It is the Board’s responsibility to successfully run a company, as per Section 179 of the Companies Act, 2013 (“Act”). Hence, it is imperative that the Boards function effectively to ensure that the company’s interests are always kept at the forefront while protecting interests of all stakeholders.
Continue Reading Board Effectiveness – Challenges and Opportunities
In a previous blog post, we had stated that there exists no statutory regime for recognition of foreign insolvency judgments or proceedings in India. Hence, it remained unclear whether Indian courts would recognise and give effect to foreign insolvency interim orders or judgments.
Continue Reading Using Comity in Insolvency – Indian Courts pivot
In a recent landmark ruling of the Hon’ble Bombay High Court (“BHC”) in the matter of Wadhwa Group Housing Private Limited (“Appellant”) vs. Vijay Choksi and Ors., it has been inter-alia held that a promoter of a joint development project, who has not received any consideration from the allottee of an apartment coming to the share of another promoter, is jointly obligated to refund that consideration with interest under Section 18 of the Real Estate (Regulation and Development) Act, 2016 (“RERA Act”). The Hon’ble Supreme Court has vide its order dated April 8, 2024 declined to entertain a special leave petition which was filed by the Appellant challenging the aforesaid judgement of the BHC.
Continue Reading Promoter’s Liability for Joint Development Projects: Consideration Received by one cannot absolve the other from joint liability to refund
The Securities Exchange Board of India (“SEBI”) has notified amendments to the SEBI Alternative Investment Funds Regulations, 2012 (“SEBI AIF Regulations”) on April 25, 2024, to:
Continue Reading FAQs on Regulatory Amendments to AIF Regulations (Ambiguous GAAR Style Obligations Prescribed for Managers and KMPs)
Part 1 of our Ayurvedic Medicine in Contemporary Times series discussed the regulations and clinical evaluations governing Ayurvedic drugs and proprietary Ayurvedic medicines. The recent global resurgence of Ayurveda and a renewed interest in nutraceuticals and supplements derived from natural sources has led to an increased demand for biological resources. While this trend does lay emphasis on sustainable farming practices and effective resource management, not every natural product qualifies as an Ayurvedic product despite natural biological resources, such as plants, animal extracts, and minerals, being the primary building blocks of these Ayurvedic single-ingredient drugs or compound formulations.
Continue Reading Ayurvedic Medicine in Contemporary Times: Part 2 – Spicing Up Food Products
In part III of our series on key legal considerations for establishing global capability centres (“GCCs”) in India,[1] we discuss the various factors that need to be considered to engage workforce for the GCCs.
Continue Reading Strategically building a workforce for Global Capability Centres (GCCs) in India
Google LLC (hereinafter, “appellant”) submitted its application for a patent titled “Managing Instant Messaging Sessions on Multiple Devices”[i] to the controller of patents and designs on July 13, 2007, claiming priority from a US patent application.[ii] The application discloses the feature for transferring instant messaging sessions concurrently between devices and gives users the choice to mirror / refresh sessions interrupted by idle or away states. It provides flexibility in managing instant messaging sessions and a seamless continuation of conversations.
Continue Reading Delhi HC dismisses instant messaging patent appeal
Allopathic medicine, or modern Western medicine, has always played a dominant role in contemporary healthcare systems and is currently the mainstream practice. Nonetheless, Ayurveda – one of the oldest medical systems dating back thousands of years has stood the test of time, as its followers have reposed trust in its holistic healing properties for centuries. Ayurveda translates to “knowledge/science of life” in Sanskrit and emphasises the interconnectedness of the mind, body, and spirit for optimum health and wellness.
Continue Reading Ayurvedic Medicine in Contemporary Times: Part 1 – Understanding Clinical Evaluation and Drug Development
The Biological Diversity (Amendment) Act, 2023 stands as a pivotal milestone in India’s commitment to preserving its rich natural heritage. The present article comprehensively explores the revisions made to this legislative framework and their implications on biodiversity management in the country. The Biological Diversity (Amendment) Act, 2023, (“Amendment Act”) began its legislative journey in December 2021, when the Bill was first tabled in Lok Sabha and solicited public feedback before being referred to a Joint Parliamentary Committee. The committee’s recommendations, which were submitted by December 2022, were incorporated into the Bill. It was subsequently reintroduced in Parliament and received presidential assent on August 3, 2023.
Continue Reading Navigating Change: Unravelling the Biological Diversity (Amendment) Act, 2023
This post analyses the permissibility of and key legal considerations for share-based benefits/ incentives, like ESOPs, RSUs, SARs, etc., that foreign companies offer to the employees of their Indian group companies.
Continue Reading Employee Share-based Incentives by foreign companies for employees of group companies in India: Should it be an ESOP, RSU, ESPS, SAR or Phantom Stock?