Platinum Jubilee Edition

Knowledge Shared is Power Squared

Something’s get better with time. The Law Tree is testimony to that. 
We believe that we have come a long way. From developing content and introducing creative new sections to disseminating legal knowledge and information with one and all, it has been an enriching experience.

The idea behind launching Law Tree legal journal online was simple – decode law and legal happenings in an easy and comprehensible manner. Law is for all, to be known by all. 

One needs to find a perspective that transforms the ordinary into the extraordinary. At AKM LLP, we did just that with the Law Tree. With the patronage of the partners and a sound advisory board guiding the team, the Law tree has come thus far. With miles to go seeking and sharing knowledge, team Law Tree proudly presents its platinum edition. Read on. Enjoy.  

Partners Speak

The Game Changers

A K Mylsamy & Associates LLP is a brand in itself representing nearly six decades of experience, professionalism and ethical practice of its founding member Mr. A K Mylsamy, popularly known as “AKM” in the legal fraternity. The professional, quality and ethical legal services have been ably carried forward by partners – Subathra Mylsamy and P.S Suman. The recent on boarding of Mr. V. Nallasenathipathy, Mr. P. Muthusamy and Ms. Sarah Abraham (Bangalore branch) as partners will add value in reaching greater heights. The partners share their thoughts on the joyous occasion of the Law Tree completing 75 editions.
The Advisory Board

The Strategists

AKM LLP has a luminous advisory board comprising seven members. They collectively contribute to the firm several decades of specialized knowledge coupled with experience and expertise in their nice areas.

Our distinguished advisory Board members add sparkle on the occasion of the Law Tree publishing its 75th Platinum edition of the journal.    

Justice (Retd.) M Jaichandren

Former Judge of the Madras High Court

AKM Associates is an outstanding group of law professionals due their high standard of legal acumen and ethics. It has a very bright future ahead. The law profession has to meet international standards if it has to flourish. The pandemic has shown that the use of technology in the existing legal system is here to stay. Law Tree’ published by AKM Associates is a unique combination of knowledge and brevity. It brings out the best of laws and views in a nutshell.  My best wishes to AKM Associates, the ‘Law Tree’ platinum edition and its readers.

jaichandren-Square

S Balasubramanian

Former Chairman of Company Law Board, Delhi

It is really heartening to note that Law Tree is coming out with its 75th/Platinum issue  shorty. Having been a regular reader of  every issue of Law Tree right from the first issue, I have no hesitation to record that it is one of the most informative online legal magazine on contemporary corporate law, more particularly on IBC, besides tropical issues. This remarkable achievement clearly evidences its popularity with the readers. It is no surprise as AKM LLP spares no efforts in keeping Law Tree readers updated on all topics covered by it. Now that AKM LLP has broadened its area of specialisation with induction of expert partners, and thus becoming a  one stop law firm,  i hope  that Law Tree would cover more topics in the future.

Even though there has been an apprehension that the dynamics of law has changed in the light of the pandemic, yet, in reality, it is not so. Virtual hearing which has become the norm of the day, would have not been so smooth as it is now as in the normal course  the legal community would not have welcomed it.  Even though at the initial stage of the  pandemic there was a set back in so far legal profession is concerned, I do no envisage that the same would continue indefinitely. 

As far as young lawyers intending to practice law is concerned, there can be no better time than the present as virtual hearings are now open to all and they would be in  a position to observe and learn the niceties of arguing by eminent lawyers in various courts. They should take advantage of the present situation fully. 

K K Balu

Former Vice-Chairman & Member of Company Law Board, Chennai, Senior Advisor & Editor – The Law Tree

Professional journey with AKM has always been enriching. AKM LLP “cares for you” without looking for “what for What”. AKM strongly believes in becoming the “First, Best and Latest” thereby becoming unique from others. The Wings of AKM LLP having spread over South, North and West of India, days are not far off to penetrate into the remaining territory as well as abroad, especially when a  cross border insolvency framework is going to become a reality in the days ahead. Law Tree, apart from assuming special importance, has achieved a significant milestone by its journey through its 75th Edition. I would urge that budding lawyers focus on the need to “think differently and act differently” to render flawless service to clientele. “Behavioral change” among litigants is quite visible in view of the dynamics in law changed on account of the pandemic. The consequential financial discipline coupled with the Artificial Intelligence (AI) innovation may probably disrupt the legal practice.

