Atma Nirbhar – a mammoth effort by the government to counter the unseen enemy that brought the country to near standstill and the economy on it knees. The outbreak of the Covid 19 pandemic led to India being locked down for almost two months and crippled the economy. As soon as the government announced the lockdown, it also pro-actively set to work in ring fencing the Covid impact on the economy. Several key measures were announced soon after the imposition of a never seen before lockdown. An insight into the key measures.
The Law Tree
Edition 56
Lockdown 4.0. Masks, sanitizers, online schooling and continued work from home is the 'new normal'. People are gradually resuming active life by co-existing with the virus even as the government continues its battle to end this invisible menace. One of its weapon to tackle the very visible effect on the economy is the announcement of the Atma Nirbhar package to inject self reliance and stimulus.
IBC Cases
A monthly update of the most significant cases on insolvency and bankruptcy and its resolution
What's Brewing
Amendments to Essential Commodities Act
The Essential Commodities Act, 1955 was enacted with the object of regulating supply and distribution of a whole range of “essential commodities” to make them available to consumers at fair prices. Pulses, oils, fertilizers, drugs, petroleum and related products are covered under this Act. The government also has powers to declare any commodity as “essential commodity” and fix the maximum retail price (MRP) of any product that it declares as “essential”.
Circulars & Notifications
Learn about this month’s circulars and notifications brought out by the MCA, FEMA, SEBI & RBI.
Notifications
April 23, 2020
Electronic Cards for Overdraft Accounts
May 13, 2020
Interest Equalisation Scheme on Pre and Post Shipment Rupee Export CreditExtension
April 13, 2020
Relaxation in adherence to prescribed timelines issued by SEBI due to Covid 19
April 15, 2020
SEBI Notification on COVID 19
April 24, 2020
Clarification on Know Your Client (KYC) Process andUse of Technology for KYC
May 03, 2020
SEBI Notification on COVID 19
Circulars
April 23, 2020
Governance Structure of the Registered Valuers Organisation
Notifications
May 12, 2020
Order of NCLT to file default record from the IU for application under Section 7 of the code
The Verdict
Entry in Balance Sheet
vis a vis Limitation Period
On 12th March 2020, a 5-member bench of NCLAT, Delhi (a first time occurrence in the appellate tribunal) passed a 4:1 judgment that an entry in the balance sheet did not amount to acknowledgement of debt or existence of liability for the purpose of section 18 of the Limitation Act, 1963. This is a complete U turn from the previous decided cases (both in India and abroad) that held that an entry in the balance sheet did indeed amount to acknowledgement of debt for the purpose of section 18 of the Limitation act. The decision has triggered diverging views from the legal fraternity. A look at this landmark case.
Go Figure
Patents
Its all about Patents that have been applied and renewed in India and the world over.
Lawtitude
Ambition and Determination of India: Being the World’s Next Manufacturing Hub
The societal stability of the world at present is going through a phase of extreme turbulence due to the ongoing pandemic, Covid-19 and this domino effect has affected the global policy-makers to draw out a recovery plan to revive the sabotaged economy. The impact of the crisis has resulted in borders being fortified, choking in the global trades, and human relations being clogged, in short bringing the world to its knees.
Every economy is now trying to achieve self-sufficiency as the pandemic has enlightened the world of the ‘survival of fittest’ which is to be considered both in the literal and metaphorical perspective.
Legal-ease
Legal words that are not as difficult as they sound. Know their meaning and use them appropriately!
Eirenarcha
A name formerly given to a justice of the peace.
Golden parachute
A slang term for a termination agreement which shelters executives from the effects of a corporate change in control.
Had
As used in a statute providing that no suit, action or proceeding to foreclose a mortgage or trust deed shall be had or maintained,”had” means commenced or begun.
Faculties
Abilities; powers; capabilities. In the law of divorce, the capability of the husband to render support to the wife in the form of alimony, whether temporary or permanent, including not only his tangible property, but also his income and his ability to earn money.
Infographic
The Wages Code
The Code of Wages Bill passed in 2019, seeks to regulate wages and bonus payments for people employed in all industries. A significant legislation that will safeguard interests of employees in all organizations.
Lawlipop
Important legal and other news having a bearing on society depicted in a fun quirky way!
Letter petition in SC seeking use of word “physical distancing” over “social distancing”
Covid 19: India looks to lure more than 1000 companies out of China
(P)Review
Your regular dose of a movie, TV show and a book all based on law to keep you entertained and thinking at the same time!
Movie
Marshall (2017)
A 2017 American legal cum biography movie, Marshall is the early professional life of Thurgood Marshall (Chadwick Boseman) before he won the universally acclaimed case of Brown Vs Board of Education advocating right of education to all children irrespective of colour. Thurgood Marshall
went on to create history by becoming the first African – American Justice of the Supreme Court of United states of America.
The movie is based on true events featuring Marshall’s earliest cases where he defended an African – American Chauffeur, Joseph Spell who is accused of sexually assaulting and attempting to murder his white employer Eleanor Strubing (Kate Hudson). How Marshall teams up with an insurance lawyer Sam Friedman (Josh Gad) and unravels the truth while fighting racial discrimination forms the rest of the story. The movie received critical acclaim. The original song “Stan up for something” also received an Academy nomination for uplifting the movement for coloured people. A neat and appreciable performance from the lead actors.
Book/Novel
The Hold Out
by Graham Moore (2020)
Starting out his writing career in 2010, screen writer and author Graham Moore’s latest legal fiction novel is the Hold out. Maya Seale, the protagonist began her professional career as a jury member. As which pronounced its verdict on a sensational murder cases involving an under- age heiress and her young teacher. It was Maya who convinced the rest of the jury about the innocence of the teacher. More than a decade later, when Maya becomes a successful Défense attorney herself, she suddenly finds herself accused in a murder of a co-juror. How Maya defends herself while finding out unsettling truth of this murder to the case which she ruled innocence of the teacher forms the rest of the story. A fast-paced thrilling read.
TV Series
For Life (2020)
An American legal drama TV series that premiered in February 2020, the series is said to have been based on a true story of Isaac Wright Jr, wrongfully convicted under drug laws in the 90’s and imprisoned. In prison, he became a para legal and took oath in the same courtroom in which he was convicted. He has defended several of his prison inmates and finally proved his innocence. The TV series captures this meteoric rise. He now practices in New Jersey.
A law is valuable, not because it is a law, but because there is right in it. – Henry Ward Beecher
Readers' Corner
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