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SC decision clouds insolvency process

The Supreme Court’s judgment in the case of Vidarbha Industries Power v Axis Bank opened a Pandora’s box earlier this year when it unsettled a long established practice of the adjudicating authority admitting insolvency...
India-amusement-park-Imagicaaworld-Entertainment-L

DSK, CAM, Link Legal lead advisers in Imagicaa debt restructuring

DSK Legal, Cyril Amarchand Mangaldas (CAM) and Link Legal advised in India amusement park Imagicaaworld Entertainment’s debt restructuring that saw Malpani Group acquire a 66.5% stake in its rival. Malpani’s acquisition in Imagicaaworld is valued...
cross-border trade settlement in India

Framework for cross-border settlement in rupees

The Reserve Bank of India (RBI) has announced an extensive mechanism to accelerate cross-border trade settlements in Indian rupees (INR) in a move to bolster trade in the Indian currency. To execute the plan,...
India sustainable financial management

Sustainable financial management push

In a move that aligns with global climate risk mitigation, the Reserve Bank of India (RBI) has asked banks in the country to promote sustainable financial management and embed environmental, social and governance (ESG)...
Reserve bank of india on forex inflow

RBI announces forex inflow measures to curb risk

The Reserve Bank of India (RBI) issued notifications covering a range of foreign investment options to increase foreign exchange inflows in response to a weakening rupee and a tightening of global financial conditions. Liberalisation...
RBI takes credit for curbing PPI financing

RBI takes credit for curbing PPI financing

By Shilpa Mankar Ahluwalia, Shardul Amarchand Mangaldas & Co
On June 20, 2022, the Reserve Bank of India (RBI) issued directions to all non-bank prepaid payment instrument (PPI) issuers that loading of PPIs through credit lines was not permitted (PPI credit circular). This...

Forex inflows need open doors not small windows

By Sawant Singh and Aditya Bhargava, Phoenix Legal
On 6 July 2022, the Reserve Bank of India (RBI) issued a press release setting out measures it proposed to introduce to “mitigate volatility and dampen global spillovers” caused by “high risk aversion” gripping...
RBI extends card tokenisation deadline

RBI extends card tokenisation deadline

The Reserve Bank of India (RBI) has extended the deadline for card-on-file (CoF) tokenisation from 30 June to 30 September 2022, citing implementation issues highlighted by merchants. “Industry stakeholders have highlighted some issues related to...
Condition critical

Condition critical

A conflict has played out before several judicial forums over the fate of Future Retail, a company in grave health with creditors and two of the world’s richest men entangled in its fate. Freny...
India Business Law Journal

Strength during adversity

Enduring challenges amid a perfect storm The country is in the midst of grappling with unfavourable circumstances such as high unemployment and high inflation. Together these can potentially become as disruptive as the pandemic, but...
RBI increases responsibilities of loan transfer parties, Aditya Vikram Dua, Parvathi Menon

RBI increases responsibilities of loan transfer parties

By Aditya Vikram Dua and Parvathi Menon, SNG & Partners
The Reserve Bank of India (RBI) issued the Transfer of Loan Exposures Directions, 2021 (directions) in September 2021, which prescribe a comprehensive and robust framework to facilitate the sale, transfer and acquisition of loan...
Time not ripe for mutual funds to buy offshore

Time not ripe for mutual funds to buy offshore

As India’s foreign exchange reserves continue to shrink well below USD600 billion and the rupee continues to close at all-time lows, it is unlikely the Reserve Bank of India (RBI) will lift the restriction...
Who dares wins, but not at our expense

Who dares wins, but not at our expense

By Sawant Singh and Aditya Bhargava, Phoenix Legal
To align the regulatory framework for non-banking financial companies (NBFCs) with mainstream governance practices, the Reserve Bank of India (RBI) introduced a scale-based regulatory framework for NBFCs in October 2021. This included governance-related requirements. The...
Pricing dilemma in acquisitions by foreign owned companies, Anshuman Mozumdar, Ankur Kumaris

Pricing dilemma in acquisitions by foreign owned companies

By Anshuman Mozumdar and Ankur Kumar, L&L Partners
Rule 23(1) of the Foreign Exchange Management (Non-Debt Instruments) Rules 2019 (rules) provides that investments by foreign-owned or controlled companies (FOCC) in an Indian company shall be subject to “entry route, sectoral caps, pricing...