S Ramanujam

Law tree – My reminiscences !

To expect a news letter without a break – from a  leading law firm’s stable – that too laced with humour, a colourful spread –  that is found in every article, the catchy titles or in the lovely cartoons, or in the movie reviews – one can see a new breed of law firm  shining every where and grazing like a gentle breeze without disturbing any one’s routine but providing significant dose of information happening in the corporate and other allied laws.  With Christmas around the corner , one naturally draws a parallel between the Christmas tree showering Christmas gifts to all, and like wise, the admirers of the Law Tree are allowed to pluck what they want, which are hidden between the leaves for the visitors to explore this treasure! Unlike the Christmas Tree, it is not an yearly ritual, but a periodical, in the form of newsletter, put at the doorstep – a  non -intrusive and keeping the audience glued to their seat! The error free and colourful spread proves the extreme care bestowed on this activity by the firm, however minuscule it may be, considering all other activities of the firm. Normally, a law firm is presumed to be consisting of serious minded professionals without any sense of humour, always clinging to cautious words to convey even simple issues, but this newsletter is welcome departure!

This news letter reflects the new breed of lawyers speaking simple words to convey complex legal issues and terminologies, bereft of legal arguments and verbose! The law Tree exhibits the other side and strength of AKM”s office –proving that one can wear a different hat and need not always bury their heads in legal books! The knowledge that is imparted through this news letter has certainly rewarded many professionals including senior professionals and the proof of this, is the issue celebrating 75th issue . 

Let us congratulate all who are involved in this activity and as I reflect back, this was started in 2016, and now travelled uninterrupted for well over 5 years! I pray that the journey should continue for many more years to come! 

R Sekar

Indian Revenue Service (Retd.)

AKM is committed to share its knowledge, expertise for the benefits of its esteemed clients. The objective of AKM is to be a firm which is able to see future in present and navigate into unknown territories. AKM has the best hand holding experience so that the best interests of the clients is always kept in mind. This is AKM’s motto and AKM’s journey is based on this philosophy. AKM has resolved to continue in this way and AKM has brought on board the entire value addition. At the time when whole globe is undergoing change and anything happening at any point of the globe will have great influence on the businesses. In this situation AKM is resolved to factor critical business situations so that the future of any of the businesses is well protected and this is the objective of AKM. AKM would like to serve the society by its LAWTREE magazine and AKM has resolved to be proactive in growth and development. This will be an enchanting journey. Wishing LAWTREE a grand success.

Mr.Sekar photo

K Rajendran

The Law Tree is an information packed legal newsletter that aims to share quality knowledge in a simple, lucid and illustrative manner and combines information with aesthetics. The 75th edition, being published, is the standing testimony that this is one of the most successful endeavors undertaken by an organization in the legal field. A.K. Mylsamy & Associates LLP provides unmatched advisory services in all spheres of legal matters to its clients based on their legal requirements and purposes. 

AKM is a unique blend of experience and expertise, with a commitment to maintaining its high standards and legal excellence. This commitment to its values is the most exciting aspect for me to work with AKM. AKM has nurtured a unique space which enjoys goodwill and respect from its clients. AKM has achieved this milestone through its commitment to operational excellence, integrity, and constant renewal of knowledge and skills, and is now outstanding among many others in the legal arena. 

Courage is the most important quality for a lawyer. It’s more important than ability and vision. It can never be taught in law school and should permeate the chambers of the Court, Mind, and Spirit. 

The pandemic has brought about many changes in legal practice. Working from home presents new challenges to lawyers. Appearance in court, arranging testimony, interviews, case management meetings, etc. are some questions that come up. Many have moved into a virtual space. The way we network and our interpersonal and official has also changed. As GST is a niche area of ​​my practice, this shift to a more digital approach makes tax compliances easier and the Departments also benefit from reduced workload. 

AKM LLP has grown into a law firm known for its outstanding legal services and commitment to widespread and easily available legal resources. With incredible goodwill and satisfied customers, I see the Firm expand to higher and more diverse legal disciplines than ever before and establish itself as a force to be reckoned with. 

