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Govt. amends Foreign Exchange Management (Non-debt Instruments) Rules, 2019

The Ministry of Finance has given effect to the Foreign Exchange Management (Non-debt Instruments) (Fourth Amendment) Rules, 2024 in order to simplify cross-border share swaps and provide for the issue or transfer of Indian company equity instruments in exchange for foreign company equity instruments.

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To Impose Excessive and Onerous Conditions of Bail is No Bail

The Supreme Court after recently reiterating that “Bail is the rule, Jail is an exception” has now highlighted the principle of “excessive bail is no bail”. The court was called upon to consider whether the petitioner is entitled to the relief of treating the personal bond and one set of sureties already furnished as holding good for the other remaining bail orders?

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Contractual Staff cannot pass Quasi judicial orders under TM Act – Calcutta High Court

The Calcutta High Court while hearing the case titled Visa International Ltd. Vs. Visa International Service Association & Anr. passed direction quashing impugned orders passed by contractual staff appointed as “Hearing Officer” by The Controller General of Patents, Designs and Trade Marks (CGPDTM).

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NTF to look into Workplace Safety of Medical Professionals – Supreme Court

The Supreme Court today in the suo motu case of R.J Kar Medical College And Hospital, Kolkata (SMW (Crl) No 2 of 2024) took note of “the lack of institutional safety for doctors”. The court’s intervention came due to “involvement of systemic issues for healthcare across the nation” and termed the lack of institutional safety norms at medical establishments against both violence and sexual violence against medical professionals as a matter of serious concern.

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Tax Dues on Mines & Minerals To Apply Retrospectively – Supreme Court

The Supreme Court while rejecting the submission of the assesses seeking prospective effect of the judgment passed in the case of Mineral Area Development Authority vs. M/S Steel Authority of India & Ors. clarified that its judgment upholding the power of states to tax mining lands and quarries shall be applied retrospectively.

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MCA brings in e-mode for adjudication of penalties

The Ministry of Corporate Affairs (MCA) recently notified the Companies (Adjudication of Penalties) Amendment Rules, 2024 which mandates use of the Central Government’s e-adjudication platform for all adjudication of penalty proceedings. The amendment brings in rule 3A which specifies that all proceedings ((including issue of notices, filing replies or documents, evidences, holding of hearing, attendance of witnesses, passing of orders and payment of penalty) of the adjudicating officer and Regional Director under these rules shall be conducted electronically through the e-adjudication platform.

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Important Notice For Our Clients

In light of ongoing developments in Bangladesh we seek to assure our esteemed clients that the Dhaka Associate Office remains fully functional and we are committed towards providing all required assistance for smooth and unhindered operations.

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States can Levy Tax on Mineral Rights – Supreme Court

A nine-judge Constitution Bench of the Supreme Court recently held that states have the power to levy tax on mines and minerals. The court gave its verdict in an 8:1 majority in the matter of Mineral Area Development Authority vs. M/S Steel Authority of India & Ors. The Bench has reserved its decision to determine the retrospective or prospective application of the judgment.

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VCC Structure Proposed in Budget 2024-25

The Finance Minister while presenting the Budget for 2024-25 proposed the introduction of Variable Capital Companies (VCC) in India “for providing an efficient and flexible model for financing leasing of aircrafts and ships, and pooled funds of #privateequity”. The government’s proposal, upon implementation through necessary legislative steps, has the potential to attract overseas investors an turn India into an attractive #fund management destination in the long run.

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FoxMandal Real Estate Team Assists North Bengaluru Project Developer

FoxMandal, one of India’s oldest full-service law firm, recently advised and assisted Merusri Developers in respect of its real estate development project for a land parcel admeasuring 16,187.4 square meters (approx.) in Bychapura locality near Kempegowda International Airport situated at Devanahalli taluka in the state of Karnataka. The Bengaluru office of the firm leveraging their expertise in real estate sector advised and assisted the client, a well known land developer in the state of Karnataka.

