Summary: This blog examines the legal position regarding legal privilege under Evidence law and discusses instances where enforcement agencies have summoned lawyers, along with the recent observations of the Supreme Court on the subject.
Continue Reading Investigating Agencies’ Overreach in Summoning Lawyers: SC Intervenes
Summary: This blog post delves into the issue of improper disposal of unused/expired drugs in India and the current status and adequacy of the regulations for the same.
Continue Reading Where do expired and discarded pills land – A review of the drug disposal regime in India
Summary: “The blog proposes targeted amendments in relation to the following: (i) outdated mechanism of rotational retirement under Section 152(6) of the Companies Act, 2013, and (ii) issue relating to the disqualification of the director for RPTs violations, specifically in line with the legal gap created by the decriminalisation of Section 188 of the Companies Act, 2013.”
Continue Reading Reimagining Board Accountability: From Rotational Retirement to RPT Disqualifications
Summary: The IFSCA has introduced a framework for Third-Party Fund Management Services (TFMS) at GIFT IFSC, enabling external fund managers to launch restricted schemes via registered FMEs without establishing a physical presence. While promoting ease of entry and operational flexibility, the model includes safeguards such as a USD 50 million fund cap, enhanced net worth requirements, and mandatory scheme-level governance. Rooted in global best practices, the framework balances innovation with regulatory accountability.
Continue Reading Unlocking Platform Play at GIFT IFSC: IFSCA’s Move Towards a Liberal Framework
Mergers and acquisitions (M&A) in the banking, financial services, and insurance (BFSI) sector constituted approximately 10% of all M&A activity in India in 2024, exceeding USD 12.1 billion[1] in value, making it the second highest among all sectors. Infrastructure and BFSI are expected to continue driving M&A deal activity in India. Recently, India is seeing several large M&A transactions involving complex structuring, regulatory approvals on account of change in control, bespoke due diligence and documentation considerations and nuanced approach to regulatory interface before and after deal signing to obviate deal failure risks. Basis our recent experience, and change in control provisions applicable to banks, non-banks, payment system operators (PSOs), mutual funds and insurance players, this paper provides an overview of the specific deal and change in control linked regulatory approvals and learnings / considerations relevant from a transaction structuring and deal execution perspective, across each of the BFSI verticals.
Continue Reading FIG Paper no. 48: Change in Control & Learnings in FIG space
A decade after the emergence of cryptocurrencies, regulatory outlooks from the traditional finance sector (“TradFi”) toward banking activities in the digital assets sector (“DeFi”) have evolved significantly. This shift signifies growing institutional acceptance of digital assets as legitimate financial instruments.
Continue Reading FIG Paper No. 47 (VDA Series 6) – Exploring Synergies between Traditional Finance and Decentralised Finance for India
Summary: This piece examines the scope and key provisions of the Draft VPPA Guidelines, and potential impact on market participants, especially in the context of India’s ambitious energy transition goals.
Continue Reading CERC’s Guidelines on VPPA Would Accelerate India’s Energy Transition
In a key decision, the Karnataka High Court dealt with two connected writ petitions involving leading real estate developers[1], challenging the decision of the stamp and registration authorities in Karnataka. The key issue was whether stamp duty applies to super built-up areas and car parks when the sale deed refers only to an undivided land share. The decision clearly explains the legal position on dual ownership and how stamp duty must be calculated on such documents.
Continue Reading Building Vs. Land: A Tale of Two Owners in Indian Property Law
In today’s globalised economy, Indian companies are increasingly expanding their footprints across borders. Despite the global ambition, the regulatory framework often remains stubbornly local.
Continue Reading Navigating Subsidiary Structures: Rethinking Section 186(7) and Layering Restrictions in a Global Context
The listing of a multinational corporation’s subsidiary (“Subsidiary(ies)”) on the Indian bourses is a major shift for the once private company. This allows the Subsidiary to unlock value through India’s thriving capital market, while also subjecting it to oversight by the Securities and Exchange Board of India (“SEBI”). SEBI functions as the watchdog for the Indian securities market and ensures that listed entities comply with corporate governance norms to protect the interests of minority shareholders.
Continue Reading Steering the ship: Accomplishing Board autonomy post-listing