Photo - Mr.Rajendran

Kailash Chandra Kala

Indian Revenue Service (Retd.)

First and the foremost I would like to congratulate you all for completion of successful and glorious 57 years in Legal services. I’m great full to be an associate part of your esteemed Law Firm as an Advisor at Mumbai region office. It’s my gratitude to Mr A K Mylsamy sir and Ms Subathra ji and to all other partners for your consent to join your organisation. I’m much elated to have a very warm welcome on my first official visit to our head office at Chennai. I assure not only to establish our Law firm’s at Mumbai in a planned way but with fruitful results also in the much competitive Legal services. 

With regard to the AKM law tree, I’ve to express my best wishes from the bottom of my heart that you are making a sincere and consistent effort to bring the recent developments in the judicial activities with legal pronouncement at different fora in the form of Legal Newsletter. Wishing you a grand success in the ensuing New Year 2022. Regards 

Mr.KC Kala photo

R S Mani

Writing is a creative process. Like any creative process it is a constant struggle and involves lots of pain and hard work. Every edition is like the birth of a child! And LawTree with the avowed objective of writing in an interesting manner on a difficult subject like Law, has been equally difficult. To go through the process 75 times – with the 75th Edition – is no mean achievement. This has been possible because of the unique environment within AKM – a law firm not only dedicated to the field of corporate law but also in building a great team of lawyers who work as one large family to deliver appropriate solutions to the most difficult legal issues to the clients. The pandemic has accelerated the shift towards technology which would not have happened otherwise. Going forward, technology will find increasing application in entire legal process leading to faster resolution of legal disputes at reduced costs to the litigants. With increasing adoption of technology, AKM is well placed to the rapid changes that are taking place in the entire chain of legal processes leading to delivery of justice.

Ashok Anantram

Being associated with AKM for several years now, I am delighted that its monthly newsletter “The Law Tree” is into its platinum edition. Its ever-increasing readership base month on month is a true barometer of its ever-increasing popularity and the useful purpose its serves. Congratulations to the “Law Tree Team”.

Now in its 55th year of operation, AKM has a very strong brand equity as a Corporate Law Firm and has established a name itself through its strict adherence to quality, commitment and ethics. Its success is in a large measure due to its fine team of lawyers operating in a “learning environment” and constant exposure to AKM’s senior team who are the finest in the business. The firm offers a great opportunity to young lawyers keen to develop and grow in a ever changing domestic and international legal environment.

Tête-à-tête

In conversation with
Subathra Mylsamy, Partner – A K Mylsamy Associates LLP

Laws Through the Pandemic

The Covid19 pandemic swept India (and the world) in 2020 and 2021. Amidst all this, both houses of Parliament had discussed, deliberated and passed several laws / amendments. A look at some important laws – Acts / Bills / Amendments that were passed during the pandemic years 2020 & 2021.

Health Care Sector

The Epidemic Diseases (Amendment) Bill 2020

  • The Epidemic Diseases Act 1897 is a British era legislation containing provisions for containment of epidemics. The Act contained special powers required for implementing measures to control the spread of the disease.
  • In 2020 the colonial legislation was amended in order to address issues and events surrounding the Covid19 pandemic. 

Major amendments:

  1. Includes definition of “healthcare professional”. 
  2. Introduction of preventive measures against violence inflicted on healthcare workers and damage to property. Any person causing harm to life of healthcare workers or property would be punishable with a maximum fine of Rs. 2 lakhs and or imprisonment of up to 5 years.   
  3. Modalities of investigation and trial by government authorities
  4. Expansion in powers of central government to inspect and detain person/s arriving or leaving the country through various modes of transport.

Agriculture Sector

The Essential Commodities (Amendment) Bill 2020

  • The Essential Commodities Act 1955 was enacted to ensure that delivery of certain commodities or products and their prices are not affected due to hoarding or black marketing of such products. Originally, pulses, oil, certain drugs and fuel were regulated under this Act.
  • In 2020, the Act was amended primarily to declare masks and sanitizers as “essential” to regulate their availability and price due to their use in the fight against the Covid19 pandemic. However, a couple of months later, they were removed from the “essential commodities” list.

