Section 234 of the Companies Act, 2013 (Companies Act) and Rule 25A of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 (Companies Merger Rules) permit mergers and amalgamations between Indian companies and companies incorporated in certain jurisdictions. These provisions mandate prior approval of the Reserve Bank of India (RBI) for any such cross-border mergers.
The Payment of Gratuity (Amendment) Act, 2018 (Gratuity Amendment Act) has received the Presidential assent on 28 March 2018 and has been notified on 29 March 2018. Our previous update pertaining to the Gratuity Amendment Act can be accessed
SEBI, in its board meeting on 28 March 2018 considered the Kotak Committee report (Report) on corporate governance. The Kotak Committee (Committee) had submitted the Report proposing amendments to the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 (LODR) with the objective of enhancing fairness and transparency in the corporate governance landscape in India.
The budget proposes a dispute resolution-cum-amnesty scheme titled ‘The Sabka Vishwas Legacy Dispute Resolution Scheme, 2019’ (Scheme) for faster settlement of litigation pending inter alia under the erstwhile Central Excise and Service Tax regime.
The tax rates and income slabs under the Income-tax Act, 1961 (IT Act) remain the same, other than the following proposed changes
The Union Budget 2020, announced on Friday, 5 July 2019, has proposed some significant changes for the insurance sector in India.
On 3 July 2019, the Union Cabinet approved the Code on Wages Bill 2019 (Wages Bill). While an official press release in this regard is awaited, the Union Minister for Information and Broadcasting, Mr Prakash Javadekar, informed the media that the Wages Bill was approved in a meeting held on 3 July 2019.
In yet another judicial pronouncement, which comes as a shot in the arm for the fledgling online gaming industry, the Bombay High Court recently upheld the legality of online fantasy sports gaming.
On 10 July 2019, the Union Cabinet approved introducing the Draft Code on Occupational Safety, Health and Working Conditions Bill, 2019 (2019 Code) in the Parliament during the current monsoon session. The official press release regarding the same can be accessed here.
A single judge of the Hon’ble Bombay High Court (S.J. Kathawalla, J.) (Court) in Reliance General Insurance Co v Colonial Life Insurance Co (Comm Suit No. 29 of 2013) hasheld that the mandatory timeline of 120 days for filing a written statement in a commercial suit, would not apply to suits filed prior to the enactment of the Commercial Courts Act, 2015 (the Act).
