Ergo Update
Delisting Dynamics: Unpacking Regulatory Complexity
The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021 (Delisting Regulations) sets out a detailed mechanism for promoters to delist listed companies while ensuring that all public shareholders are provided a fair and equitable exit. Under the erstwhile regime, the exit price was determined through a reverse book building (RBB) process based on the prices at which bids were placed by public shareholders as they deemed fit.
Key GST Amendments and Clarifications Pursuant to the 54th GST Council Meeting
The 54th GST Council meeting, chaired by Union Finance and Corporate Affairs Minister Nirmala Sitharaman, took place on 9 September 2024. In this meeting, the GST Council recommended several amendments in the GST statutes along with issuance of clarifications and trade facilitation measures aimed at resolving contentious issues across multiple sectors.
The Competition Commission of India (General Regulations), 2024: Revamped and Renewed
On 17 September 2024, the Competition Commission of India (Commission) notified the updated Competition Commission of India (General) Regulations, 2024 (General Regulations 2024). These regulations govern the general procedure to be followed by the Commission and the parties appearing before it for adjudication of various matters.
Fact-Checking or Censorship? Bombay High Court Finds Fact Check Unit Unconstitutional
On 20 September 2024, the Bombay High Court (BHC) struck down Rule 3(i) (II)(A) and (C) of the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Amendment Rules 2023 (Challenged Rule) which amended Rule 3(1)(b)(v) of the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules 2021 (IT Rules)
Principle-Based Framework for Authentication of Digital Payments: A Step Towards Increasing Trust Towards Digital Payments
The Reserve Bank of India (RBI) released the ‘Draft Framework on Alternative Authentication Mechanisms for Digital Payment Transactions’ (Draft Framework) on 31 July 2024.
The Ministry of Finance Revises Rules on Compounding Proceedings
Pursuant to announcements made during the Union Budget 2024-25 speech to simplify rules and regulations for foreign investments, the Department of Economic Affairs, on 12 September 2024, notified the Foreign Exchange (Compounding Proceedings) Rules 2024 (Rules) superseding the Foreign Exchange (Compounding Proceedings) Rules 2000 (Erstwhile Rules).
Direct Tax Disputes Resolution Scheme 2.0 made Effective
Currently, there is high pendency of tax cases before various appellate fora. In the year 2020, the Government introduced a direct tax disputes resolution scheme through the Direct Tax Vivad Se Vishwas Act, 2020 (popularly known as the ‘Vivad Se Vishwas scheme’].
Ministry of Labour and Employment Issues an Advisory for Registration of Aggregators and Platform Workers
On 16 September 2024, the Ministry of Labour and Employment, Government of India, issued an advisory addressed to aggregators accompanied by a standard operating procedure (SOP) for registration of aggregators and platform workers on its e-Shram portal