With a view to curbing inadvertent trades in the securities of a listed entity during the trading window closure period (Blackout Period), the Securities and Exchange Board of India (SEBI) has introduced a circular dated 5 August 2022 (SEBI Circular) through which it intends to freeze the permanent account number (PAN) of designated persons (DP(s)), thereby restricting them from trading during the Blackout Period.
In a recent order passed by the National Company Law Appellate Tribunal, Principal Bench (NCLAT), dismissing two appeals in Sudip Dutta @ Sudip Bijoy Dutta v. State Bank of India, Company Appeal (AT)(Insolvency) No. 807 of 2021 and Sudip Dutta @ Sudip Bijoy Dutta v. State Bank of India & Anr., Company Appeal (AT)(Insolvency) No.
The Reserve Bank of India (RBI), on 6 July 2022, issued a press release on liberalisation of forex flows and announced a slew of measures to increase foreign exchange inflows into India. Following such press release, the RBI on 1 August 2022 issued a circular (A.P (DIR Series) Circular No. 11) (2022 ECB Circular), under which it has made certain temporary modifications to the existing regime on external commercial borrowings (ECBs) and such regulatory relaxations would be available for ECBs availed till 31 December 2022.
The Tax Research Unit, Ministry of Finance, Government of India (TRU) has inter alia issued two circulars 177/11/2022-GST and 179/11/2022-GST both dated 3 August 2022 (collectively “Circulars”)
In a significant step forward, which offers flexibility as well as additional compliance requirements to the Alternative Investment Funds (AIFs) and Venture Capital Funds (VCFs), the Securities and Exchange Board of India (SEBI) vide its Circular No. SEBI/HO/AFD-1/PoD/CIR/P/2022/108 dated 17 August 2022 (SEBI 2022 Circular) has relaxed the guidelines for overseas investments by AIFs and VCFs.
On 27 July 2022, the National Company Law Appellate Tribunal (NCLAT) in Zoom Communications Private Limited v Par Excellence Real Estate Private Limited, Company Appeal (AT) (Insolvency) No. 619 of 2022 upheld the order of the National Company Law Tribunal, New Delhi (NCLT) dated 17 May 2022 dismissing an application to initiate Corporate Insolvency Resolution Process (CIRP) on the ground that the debt appeared suspicious and collusive in nature.
Digital lending has the potential to make financial products and services accessible to public in a more fair and efficient manner. However, there are certain inherent risks associated with digital lending (like any other lending activity) such as unbridled engagement of third parties, mis-selling, breach of data privacy, unfair business conduct, charging of exorbitant interest rates, and unethical recovery practices, which if not addressed may erode the confidence of the public in the digital lending.
The Customs Act, 1962 (Act) being a code within itself, specifically provides the Commissioner of Customs with powers of arrest and prosecution in case of acts defined as offences under the Act.
In a recent decision, the Hon’ble Supreme Court has held that since liability to pay tax under the Goods and Services Tax (GST) regime is on the supplier, the bidder/supplier must make inquiries and make an informed decision as to what would be the relevant Harmonised System (HS) classification of the goods and the applicable rate of tax. A tender or bidding process cannot be invalidated if the buyer has not specified applicable tax rate or bidders have adopted a 1different tax rate.
