Ergo Update

The Chennai Bench of the National Company Law Tribunal (NCLT) had sanctioned a merger of Real Image LLP, a limited liability partnership  incorporated under the provisions of the Limited Liability Partnership Act, 2008, together with all its assets and liabilities, rights, title and interest in the immovable properties, on a going concern basis to Qube Cinema Technologies Private Limited a company incorporated under the provisions of Companies Act, 2013 (2013 Act) pursuant to provisions of section 230-232 of the Act.

In a recent decision in the case of ING Bewaar Maatschappij I BV (ING BV), as trustees of ING Emerging Market Equity Funds (INGEMEF) v Deputy Commissioner of Income Tax (International Taxation) (Income tax appeal number: 7119/MUM/2014), the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that in a situation where all investors / beneficiaries of a tax transparent entity are taxable in the Netherlands, the benefit of India-Netherlands Tax Treaty (Tax Treaty) shall be allowed to the income accrued to such tax transparent entity, assessed in the hands of ING BV, in its representa

Under the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 and relevant guidelines and circulars issued thereunder (REIT Regulations), a real estate investment trust (REIT) is required to list its units on a recognised stock exchange only through an initial public offer.

The Telecom Regulatory Authority of India (TRAI) has issued a pre-consultation paper on ‘Enabling unbundling of different layers through differential licensing’ on 9 December 2019 (PCP). The PCP has been issued pursuant to a reference received from the Department of Telecommunications (DoT) under which the DoT has sought TRAI’s recommendations for achievement and implementation of specific objectives set forth under ‘Connect India’ and ‘Propel India’ missions of National Digital Communications Policy 2018 (NDCP).

In a recent decision in the case of M/s Direct Media Distribution Ventures Private Limited v Principal Commissioner of Income Tax (ITA No: 2211/Mum/2019), the Mumbai bench of the Income Tax Appellate Tribunal (Tribunal) while deciding on the issue of invocation of revisionary proceedings by the Commissioner of Income Tax (CIT) dealt with the taxability of a gift of shares between corporates.

On 10 December 2019, a three-judge bench of the Supreme Court (SC) passed a judgment in BGS SGS SOMA JV v NHPC Ltd deciding key issues relating to interpretation of arbitration clauses and scope of appealable orders under the Arbitration and Conciliation Act 1996 (Arbitration Act).

On 21 November 2019, a full bench of the Nagpur Bench of the Bombay High Court (Court) in its judgement in Motilal s/o Khamdeo Rokde & Ors v Balkrushna Baliram Lokhande & Ors (Letters Patent Appeal No 177 of 2012), clarified two crucial aspects regarding the maintainability of petitions seeking a writ of certiorari, under Article 226 of the Constitution of India (Article 226), namely: (a) the maintainability of such writ petitions against orders of lower civil/judicial courts; and (b) whether the lower civil court / the judges passing the said orders are required to b

India’s capital markets regulator, the Securities and Exchange Board of India (SEBI), had on 27 November 2019 introduced the “Guidelines for the Preferential Issue of Units and Institutional Placement of Units by a listed Infrastructure Investment Trust” (2019 Guidelines), applicable to listed infrastructure investment trusts registered with SEBI (InvITs).

The Hon’ble Delhi High Court (Court), on 4 November 2019, pronounced its judgment on the issue of disqualification of directors of companies which had failed to file their returns / financial statements for a period of 3 (three) or more consecutive years, as prescribed under section 164 (2) (a) read with section 167 of the Companies Act, 2013 (Act).

The Securities and Exchange Board of India (SEBI) has recently imposed a monetary penalty on the merchant banker to the open offer (Merchant Banker) made to the public shareholders of Medicamen Biotech Limited (Target Company).