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Judicial Oversight In Public procurement: Striking the right balance

Summary: India’s legal position on judicial review of the public procurement process has been shaped primarily through constitutional principles, statutory frameworks, and consistent Supreme Court jurisprudence. Public procurement by the State or its instrumentalities is regarded as an exercise of executive power under Article 298, and hence subject to judicial scrutiny to safeguard principles of fairness, transparency, and non-arbitrariness.

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TDSAT redefines aeronautical tariff setting in Indian Airports

Summary: This blog post examines TDSAT’s significant July 2025 ruling that ended a decade-long dispute over aeronautical tariff determination principles for Mumbai and Delhi International Airports. The decision mandated the use of Single Till mechanism and required back-solving the Target Revenue Formula to calculate the Hypothetical Regulatory Asset Base, overturning AERA’s previous approach.

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RBI NOTIFIES RESTRICTIONS ON INVESTMENTS BY REGULATED ENTITIES IN AIFS

Summary: In a decisive move to recalibrate institutional investments and fortify the financial ecosystem, the Reserve Bank of India (RBI) has released the RBI (Investment in AIF) Directions, 2025. These comprehensive guidelines overhaul the existing framework governing how regulated entities (REs) such as banks, NBFCs, and other financial institutions allocate capital to Alternative Investment Funds (AIFs). With stricter exposure caps, mandatory provisioning requirements, and sharper focus on investment-linked risk, the Directions signal a more cautious regulatory stance—aimed at mitigating systemic vulnerabilities and curbing potential misuse of AIF structures. This blog unpacks the key provisions, their far-reaching implications, and the strategic shifts mandated for REs.

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Winds of Change: MNRE Prioritises Quality and Security with New ALMM Rules

Summary: The Ministry of New and Renewable Energy (MNRE) has ushered in a new era for India’s wind energy sector with its notification on July 31, 2025, which rebrands the Revised List of Models and Manufacturers (RLMM) as the Approved List of Models and Manufacturers (Wind), or ALMM (Wind). Beyond a simple name change, the notification represents a comprehensive policy overhaul designed to address critical issues of quality control, national security, and domestic industrial growth.

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FIG Paper No 49: IFSC, GIFT City: A New Legal Frontier for Cross-Border Payments

Summary: This article is crucial for legal, fintech, and business leaders as it unveils how the IFSCA PSP License at IFSC, GIFT City empowers cross-border payment service providers to operate globally from within India. By offering a unified regulatory framework, tax incentives, and foreign exchange flexibility, it positions IFSC as a strategic hub for building scalable, efficient, and globally aligned payment infrastructures.

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Investigating Agencies’ Overreach in Summoning Lawyers: SC Intervenes

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.

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Reimagining Board Accountability: From Rotational Retirement to RPT Disqualifications

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.”

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Unlocking Platform Play at GIFT IFSC: IFSCA’s Move Towards a Liberal Framework

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.

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FIG Paper no. 48: Change in Control & Learnings in FIG space

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.

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