Major amendment(s):

    1. Cereals, edible oil, oilseeds, pulses, onions, and potato were deregulated and removed from the list of commodities regulated.
    2. Such regulation can be imposed only under extraordinary circumstances such a war, famine epidemics etc. which will lead to surge in prices.
    3. Removal of punitive measures such a preventive detention, confiscation of vehicles and attachment of properties of those suspected to be hoarders / black marketers.
    4. Farmers to be given the liberty to directly sell their produce to Farmer producer organizations (FPOs), corporates, retailers and co-operative societies without having necessarily to go through the Agriculture Produce Market Committee (APMCs) a marketing Board set up by respective state governments. Hitherto, the first sale was allowed only at the “mandis” of the APMC by way of auction. The amendment proposes the removal of such restriction. Such removal will give farmers the bargaining powers. This proposed amendment will also ensure direct purchase from farmers and increased profits to them. It was feared that by bringing in private investors and corporatizing the farm produce, corporates would make profits s government intervention would become minimal. The farmers would earn a pittance.

The Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Act 2020

The Bill was introduced in 2020 to facilitate free trade of farmers outside the Agricultural Produce Marketing Committee (APMC) yard also known as “mandis.”

Salient Features:

  1. Promote interstate and intra state trade and commerce of agricultural produce outside physical markets such as ‘mandis’ and  Agricultural Produce Market Committee (APMC) markets / yards and other markets notified under the State Agricultural laws.
  2. Enable farmers realize the full price by direct marketing without having to go through intermediaries. Eliminate middlemen / intermediaries and thereby enable farmers engage in direct marketing of their produce.
  3. Farmers will not have to pay cess or levy or conveyance charges for such sale.
  4. Create an electronic trading platform for ensuring seamless trading.

The legislation has been primarily being opposed on grounds that more than 80% of the farmers are infrastructural challenged as they do not have access to storage until they directly sell their produce. Also, there were concerns of them earning their MSP- Minimum Support Price. The provisions implied that Mandis / APMC yards will altogether stop. Intermediaries would be wiped out.

The Farmers (Empowerment and Protection) Agreement of Price Assurance and Farm Services 2020

The Act seeks to empower farmers by creating a national framework for contract farming by way of agreement(s) between farmers and buyers before the production or rearing of any farm produce. Farmer(s) dealing with agri -business firms, processors, wholesalers, retailers and or exporters must get into mutually beneficial price agreements / contracts. The main objective was to promote transparency.

Salient Features:

  1. Enable farmer access modern technology, better seed and other inputs. This will reduce cost of marketing and improve income of farmers.
  2. Emphasis on research of modern technology to be used in Agriculture.
  3. Formation of Farmer Produce Organizations (FPOs) throughout the country to bring a collective group of farmers in ensuring their concerns are satisfied.
  4. Establishment of a 3-level dispute mechanism with express timelines for dispute redressal is being put in place to ensure farmers legal recourse through Courts. It can also be addressed locally through such conciliation boards.

The main concern in this legislation is about farmers being taken for a ride in the name of contract farming. The government though states that the contract will contain express terms and conditions governing the price and the timelines for payment.

Note:

The above three Acts came to be collectively known as “Farm Laws”. All three Acts were passed in both of houses of Parliament amidst September 2020 despite raging protests by farmers. Unexpectedly the year-long farmer’s protests turned violent and there was a pandemic within a pandemic. Consequently, all three Farm laws which were passed in September 2020 were repealed in December 2021.

Finance, Industry & Labour Sector

The Tax Amendment Bill 2021

The Taxation Laws (Amendment) Bill, 2021 amended the Income Tax Act, 1961 (IT Act) and the Finance Act, 2012.

Major amendment(s)

  1. The 2012 Act had amended the IT Act to impose tax liability on the income earned from the sale of shares of a foreign company on a retrospective basis (i.e., also applicable to the transactions done before May 28, 2012).  The 2021 Bill nullified this retrospective basis for taxation.
  2. The government has stated that no further orders shall be passed on retrospective basis. Further it has expressly clarified that even previous orders passed on retrospective basis shall be nullified. Such retrospective orders passed in the past shall be invalidated.

The Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill 2021

  • The Deposit Insurance and Credit Guarantee Corporation (DICGC) Act was enacted in 1961 to establish a Corporation to provide insurance to citizens for their bank deposits and guaranteeing credit facilities given by banks and financial institutions.  The objective of the Act is to provide time bound access to their deposits in case they face any restrictions from accessing such deposits.
  • The last few years have seen a spate of cases where banks (particularly co-operative banks) which have failed to fulfil their financial obligations due to liquidity crisis, non-performing assets and consequently being placed under moratorium. Increasing non-performing assets led to severe liquidity crunch resulting in freezing depositors accounts and capping the limit on withdrawing their own funds. This put small depositors in severe distress. In order to address this crucial concern, the government proposed amendment(s) to the DICGC Act 1961.
  • The DICG Amendment Bill 2021 amended the Deposit Insurance and Credit Guarantee Corporation Act, 1961.

Major amendment(s):

  1. Section 15 contained a provision that that every insured bank for as long as it is registered, be liable to the corporation, a premium on its deposits at such rates not exceeding 15 paise per annum for every Rs. 100 of the total amounts of the deposits in that bank at the end of that period or the date of its cancellation. The amendment to proviso to section 15(1) of the Act is an enabling provision that lets the Corporation to raise the ceiling on the amount of premium with previous approval of the Reserve Bank of India.
  2. Section 18A was introduced to allow for payment of the insured deposit amount to depositors on an interim basis where the Corporation would be liable to make such payment subject to satisfaction of certain conditions, modalities of payment and within certain timelines.
  3. Section 21 which deals with repayment of amount by insured bank to the corporation was amended to introduce sub sections (3) and (4) relating to repayment /deferring repayment within certain timelines and subject to approval by the RBI and also the interest for delay in repayment up to 2% points higher than the repo rate.

The Limited Liability Partnership (Amendment) Bill 2021

The Limited Liability Partnership (Amendment) Bill, 2021 amended the Limited Liability Partnership Act 2008 which regulates the functioning of Limited Liability Partnership Firms – LLPs.

Major amendment(s):

  1. Non-compliance or failure to comply with certain provisions like change in (i) constitution of the LLP or (ii) registered office (iii) arrangement between LLP and partners etc. have been de-criminalized. Only monetary penalty ranging between Rs. 2,000 to Rs. 5 lakhs is imposed.
  2. Small LLP can be formed where (i) the contribution from partners is up to Rs 25 lakh (may be increased up to five crore rupees), (ii) turnover for the preceding financial year is up to Rs 40 lakh (may be increased up to Rs 50 crore).  The central government may also notify certain LLPs as start-up LLPs.
  3. Establishment of special courts and adjudicating officers for speedy disposal of cases relating to LLPs. Appeals can be made to appellate tribunals of NCLT and fixing their limitation period.

The Insolvency and Bankruptcy Code (Amendment) Bill 2021

  • The Central government promulgated the IBC Amendment Ordinance 2021 in continuation of its previous measures such as increasing the threshold of the default limit to INR 1 Crore and suspending the initiation of insolvency against companies during the Covid19 pandemic. The Ordinance amended the Insolvency Code to allow / enable the central government to notify pre-packaged insolvency resolution process for micro, small and medium enterprises (MSMEs).
  • A pre-package is a form of structuring / re-structuring in which the management negotiates and arrives at a settlement with the creditors in a time bound manner. While this not only saves time and money but it also enables the management to continue to run the affairs of the business without handing it over to a resolution / interim resolution professional and indulging in lengthy IBC process. For the NCLT, this would mean easing the burden of cases as the companies come with agreed pre-packaged solutions. Such pre- packages are being offered to companies and LLP’s.
  • Sections 54A to 54P has been introduced vide Chapter IIIA the IBC which expressly details the procedure / process for initiation of insolvency resolution process for MSMEs.

The Occupational Safety, Health & working conditions Code 2020

The Code consolidates the following 13 legislations into one and regulates occupational safety, health and working conditions of workers in all establishments.

