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The Law Tree

Edition 62

It has been a year of oxymorons. Social “distancing”, home “isolation”, “virtual” handshakes, war with “invisible enemy”. Add to the list - “muted” Diwali. The noise may have been dull, but the lights were shining bright. An indication of how we are dealing with the pandemic. It is with the same positivity we present the 62nd edition of the Law Tree.

Insights

FCRA: Regulating the ‘Con’tribution

On 29th September 2020, the Central government notified the Foreign Contribution (Regulation) Amendment Act 2020 (Amendment Act) to amend some provisions.

These amendments were initiated in response to growing instances of organizations especially Non-government organizations (NGOs) misusing funds and or carrying on unlawful, anti-government activities using such funds.

What's Brewing

The Arbitration and Conciliation (Amendment) Ordinance, 2020

The latest amendments to the Arbitration and Conciliation have received mixed reactions. The objective is to ensure that the award is not based on fraud or corruption.

Circulars & Notifications

Learn about this month’s circulars and notifications brought out by the MCA, FEMA, SEBI & RBI.

Circulars

October 01, 2020
Framework for monitoring of foreign holding in Depository Receipts

October 01, 2020
Relaxation in timelines for compliance with regulatory requirements

October 01, 2020
Circular on Review of provisions regarding valuation of debt and money market instruments due to the COVID - 19 pandemic

October 01, 2020
Standard Operating Procedure in the cases of Trading Member / Clearing Member leading to default - Extension of timeline for submission of the Undertaking cum Indemnity bond by the Trading members (TMs) / Clearing Members (CMs) for all the bank accounts.

October 05, 2020
Standardization of timeline for listing of securities issued on a private placement basis

October 05, 2020
Circular on Review of Dividend option(s) / Plan(s) in case of Mutual Fund Schemes

October 05, 2020
Circular on Product Labeling in Mutual Fund schemes – Risk-o-meter

October 06, 2020
Issuance, listing and trading of Perpetual Non-Cumulative Preference Shares (PNCPS) and Innovative Perpetual Debt Instruments (IPDIs)/ Perpetual Debt Instruments (PDIs) (commonly referred to as Additional Tier 1 (AT 1) instruments)

October 08, 2020
Extension of facility for conducting extraordinary meeting(s) of unit holders of InvITs and REITs through Video Conferencing or Other Audio-Visual Means (VC/OAVM)

October 08, 2020
Circular on Guidelines on Inter Scheme Transfers of Securities

October 13, 2020
Standardisation of procedure to be followed by Debenture Trustee(s) in case of ‘Default’ by Issuers of listed debt securities

October 19, 2020
Utilization of Fund Created out of the Regulatory Fee Forgone by SEBI – Additional Guidelines

October 22, 2020
Contribution by Issuers of listed or proposed to be listed debt securities towards creation of “Recovery Expense Fund"”

October 22, 2020
Clarification on SEBI Circular SEBI/HO/OIAE/IGRD/CIR/P/2020/152 dated 13 August, 2020 on Investor grievances redressal mechanism – Handling of SCORES complaints by stock exchanges and Standard Operating Procedure for non-redressal of grievances by listed companies.

October 22, 2020
Processing of applications for registrations of AIFs and launch of schemes

The Verdict

Husband cannot Use Wife’s Debit card / PIN -
Even With Her Consent

A simple case of a husband withdrawing money from an ATM using the wife’s debit card and PIN with her consent proved to be costly for a couple in Bangalore. Though the case was decided in June 2018, it is very much relevant for all times. A look at the case that shook up the public.

Go Figure

Cryptocurrencies -
Global Statistics

Bitcoins, B- Money and Altcoins are different forms of Cryptocurrency – a virtual / digital currency unlike the real ones? Go figure the global statistics on their usage and users.
Lawtitude

Amazon Inc V. Future Group:
An Economic Battle gone all Nuclear

The recent tussle between Amazon Inc. and Future Group has gone all nuclear. Both the parties are currently aggressively defending their sides to safeguard their business entities and to survive the rough weather that has been self-created. In brief, the legal battle between Amazon and Future Group started as a result of Amazon raising an objection to a proposed deal that was recently signed between Future Group and Reliance Industries in which the Future Group signed an agreement to sell its assets to the latter.

Kiting

The wrongful practice of taking advantage of the float, the time that elapses between the deposit of a check in one bank and its collection at another.

