ArchiveAugust 2016

Amendments to the Companies Incorporation Rules

[The following guest post is contributed by Bhushan Shah and Neha Lakshman from Mansukhlal Hiralal & Company. The views expressed in the article are personal.] The Ministry of Corporate Affairs (MCA) has notified the Companies Incorporation (Third Amendment) Rules, 2016 by way of a notification in the official gazette on 27 July 2016. This update captures some of the important changes brought...

Call for Papers: Indian Journal of Tax Law (IJTL)

[The following announcement is posted on behalf of the Indian Journal of Tax Law] The Indian Journal of Tax Law (‘IJTL’) is a biannual journal dealing with taxation. The Journal is published by an independent organization of students from National Law University Odisha. IJTL is India’s first student edited, peer reviewed law journal focusing on taxation. The journal is aimed towards enabling...

SEBI’s Discussion Paper on Algorithmic Trading

Background to Algorithmic Trading Similar to most other fields, the use of technology is being optimized in trading in the stock markets. Stock trading is getting increasingly automated through use of sophisticated computer systems that operate through algorithms, which minimize human involvement and decision-making. Not only does this lead to the extensive use of technology by stock traders and...

Withdrawal of an Offer under SEBI’s 2011 Takeover Regulations

Once a takeover offer is made, it is generally treated as sacrosanct. It is extremely difficult for acquirers to withdraw from the offer. This position has been clarified in a number of decisions of courts and appellate tribunals, including the Supreme Court. We have previously discussed the cases of Nirma Industries v. Securities and Exchange Board of India (2013) and SEBI v. Akshya...

Taxation of Income from Transfer of Intangible Assets between Non-Residents

[The following guest post is contributed by Shailendera Singh, who is a lawyer practising in Delhi. He can be reached at [email protected]] A judgment of the Delhi High Court rendered on July 25, 2016 in CUB Pty Limited (Formerly Known as Foster’s Australia Ltd) v. Union of India has held that the situs of an intangible property is where the owner of the property resides, and a transfer...

RBI Issues Guidelines for “On Tap” Licensing of Private Universal Banks

In the past, the Reserve Bank of India (RBI) has been following a “stop and go” policy for licensing of new banks in the private sector. Under this policy, and on the last occasion in 2014, two private sector banks were granted licences to operate banks. However, this policy has been under review and discussion over the last few years. Consequently, the RBI in May this year issued the Draft...

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