Indian Law Firm Awards 2022

Indian Law Firm Awards 2021 Indian Law Firm Awards 2020 Indian Law Firm Awards 2019 Indian Law Firm Awards 2017 Indian Law Firm Awards 2016 Indian Law Firm Awards 2015 Indian Law Firm Awards 2014 Indian Law Firm Awards 2013 Indian Law...
India Business Law Journal

Building trust

No legacy as rich as honesty The world’s richest man Elon Musk’s move to take over Twitter has the world engrossed. Twitter’s hope of finding a white knight, a counter-offer to fend off Musk’s hostile...
CCI’s-hands-tied-in-debt-trustee-dispute

CCI’s hands tied in debt trustee dispute

India’s antitrust probe into the alleged collusion over fees charged by debt trustees of the State Bank of India, Axis Bank and IDBI Bank took a back seat following an intervention by the Bombay...
Insolvent-financial-service-providers-a-class-apart

Insolvent financial service providers a class apart

By Abhirup Dasgupta and Bhawana Sharma, HSA Advocates
When the Insolvency and Bankruptcy Code (IBC) was introduced in 2016, an exception was made under section 3(17) for financial service providers (FSP) to prevent them from being dragged into insolvency. The legislature has...
RBI recasts framework for microfinance providers

RBI recasts framework for microfinance providers

By Sawant Singh and Aditya Bhargava, Phoenix Legal
Microfinance regulation has previously focused on non-banking financial companies – microfinance institutions (NBFC – MFI), and not on other entities engaged in microfinance such as banks and other NBFCs. The Reserve Bank of India...
Private client models enter the modern world

Private client models enter the modern world

By Rishabh Shroff and Chirag Shah, Cyril Amarchand Mangaldas
Traditional family-run businesses are giving way to a new age of startups and technology-driven business models. Given India Inc’s desire for a global footprint, migration or foreign passports are now common. Many families and...
Fintech is the future of inclusive finance

Fintech is the future of inclusive finance

By Bagmisikha Puhan and Siddhant Gupta, TMT Law Practice
The banking and financial services sector has long been a pioneer and centre of technological innovation, providing end-user banking and financial services. Fintech has emerged as a direct competitor to legacy banking, but has...
RBI to revise export-import payment aggregation framework

RBI to revise export-import payment aggregation framework

By Shilpa Mankar Ahluwalia and Himanshu Malhotra, Shardul Amarchand Mangaldas & Co
The Reserve Bank of India (RBI) on 7 April 2022, released draft guidelines for the processing and settlement of small-value export and import related payments facilitated by online export-import facilitators (OEIF) (draft guidelines). The...
Assured increase of FDI in the insurance sector Shinoj Koshy

Assured increase of FDI in the insurance sector

By Shinoj Koshy and Muskan Agrawal, L&L Partners
On 14 March 2022, the government issued Press Note 1 of 2022 allowing 20% foreign direct investment (FDI) through the automatic route in the Life Insurance Corporation of India (LIC) a corporation established and...
For their eyes only

RBI relief for fintech’s credit report quandary

By Kaushal Mathpal
Reserve Bank of India's move to allow fintech companies to access credit information via credit bureaus is a positive move, but ownership and control issues remain unresolved, writes Kaushal Mathpal A s per the Reserve Bank...
India Business Law Journal

Cryptic question

Viable alternative or Dutch tulip? There should be little surprise that India continues to struggle with the knotty problem that is virtual currencies, which according to a May 2020 ruling of the Supreme Court, “elude...
Daoism: a new kind of faith

DAOism: a new kind of faith

The idea for a decentralised autonomous organisation, where the rules are baked into its code with no management structure or board of directors, has emerged with the rise of blockchain technology. Andrew Godwin examines...
RBI raises FI cap under voluntary route

RBI raises FI cap under voluntary route

The Reserve Bank of India (RBI) issued a circular to raise the investment limit for foreign portfolio investors (FPIs) under the voluntary retention route (VRR) to INR2.5 trillion (USD32.93 billion). The earlier limit was...
Regulations to implement changes to Factoring Act

Regulations to implement changes to Factoring Act

By Sawant Singh and Aditya Bhargava, Phoenix Legal
Factoring is considered an important source of short-term and working capital financing for micro, small and medium enterprises. It enables them to obtain upfront credit for invoices raised, without over-leveraging balance sheets. Factoring is...
Tightened-norms-for-financial-institutions

Tightened norms for financial institutions

By Sawant Singh and Aditya Bhargava, Phoenix Legal
The Reserve Bank of India (RBI) has been gradually aligning the regulations applicable to banks and non-banking financial companies (NBFCs). Apart from implicitly recognising that NBFCs are fast narrowing the gap with banks in...

Giving credit greater access to data

By Shilpa Mankar Ahluwalia and Akshita Agrawal, Shardul Amarchand Mangaldas & Co.
Digital lending in India has grown exponentially over the past 24 months powered by lending partnerships between fintech platforms and regulated lenders. A key driver has been non-traditional credit analytics that rely on alternative...
The-cryptic-question

No escape

By Freny Patel
Lack of clarity over future legitimacy and plans to levy hefty taxes threaten to clip the wings of jittery cryptocurrency investors. Freny Patel reports Among many things, the ongoing Russia-Ukraine war has put the spotlight...
Growing a conscience

Growing a conscience

Current events dictate that ESG considerations are increasing in importance for companies as well as regulators, warns Ashutosh Senger, lead counsel at Florence Capital The challenges faced by societies due to the pandemic and the...
Meta ready to throw in towel

