The National Payment Corporation of India (NPCI) has issued an operating circular on 10 January 2023 (OC) allowing use of Unified Payments Interface (UPI) by non-resident Indians (NRI) using their international mobile numbers.
On 15 December 2022, the Supreme Court, in its recent judgement in Wave Industries Private Limited v State of Uttar Pradesh, provided clarity on the responsibility of a purchaser for pre-closing liabilities. This is an interesting and important precedent towards purchaser liability in a business purchase transaction. Usually, a business purchase or asset purchase is done in order to circumscribe other seller liabilities as compared to acquiring a company.
The Government on 2 January 2023 has amended the Securities Contracts (Regulation) Rules, 1957 (SCR Rules) through the Securities Contracts (Regulation) Amendment Rules, 2022 (Amendment). Pursuant to the Amendment, the definition of a ‘government company’ and sub-rule (6) in Rule 19A of the SCR Rules has been amended.
On 23 December 2022, the Ministry of Electronics and Information Technology (MeitY) was notified as the nodal ministry for all matters related to the online gaming industry. On the heels of this development, MeitY on 2 January 2023, released the draft amendment (Proposed Amendment) to the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules 2021 (IT Rules 2021), to bring in online games and online gaming intermediaries within the ambit of the IT Rules 2021.
In an important development, the Employees’ Provident Fund Organisation (EPFO) has released a circular dated 29 December 2022 pursuant to the directions of the Supreme Court of India in the case of EPFO and Another v Sunil Kumar and Others [AIR 2022 SC 5634] (Sunil Kumar), setting out the specific steps towards implementation of the said order. The circular has already drawn massive attention from the industry given that several aspects continue to await clarity. In this ERGO, we examine the circular against the backdrop of Sunil Kumar order.
After the introduction of the distributed ledger technology for secured debt issuances on 1 April 2022, the Securities and Exchange Board of India (SEBI) had for better investor protection, issued directions to cover for due diligence and security creation for security offered after the issue date. SEBI vide Circular No. SEBI/HO/DDHS/DDHS_Div1/P/CIR/2022/106 dated 4 August 2022 (August 4 Circular), had further laid down guidelines for debenture trustees and listed issuer companies on additional security creation and due diligence requirements.
The Securities and Exchange Board of India (SEBI) has amended the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (SEBI ICDR Regulations) through its notification SEBI/LAD-NRO/GN/2022/107 dated 21 November 2022 (Amendment), pursuant to which, SEBI has inter alia introduced mandatory disclosure of key performance indicators and filing of offer documents with SEBI head office. The Amendment is pursuant to the SEBI’s discussion in its board meeting, described in our KCO Ergo Newsflash dated 14 October 2022 which is accessible here.
Securities and Exchange Board of India (SEBI) vide its circular on ‘Review of timelines for listing of securities issued on a private placement basis’ dated 30 November 2022 and bearing reference no. SEBI/HO/DDHS/DDHS_Div1/P/CIR/2022/167 (hereinafter, the Amendment) amended Chapter VII (Standardization of timelines for listing of securities issued on a private placement basis) of the Operational Circular dated 10 August 2021 issued by SEBI (hereinafter, the Operational Circular).
In the case of Grasim Industries Ltd. v. DCIT and others (ITA No.
The Ministry of Finance, Government of India (MoF) has issued two back-to-back notifications introducing a legal framework for the flow of information from the Enforcement Directorate to the Competition Commission of India (CCI) and authorising the CCI to scrutinise anti-profiteering measures.
