December 2022

Product Liability

1. Product Liability under the Consumer Protection Act, 2019: An Overview

By Bishwajit Dubey, Surabhi Khattar & Ashutosh Singh

‘Product Liability’ has been defined for the first time under the Consumer Protection Act, 2019 (“2019 Act”). As per the 2019 Act, product liability means the responsibility of a product manufacturer or product seller, or product service provider, to compensate for any harm caused to a consumer by a defective product manufactured or sold or by deficiency in services in relation to the product.Continue Reading Our Top 10 Blogs of 2022

Background

The Parliament took 16 years to implement the directions issued by the Supreme Court of India in 1997, in the landmark case of Visakha vs. State of Rajasthan[1] (“Visakha Guidelines”) to enact a law for the prevention of sexual harassment of women at the workplace. The enactment of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (“Act”) and the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Rules, 2013 (“Rules”) was very late, but better so than never.Continue Reading POSH Act – Implementational Challenges

Nomination and Remuneration Committee

Background

The regulatory architecture under the Companies Act, 2013 (“Act”), and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR”), envisages a key role for the Nomination and Remuneration Committee of the Board of Directors (“NRC”) – in ensuring that the company attracts and retains the best talent – and there is transparency in the process of appointment/ re-appointment and payment of remuneration to directors, key managerial personnel (“KMPs”) and senior management[1].Continue Reading Gatekeepers of Governance – Nomination and Remuneration Committee

Context

The regulatory architecture under the Companies Act, 2013 (“Act”), and the SEBI (LODR) Regulations, 2015 (“LODR”), places independent directors (“IDs”) at the forefront of India’s quest for better corporate governance. Given that approximately 75% of listed companies in India are promoter-controlled, the MCA and SEBI have envisaged that the IDs will play a key role in safeguarding minority shareholders’ interest.Continue Reading Gatekeepers of Governance – Independent Directors

Insurance Laws

Introduction

The Government of India, through the Department of Financial Services (Ministry of Finance) (“DFS”), is proposing extensive amendments to the Insurance Act, 1938 (the “Act”), with a view to enhance insurance penetration, improve efficiency, and enable product innovation and diversification[1]. The DFS published an office memorandum dated November 29, 2022 (“DFS Memorandum”), setting out the proposed amendments to the Act and commencing a process of public consultation on the proposed amendments until December 15, 2022. The Insurance Laws (Amendment) Bill, 2022 (the “Amendment Bill”), is seen to be catering to the long-standing demands of the industry and seeks to improve some of the fundamental tenets of the Act.Continue Reading The Insurance Laws (Amendment) Bill, 2022 – Charting a new course

Gift City

On October 11, 2022, the International Financial Services Centres Authority (“Authority”) notified the International Financial Services Centres Authority (Setting up and Operation of International Branch Campuses and Offshore Education Centres) Regulation, 2022 (“IBC-OEC Regulation”), permitting foreign universities and educational institutions to open a branch in Gujarat International Financial Tec-City (“GIFT City”) in Gandhinagar, Gujarat. This stems from the proposal to allow the entry of foreign universities and institutions in GIFT during the FY 23 Union Budget announcements.Continue Reading Gift City: Foreign Universities’ Gateway to India?