Ed-74-Snippets_V01.png
Edition 74 • November 2021

The Deluge

It’s been two years since the world has been dealing with SARS CoV-2 virus a.k.a Covid19. All of us have been affected in one way or the other – logistically, financially, morally and emotionally. In the last of the Covid combat section, we take a look at lessons learnt by the human race. India has witnessed the maximum number of IPOs in 2021. From unicorns to seasoned corporations, many companies are “going public”.
Let's see what this edition has in store.

Covid Combat

Covid 19: The Good With The Bad

The non-stop world came to a standstill in 2020. A nondescript virus, which (in)famously came to be known as SARS COV-2/ Coronavirus/Covid19 was the root cause. Nearly 2 years and two deadly waves later, the world is getting back on its feet, slowly but steadily. As we hope the situation comes fully back to normal, a look at a few life lessons learnt.

Resilience is an inherent human quality

The Covid19 pandemic affected one and all irrespective of their race, religion, economics and education. Everyone fought their own battles due to the onset of Covid. Whether it was losing lives or livelihoods, no one was spared. Yet, humankind displayed resilience. The lives of children turned upside down. From going to school and playing outside, young ones took to the new normal of online school and technology driven activities almost overnight.

Healthcare workers were exemplary in their resilience. From treating patients to encountering resistance to vaccinations and even threat to their lives, they rendered services rising beyond their call of duty. Law enforcement personnel put their lives and their families at risk by reining and managing people during lockdowns and shutdowns. People chasing livelihoods swiftly coped by working from home, working for home, schooling children online and doing practically everything from home. For the semiskilled / unskilled / the migrant labour force for whom working from home was not an option, they did all they could to survive.

Gratitude is an eternal value

It is human tendency to take things for granted. Three meals a day, a roof above the head, medical and technological access are considered mundane part of day-to-day life. Covid -19 was a leveller. It reinforced that family and human connect is the very core of existence. Even if it meant staying in touch through technology. While gratitude is thanksgiving for what one has, the pandemic reinforced it further. It manifested not just in feeling blessed but going beyond feeling thankful – helping people and animals alike during challenging times. Whether it was donating entire earnings and savings, or to provide ration to helpless, or adopting pets, a mere kind word to the nursing staff or just paying domestic workers their salaries, all indicated a sense of gratitude. A value that has to be practiced eternally.

Health is wealth

Health is vital. Not only is a family dependent on it, but a country and its economy are dependent on it. The Covid 19 and its subsequent disruption was ample proof. So, it is incumbent on every one of us to make health an absolute priority. Taking vitamin supplements, herbal concoctions and preventive pills is only reaction to a problem after it has set in. As cliched as it may sound, a healthy diet and exercise / meditation routine is the key to being healthy.

Mental health is also wealth

The Covid19 silently took a toll on the mental health of people. People struggled to cope with everything – loss of a loved one, job / income loss, being alone during a lockdown, violence on women or the sheer fear and anxiety of getting infected with Covid19. There were several instances of being ostracised / isolated once infected with the virus. All of this created a silent mental pandemic in itself. Added to it, some of the post covid symptoms itself included temporary memory loss, anxiety and depression. These can be dealt with only by openly acknowledging and talking about, seeking medical help in tackling it. It is time for stigma to be removed around mental health. It is part of our health. Michelle Obama once said, “We need to do a better job of putting ourselves higher on our own ‘to do’ list”. Now is the time.

Financial planning is prudent

Irrespective of people were infected by covid, they were definitely affected by the financial downswing due to Covid pandemic. Salary cuts, loss of daily wage, delayed payments, failure to pay, cancellation of major commercial events, individuals and governments alike have suffered financial / economic losses. Financial planning during force majeure events will at least cushion the blow, if not entirely mitigate the impact.

Insights

The IPO Wave

In November 2021, Nykaa – an e-commerce platform that sells beauty, wellness and fashion products and the first Indian unicorn start up headed by a woman, began trading on the Indian stock exchanges. The company went public by making an initial public offering (IPO). The IPO was considered an instant hit with the market capitalization of Nykaa crossing the Rs. 1 lakh crores mark.

What's Brewing

MSMEs: ADR = ODR

In May 2021, a legal tech start-up, launched the very first private digital court for alternate dispute resolution. In October 2021, the start-up launched this service exclusively for the MSME sector to address their issues digitally / virtually.

The objective is to provide a customized legal / court mechanism for micro, small and medium enterprises (MSME) to resolve their commercial disputes through alternate dispute redressal mechanism (ADR) – conciliation, negotiation, mediation, arbitration etc.

