Growth is change. Change is evolution. At AKM, we are constantly evolving. Taking our next step, we are happy to share that the AKM LLP has opened its latest office in Mumbai. the office was inaugurated virtually in compliance with the government Covid safety measures. The LLP shall continue its endeavour to make a mark in the financial capital of the country by rendering quality professional services while retaining its core values.
Change is Evolution
We are a month into another new year 2022. Omicron variant of the Covid19 virus has replaced the Delta variant. Pandemic fatigue seems to have set in as the “new normal” has actually become “normal” with people chasing livelihoods and survival.
Mumbai Office Inauguration - January 15th
Insights
Continuing Covid = Extension Of Limitation Period
The Supreme Court took suo motu cognizance of the third wave of the Omicron induced pandemic and extended the limitation period for filing / appealing cases under general and special laws across the country.
Tête-à-tête
The Prohibition of Child Marriage (Amendment) Bill 2021 proposed to amend the marriageable age of females from 18 years to 21 years.
IBC Cases
A monthly update of the most significant cases on insolvency and bankruptcy and its resolution
What's Brewing
The Right to be Forgotten
There is consistent demand to include the right to be forgotten as part of the fundamental right to privacy.
Circulars & Notifications
Circular
December 17, 2021
Filing up the posts of Programmer, National Company Law Tribunal (NCLT), New Delhi on deputation basis
December 29, 2021
Circular for Engagement of Consultant on Contact Basis
December 31, 2021
The Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund), Third Amendment, Rules, 2021
Notifications
Nil
Circulars
Nil
Notifications
December 23, 2021
Exim Bank Government of India supported Line of Credit (LoC) of USD 40 million to the Government of the Togolese Republic
December 23, 2021
Restriction on storage of actual card data [i.e. Card-on-File (CoF)]
December 24, 2021
Amendment to General Notification for sale of Government of India Treasury Bills/ Cash Management Bills by Auction
December 30, 2021
Periodic Updation of KYC – Restrictions on Account Operations for Non-compliance
Circulars
December 02, 2021
Publishing Investor Charter and disclosure of Investor Complaints by Stock Brokers on their websites
December 09, 2021
Transaction in Corporate Bonds through Request for Quote platform by Portfolio Management Services (PMS)
December 10, 2021
Clarification regarding amendment to SEBI (Portfolio Managers) Regulations,2020
December 10, 2021
Circular on Mutual Funds
December 10, 2021
Publishing Investor Charter and Disclosure of complaints by AIFs
December 10, 2021
Circular on Investor Charter and disclosure of Investor Complaints by Mutual funds on their websites and AMFI website
December 10, 2021
Publishing of Investor Charter and disclosure of Investor Complaints by Portfolio Managers on their websites
December 13, 2021
Publishing of Investor Charter and disclosure of Investor Complaints by Research Analysts on their websites/mobile applications
December 13, 2021
Publishing of Investor Charter and disclosure of Investor Complaints by Investment Advisers on their websites / mobile applications
December 17, 2021
Publishing of Investor Charter and Disclosure of Complaints by Custodians and DDPs on their websites
December 21, 2021
Portfolio Management Services for Accredited Investors
December 21, 2021
Investment Advisory Services for Accredited Investors
December 22, 2021
Restoration of relaxed timelines w.r.t. validity of observation letter pertaining to Mutual Funds
December 29, 2021
Non-compliance with provisions related to continuous disclosures
December 30, 2021
Extension of timeline for modified reporting requirements for AIFs
Notifications
December 24, 2021
Notification under the Securities Contracts (Regulation) Act, 1956
Circulars
Nil
Notifications
Nil
Income Tax Notifications
December 10, 2021
Income-tax (33rd Amendment) Rules, 2021
December 13, 2021
The e-Verification Scheme, 2021
December 27, 2021
Income-tax (34th Amendment) Rules, 2021.
December 28, 2021
Faceless Appeal Scheme, 2021.
December 29, 2021
Income-tax (35th Amendment) Rules, 2021.
Income Tax Circulars
Nil
Tariff Notifications
December 20, 2021
Seeks to reduce BCD on Refined palm oil and its fractions from 17.5% to 12.5% till 31.03.2022
December 29, 2021
Seeks to amend notification no. 50/2017-Customs to align with HSN 2022 w.e.f. 1.1.2022
December 29, 2021
Seeks to amend notification no. 82/2017-Customs to align with HSN 2022 w.e.f. 1.1.2022
December 29, 2021
Seeks to amend various notifications giving exemption to electronic and defense equipment to align with HSN 2022 w.e.f. 1.1.2022
December 29, 2021
Seeks to amend notification no. 11/2018-Customs to align with HSN 2022 w.e.f. 1.1.2022
December 29, 2021
Seeks to amend notification no. 53/2017-Customs to align with HSN 2022 w.e.f. 1.1.2022
December 30, 2021
Seeks to amend FTA/PTA notification to align with HSN 2022 w.e.f. 1.1.2022
December 31, 2021
Seeks to amend notification No. 45/2021-customs dated 29.09.2021
Non – Tariff Notifications
December 02, 2021
Exchange rates Notification No.96/2021-Cus (NT) dated 2.12.2021
December 15, 2021
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver – Reg
December 16, 2021
Exchange rates Notification No.98/2021-Cus (NT) dated 16.12.2021.
December 17, 2021
Exchange rates Notification No.99/2021-Cus (NT) dated 17.12.2021.
December 20, 2021
Exchange rates Notification No.100/2021-Cus (NT) dated 20.12.2021.
December 21, 2021
Exchange rate Notification No.101/2021-Cus (NT) dated 21.12.2021-reg.
December 22, 2021
Exchange rate Notification No.102/2021-Cus (NT) dated 22.12.2021-reg.
