Amidst the current geo-political and economic situation prevalent across the globe, and considering the continuous weakening of the Indian Rupee (INR), the Reserve Bank of India (RBI) vide Circular dated 11 July 2022 has allowed international settlement of trade in INR for export and/or import of goods and services.
In its recent judgment in the case of Grasim Industries Limited v Employees Union and Others [Writ Appeal Number 100250 of 2021] (Grasim Industries), Hon’ble High Court of Karnataka (Court) held that the retirement age of 60 years for workmen as set out in the certified standing orders of the appellant (which, in turn, were modified pursuant to a similar stipulation made in the model standing orders by the state government) must be complied with by the employer.
The National Payment Corporation of India (NPCI) has issued an operating circular (NPCI/UPI/OC No 153/2022-23) on 5 July 2022 (OC) stipulating guidelines for capturing customer location on Unified Payments Interface (UPI).The National Payment Corporation of India (NPCI) has issued an operating circular (NPCI/UPI/OC No 153/2022-23) on 5 July 2022 (OC) stipulating guidelines for capturing customer location on Unified Payments Interface (
On 05 July 2022, a Full Bench of the National Company Law Appellate Tribunal (NCLAT) in Jaipur Trade Expocentre Private Limited v. M/s Metro Jet Airways Training Private Limited, Company Appeal (AT) (Insolvency) No.
The Government of India, recognizing the need to promote exports to propel GDP growth, had implemented the Special Economic Zone Policy in 2000 as part of the Foreign Trade Policy. Subsequently, the policy was implemented under the Special Economic Zones Act, 2005 (SEZ Act). Presently, there are 268 active Special Economic Zones (SEZs) with 5576 units. Over the past seventeen years, investments worth~ USD 82 billion were made and 2.6 million jobs were created with annual exports of USD 133 billion (Financial Year 2021 – 2022).
On 5 July 2022, the Competition Commission of India (CCI) dismissed allegations that the Chhattisgarh Chemist and Druggist Association (CCDA) controlled the supply of medicines in the State of Chhattisgarh in cohorts with the pharmaceutical companies Alkem Laboratories Limited (Alkem), Intas Pharmaceuticals Limited (Intas), and Koye Pharmaceuticals Private Limited (Koye).
In May 2022, the European Commission (EC) adopted the new Vertical Block Exemption Regulation (New VBER) and Vertical Guidelines which were implemented from 1 June 2022.
An infrastructure Investment Trust (InvIT) is a pooled investment vehicle like a mutual fund, that comprises of portfolio of infrastructure assets like, inter alia power transmission, road, pipelines and highways, and are becoming popular for monetising of infrastructure assets. Units of an InvIT may be issued by way of public issue, private issue and rights issue.
In a recent development, on 27 June 2022, the Department of Telecommunications (DoT) issued guidelines for captive non-public network (CNPN) license (CNPN Guidelines) and leasing of spectrum to enterprises (Spectrum Leasing Guidelines) (collectively referred to as the Guidelines), along with corresponding amendments to existing telecom licenses (Amendments).
SEBI in its Circular dated 27 June 2022 has mandated the appointment of Compliance Officer for Investment Managers of all Alternative Investment Funds and has also issued guidelines for Large Value Fund for Accredited Investors relating to filings of fund documents and conditions for extension of tenure of scheme beyond 2 (two) years from the original date of end of their tenure.