Circulars & Notifications

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

Circulars

October 01, 2021
Master Circular – Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances

Notifications

October 04, 2021
Enhancement in family pension of employees of banks – Treatment of additional liability

October 04, 2021
Base III Capital Regulations – Perpetual Debt Instruments (PDI) in Additional Tier 1 Capital – Eligible Limit for Instruments Denominated in Foreign Currency/ Rupee Denominated Bonds Overseas

October 05, 2021
Revised Subsidiary General Ledger (SGL) Account Guidelines and Constituents’ Subsidiary General Ledger (CSGL) Account Guidelines

October 05, 2021
Value Free Transfer (VFT) of Government Securities – Guidelines

October 07, 2021
Inclusion of “Paytm Payments Bank Limited” in the Second Schedule of the Reserve Bank of India Act, 1934

October 08, 2021
Priority Sector Lending – Banks’ lending to NBFCs for on-lending – Extension of facility

October 14, 2021
Data Format for Furnishing of Credit Information to Credit Information Companies

October 22, 2021
Scale Based Regulation (SBR): A Revised Regulatory Framework for NBFCs

October 22, 2021
Sovereign Gold Bond Scheme (SGB) 2021-22 – Series VII/VIII/IX/X

October 22, 2021
Sovereign Gold Bond Scheme of the Government of India (GoI) – Procedural Guidelines – Consolidated

October 26, 2021
Master Direction – Prudential Norms on Capital Adequacy for Local Area Banks (Directions), 2021

October 28, 2021
Gold Monetization Scheme (GMS), 2015

October 29, 2021
Opening of Current Accounts by Banks – Need for Discipline

Circulars

October 01, 2021
Relaxations relating to procedural matters – Issues and Listing

October 04, 2021
Circular on Mutual Funds

October 04, 2021
Discontinuation of usage of pool accounts for transactions in units of Mutual Funds on the Stock Exchange Platforms

October 04, 2021
Disclosure of Complaints against the Stock Exchanges and the Clearing Corporations

October 05, 2021
Revised Formats for filing Financial information for issuers of non-convertible securities

October 05, 2021
Amendments to manner and mechanism of providing exit option to dissenting unit holders pursuant to Regulation 22(6A) and Regulation 22(8) of SEBI (Real Estate Investment Trusts) Regulations, 2014 (“SEBI (REIT) Regulations”)

October 05, 2021
Amendments to manner and mechanism of providing exit option to dissenting unit holders pursuant to Regulation 22(5C) and Regulation 22(7) of SEBI Infrastructure Investment Trusts Regulations, 2014 (“SEBI (InvIT) Regulations”)

October 06, 2021
Circular on Minimum percentage of trades carried out by mutual funds through RFQ platform

October 14, 2021
Revised Formats for Limited Review/ Audit Report for issuers of non-convertible securities

October 14, 2021
Streamlining of issuance of SCORES Authentication

October 18, 2021
Transmission of Securities to Joint Holder(s)

October 21, 2021
Modalities for filing of placement memorandum through a Merchant Banker under SEBI (Alternative Investment Funds) Regulations, 2012

October 22, 2021
Amendment to SEBI Circular pertaining to Investor Protection Fund (IPF)/ Investor Service Fund (ISF) and its related matters

October 22, 2021
Amendment to SEBI Circulars pertaining to Investor Grievance Redressal System and Arbitration Mechanism

October 27, 2021
Guiding Principles for bringing uniformity in Benchmarks of Mutual Fund Schemes

October 28, 2021
Maintenance of current accounts in multiple banks by Stock Brokers

October 28, 2021
Investment/trading in securities by employees and Board members of AMC(s) and Trustees of Mutual Funds

Notifications

Nil

Circulars

Nil

Notifications

Nil

Income Tax Notifications

October 01, 2021
Income-tax (31st Amendment) Rules, 2021

October 11, 2021
Exemption of class of persons from the requirement of furnishing a return of income under sub-section (1) of Section 139 of the Act from AY 2021-2022

October 13, 2021
Relaxation of Validation (section 119 of the Finance Act, 2012) Rules, 2021

October 13, 2021
The Central Government notifies Punjab State Electricity Regulatory Commission, Chandigarh for the Purpose of Section 10(46) of the Income-tax Act, 1961

October 25, 2021
The Central Government designates courts in the State of Karnataka in consultation with the Chief Justice of the High Court of Karnataka as Special Court for the purposes of section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

October 25, 2021
The Central Government designates the court of the Senior Civil Judge and Chief Judicial Magistrate Panaji, Goa as the Special Court for North Goa District and Senior Civil Judge and Chief Judicial Magistrate Margao, Goa as the Special Court for South Goa, for the purposes of sub-section (1) of section 280A of the Income-tax Act, 1961 and section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 within their respective jurisdiction in the State of Goa.