Meta ready to throw in towel

By Freny Patel
Facebook’s parent has threatened to call it quits in India as it fears the data privacy law could force it to modify or cease existing business practices. On 2 February, Meta Platform expressed concerns in...
Regulatory landscape for debt capital markets-L

Regulatory landscape for debt capital markets

By Aditya Bhargava and Sristi Yadav, Phoenix Legal
Rather than being overly prescriptive, applying an even-handed approach to regulations will better serve the SEBI’s overall goals, write Aditya Bhargava and Sristi Yadav Traditionally, debt raising in India has been skewed to borrowings from banks. From a...
Deals of the Year 2021-opener_img_3

Deals of the Year

Deals of the Year 2014 Deals of the Year 2015 Deals of the Year 2016 Deals of the Year 2017 Deals of the Year 2018 Deals of the Year 2019 Deals of the Year 2020 India Business Law Journal reveals the...
Cheques and balances

Cheques and balances

The number of criminal cases filed against cheque defaulters has overwhelmed India’s judicial system. One obvious solution is to decriminalise what is often a civil dispute, but lawyers aren’t convinced that’s the answer. George...
Offline digital transactions are now on point Sawant Singh Aditya Bhargava

Offline digital transactions are now on point

By Sawant Singh and Aditya Bhargava, Phoenix Legal
Financial sector stakeholders keep a close watch on the release of statements from the Reserve Bank of India (RBI) on developmental and regulatory policies. These statements provide guidance on the RBI’s thought processes and...
Special-situation-L

SEBI introduces special situation funds

The Securities and Exchanges Board of India (SEBI) has introduced a new sub-category under alternate investment funds to recognise special situation funds (SSFs). On 24 January 2022, the securities regulator notified the amended SEBI (Alternative...
India and Singapore relax over stressed assets Dhananjay Kumar Surbhi Pareek

India and Singapore relax over stressed assets

By Dhananjay Kumar and Surbhi Pareek, Cyril Amarchand Mangaldas
The Insolvency and Bankruptcy Code, 2016 (code) provides for the comprehensive rules-based resolution of insolvent corporate debtors, and has become a significant and successful means of stressed asset resolution. The success of the code...
RBI further extends deadline for deletion of card-on-file data Shilpa Mankar Ahluwalia Shobhit Shukla

RBI further extends deadline for deletion of card-on-file data

By Shilpa Mankar Ahluwalia and Shobhit Shukla, Shardul Amarchand Mangaldas & Co
On 23 December 2021, the Reserve Bank of India (RBI) further extended for six months the deadline for removal of card-on-file (CoF) data. Payment aggregators (PAs) and merchants may thus continue to store customer...

Scale-based regulation for NBFCs – A pragmatic approach

By Nishtha Arora and Soumyajit Mitra, SNG & Partners
Recognising the contribution of non-banking financial companies (NBFCs) to the banking system and the need to review the existing regulatory framework due to their changing risk profile, the Reserve Bank of India (RBI) in...
NBFCs-are-now-subject-to-prompt-corrective-action-L

NBFCs are now subject to prompt corrective action

By Sawant Singh and Aditya Bhargava, Phoenix Legal
In October 2021, the Reserve Bank of India (RBI) released a scale-based regulatory framework for non-banking financial companies (NBFC) to tackle systemic risks posed by the sector. Continuing its steady march forward in aligning...
Indian-path-to-carbon-neutrality-L2video

India’s path to carbon neutrality

By Priti Suri and Arya Tripathy, PSA
The absence of a climate change law leaves pressing concerns for India’s achievement of emission reduction goals, write Priti Suri and Arya Tripathy India is moving fast towards becoming the world’s most populous country, and...
India-tackles-the-difficulties-of-regulating-cryptos-L

India tackles the difficulties of regulating cryptos

By Shilpa Mankar Ahluwalia and Shubhangi Garg, Shardul Amarchand Mangaldas & Co
Cryptocurrency regulation started in 2018 with the Reserve Bank of India (RBI) prohibiting banks from involvement in crypto-based transactions. The Supreme Court overturned the ban, leading to significant growth in the trading of cryptocurrency,...
RBI-revises-rules-for-securitisation-of-stressed-assets-L

RBI revises rules for securitisation of stressed assets

The Reserve Bank of India has revised its rules for securitisation and sale of loans to help banks improve liquidity and rebalance exposures. The revamp expands the types of assets that can be transferred and...
New-internal-ombudsman-scheme-for-NBFCs-L

New internal ombudsman scheme for NBFCs

By Sawant Singh and Aditya Bhargava, Phoenix Legal
In recognition of the systemic importance of non-banking financial companies (NBFC) in credit delivery and their integration into the financial sector, the Reserve Bank of India (RBI) issued directions on 15 November requiring NBFCs...
Jury-out-on-fate-of-cryptos-NFTs-Indian-Law-cryptovideo

Jury out on fate of cryptos, NFTs

By Raghavan Ramabadran & Sai Prashanth, Lakshmikumaran & Sridharan in Chennai
India stands on the cusp of a cryptocurrency boom even as a 2021 bill may scupper opportunities while also affecting prospects for non-fungible tokens, which are traded in cryptos. Raghavan Ramabadran and Sai Prashanth define the instruments and...

