The hon’ble Supreme Court of India (Supreme Court) in Re: Interplay Between Arbitration Agreements Under the Arbitration and Conciliation Act 1996 and the Indian Stamp Act 1899 has conclusively resolved the longstanding dispute regarding the stamping of arbitration agreements. The Supreme Court emphasized that the question of stamping is one of admissibility, falling within…
The most favoured nation (MFN) clause in Tax treaties aims to provide a level playing field to treaty partners. Protocols to some of Indian Tax treaties had the MFN clauses with their different formulations that provided for similar scope and/or rate of tax with respect to certain streams of income if India extended more favorable…
A three-judge bench comprising of Chief Justice of India D.Y. Chandrachud and Justices J.B. Pardiwala and Manoj Misra, in the matter of Dilip B Jiwrajka v. Union of India, the hon’ble Supreme Court of India (Supreme Court) upheld the constitutional validity of the provisions under part-III, chapter-III of the Insolvency and Bankruptcy Code, 2016 (IBC)…
In a significant legal development, the hon’ble Supreme Court of India (Supreme Court) has delivered a verdict that strengthens the position of home buyers in insolvency cases. The court’s decision in Vishal Chelani & Ors v. Debashis Nanda supports the rights of home buyers who had previously secured a decree from the Uttar Pradesh Real…
The last quarter saw several amendments to various waste management rules promulgated under the Environment (Protection) Act, 1986. Key among them are the Plastic Waste Management (Second Amendment) Rules, 2023 (PWM Amendment Rules) and the Hazardous and Other Wastes (Management and Transboundary Movement) Second Amendment Rules, 2023 (MTM Amendment Rules). PWM Amendment Rules: The…
The Bombay City Civil Court (Amendment) Act, 2023 was enacted by the Government of Maharashtra enhancing the pecuniary jurisdiction of the Bombay High Court to INR 10 crores. Up until 2012, the pecuniary jurisdiction of the Bombay High Court was above INR 50,000 and post the 2012 amendment, was increased to INR 1 crore.…
The Uttar Pradesh government on December 19, 2023 approved the recommendations of the committee chaired by former NITI Aayog CEO Amitabh Kant, formed by the Union Ministry of Housing and Urban Affairs in March, 2023 and comprising of officials from various government bodies, aimed to address the challenges faced by homebuyers in stalled real estate…
The recent Goods and Service Tax (GST) Council meetings recommended that actionable claims supplied in casinos, horse racing and online gaming may be taxed at the rate of 28% on full face value, irrespective of whether the activities are a ‘game of skill’ or ‘game of chance’ and proposed amendments to the Central Goods and…
The Ministry of Corporate Affairs, in exercise of the powers conferred by Section 14(3)(a) of the Insolvency and Bankruptcy Code, 2016 (IBC), issued a notification dated October 3, 2023, inter alia, notifying that the provisions of section 14(1) of the IBC shall not apply to transactions, arrangements or agreements, under the convention and the protocol,…
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations) is one of the primary legislations governing listed entities in India. Recently, certain amendments to the LODR Regulations were notified whereby listed entities were mandated to verify, confirm, deny or clarify market rumours in relation to a ‘material’ event/information (as understood under the LODR Regulations)…