Ergo Update

The Insolvency and Bankruptcy Code, 2016 (Code) is an ever evolving legislation which is aligned with the economic needs of the country. While frequent revisions have been carried out in the Code and Insolvency and Bankruptcy Board of India (Insolvency Resolution for Corporate Persons) Regulations, 2016 to bring forth onus and responsibility in the roles of the resolution professional and allied professional, the role of the creditors comprising the committee of creditors (CoC) has long remained vague and undefined.

A Division Bench of the Madras High Court (Court) in a reference arising out of a batch of writ petitions examined the constitutional validity of Section 77-A of the Registration Act, 1908 as applicable to Tamil Nadu (Act), which was introduced by the Registration [Tamil Nadu Second Amendment Act] 2021 (Amendment).

The Finance Minister, in the Union Budget 2024-2025 had announced changes to the foreign investment and overseas investment regimes of India. Following this announcement, the Ministry of Finance notified the Foreign Exchange Management (Non Debt Instruments) (Fourth Amendment) Rules, 2024 (Amendment) dated 16 August 2024 (Amendment).

On 5 August 2024, the Ministry of Corporate Affairs (MCA) has notified amendments to the Companies (Adjudication of Penalties) Rules, 2014 (Adjudication Rules) by way of the Companies (Adjudication of Penalties) Amendment Rules, 2024 (Amendment) which will come in force from 16 September 2024.

In a decisive move to combat the ongoing issue of unsolicited commercial communications and fraudulent activities conducted by spammers, the Telecom Regulatory Authority of India (TRAI) has issued directions to access service providers on 13 August 2024 (Directions).

Over the years, SEBI, the financial market regulator, has introduced numerous changes and reforms aimed at enhancing the user-friendliness and efficiency of financial market transactions. These innovations include digital payment systems like the Unified Payments Interface, the SCORES platform for addressing public grievances, and KYC registration agencies, among others.

On 31 July 2024, the Maharashtra Tax Laws (Amendment) Act, 2024 (Amendment Act) was passed, with a view to amend certain tax laws in the state of Maharashtra.

On 24 July 2024, the Government of India through the Department of Telecommunication (DoT) published the draft Telecommunications (Commercial Radio Operator’s Certificate of Proficiency to Operate Global Maritime Distress and Safety System) Rules, 2024 (Draft Rules) in the Official Gazette.

On 18 July 2024, the Government of India, through the Department of Telecommunications (DoT), published the draft Telecommunications (Adjudication and Appeal) Rules (Draft Rules) in the Official Gazette.