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Ahlawat-Associates

Madras High Court reiterates stay on some provisions of the Information Technology (Guidelines for intermediaries and Digital Media Ethics Code) Rules, 2021

The Madras High Court (vide its order dated September 16, 2021) has reiterated the stay of Rules 9(1) and 9(3) of the recently notified Information Technology (Guidelines for intermediaries and Digital Media Ethics Code) Rules, 2021 by the Bombay High Court. The Madras High Court pronounced the referenced order after hearing the clubbed writ petitions …

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Ahlawat-Associates

A Big Relief to Telecom Sector

As part of its comprehensive package for the Telecom Sector of the Country, the Government of India has announced 100 % foreign direct investment (“FDI”) under the automatic route in the said sector. To date, investment was allowed in the Telecom Sector up to 49% via automatic route and any investment beyond 49 per cent …

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Supreme Court: Completion of CIRP within 330 days, Submitted Resolution Plan cannot be modified by the Resolution Applicant

The Hon’ble Supreme Court of India in the matter of Ebix Singapore Private Limited vs Committee of Creditors (“CoC”) of Educomp Solutions Limited held that the corporate insolvency resolution process (“CIRP”) has to be completed in a mandatory time-framed i.e. within a period of 330 days as provided under the Insolvency and Bankruptcy Code, 2016 …

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New Drone Rules, 2021

The Ministry of Civil Aviation has notified the Drone Rules, 2021 which supersede the Unmanned Aircraft System (UAS) Rules, 2021 passed in March 2021. The previous Rules were criticized by academia, startups and various stakeholders as being restrictive and translucent in nature as it involved a large amount of paperwork, required permissions for every take …

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Scrapping of Retrospective Tax

On 5th August 2021, the Government of India introduced the Taxation Laws (Amendment) Bill, 2021 (“Bill”) in order to scrap the controversial law that taxed global firms retrospectively under the Income Tax, Act, 1961 (“Act”). Back in 2012, the international companies that had acquired assets of Indian companies were taxed retrospectively. The retrospective provisions pertaining …

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India attracted the highest ever total FDI inflow of US$ 81.72 billion during 2020-21

In a pandemic-ravaged year, India managed to receive the highest ever foreign direct investment during FY21 at $81.72 billion. This happens to be 10% higher than $74.39 billion in the previous fiscal. Foreign direct investments (FDI) into the country grew 19% to $59.64 billion during 2020-21 on account of measures taken by the government on …

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Clarification on CSR Funds for Covid-19

The Ministry of Corporate Affairs (“MCA”) vide its circular no. 09/2021 dated May 05, 2021[1] (“Circular”) has expanded the Covid related expenditure which would qualify as eligible Corporate Social Responsibility (“CSR”). Now, spending CSR funds for ‘creating health infrastructure for COVID care’; ‘establishment of medical oxygen generation and storage plants’; ‘manufacturing and supply of Oxygen …

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Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021- A Pre-packaged Insolvency Resolution Process for MSMEs

The Government has promulgated an Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 (“Ordinance 2021”) to introduce a pre-packaged insolvency resolution process (“PIRP”) for corporate persons classified as micro, small and medium enterprises (“MSMEs”) with a maximum default value of INR 1 crore. A separate chapter i.e. Chapter IIIA has been inserted in the Insolvency and …

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