IBLJ In-house Counsel Awards

India Business Law Journal reveals the country’s leading in-house counsel and corporate legal teams in our very first awards. Gautam Kagalwala reports Individual AwardsTeam Awards For the inaugural India Business Law Journal In-house Counsel Awards, we...
Deals-in-Brief---September-2021

Deals in brief

Ikigai, JSA assist crypto exchange on fundraise Ikigai Law advised fintech company Primestack, which operates the cryptocurrency exchange CoinDCX, when it raised INR6.7 billion (USD90 million) in a series C funding. The round was led by...
Sawant Singh and Aditya Bhargava, Phoenix Legal

Clarity required on framework for new securitisation

By Sawant Singh and Aditya Bhargava, Phoenix Legal
Securitisation of standard assets is an important tool used by banks and financial institutions to increase liquidity in financial markets and to ensure access to loans and financial products for unbanked sections of society....
IBC

Unlocking new pastures for distressed investment in India

By Shardul Shroff and Shreya Prakash, Shardul Amarchand Mangaldas & Co
In the past half-decade, India has seen a great deal of investment and M&A activity in stressed assets. Large parts of this activity have focused on acquiring distressed companies through the Insolvency and Bankruptcy...
Shilpa Mankar Ahluwalia Partner Shardul Amarchand Mangaldas & Co

Card-on-file tokenisation introduced by RBI

By Shilpa Mankar Ahluwalia and Shobhit Shukla, Shardul Amarchand Mangaldas & Co
On 7 September 2021, the Reserve Bank of India (RBI) issued a directive (CoF directive) extending the existing device-based framework for tokenisation to card-on-file tokenisation (CoFT). The CoF directive followed the RBI’s decision in a...
RBI-revises-classifications-of-PPIs

RBI revises classifications of PPIs

The Reserve Bank of India (RBI) on 27 August issued master directions on prepaid payment instruments (PPIs) with new classifications and to provide a framework for their authorisation, regulation and supervision. New companies setting up...
Ikigai Law, J Sagar Associates (JSA) assist funding of India’s first crypto exchange unicorn

Ikigai, JSA assist funding of India’s first crypto exchange unicorn

Ikigai Law advised fintech company Primestack, which operates and maintains cryptocurrency exchange CoinDCX, when it raised INR6.7 billion (USD90 million) in series C funding. The round was led by B Capital Group and included existing...
Antares Legal, AZB & Partners, Khaitan & Co advise on BharatPe fundraise

Antares, AZB, Khaitan advise on BharatPe fundraise

Antares Legal represented lending and digital payments startup Resilient Innovations, which operates as BharatPe, on its recent USD370 million series E equity fundraise led by new investor Tiger Global. AZB & Partners advised Tiger Global,...
India Business Law Journal

Chasing change

Regulating for a slice of tech pie Tax authorities across the globe have been denied access to big tech profits by strategies made possible because of the digitalisation of economies and the flattening of borders....
Corporate and commercial e-interests yield to consumers, Manoj Kumar, Hammurabi & Solomon Partners

Corporate and commercial e-interests yield to consumers

By Manoj Kumar, Hammurabi & Solomon Partners
A new draft of the e-commerce rules was published in June 2021 and feedback is invited. The rules apply to all goods and services purchased or sold over electronic networks, including non-tangible products and...
Rupee reboot

Rupee reboot

With the central bank poised to begin the process of adopting an official digital currency, veteran finance adviser Shivanand Pandit assesses the checks and balances needed to safeguard the process The lawfulness of cryptocurrencies in...
Regulations to implement changes to Factoring Act

Microfinance framework overhaul a welcome move

By Sawant Singh, Aditya Bhargava and Sristi Yadav, Phoenix Legal
The Reserve Bank of India’s (RBI) comprehensive regulatory framework for microfinance prescribes requirements such as the nature of borrowers, maximum disbursement amounts and ceilings on interest rates and other charges. However, this framework applies...
RBI issues advisory for Libor transition

RBI issues advisory for Libor transition

With the UK’s Financial Conduct Authority (FCA) announcing that it will cease to provide the London interbank offered rate (Libor), the Reserve Bank of India (RBI) has issued an advisory to the banks on...
The challenges ahead for LIBOR transition, Soumyajit Mitra and Nishtha Arora, SNG & Partners

The challenges ahead for Libor transition

By Soumyajit Mitra and Nishtha Arora, SNG & Partners
The globally accepted, decades-old financial benchmark, the London interbank offered rate (Libor), retires at the end of 2021 for most rates, or by mid-2023 for others. The Reserve Bank of India (RBI) on 8...
RBI puts freeze on Mastercard issuances

RBI puts freeze on Mastercard issuances

Mastercard’s failure to comply with the Reserve Bank of India’s (RBI) directive to store payment data in the country has left private sector banks including HDFC Bank, ICICI Bank, RBL Bank and Yes Bank,...
SPACs- why PIPE investments play a key role, Lynwood Reinhardt and Brooke Dorris, Reed Smith