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SC lays down framework for portrayal of persons with disabilities in visual media

Digital media YourStory listed 5 films in which Bollywood insulted people with disabilities ( https://lnkd.in/gtmdTfND ) . Now the Supreme Court, in a recent judgment in the case of Nipun Malhotra v. Sony Pictures Films India Private Limited & Ors, 2024 INSC 465, has provided a framework for portrayal of persons with disabilities in visual media. The court underlined the need for such portrayal aligning with the anti-discrimination and dignity affirming objectives of the Constitution of India as well as the Rights of Persons with Disabilities Act 2016 (RPwD Act).

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High Court directs Patent Office to frame Code of Conduct for Patent and Trademark Agents

The Delhi High Court recently issued a direction to The Office of the Controller General of Patents, Designs and Trade Marks (CGPDTM) to conduct proper stakeholder consultation and put in place a proper mechanism including issuing guidelines for regulating the conduct of Patent Agents and Trademark Agents. The court was seized on the issue of what would constitute professional misconduct and negligence by Patent and Trademark Agents as also the framework for any complaints that can be filed by an aggrieved applicant.

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New Criminal Laws come in force.

India has implemented three new criminal laws the Bharatiya Nyaya Sanhita, Bharatiya Nagarik Suraksha Sanhita, and Bharatiya Sakshya Adhiniyam, replacing colonial-era Legislations The Indian Penal Code, Code of Criminal Procedure and Indian Evidence Act, respectively.

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The Securities and Exchange Board of India (SEBI)

The Securities and Exchange Board of India (SEBI) has approved regulations to curb misinformation spread by financial influencers, or financial influencers. SEBI has also barred its regulated entities, including mutual funds, stock brokers, research analysts, and investment advisors, from associating with unregistered financial influencers.

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Case Name: National Jute Board Vs. Ambica Jute Mills Limited & Anr.

The Calcutta High Court has in a recent matter held that “pending investigations against sister concerns or group companies cannot be the ground for withholding release of incentives to the respondent company which is a separate juristic entity”. The issue arose after the appellant, which had floated an Incentive Scheme, withheld a percentage of the subsidy payable under the scheme.

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Central Board of Indirect Taxes and Custom(CBIC) unveils draft Bill

Central Board of Indirect Taxes and Custom(CBIC) unveils draft Bill to modernize Central Excise Act, replacing an 8-decade-old legislation. Aimed at promoting ease of business the draft Bill, features 12 chapters and 114 sections, seeking to align with contemporary business practices. Stakeholders are required to comment by June 26.

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Delhi High Court Issued Guidelines on Refurbished Hard Disk Drives

The Delhi High Court has set new guidelines for selling refurbished hard disk drives (HDDs) in India. Importers often resell used HDDs, originally branded by Seagate or Western Digital, to local refurbishers who then erase the original branding, repackage, and sell them under new brand names with a two-year warranty.

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The event was sponsored by another Bengali company Nalanda Learning and Little Laurette

# Make Bengal Relevant and # Resurrgent Bengal the two initiatives of Friends of Bengal Foundation took a big step to organise a Invest & Dine meet for young entrepreneurs from Bengal to showcase their projects on 17th May 2024 at De Sovarani Hotel in Salt lake which belongs to young lady Entrepreneur Kamalini Paul.

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We are happy to share glimpses of some of our engagements in the area of Sports Law practice.

We are happy to share glimpses of some of our engagements in the area of Sports Law practice. On the international front our lawyer Sanjeev Kumar has provided expert legal support as sole legal advisor to St. Kitts & Nevis Patriots, one of the participating teams in the Caribbean Premier League (CPL). He is seen here with H.E. Dickon Mitchell, Hon’ble Prime Minister of Grenada and Mr. Mahesh Ramani, Owner of St. Kitts & Nevis Patriots.

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The Ministry of Corporate Affairs (MCA) has issued a Notice

The Ministry of Corporate Affairs (MCA) has issued a notice inviting comments from all stakeholders on the review of rules prescribed under the Insolvency and Bankruptcy Code, 2016. The MCA has now initiated a comprehensive review pertaining to the following rules:

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