Salient features:

  1. Provisions of the Code relating shall be applicable to establishment with at least 10 workers including those engaged in hazardous sectors such as mines, docks etc. The term “employees” include workers, managerial, administrative staff and supervisory staff whose monthly salary is Rs. 15,000.
  2. The government has wide powers to exempt / suspend any class of establishment from complying with the provisions of this Code for upto 1 year due to emergency situation.
  3. The Code retains provisions of duties of employers in providing health and safe workplace to employees. Additionally, employer must ensure safety from hazards in high risk sectors such a mines, docks, plantations, construction sites by informing about safety protocol and providing safety equipment.
  4. To establish portals for interstate migrant workers to register themselves on and become eligible for ration and other benefits in the destination State.
  5. Establishments of occupational safety and health advisory Boards shall be set up by the Central / State government that advice the respective government on matters of implementing the Code.

Industrial Relations Code 2020

The Industrial Relations Code 2020 consolidates the following 3 legislations into one and is enacted to supervise and decide on industrial/ trade disputes, regulate and monitor employment conditions in industrial undertakings and establishments.

Salient features:

  1. Key definitions have been amended – Employer, Industry, Industrial dispute, Strike, Worker
  2. Increase in threshold of number of employees of 300 in an establishment to comply with this Code. Previously, the number of employees was 100.
  3. All establishments to give notice of at least 14 days prior to proposed strike. Previously, this clause was applicable only to public utility services such as railways, post & telegraph departments etc.
  4. Industrial tribunals will replace the existing dispute redressal system. Cases will be decided either by two member or single member tribunals depending on the nature of the cases. National industrial tribunal shall be constituted to adjudicate cases of national importance or affect interests of one or more States. The appropriate government has the power to exempt any establishment from complying with the provisions of this Code.
  5. The Code will have a built-in arbitration / dispute redressal mechanism. The arbitration and Conciliation Act 1996 shall NOT apply to such cases.
  6. The Code also incorporates setting up of a reskilling fund, contributions of which will be utilized in skill development of retrenched workers.

Note:

The Codes on (i) Industrial relations, (ii) Social securit(iii) Occupational safety and wages are simply known as the Labour Code.

Law Sector

The Model Tenancy Act 2021

The Central government approved the draft model tenancy Act (MTA) for circulation to all States and Union territories. They could entirely adopt the MTA or suitably modify their existing rental laws.

Salient features:

  1. The Act requires the landlord and tenant to sign a written agreement which specifies the rent, period of tenancy and other related terms.  Security deposit is capped at two months’ rent for residential premises, and six months’ rent for non-residential premises.
  2. Capping the amount of security deposit to a maximum of 2 months’ rent for Residential premises and 6 months’ rent for non-residential premises.
  3. The Act expressly specifies conditions / situations for eviction of tenant.
  4. Establishment of a three-tier quasi-judicial dispute adjudication mechanism consisting of: (i) Rent Authority; (ii) Rent Court; and (iii) Rent Tribunal.  No civil court will have jurisdiction over matters pertaining to provisions under the Model Act.

The Arbitration & Conciliation Amendment Bill 2021

The Arbitration and Conciliation (Amendment) Bill, 2021 amends the Arbitration and Conciliation Act, 1996.

Major amendments:

  1. Hitherto, a party was allowed to file an application to set aside an arbitral award (i.e., the order given in an arbitration proceeding).  Courts had interpreted this provision to mean that an automatic stay on an arbitral award was granted the moment an application for setting aside an arbitral award was made before a court.  In 2015, the Act was amended to state that an arbitral award would not be automatically stayed merely because an application is made to a court to set aside the arbitral award. The Bill specifies that a stay on the arbitral award can be provided (even during the pendency of the setting aside of the application) if the court is satisfied that: (i) the relevant arbitration agreement or contract, or (ii) the making of the award, was induced, or effected by fraud or corruption.  This change will be effective from October 23, 2015.
  2. The Act specified certain qualifications, experience, and accreditation norms for arbitrators in a separate schedule.  The Bill removes the Schedule for arbitrators and states that the qualifications, experience, and norms for accreditation of arbitrations will be specified under the regulations.

Circulars & Notifications

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

Circulars

November 09, 2021
Master Circular – Guarantees and Co-acceptances.

