in overseas investment rules as well as the digital lending landscape. There was also an important Supreme Court judgement on insolvency law on the admission of insolvency applications filed by financial creditors.
Capital Markets
SEBI recently notified key changes to its framework for fund raising, such as introducing social stock exchanges for social enterprises and allowing specialised real estate and infrastructure investment trusts to issue listed commercial paper.
Direct Tax
The preceding quarter saw some important judicial developments on the tax front. While the Supreme Court decided on the prospective applicability of amendments to the benami transactions law and interpretation of exemption provisions under the income tax law, the ITAT clarified the scope of its inherent powers to grant a stay on tax demand.
Indirect Tax
The third quarter of 2022 brought clarity on several issues that had been the subject of protracted litigation. The Supreme Court also decided on an important issue of whether the State is required to provide applicable GST rate in tender documents for procuring goods.
Intellectual Property
In the previous quarter, the Economic Advisory Council to the Prime Minister noted the need to improve the efficiency of the patent and trademark prosecution ecosystem in India and suggested consequent reforms. The Delhi High Court continued to make strides by clarifying some key patent and trademark prosecution-related issues and taking cognizance of the menace of domain name abuse.