December 24, 2021
Exchange rate Notification No.103/2021-Cus (NT) dated 24.12.2021-reg.
December 27, 2021
Exchange rate Notification No.104/2021-Cus (NT) dated 27.12.2021.
December 28, 2021
Exchange rate Notification No.105/2021-Cus (NT) dated 28.12.2021.
December 30, 2021
Exchange rate Notification No.106/2021-Cus (NT) dated 30.12.2021.
December 31, 2021
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.
December 31, 2021
Seeks to amend the Schedule for Drawback on exports of goods.
December 31, 2021
Seeks to amend Sea Cargo manifest and transhipment regulations 2018.
Anti Dumping Duty
December 06, 2021
Seeks to impose ADD on "Certain Flat rolled Products of Aluminium" originating in or exported from China PR for a period of 5 years.
December 13, 2021
Seeks to impose Anti-Dumping duty on the imports of Axle for Trailers in CKD/SKD form originating in or exported from the Peoples Republic of China.
December 17, 2021
Seeks to impose Anti-dumping Duty on Imports of Sodium Hydrosulphite from China PR and Korea RP
December 17, 2021
Seeks to impose Anti-dumping Duty on Imports of calcined gypsum powder from Iran. Oman, Saudi Arabia and United Arab Emirates (UAE)
December 21, 2021
Seeks to levy anti-dumpnig duty on imports of 'Silicone Sealant' originating in or exported from China PR for a period of five years.
December 21, 2021
Seeks to impose Anti-dumping Duty on Imports of Hydrofluorocarbon (HFC) component R-32 from China PR
December 27, 2021
seeks to impose ADD on "Decor Paper" originating in or exported from China PR for a period of 5 years.
December 29, 2021
Seeks to amend various anti-dumping duty notifications to align with HSN 2022 w.e.f. 1.1.2022
Circulars
Nil
The Verdict
Adjudicating / Appellate Authorities Cannot Compel Parties to Settle Dispute
The Supreme Court was critical of the Adjudicating and Appellate authority of the IBC in rejecting admission of a case and insisting on parties to come to a compromise.
Apex Rulings
Apex Rulings look at the Supreme Court Judgments that have profound bearing on the society.
Go Figure
Unlawful Activities Prohibition Act, 1967 : Statistics Related To It
Lawtitude
The New Era of Digitalization The Role Of Watchdogs In Monitoring The Conduct Of Amazon.inc
Watch dogs / regulatory authorities from several countries are critically of Amazon’s anti- competitive practices and working conditions across its facilities.
Legal-ease
E-discovery
It is the discovery of records and documents (as e-mails) kept in electronic format.
Fieri facias
It is a writ authorizing the sheriff to obtain satisfaction of a judgment in debt or damages from the goods and chattels of the defendant.
Grantor
One that makes a grant or one that conveys property or a right in property by deed or a person who creates a trust or one (as an organization) that provides aid in the form of grants (as for education).
Hearsay evidence
It is a statement made out of court and not under oath which is offered as proof that what is stated is true.
Infographic
Special Courts for Commercial Disputes
Lawyers of
Tomorrow
Students today… lawyers tomorrow. Beginning this edition… readers will be privy to a series of articles by law students / para legal on a host of legal issues.
Lawlipop
I’m possible
Not vaccinated? “Fine”
(P)Review
Movie
The Firm (1993)
Based on the novel of the same name from the award-winning author John Grisham, the movie centres on Mitch Mc Deree (Tom Hanks). Mitch graduates with top honours from the Harvard Law school. He rejects offers from prestigious law firms and instead chooses to accept a high paying offer from smaller firm in Tennessee. Married to his high school sweetheart Abby (Jeanne Tripplehorn), they move to Tennesse to start a new life. On the job, he is assigned to partner Avery Tolar (Gene Hackman). As Mitch settles in to work, his work gets extremely demanding dislodging his work-life balance. Slowly, Mitch realizes that all is not what it seems in the firm. A few partners and employees mysteriously die. On hiring a private investigator to probe deaths, Mitch comes to know that the firm is actually a front for a crime / mob syndicate in Chicago besides several dealing with tax avoidance scheme of several other wealthy clients. The FBI is watching on Mitch, and they confirm what Mitch found through this personal investigation. As he unravels the dirty secrets and the lengths that the firm and his bosses will go to keep this a secret. Mitch embarks on a dangerous mission to gather enough evidence and hand over to the FBI in exchange for his jailed brother’s release and returns to his normal life with Abby. The film had some power packed performances from Gene Hackman and Tom Cruise and was critically acclaimed.
Book/Novel
The Judge's List by John Grisham (2021)
The latest from the best-selling author of all times, the novel centres around investigator Lacy Stoltz. Lacy is disillusioned with her job of cleaning corruption from the judicial system. Her last assignment involved her indicting a corrupt and crooked judge. As she readies to change the nature of her job, she meets a young woman who is avenging her father’s mysterious death 20 years ago. Jeri Cosby’s father was murdered, and she stalks a man whom she believes is the murderer. Even as the man gives her the slip, she realizes he knows the law like no other. He is a judge and worked under Lacy. He has a list of people whom he will murder. Lacy is on the list as well. Will Lacy escape with Jeri’s help? Read the novel. Get closure.
TV Series
The Fix (2019)
Maya Travis is a former LA District Attorney. She loses a high-profile case involving Hollywood actor Severen “Sevvy” Johnson who is accused of murdering his wife. Maya fails to prove Sevvy’s guilt. There is public outrage at this. 8 years later, Sevvy is accused again, this time for murdering his girlfriend. Maya is summoned back into the case. Will she prove him guilty this time? Watch the 10-episode series.