Notifications

November 11, 2021
Foreign Currency (Non-resident) Accounts (Banks) Scheme [FCNR(B)] – Master Direction on Interest Rate on Deposits

November 11, 2021
Exim Bank’s Government of India supported Line of Credit (LoC) of USD 10.40 million to the Government of the Kingdom of Eswatini (Swaziland)

November 12, 2021
Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances – Clarifications

November 12, 2021
Auction of Government Securities: Non-Competitive Bidding Facility to retail investors

November 12, 2021
Reserve Bank – Integrated Ombudsman Scheme, 2021

November 15, 2021
Appointment of Internal Ombudsman by Non-Banking Financial Companies

November 16, 2021
ARegulations Review Authority (RRA 2.0) – Interim Recommendations – Withdrawal of Redundant Circulars

November 16, 2021
Withdrawal of Obsolete Regulatory Circulars/ Instructions – Interim Recommendations of the Regulations Review Authority 2.0

November 16, 2021
Regulations Review Authority (RRA 2.0) – Interim Recommendations – Withdrawal of Circular

November 16, 2021
Regulations Review Authority (RRA 2.0) – Interim Recommendations – Withdrawal of Circulars

November 16, 2021
Regulations Review Authority (RRA 2.0) – Interim Recommendations – Withdrawal of Redundant Circulars

November 16, 2021
Withdrawal of Obsolete Regulatory Circulars/ Instructions – Interim Recommendations of the Regulations Review Authority 2.0

November 22, 2021
Inclusion in/ exclusion from the Second Schedule to the Reserve Bank of India Act, 1934 – Regional Rural Banks (RRBs)

November 26, 2021
Implementation of Section 51A of UAPA 1967: Updates to UNSC’s 1267/1989 ISIL (Da’es) & AI-Qaida Sanctions List: Addition of one entry

Circulars

November 03, 2021
Common and Simplified Norms for processing investor’s service request by RTAs and norms for furnishing PAN KYC details and Nomination.

November 08, 2021
Write-off debt securities held by FPIs who intend to surrender their registration.

November 16, 2021
Scheme of Arrangement by Listed Entities

November 16, 2021
Framework for Regulatory Sandbox

November 18, 2021
Addendum to SEBI Circular dated November 16, 2021 relating to Schemes of Arrangement by Listed Entities.

November 22, 2021
Clarifications regarding amendment to SEBI (Alternative Investment Funds) Regulations, 2012.

November 22, 2021
Disclosure obligations of listed entities in relation to Related Party Transactions

November 23, 2021
Non-compliance with certain provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018

November 23, 2021
Publishing Investor Charter and Disclosure of Complaints by Merchant Bankers on their Websites

November 23, 2021
Segregation and Monitoring of Collateral at Client Level – Extension of timeline

November 23, 2021
Disclosure of Complaints against the Stock Exchanges (excluding Commodity Derivatives Exchanges)/Depositories/Clearing Corporations.

November 24, 2021
Norms for Silver Exchange Traded Funds (Silver ETFs) and Gold Exchange Traded Funds (Gold ETFs)

November 26, 2021
Publishing Investor Charter and Disclosure of Complaints by Merchant Bankers on their Websites – Debt Market

November 26, 2021
Publishing investor charter and disclosure of investor complaints by Merchant Bankers on their websites for private placements of Municipal debt securities

November 26, 2021
Publishing Investor Charter and Disclosure of Investor Complaints by Merchant Bankers on their Websites for public officers by REITs and InvITs

November 30, 2021
Publishing of Investor Charter and disclosure of complaints by Debenture Trustees (DTs) on their Websites

Notifications

Nil

Nil

Client Testimonials

We are humbled and grateful with the feedback we received for The Law Tree. Heartfelt thanks to our patrons, clients and readers for taking time out to share their views on AKM and The Law Tree. Thank you!

Anarendran C V

HR Business Partner-Corporate, Waycool Foods & Products Pvt. Ltd

A K Mylsamy Associates popularly known as AKM Associates is a branded law firm headquartered in Chennai. We as an organisation were introduced to them. The firm is endowed with renowned lawyers in their stable and their help and support was immensely felt. They were very patient, thorough and courteous in all their dealings with us. They were quick to grasp the issue and debated professionally with us highlighting various alternatives. Their drafting ability and suggestions rendered were excellent. Their Law Tree journal is a great compendium of legal news brought out to the legal and general public for understanding current situations. On their Platinum release of the law tree edition we wish them a wonderful period and for an everlasting and consistent legal practice ahead.