SPACs: Why PIPE investments play a key role

By Lynwood Reinhardt and Brooke Dorris, Reed Smith
Lynwood Reinhardt and Brooke Dorris examine the impact of private investment in public equity on de-SPAC transactions The SPAC, or special purpose acquisition company, is a resurgent spin on the relatively well-trodden concept of a...
L&L Partners assists restructure of Shapoorji Pallonji debt

L&L Partners assists restructure of Shapoorji Pallonji debt

L&L Partners advised State Bank of India in a one-time restructuring of outstanding loans of about INR200 billion (USD2.69 billion) of Shapoorji Pallonji & Company. Desai & Diwanji advised Shapoorji Pallonji & Company, which...
How blockchain enhances efficiency in trade finance, Devyani Dhawan and Shivendra Shukla, SNG & Partners

How blockchain enhances efficiency in trade finance

By Devyani Dhawan and Shivendra Shukla, SNG & Partners
Some Indian banks have formed the “Indian Banks’ Blockchain Infrastructure Company” (IBBIC), aiming to use blockchain technology for processing letters of credit (LC) in domestic transactions. The IBBIC is a world first in domestic...
When SPACs come knocking, Ashok Lalwani and Mark Bell, Baker McKenzie

When SPACs come knocking

By Ashok Lalwani and Mark Bell, Baker McKenzie
Ashok Lalwani and Mark Bell explore the opportunities and risks associated with Indian companies taking the SPAC route With the accelerated rise of special purpose acquisition companies (SPACs) in the US and Europe in 2020...
The fragile position of independent directors of banks, Sumit P and Asima Ghosh, HSA Advocates

The fragile position of independent directors of banks

By Sumit P and Asima Ghosh, HSA Advocates
The improvement of corporate governance norms of banks has been on the agenda for many years. However, after egregious irregularities and misconduct at the highest levels were found at some well-known banks and non-banking...
Cryptocurrencies unchained

Cryptocurrencies unchained?

By Anu Tiwari and Anindita Bhowmik, Cyril Amarchand Mangaldas; Rajiv Luthra and Anirudh Gotety, L&L Partners
Since the Supreme Court overturned India's ban on cryptocurrencies, trading volumes have increased exponentially and home-grown crypto startups have blossomed. But the government has yet to establish a regulatory regime, and reports of another...
Trust structures from an FDI perspective, Harish Kumar and Itee Singhal, L&L Partners

Trust structures from an FDI perspective

By Harish Kumar and Itee Singhal, L&L Partners
Trust structures are increasingly gaining popularity for wealth and succession planning in India where most businesses are family driven. Increased global business opportunities have led business families, particularly the younger generations, to migrate and...
Risky share swaps useful to fund cross-border activity, Natasha Mahajan and Vineetha Stephen, Samvad Partners

Risky share swaps useful to fund cross-border activity

By Natasha Mahajan and Vineetha Stephen, Samvad Partners
As the Indian start-up ecosystem matures, there’s a growing trend among companies in cutting-edge industries to access new technologies, recruit the best talent and gain market share and advantage by buying global offshore businesses....
RBI bats for full interoperability for pre-paid instruments, Shilpa Mankar Ahluwalia and Himanshu Malhotra, Shardul Amarchand Mangaldas & Co

RBI bats for full interoperability for pre-paid instruments

By Shilpa Mankar Ahluwalia and Himanshu Malhotra, Shardul Amarchand Mangaldas & Co
The Reserve Bank of India (RBI) on 19 May 2021 issued a notification prescribing guidelines for mandatory interoperability for full KYC pre-paid payment instruments (PPIs). The notification is in line with the announcement by...
top indian law firms 2021

Indian Law Firm Awards 2021

Indian Law Firm Awards 2022 Indian Law Firm Awards 2020 Indian Law Firm Awards 2019 Indian Law Firm Awards 2017 Indian Law Firm Awards 2016 Indian Law Firm Awards 2015 Indian Law Firm Awards 2014 Indian Law Firm Awards 2013 Indian Law...
Troubled MSMEs thrown a lifeline with pre-pack resolutions, Satish Anand Sharma and Anshita Gupta, SNG & Partners 

Troubled MSMEs thrown a lifeline with pre-pack resolutions

By Satish Anand Sharma and Anshita Gupta, SNG & Partners 
The long-awaited Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021, (ordinance) has amended the Insolvency and Bankruptcy Code, 2016 (code), with the aim of reviving micro, small and medium enterprises (MSME). The ordinance has inserted...
panacea or problem

Panacea or problem?

