Indian EdTech beyond the first phase - A booster shot for long term growth

Part one of this blog-series[1] discussed how factors like Covid-19 pandemic and introduction of the National Education Policy 2020 (“NEP”) enabled expansion of the educational technology (“EdTech”) sector and how it has grown by leaps and bounds in less than a year. Considering the demographics of our country and the deep-rooted conventional educational culture, this blog seeks to look at the key challenges and opportunities for the EdTech sector. Continue Reading Indian EdTech beyond the first phase: A booster shot for long term growth

All Orders terminating proceedings are not Awards - Delhi HC sets the record straight

The issue of whether simplicitor orders terminating an arbitral proceeding is an award under the Arbitration and Conciliation Act, 1996 (“Arbitration Act”), has been a question that has been plaguing various Courts in India for a while now. The issue is crucial in nature, as it determines the remedy of a party aggrieved by such an order. While some Courts have taken the view that such an order is an award appealable under Section 34 of the Arbitration Act, others have not. This ambiguity is a cause of concern for litigants since it delays the entire time bound arbitral process intended under the Arbitration Act and leaves the litigant in a lurch. However, the Hon’ble High Court of Delhi (“Delhi HC”) in PCL SUNCON v National Highway Authority of India[1] (“PCL SUNCON Case”) has addressed this issue and cleared the said ambiguity to a great extent. Continue Reading All Orders terminating proceedings are not Awards: Delhi HC sets the record straight

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A transition away from LIBOR – What it means for ECB lending in India

LIBOR may be the most popular acronym in the international financial markets, and rightfully so. It has for decades been the benchmark rate adopted worldwide for financial transactions ranging from loans, bonds and derivatives. Often touted as the ‘world’s most important number[1], it first made its appearance in 1969 and has since then established itself as the go to reference rate for all things money. Continue Reading A transition away from LIBOR – What it means for ECB lending in India

New CSR Regime – Is it a philanthropy or a tax levy?

The Ministry of Corporate Affairs (“MCA”), Govt of India, notified the amendments to Section 135 of the Companies Act, 2013 (“the Act”), (dealing with CSR contribution), by the Companies (Amendment) Act, 2019 (“2019 Amendment”), and the Companies (Amendment) Act, 2020 (“2020 Amendment”), on January 22, 2021. The MCA has also notified the Companies (CSR Policy) Amendment Rules, 2021 (“new CSR Rules”), which has made some fundamental changes to the CSR Rules, 2014. Continue Reading New CSR Regime – Is it a philanthropy or a tax levy?

From Harbour to Hardships - Understanding the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 Part II

This is in continuation of the series analysing the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 (“2021 Rules”) and their impact. In the first part, we traced the evolution of intermediary liability and the key changes brought about by the 2021 Rules.

In this part, we attempt to identify the implications of the 2021 Rules on intermediaries, mainly focussing on the consequences of non-compliance which could entail criminal liability, and aspects relevant to investigative authorities. Continue Reading From Harbour to Hardships? Understanding the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 – Part II

Supreme Court Clarifies Law On Limitation Period For Filing An Appeal Under Section 37 Of The Arbitration Act

INTRODUCTION:

The Supreme Court in the case of Government of Maharashtra (Water Resources Department) Represented by Executive Engineer v. M/s Borse Brothers Engineers & Contractors Pvt. Ltd.[1] has inter alia set right the law regarding the period of limitation for condonation of delay in filing appeals under Section 37[2] of the Arbitration and Conciliation Act, 1996 (“Arbitration Act”). Overruling its earlier decision in N.V. International v. State of Assam[3] (“N.V. International”) and emphasising the central object of speedy disposal of disputes sought to be achieved by the Arbitration Act and the Commercial Courts Act, 2015 (“Commercial Courts Act”), the Court has allowed condonation of only ‘short delays’, setting out strict parameters for permitting the same. Continue Reading Supreme Court Clarifies Law on Limitation Period for Filing an Appeal under Section 37 of The Arbitration Act

New disclosure obligation in Financial Statements for companies holding cryptocurrencies - Are Regulators testing waters?

Context

India is witnessing a rapid increase in the number of crypto exchanges as well as cryptocurrency transactions. As per publicly available data, the average daily cryptocurrency trading volumes across the top Indian exchanges have grown nearly 500% from March 2020 to December 2020. Globally, countries such as Switzerland, Singapore and the US have been pro-active in undertaking cryptocurrency transactions, and simultaneously creating a robust regulatory framework for the same. In fact, investors from these countries have also been investing in Indian cryptocurrency exchanges. Continue Reading New disclosure obligation in Financial Statements for companies holding cryptocurrencies – Are Regulators testing waters?

Indian Edtech in 2020: The Effective First Shot

The outbreak of Covid-19 brought an unprecedented opportunity for the educational technology (“EdTech”) sector in India. The traditional face-to-face interaction between a teacher and students suffered a setback and almost instantaneously, there was a paradigm shift to the unconventional mode of online learning. This change brought the spotlight on EdTech industry following which it received the requisite financial and policy impetus to thrive through the financial year (FY) 2020-2021. A massive inflow of investments, acquisitions and emergence of new start-ups in the previous fiscal bear testimony to EdTech sector’s meteoric growth. Continue Reading Indian Edtech in 2020: The Effective First Shot

This Is the End - What Now The Aftermath of an Award being Set Aside

There is scarcely any aspect of the Arbitration and Conciliation Act, 1996 (“Act”), which has not seen the spectre of ad nauseum arguments and judicial pronouncements. Concepts have been devised, lauded, followed, and then set aside. Lawyers have forcefully argued for awards to be set aside, and Courts have assiduously upheld the essence and spirit of the concept of arbitration. The law has been set, and then upturned, and in this entire process, not much judicial/ legislative light seems to have fallen on the protagonist of this piece. The Act only hints at what happens after an award is set aside, and the ‘hint’ paints a somewhat grim picture.  Continue Reading This Is the End: What Now? The Aftermath of an Award being Set Aside

FIG Papers No. 6 - Series–2 RBI Payment Regulations – 2009 to 2021 - Bank ‘nodals’ to PA PG licenses Blog

Introduction:

In our previous FIG Paper, we shared key learnings from our experience in connection with the payment aggregator and payment gateway guidelines (“PA/PG Guidelines”) issued by the Reserve Bank of India (“RBI”) on March 17, 2020. Based on representations received from various industry associations and payment intermediaries, the RBI has formalised the clarifications (initially issued on September 17, 2020) relating to the PA/PG Guidelines on March 31, 2021 (“Clarifications”). Continue Reading FIG Papers (No. 6: Series–2) RBI Payment Regulations – 2009 to 2021: Bank ‘nodals’ to PA/PG licenses!