October 25, 2021
The Central Government, in consultation with the Chief Justice of the High Court of Manipur designates the court of Chief Judicial Magistrate, Imphal East as the Special Court for the State of Manipur for the purposes of sub-section (1) of section 280A of the Income-tax Act, 1961 and section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

October 29, 2021
The Central Government hereby notifies that where the variation between the arm's length price determined under section 92C and the price at which the international transaction or specified domestic transaction has actually been undertaken does not exceed one per cent. of the latter in respect of wholesale trading and three per cent. of the latter in all other cases, the price at which the international transaction or specified domestic transaction has actually been undertaken shall be deemed to be the arm‟s length price for Assessment Year 2021-2022.

October 29, 2021
The Central Government hereby notifies ‘Chandigarh Pollution Control Committee’ for the Purpose of Section 10(46) of the Income-tax Act, 1961.

October 29, 2021
The Central Government hereby notifies‘ Madhya Pradesh Pollution Control Board’ for the Purpose of Section 10(46) of the Income-tax Act, 1961.

October 29, 2021
The Central Government hereby notifies Gujarat State Aids Control Society for the Purpose of Section 10(46) of the Income-tax Act, 1961.

October 31, 2021
The Central Government hereby approves, Pimpri Chinchwad College of Engineering‟ under the aegis of Pimpri Chinchwad Education Trust, Pune (PAN:AAATP3981F) under the category “University, College or Other Institution” for Scientific Research for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 read with rules 5C and 5E of the Income-tax Rules, 1962.

Income Tax Circulars

October 25, 2021
Clarification regarding Section 36(1)(xvii) of the Income Tax Act, 1961 inserted vide Finance Act, 2015- reg.

October 26, 2021
Guidelines under clause (23FE) of section 10 of the Income-tax Act, 1961 - reg.

Tariff Notifications

October 13, 2021
Seeks to reduce BCD on crude and refined soya, sunflower and palm oils till 31.03.2022

October 13, 2021
Seeks to reduce AIDC on crude soya, sunflower and palm oils till 31.03.2022.

October 22, 2021
Seeks to amend notification No. 96/2008- Customs dated 13.08.2008 to include Sierra Leone

October 22, 2021
Seeks to amend notification No. 25/2021 - Customs dated 31.03.2021.

Non – Tariff Notifications

October 07, 2021
Exchange rates Notification No.80/2021-Cus (NT) dated 07.10.2021

October 11, 2021
Appointment of CAA by Pr. DGRI.

October 14, 2021
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

October 21, 2021
Exchange rates Notification No.82/2021-Cus (NT) dated 21.10.2021.

October 27, 2021
Seeks to further amend Customs Tariff (Identification, Assessment and Collection of Countervailing Duty on Subsidised Articles and for Determination of Injury) Rules, 1995 to introduce Anti-Absorption provisions in these rules.

October 27, 2021
Seeks to further amend Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995 to introduce the Anti-Absorption provisions and make certain other miscellaneous changes.

October 27, 2021
Courier Imports and Exports (Electronic Declaration and Processing), Amendment, Regulations, 2021.

October 27, 2021
Courier Imports and Exports (Clearance), Amendment, Regulations, 2021

October 29, 2021
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

October 29, 2021
Exchange rates Notification No.88/2021-Cus (NT) dated 29.10.2021

Anti Dumping Duty

October 01, 2021
Seeks to extend the levy of ADD on import of Jute products originating in or exported from Bangladesh and Nepal by amending notification No. 01/2027-Customs (ADD) dated 05-01-2017.

October 04, 2021
Seeks to extend anti dumping duty on 'ceramic tableware and glassware' originating in or exported from Malaysia, to prevent the circumvention of anti dumping duty levied on subject goods originating in or exported from China PR vide Notification No. 4/2018-Customs(ADD) dated 21st February, 2018.

October 14, 2021
Seeks to levy of ADD on “Aceto Acetyl Derivatives of aromatic or hetrocyclic compounds also known as Arylides” originating in or imported from China PR.

October 20, 2021
Seeks to rescind Notification No. 06/2016-Customs(ADD) levying ADD on Phenol originating and imported from European Union, Singapore and Korea RP.

October 22, 2021
Seeks to rescind Notification No. 23/2016-Customs(ADD) dated 6th June, 2016, to remove levy of ADD on Polytetrafluoroethylene originating in or imported from Russia.

October 22, 2021
Seeks to rescind Notification No. 24/2021-Customs(ADD) dated 26th April, 2021, to remove levy of ADD on Polytetrafluoroethylene originating in or imported from Korea RP.

October 28, 2021
Seeks to rescind Notification No. 24/2021-Customs (ADD) dated 26th April, 2021, to remove levy of ADD on Polytetrafluoroethylene originating in or imported from Korea RP.