SPACS have generated tremendous interest in India, but are these re-emerging investment tools really a practical alternative to IPOs and a panacea for reviving capital markets? And just how tightly should they be regulated?...
Refund of unutilised input tax credits now the norm, Raghavan Ramabadran and Krithika Jaganathan, Lakshmikumaran & Sridharan

Refund of unutilised input tax credits now the norm

By Raghavan Ramabadran and Krithika Jaganathan, Lakshmikumaran & Sridharan
The Finance Act, 2021, amended section 16 of the Integrated Goods and Services Tax Act, 2017 (IGST act). This second article examines the amended section 16(3) and section 16(4) by way of which a...
RBI restricts investments in NBFC from FATF non-compliant countries, Anshuman Mozumdar and Anirudh Gotety, L&L Partners

RBI restricts investments in NBFC from FATF non-compliant countries

By Anshuman Mozumdar and Anirudh Gotety, L&L Partners
The Reserve Bank of India (RBI) issued a notification on 12 February 2021 further restricting investments in non-banking financial companies (NBFC) from jurisdictions, which are on the Financial Action Task Force’s (FATF) black list...
Regulations hinder SPACs in India

Regulations hinder SPACs in India

Special Purpose Acquisition Companies (SPACs) are considered controversial entities – also known as blank cheque companies – that offer private businesses a fast-track procedure to go public, bypassing the traditional IPO process. It’s an...
Second proviso to IBC not needed

Second proviso to IBC not needed

Recently in Manish Kumar v Union of India, the Supreme Court upheld the constitutional validity of all the provisos added to section 7(1) of the Insolvency and Bankruptcy Code, 2016(IBC), via the Insolvency and...
Spiking-the-debt-balloon

Spiking the debt balloon

India plans to set up a so-called bad bank to deflate a post-pandemic rise in non-performing assets and help lenders clean their balance sheets. Will this be the panacea the country’s troubled banking sector...
Changes to directions on money markets are welcome

Changes to directions on money markets are welcome

By Sawant Singh, Aditya Bhargava and Sristi Yadav, Phoenix Legal
The Reserve Bank of India (RBI) introduced draft directions in December 2020 on call, notice and term money markets with “the objective of bringing consistency across products in terms of issuers, investors and other...
SBI managing director joins CAM as adviser

SBI managing director joins CAM as adviser

B Sriram has joined Cyril Amarchand Mangaldas (CAM) as a senior adviser in the financial institutions group of the firm. He has more than 37 years of experience in all areas of banking and finance. Sriram...
Security by design in digital payment controls, Shilpa Mankar Ahluwalia and Vrinda Pareek, Shardul Amarchand Mangaldas & Co

Security by design in digital payment controls

By Shilpa Mankar Ahluwalia and Vrinda Pareek, Shardul Amarchand Mangaldas & Co
In February 2021, the Reserve Bank of India (RBI) issued the RBI (Digital Payment Security Controls) Directions, 2021 (master directions). The trigger for these regulations was the exponential growth of digital payments and the...
FDI policy oversees trading on technology platforms, Asim Abbas and Ananya Mishra, L&L Partners

FDI policy oversees trading on technology platforms

By Asim Abbas and Ananya Mishra, L&L Partners
The buying and selling of goods and services on technology platforms has grown exponentially during covid-19. A technology platform connects buyers and sellers and facilitates commercial transactions between them. E-commerce platforms, under the FDI...
International-A-list

International A-List 2021

India Business Law Journal reveals the top 100 foreign lawyers for India-related matters View the A-List The arrival of covid-19 brought about a need for agility among international lawyers – to adapt to a reality...
Will-raising-FDI-cap-attract-foreign-insurers

Insurance in bloom

The foreign ownership cap for the sector is set to be raised to 74%, but prospective investors are waiting for details of yet-to-be announced 'safeguards' before they have a flutter. Freny Patel reports The proposal...
Driver’s seat

Driver’s seat

The pre-pack insolvency resolution process allows corporate debtors to take the wheel and steer their way out of tricky situations, but its success will depend on how certain roadblocks are bypassed. Akaant KM reports Unprecedented times...
Digital lending in India- Move towards regulation, Shilpa Mankar Ahluwalia and Vrinda Pareek, Shardul Amarchand Mangaldas & Co

Digital lending in India: Move towards regulation

By Shilpa Mankar Ahluwalia and Vrinda Pareek, Shardul Amarchand Mangaldas & Co
On 15 January 2021, the Delhi High Court directed the government and the Reserve Bank of India (RBI) to respond to a writ petition filed by Dharanidhar Karimojji (petition) seeking the regulation of digital...

Future legal leaders

India Business Law Journal reveals 50 up-and-coming lawyers who are making a name for themselves in the profession Access The List In a year where leadership has never been a more crucial quality, India Business Law...
India Business Law Journal

Wisdom for a new year

Look very carefully before you leap As the recent furore about WhatsApp’s plans to update its privacy policy suggests, the devil can lie in the detail. Many among WhatsApp’s whopping 1.5 billion users have voted with...
Crypto-crossroads

Crypto crossroads

Much like its value, the regulatory journey of bitcoin has had its ups and downs in India. With the recent jump in value, how will regulators react? Sourish Mohan Mitra reports Trading in bitcoins has...
India law firms- deals of the year 2020video

