Ergo Newsflash

The Union Cabinet on 1 August 2018 approved the policy framework (Policy) for the exploration and exploitation of unconventional hydrocarbons.

The Prevention of Corruption Act, 1988 (PC Act) was enacted to prevent corruption in Government departments and to prosecute and punish public servants involved in corrupt practices. As the PC Act saw limited success an amendment was enacted (Amendment Act) and brought into force on 26 July 2018. The Amendment Act attempted to bring the PC Act in line with United Nations Convention against Corruption 2005, which was ratified by India in 2011.

The GST Council recommended amendments in the Central Goods and Services Tax (CGST) Act 2017, Integrated Goods and Services Tax (IGST) Act 2017, Union Territory Goods and Services Tax (UTGST) Act 2017 and the GST (Compensation to States) Act. The aforesaid recommendations will be placed before the Parliament and various States / Union Territory legislat

On 18 July 2018, the Cabinet Committee on Economic Affairs approved policy framework for streamlining operations of production sharing contracts (PSCs) for increased domestic production of hydrocarbon resources (Policy).

The Insolvency and Bankruptcy Board of India (IBBI) notified the IBBI (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 (Amendment Regulations) on 4 July 2018 to amend the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) for the third time this year.

The Principal Bench of the National Green Tribunal (NGT) in its order dated 19 July 2018 in the case of Shivpal Bhagat v Union of India has directed that every applicant and appellant must approach the NGT after giving the concerned authority against which it has filed the appeal or application a time period of 15 days to respond. Thereafter when the applicant or appellant approaches the NGT it is obligatory that the response received from the concerned authority is also mentioned in the application or appeal filed before the NGT. 

In a move that is intended to enhance the ease of doing business, reduce low value litigations, and also help the Income-tax department (Department) focus on high value litigations, on 11 July 2018, the Ministry of Finance released a circular (Circular) enhancing the monetary thresholds of the tax effect on matters below which an appeal (Appeal) cannot be filed by the Department.

The Ministry of Corporate Affairs (MCA) has, pursuant to its notification dated 5 July 2018 (Notification), amended the Companies (Appointment and Qualification of Directors) Rules, 2014 (Rules).

Recently, the Delhi High Court, in the matter of Koninklijke Philips Electronics N.V. (Plaintiff) v Rajesh Bansal and Ors (Defendants), after duly conducting and concluding a trial in the suit has passed a decree in favour of the Plaintiff for infringement of its standard essential patent (SEP).

On 4 July 2018, the Ministry of Corporate Affairs (MCA) extended the vessel sharing exemption applicable to the liner shipping industry from scrutiny under Section 3 of the Competition Act, 2002 (Exemption) for a further period of three years  . The Exemption has been extended on an annual basis after its initial introduction in September 2012 with the last extension expiring on 19 June 2018.