New criteria for classification of MSMEs is good news for the defence sector
In a significant move, the Union Cabinet decided in February 2018 to change the basis of categorisation of micro, small and medium enterprises from the quantum of investment in plant and machinery/equipment to annual turnover. Based on the decision of the cabinet, the Ministry of Micro, Small and Medium Enterprises (MSMEs) will move a formal […]
IPR Issues in Defence Procurement
The stupendous 30-point jump in the global ease-of-doing business index this year, catapulting India to the 100th position, has overshadowed many factors that impact the business climate in India both for the domestic industry as well as the foreign companies. This jump has been made possible by a substantial improvement in regard to paying of […]
New Avenues for Discharging Offset Obligations
The Defence Offset Policy introduced in 2005 has been revised in bits and pieces over the years. The only time it was completely revamped was in August 2012 when new Defence Offset Guidelines were promulgated by the Ministry of Defence (MoD). What started as a simple policy intended to leverage the huge expenditure India was […]
Rationalization and Liberalization of ECB Policy by the Reserve Bank of India
The Reserve Bank of India (RBI) after receiving suggestions from the corporates and other entities on relaxing the existing External Commercial Borrowings (ECB) framework has decided, in consultation with the Government of India, to further rationalize and liberalize the ECB guidelines. The following amendments have been made with effect from 27th April, 2018: (i) Rationalization […]
Supreme Court Says Foreign Law Firms Cannot Practice Full-Time In India
The Supreme Court today ruled that foreign law firms cannot practice in India, but allowed international lawyers to “fly in and fly out” to provide legal advice to their clients in India. The Apex Court also held that the foreign lawyers can appear in International Commercial Arbitration (ICA) subject to relevant institutional framework and rules. […]
Cabinet Approves The Arbitration And Conciliation (Amendment) Bill, 2018
In an attempt to make the Indian arbitration stronger and more regularized, the Cabinet has approved the Arbitration and Conciliation (Amendment) Bill, 2018 for introduction in the Parliament. The Bill proposes to make the arbitration process user-friendly, cost-effective and to expedite speedy disposal. One of the main objectives of the Bill is to facilitate speedy […]
Supreme Court Directs to Constitute Expert Committee Against Defaulting Accounting Firms
The Supreme Court of India has recently observed that Multi-National Accounting Firms (MAFs) are engaging in fraudulent ways while conducting business, totally against the prescribed code of conduct of accounting standards. In order to stop such prima facie violations of law, the center has been directed by the Supreme Court to constitute an Expert Committee […]
New definitions under the Companies Amendment Act, 2017
With the rising concerns over misuse of black money in financing illegal activities and with an objective to tackle the issue of benami properties, the recently enacted Companies Amendment Act, 2017 (Amendment Act) has introduced new definitions of terms beneficial interest, significant beneficial owner and significant influence. The definition of Beneficial Interest has been inserted […]
Cabinet approves 100% FDI in single brand retail via automatic route
The Union Cabinet has approved a proposal to allow 100 percent Foreign Direct Investment (“FDI”) through automatic route in single brand retail. Currently, FDI up to 49 per cent is permitted under automatic route in single brand retail but beyond that limit, government’s approval is required. This move will envisage a more investor friendly environment […]
Companies (Amendment) Bill, 2017 passed by the Government
The Companies (Amendment) Bill, 2017 (“the Bill”) has been passed by both the houses to become the law of the land. The amendments proposed in the Bill are broadly aimed at addressing difficulties faced by stakeholders in implementing of the Companies Act, 2013 (“the Act”). The Bill intends to strengthen corporate governance standards, initiate strict […]