The Reserve Bank of India (RBI) has issued a circular dated 19 June 2018 (Circular) (Ref: RBI/2017-18/204. A.P. (DIR Series) Circular No. 32) amending the liberalised remittance scheme (LRS) as set out in the Master Direction – LRS issued from time to time (Master Directions).
The Reserve Bank of India (RBI) vide circular dated 16 November 2015 had permitted foreign direct investment (FDI) in investment vehicles, i.e., any entity registered and regulated by Securities and Exchange Board of India (SEBI), including alternative investment funds (AIFs), real estate investment trusts (REITs)
On 7 June 2018, the Reserve Bank of India (RBI) notified changes to the existing reporting requirements in respect of foreign investments in India with the objective to consolidate and integrate all existing reporting for, inter alia, issue of shares and transfer of shares in a Single Master Form (SMF) online.
The concept that companies are independent corporate personalities and have separate juristic nature has been often misused for illicit purposes, including money laundering and other illegal activities. To bring transparency to the manner in which shares of companies are held, and in compliance of India’s obligations to align its regulatory framework with the recommendations of Financial Action Task Force
The Governor of Maharashtra promulgated the Code of Civil Procedure (Maharashtra Amendment) Ordinance, 2018 (Ordinance) on 27 June 2018 to amend the Code of Civil Procedure, 1908 (Code) by deleting Section 9A of the Code in its application to the State of Maharashtra. The Ordinance proceeds to lay down the procedure by which matters pending under Section 9A of the Code are to be dealt with.
On 7 May 2018, the Supreme Court of India (Supreme Court) passed an important order (Clarification Order) in Competition Commission of India (CCI) v. Coordination Committee of Artist and Technicians of West Bengal Film and Television Industry clarifying certain ambiguous portions of its judgment dated 7 March 2017 (2017 Order).
In a case connected to the Competition Commission of India’s (CCI) cartel investigation in the conveyor belt market, an appellate bench of the Delhi High Court (Court) (LPA 607/2016; Judgment dated 24 May 2018) has confirmed a single judge bench judgment of the Court (WP(C) 11411 of 2015; Judgment dated 22 April 2016) which permitted officials of a company being investigated by the CCI to be accompanied by an advocate while appearing before the Director General, Competition Commission of India (DG).
Between 31 May to 1 June, the Securities and Exchange Board of India (SEBI) amended a number of securities regulations to provide certain dispensations for listed companies undergoing the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code 2016 (IBC).
On 19 June 2018, the Department of Telecommunications, Government of India (DoT) finally provided its nod to several key recommendations (Recommendations) made by the Telecom Regulatory Authority of India (TRAI) on the Regulatory Framework for Internet Telephony in October 2017. DoT has released a clarification (Clarification) and certain amendments to existing licenses (Amendment), both of which are slated to take effect immediately.
The President of India promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance 2018 on 6 June 2018 (Ordinance) to amend the Insolvency and Bankruptcy Code 2016 (IBC). In the short history of around one and half years since the provisions relating to corporate insolvency resolution process under IBC came into force in December 2016, the Ordinance marks the second amendment to IBC.
