[The following guest post is contributed by Arka Saha, who is a 4th Year B.A.LL.B. (Hons) & Executive Student in CS (ICSI) at National Law University Odisha (NLU-O)] To bring about systemic convergence of financial reporting standards in vogue in the case of Indian banking companies, Insurance companies and Non-banking Financial Companies with those recognised and accepted globally, the...
Retrospective Amendments to the Payment Of Bonus Act
[The following post is contributed by Bhushan Shah from Mansukhlal Hiralal & Company] The Payment of Bonus Act, 1965 (“Bonus Act”) requires the payment of compulsory bonus to certain employees of an establishment which employs 20 or more persons. The erstwhile provisions of the Bonus Act provided for payment of bonus to the employees drawing a salary not exceeding Rs 10,000/- per...
FDI in Marketplace Model – New Proposal for E-commerce
[The following guest post is contributed by Ananya Banerjee, a 5th Year Student of University of Calcutta, Department of Law] Press Trust of India has reported on February 9, 2016 that the government is considering permitting 100% FDI in the marketplace model of e-commerce to attract more foreign investments. It was already expected that the Government would soon come up with a proper definition...
Proposed Changes in Corporate Tax – A Brief Overview
[The following guest post is contributed by Ananya Banerjee, a 5th Year Student of University of Calcutta, Department of Law] After the Budget Speech, 2015 of the Finance Minister, the Income Tax Department has come out with a phasing out plan under the Income Tax Act. In the Speech, the Minister indicated that the corporate tax burden will be reduced from 30% to 25% in the next four years. But...
Penny Wise : A Crowdfunding Critique
[The following guest post is contributed by Anantha Krishnan Iyer, a graduate of National Law University Lucknow (batch of 2008-2013) currently working with a leading law firm in Mumbai] Introduction Pooling as a concept that has existed for a while now, as it is considered a useful solution to generate certain efficiencies. The advent of pooling of funds by multiple persons to fund a project...
Is it time to abolish the memorandum of association?
[The following guest post is contributed by Suprotik Das, a 4th year law student at the Jindal Global Law School, Sonepat, Haryana.] With the advent of the recent Start-up India Action Plan, the focus for start-ups seems to be on simplification of convoluted legal procedures, efficiency and speed of incorporation. In this regard, the Government has proposed that incorporation and...
Recommendations of the Companies Law Committee: A Proposed Overhaul of the Private Placement Regime
[The following guest post is contributed by Amitabh Robin Singh, who is an Associate at DSK Legal] The recently released Companies Law Committee report (“Report”) has recommended a plethora of amendments to the current company law regime. However, some of the most sweeping changes have been proposed in relation to private placement of securities. In this post, some of the key changes...
Revision of FEMA Regulations – Promoting Ease of Doing Business
[The following guest post is contributed by Ananya Banerjee, who is a Fifth Year B.A.LL.B (Honours) Student at the University of Calcutta (Department of Law)] The Reserve Bank of India (“RBI”), through several notifications dated December 29, 2015, January 12, 2016 and January 21, 2016, has consolidated and revised nine sets of Regulations under the Foreign Exchange Management Act, 1999. The...
Update: Proposed Amendments to the AIF Regulations
[The following post is contributed by Bhushan Shah and Labdhi Shah from Mansukhlal Hiralal & Company] Alternative Investment Funds (AIF(s)) play a vital role in Indian economy as they drive economic growth and contribute significantly to nation building. To regulate AIFs under one single regime, the Securities and Exchange Board of India (SEBI) in 2012 notified SEBI (Alternative...
Easing Investor Exit in the Construction Development Sector: A Loss for Domestic Infrastructure?
[The following guest post is contributed by Abhinav Kumar, who is a 5th Year, B. A. LL. B (Hons.) student at NLU, Jodhpur] The Department of Industrial Policy and Promotion (“DIPP”) issued Press Note 12 (“PN12”) in November, being the last of the 2015 series. Titled “Review of FDI policy on various sectors”, PN12 brought sweeping changes to the FDI regime pertaining to around 15 sectors...
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