Deals of the Year

Deals of the Year 2014 Deals of the Year 2015 Deals of the Year 2016 Deals of the Year 2017 Deals of the Year 2018 Deals of the Year 2019 Deals of the Year 2021 India Business Law Journal reveals the...
A new beginning for NCDs and commercial papers, Sawant Singh and Aditya Bhargava, Phoenix Legal

A new beginning for NCDs and commercial papers

By Sawant Singh and Aditya Bhargava, Phoenix Legal
The Reserve Bank of India (RBI) recently introduced draft directions on the issue of commercial papers and non-convertible debentures (NCDs) with a maturity of less than one year. The regulatory framework for these instruments...
RBI’s current account opening rules strengthen credit discipline, Nishtha Arora and Ayushi Parmani, SNG & Partners

RBI’s current account opening rules strengthen credit discipline

By Nishtha Arora and Ayushi Parmani, SNG & Partners
To improve credit discipline among borrowers, the Reserve Bank of India (RBI) issued a circular in August 2020 on the opening of current accounts (guidelines). Since May 2004, the RBI has required borrowers to...
States can grow through nurturing neo agriculture, Shantanu Jindel and Vidur Prabhakar, J Sagar Associates

States can grow through nurturing neo agriculture

By Shantanu Jindel and Vidur Prabhakar, J Sagar Associates
Setting up a company depends on how business people view circumstances. Factors such as infrastructure, stamp duty laws, domestic and international connectivity, the policies of state governments, the availability of labour and talent, and...
RBI ending the party for dividends, Sawant Singh and Aditya Bhargava

RBI ending the party for dividends

By Sawant Singh and Aditya Bhargava, Phoenix Legal
Acting on its deserved reputation for hawk-eyed vigilance, in April 2020, the Reserve Bank of India (RBI) directed banks to refrain from making dividend payouts for the financial year ending 31 March 2020. This...
Changing regulatory landscape of AIFs, Nivedita Nivargi and Vineetha Stephen

Changing regulatory landscape of AIFs

By Nivedita Nivargi and Vineetha Stephen, Samvad Partners
The regulatory framework governing alternative investment funds (AIF) has recently been amended in important ways, clarifying the regulatory intent of the Securities and Exchange Board of India (SEBI). The first key amendment was the Securities...
Pulling the plug

Pulling the plug

The government's plan to cap foreign investment in digital media aims to control the influence of online news, and curb fake news, but the legislation leaves a lot of questions unanswered despite a clarification...
Reforms flagged for shareholding in private sector banks

Reforms flagged for shareholding in private sector banks

Promoters of private sector banks may be allowed to retain their share-holding up to 26% if the Reserve Bank of India (RBI) accepts suggestions of an internal working group (IWG) set up to review existing...
Shilpa Mankar Ahluwalia,Himanshu Malhotra, Shardul Amarchand Mangaldas & Co

UPI transaction caps set for third party app providers

By Shilpa Mankar Ahluwalia and Himanshu Malhotra, Shardul Amarchand Mangaldas & Co
The National Payments Corporation of India (NPCI), the umbrella body responsible for the operation and management of the united payments interface (UPI), issued a circular dated 5 November 2020 on Guidelines on Volume Cap...
SEBI Phoenix legal

SEBI’s awkward two-step on recent changes

By Sawant Singh and Aditya Bhargava,Phoenix Legal
The Securities and Exchange Board of India (SEBI) recently introduced a series of changes to protect investors in listed issuance debt securities. The precursor to these changes was a little noticed amendment to the...
Tax kochhar & Co

No tax on foreign companies if no core activity

By Shahid Khan, Kochhar & Co
Double tax avoidance agreements (tax treaties) made with various countries provide that business income of an enterprise which is a tax resident of a foreign country is taxable only if it has or is...
Kunal Arora, Nayanika Majumdar, Lakshmikumaran & Sridharan farmers

New agriculture laws: A win-win for businesses, farmers?

By Kunal Arora and Nayanika Majumdar, Lakshmikumaran & Sridharan
In September 2020, three controversial agricultural acts became law. They are the Farmers’ Produce Trade And Commerce (Promotion and Facilitation) Act, 2020 (Trading Act), the Farmers (Empowerment and Protection) Agreement on Price Assurance and...
Sawant-Singh,-Aditya-Bhargava,-Phoenix-Legal credit

Changes to account opening – Help or hindrance?

