Covid 19
Delhi High Court rejects to stay invocation of bank guarantee on account of financial distress due to COVID-19 / national lockdown
The Hon’ble Delhi High Court, in its decision dated 28 April 2020 in Indrajit Power Private Limited v Union of India & Ors, has dismissed a writ petition seeking to refrain the invocation of a bank guarantee by the Union of India (Respondent No 1) inter alia due to the financial distress caused by the national lockdown and that the COVID-19 pandemic was a force majeure under the agreement between the parties.
COVID19 response Breather from income tax compliances
On 24 March 2020, the Hon’ble Finance Minister announced several compliance related relaxations to ease the compliance burden on business community which was followed by a press release (Press Release). To give effect to the Press Release, the Government on 31 March 2020 passed the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (“Ordinance”). Key takeaways of income-tax related provisions in the Ordinance are as follows.
COVID19 Decoding Essential Services during the Lockdown Period
On 24 March 2020, the Ministry of Home Affairs issued an order imposing a 21-day lockdown of the entire country as a preventive measure to stop the spread of COVID -19. The lockdown announced by the Government mandates that while all commercial operations shut down, the Government left out a silver lining for “Essential Services.”
RBIs Regulatory Package Timely response to the economic fallout
The Reserve Bank of India (RBI) as part of its Statement of Development and Regulatory Policies released on 27 March 2020 announced a slew of measures to safeguard the Indian economy from the shocks of the COVID-19 pandemic. As part of these measures, the RBI released a circular (Ref: RBI/2019-20/ 186 DOR.No.BP.BC.47/21.04.048/2019-20) on COVID-19 – Regulatory Package (COVID Regulatory Package) to, inter alia, mitigate the burden of debt servicing brought about by disruptions on account of COVID-19 pandemic and to ensure business continuity for viable enterprises.
Covid-19: Listed Companies Disclosure Obligations On Coronavirus
In the wake of the novel coronavirus (COVID-19), the Government of India and the local authorities have been continuously issuing measures to contain the pandemic such as prohibition on large gatherings, imposition of a ban on travel, closure of certain outlets with large foot falls and requirement to permit work from home for employees. In fact, with the outbreak of coronavirus, the Indian stock market has also been plummeting. The global markets and the business operations are in a state of turmoil.
Employers guide to key employment considerations in the times of COVID19
On 11 March 2020, the World Health Organization (WHO) declared COVID-19 as a pandemic and a public health emergency of international concern. While the first confirmed case of COVID-19 in India was reported on 30 January 2020, it was not until March 2020 that the public and government began taking cognizance of it. The number of confirmed cases in India has crossed 600 as of 26 March 2020, and several State Governments have resorted to stringent measures to control the outbreak and promote maximum social distancing.