Judex ordinarius

In the civil law,an ordinary judge; one who had the right of hearing and determining causes as a matter of his own proper jurisdiction , and not by virtue of a delegated authority.

Impeach

To accuse; to charge a liability upon; to sue.To dispute, disparage,deny or contradict;as, to impeach a judgement or decreer impeach a witnesser as rule the jury cannot “impeach their verdict”.

Lame duck

An elected officeholder who is to be succeeded by another, between the time of the election and the date that his successor is to take office.A speculator in stock who has overbought and cannot meet his commitments.

Infographic

Drugs –
Crime and Inducers

The Narcotic Drugs and Psychotropic Substances Act 1986 with all its amendments has been all pervasive and timeless legislation which has been amended to periodically to regulate rampant drug abuse.

Lawlipop

Important legal and other news having a bearing on society depicted in a fun quirky way!

Shattering the glass ceiling

Kamala Harris: First female, Indian origin Vice President of USA

Diwali gift for “Make in India”

Rs. 2 Lakhs Crores for 10 manufacturing areas

(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

Puncture (2011)

Based on the true story, the movie is a poignant legal drama revolving around the brilliance of a junkie lawyer and dismal state of the health care system in the United Sates.

Michael “Mike” Weiss (Chris Evans) and Paul Danziger (Mark Kassen) are friends and struggling partners of a small-time law firm in Houston. While Paul is serious, practical, and family oriented, Mike is a polar opposite – brilliant, drug addict and completely out of control.

They take up the case of an ER nurse – Vicky Rogers (Vinessa Shaw) who contracts HIV/AIDs after being accidentally pricked by a contaminated needle on the job. She eventually dies. In hospital parlance, such injuries are called needlestick injury or needlestick. Vicky informs the duo that her friend has invented a retractable needle that will not infect another person.  Mike investigates into the case and finds out that hospital organizations are reluctant to purchase retractable needles owing to high production costs. He further finds out that there is a hospital -pharmaceutical nexus / bribery racket. As a result, the nursing staff are in risk. Fearing backlash, healthcare giants hire top notch lawyers to defend them in the case. Meanwhile, due to heavy pressure, lack of funds and Mike’s addiction, the relationship between friends/ law partners is on the brink. While Paul wants to finalize an out of court settlement with the defence team, Mike thinks otherwise. His legal brilliance and ethic do not permit him to accept defeat. Mike is implored by Vicky’s friend to not give up and fight for the cause as the unhealthy practice of using contaminated needles is spreading diseases such as HIV, Aids & Hepatitis around the world.

Mike then challenges the defence team that he will find out all those who are affected and bring justice, only to be found dead due to overdose the next day. This opens Paul’s eyes who then takes up the case in court and fights it alongside another noted attorney to bring a settlement from the nation’s largest medical supply manufacturer for over $150 million. As a result, thousands of hospitals in U.S since have been using safety needles.

The movie had power packed performances from the star cast especially Chris Evans who is otherwise famous as ‘Captain America’. A brilliant portrayal as a brilliant druggie lawyer. The movie was one of the spotlight films for the 2011 Tribeca Film Festival, New York. A must watch.

Book/Novel

The Law of Innocence
by Michael Connelly (2020)

The very latest from the best-selling crime /detective author of over 35 novels and 1 non-fiction, the novel weaves a story where the central character Mickey Haller, the lawyer himself becomes the suspect.

Defence attorney Mickey Haller is intercepted by police who find a dead body in the trunk of his car. Immediately, Haller is arrested and thrown into jail. Haller realizes he has been framed and decides to act as his own attorney. Along with his team including the trusted Harry Bosch, they must find out who and why did this to him. Then prove his innocence in the Court.

TV Series

The Good Fight (2017 - 2020)

A sequel to “the Good Wife” which enjoyed a run time of 7 years till 2016, the Good fight takes a look a the life of the protagonist Diane Lockhardt when she becomes a partner of an African – American law firm which deals with police brutality cases in Illinois. The season deals with her and two other female partners who join the firm after being involved in a financial scam. Each episode deals with issues such as online harassment and the me-too movement and the like. An ensemble cast with an engaging story line from politics to yellow journalism.

Holding onto your anger is like drinking poison and expecting the other person to die – Buddha

Readers' Corner

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