By Sawant Singh and Aditya Bhargava, Phoenix Legal
On 6 August 2020, the Reserve Bank of India (RBI) issued directions to banks to regulate instances in which current accounts and cash credit (CC) or overdraft (OD) accounts may be opened. Previously, companies...
Anush Raajan and Swastika Chakravarti, Lakshmikumaran & Sridharan, Decree holders

Decree holders not financial creditors under IBC

By Anush Raajan and Swastika Chakravarti, Lakshmikumaran & Sridharan
The Insolvency and Bankruptcy Code, 2016 (IBC) was conceived as a solution to the growing problem of non-performing assets. Together with the Reserve Bank of India’s framework for the resolution of stressed assets, the...
Dipti-Lavya-Swain,-Shruti-Sundararajan,-HSA-Advocates infrastructure

Infra needs a development finance institution

By Dipti Lavya Swain and Shruti Sundararajan, HSA Advocates
A development finance institution (DFI), also known as a development bank or a development finance company, is one that provides funding for social development projects. Generally established and owned by governments or charitable institutions,...
Harshil-Shubham,-Anjuli-Hora---SNG-&-Partners resolution plan

A resolution framework for covid-19 related stress

By Harshil Shubham and Anjuli Hora, SNG & Partners
The covid-19 pandemic has led to an economic slowdown. This has resulted in substantial financial stress on borrowers with an impact on their ability to generate cash flows. The Reserve Bank of India (RBI)...
arbitrators litigation alternative dispute resolution

Evolving doors

A reluctance to opt for litigation during the pandemic has seen new opportunities for arbitrators and other alternative dispute resolution practitioners. Shalvi Mehta assesses what should stay and what should go Covid-19 and the subsequent...
Anush Raajan,Swastika Chakravarti,Lakshmikumaran & Sridharan

Guarantors may be vulnerable to pandemic default risks

By Anush Raajan and Swastika Chakravarti, Lakshmikumaran & Sridharan
The government recognised the economic impact of covid-19 on businesses by enacting the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020. The ordinance, among other measures, inserted section 10A into the Insolvency and Bankruptcy Code,...
Sawant Singh and Aditya Bhargava,Phoenix Legal, covid resolution

Not so bitter medicine for covid blues

By Sawant Singh and Aditya Bhargava, Phoenix Legal
The covid-19 pandemic and its subsequent lockdowns have resulted in a steep fall in revenue and income for both individual and corporate borrowers. Reflecting its well-earned reputation as a watchful, if perhaps over-eager regulator,...
Amit Ronald Charan, Anshita Kaur,HSA Advocates

Impact of covid-19 on project finance, banking transactions

By Amit Ronald Charan and Anshita Kaur, HSA Advocates
Industry has been struggling to cope with the ongoing economic slowdown despite fiscal, monetary and other support from the government. Reduced availability of capital has impacted several industry sectors, one of which is infrastructure....
Raheja ICICI Lombard

ICICI Lombard acquisition boosts insurer’s market strength

AZB & Partners advised ICICI Lombard General Insurance on its acquisition of the non-life insurance business of Bharti AXA General Insurance through a share swap deal. Cyril Amarchand Mangaldas (CAM) advised Bharti AXA General Insurance...
law firm partner exit retention India business law journal

Greener pastures

What is the best way for a law firm to manage the exit of a star partner? Six senior lawyers share their views with Vandana Chatlani With the global economy firmly in the grip of...
Sawant Singh and Aditya Bhargava are partners at Phoenix Legal. Sristi Yadav, an associate

Much needed alignment for housing finance companies

By Sawant Singh and Aditya Bhargava, Phoenix Legal
Housing finance companies (HFCs) have traditionally occupied a staid corner of the financial sector, providing loans to homeowners and for the development of the housing industry. As a sector, housing finance has also been...
creditorsvideo

Left without remedy

Creditors are in need of a credible mechanism for the resolution of covid-19-related distress until the suspension of the corporate insolvency resolution process is in place, writes Shardul Shroff Effective from 5 June 2020, section...
Induslaw

IndusLaw hires expert to set up tax practice

Ritesh Kumar Talreja has joined IndusLaw to set up and lead the firm’s direct taxes practice group in Bengaluru. He joins from Ernst & Young, where he was a director at its Bengaluru branch. Talreja...
yes bank

AZB advises struggling Yes Bank on US$2bn FPO

AZB & Partners advised Yes Bank on its ₹150 billion (US$2 billion) further public offering of equity shares that launched on 15 July, while IndusLaw advised the eight bookrunning lead managers on Indian law...
Adani Power

L&L advises sellers of Odisha stake to Adani Power

L&L Partners advised AES India and AES OPGC Holding, both subsidiaries of New York-listed AES Corporation, when the two companies signed agreements for the US$135 million sale of their 49% stake in Odisha Power...
blue star

Blue Star issues maiden unsecured NCDs

Khaitan & Co acted as transaction counsel to air conditioning and refrigeration company Blue Star in relation to their maiden issuance of rated, listed, unsecured, redeemable, non-convertible debentures aggregating to US$46.9 million on a...
regulatory

Awkward regulatory tango over COVID-19 relief

By Sawant Singh and Aditya Bhargava, Phoenix Legal
The COVID-19 pandemic and its dampening effects on economies has compelled governments and regulators to introduce innovative measures, in particular to restore stakeholder confidence in financial markets. Among Indian regulators, the Reserve Bank of...
creditors

COVID-19, IBC suspension and operational creditors

By Shweta Bharti and Sukrit Kapoor,Hammurabi & Solomon
The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 (ordinance), provides that no application to start a corporate insolvency resolution process (CIRP) in respect of a corporate debtor may be made for any default arising...

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