Circulars

October 27, 2021
Reducing compliance burden regarding registration of Authorised Couriers

The Verdict

Limitation Of Appeal Under IBC From Date Of Pronouncement Of Order

On 22nd October 2021, the Supreme Court passed an order in the above stated case that limitation period for appeal under Insolvency and Bankruptcy Code (IBC) begins from the date of pronouncement of the order. Any delay in uploading the order copy of the judgment will not escape limitation. 

A look at the facts, submissions and judgment in the case:

Go Figure

Narcotic Drugs & Psychotropic Substances In India : Statistics Related To It

Did you know that Uttar Pradesh has the maximum number of cases under the NDPS Act this year? Go Figure the concerning statistics of the Narcotic drugs and Psychotropic substances in India. 
Lawtitude

Google V. Oracle - Applying The Fair Use Doctrine Under The USA Copyright Law

In the month of April, 2021, a 10-year long legal battle between Google v. Oracle came to an end. The dispute was settled by the US Supreme Court and the same is hailed as a landmark decision in the jurisprudence of Fair Use Doctrine under the US Copyright Law. The case has its origin in a suit for copyright infringement filed by Oracle against Google.

Ab Initio

From the beginning

Bequeath

To give by will —especially of personal property

Decree

A judicial decision especially in an equity or a probate court

Casus omissus

It is a situation omitted from or not provided for by statute or regulation and therefore governed by the common law.

Infographic

The Factoring Regulation Act, 2011

Infographics depicts the Factoring Regulation Act 2011 – an Act to regulate the assignment receivables and thereby obligations of the parties thereto. 

Lawlipop

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

Time Out

Chinese law to punish parents for kids bad behaviour

Slow and behold!

Two wheelers with kids below 4 to limit speed at 40 kmph

(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

The Client (1994)

An American legal thriller boasting of a stellar cast – Susan Sarandon, Tommy lee Jones, (late) Brad Renfro and others, the movie is based on the 1993 John Grisham novel of the same name.
The story revolves around eleven-year-old Mark Sway (Brad Renfro). Mark and his younger brother are in the woods near their home when they stumble upon mob lawyer Jerome Clifford. Cliffard tells them he is going to commit suicide to escape being murdered by the mob. The children witness the suicide. While Ricky becomes unstable and is hospitalized, the authorities and the mob realize the Clifford probably told Mark where a senator (who was murdered by the mob) was buried.

It is an all-out battle by authorities and the mob to get to Mark. Being politically explosive, the authorities want to do everything in the book to get Mark to spill the beans about the location of the senator’s body. The mob wants the child dead to make sure he does not open his mouth. In the interim Mark is granted a lawyer Regina “Reggie” Love (played sensitively by Susan Sarandon), an alcoholic lawyer to protect Mark. Mark tells Reggie where the body is buried. Reggie uses the information to do everything she can to ensure no harm is done to the child and his family, including sharing it with the prosecuting attorney to fuel his political ambitions in exchange for Mark’s family to start life afresh.

Book/Novel

Lethal Innocence by Larry A Winters (2020)

This is the 7th novel from the Jessica Black legal thriller series by celebrated writer Larry A Winters. The author created Jessica Black as a fictional prosecutor around whom the plot revolves.
Jessica believes that law is equal to all – citizens and celebrities alike. Which is why when a musician superstar (accused of pushing his wife off a hotel building) goes scott free, his celebrity status is believed to be the reason. Years later, when the same musician superstar is accused of murdering his latest girlfriend, Jessica is the prosecutor. Having got a second chance to ensure justice and truth prevails, Jessica must go all out to prove that the guilty is punished. However, as she digs deeper, she finds out that the case is not what is appears to be. A thrilling read.

TV Series

Making a Murderer (2015 & 2018)

A true crime documentary TV series on Netflix, the show revolves around Steven Avery, a Wisconsin resident. He is wrongfully arrested for the sexual assault and murder of a woman. After serving 18 years in prison, Avery is freed in 2003 with the help of an NGO fighting to rescue wrongfully convicted prisoners. He files a defamation and damages suit against the authorities. However, in 2005 he got arrested again – this time for the murder of another photographer woman who was last seen around his home. While Avery’s lawyers have contended that the evidence was planted by the authorities to get even against the defamation case, the case and several trials are still on. After the series aired on Netflix, immense public support was garnered and a signature campaign of 50,000 signatures / petitions were made to the White House. However, the request was declined.

Hard work is the yeast
that raises the dough - Unknown

Readers' Corner

Write to us with your questions

Write to subathra@akmllp.com and get featured in our next edition with responses from our experts

2283, 14th A Main Road, HAL 2nd Stage
Indiranagar, Bengaluru 560008


Phone: +91 99629 11111

Email: subathra@akmllp.com