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Yash J.

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Associate in the General Corporate practice at Noida office of Cyril Amarchand Mangaldas. Yash’s practice area covers corporate commercial laws including mergers, acquisitions, and advising clients on regulatory and compliance related issues. He can be reached at yash.j@cyrilshroff.com.

 

LSF – The Journey

The uniform ‘late submission fee’ (“LSF”) is a relatively new concept in the Indian exchange control regime. The Foreign Exchange Management Act, 1999 (“FEMA”), as originally introduced by the legislature, did not envisage the concept of LSF. Resolving a delay in reporting of equity or debt transactions under FEMA would necessarily require compounding of offences before the Reserve Bank of India (“RBI”). Given that compounding is not the most time efficient or simple process, it implied that even for insignificant or genuine delays, parties would have to undergo several steps, thus making the system clogged with late filings and filings becoming more cumbersome than they needed to be.…

Continue Reading Uniformisation of Late Submission Fee under FEMA: A One Stop Shop?

claim for refund of advance amount

Introduction

Since the enactment of the Insolvency and Bankruptcy Code, 2016, (“IBC”), the Indian judiciary has been facing numerous interpretational challenges on various provisions of the IBC. While certain challenges have been put to rest by introducing amendments to the legislation, a larger bunch of the issues have been settled by interpretations adopted by the judiciary. The Courts and Tribunals, in interpreting the provisions of the IBC, have aspired to achieve the objective of the IBC, i.e. maximising the value of assets of the corporate debtor.…

Continue Reading Is Claim for Refund of Advance an ‘Operational Debt’? SC Comes to Rescue