Ritu Singh

Novatium Solutions Pvt. Ltd.

I wanted to take the time to thank you for the expert service provided by your firm to Novatium. We sincerely appreciate your efforts, how you're always available to handle, the excellent work you have demonstrated on every legal matter, and your professional approach to handling the work is commendable. Thank you once again

CS P Dinakara Babu

Company Secretary, Igarashi Motors India Limited

A K Mylsamy & Associates (‘AKM’) has always demonstrated a professional, efficient, personable, Out of the box think and Solution oriented approach for all Corporate challenges. The AKM team perfectly offers all corporate solutions under one roof. We appreciate their expertise and quick turnaround time in providing the services. Thank you AKM team especially Mr. Suman for their commitment and attention they gave to us. We would highly recommend their services to everyone who has to deal with Corporate legal matter.

Dr. Premraj

The team AKM.... gave me a very good and happy experience when I went through a litigation. I am not a fighter cock, but even one or two litigation I had to go through, My experience with lawyers were bad, so I always had bad opinion on the clan. AKM team with thier PROFESSIONAL and COURTEOUS approach for various issues is setting up a bench mark for the legal professionals. I wish TEAM AKM all the success in their endeavour.

K. Kothandapani

Director, Anuragha Poultries Pvt Ltd

AKM Law firm is expert in legal issue. The team gave me the right guidance and helped me in taking the right decision. They are transparent and highly professional. Our Special thanks to Mr. AK. Mylsamy sir who guided us in taking the right decision. Its a Good Law firm for all your Legal Needs.

Payal Sandhu Khurana

Our interactions with AKM bolsters our confidence every time and reaffirms our faith in having chosen this team to assist with our legal issues. Sarah is a consummate professional, deeply knowledgable and a formidable ally to have on our side. Suman has also been very helpful in assuring us of the best strategic directions. I highly recommend this team.

R Sridhar

Partner, Tax M&A, Grant Thornton Bharat LLP

I have known and worked with all the partners of AKM over the past several years across multiple assignments ranging from arbitration, M&A, insolvency and corporate laws. I and my clients have found their advice and counsel extremely valuable and insightful. The LawTree has become an extension of this relationship and I look forward to reading and gaining from this publication every time. I wish AKM and LawTree all success and look forward to gaining from their knowledge and insights.

Sunandhitha R

Compliance, Samunnati Financial Intermediation & Services Pvt. Ltd

I approached AKM for the purpose of facilitating the process of Trademark for our Company. The way they walk through on the requirements and reminders they make will ensure that we get the job done perfectly without much hurdles. Further being in the practice for such a long period shows their commitment they have towards their client's requirements. Looking forward to work on various dimensions of areas that they practice.

Mahesh Menon

Secretarial executive, Choice Trading Corporation Pvt Limited

We are happy with the team at AKM LLP. The firm was compassionate, patient, helpful and transparent throughout the whole process. The lawyers of this firm especially Mr. Santhosh was of great assistance to us. Very professional and prompt.

Shyam Todi

Director, PMI Engineering Exports Pvt. Ltd.

AKM having highly skilled, Professional , Talented Team. They support their customers every time whenever customers need their support And help Their team is well familiar with legal requirements and statutory compliance. AKM team is specialist in NCLTA Cases handling in timely manners PMI is very happy with their services and support

Pradeep Kumar Sampath

Nstore Technologies Pvt Ltd

In this Information Age, quite often we face the challenge of ``Relevant Information`` getting buried under the magnitude of ``Irrelevant Information`` and there is a high likelihood of missing the right information. In a fast paced world to stay on top of the game, one needs to understand what is happening around. The Law Tree is one such example where the relevant information is capsulated and published to you for your learning. It is a fabulous service that AKM is providing to their clientele. Thank You, Team AKM for putting this together.

Sri Garapati

Old Madras Baking Company

Dear Suman & AKM team
Congratulations on the 75th edition of your Lawtree newsletter. I find the information and content very informative and insightful, it gives us a glimpse of the legal landscape in a concise format. A big thank you to Suman and the team at AKM for all their support through the years. Wish you all the best!

Sharan Grandige Raja

GR Nataraj HUF

We’re pleased with AKM and the counsel we’re getting from them. They were able to quickly understand the vital aspects of our case, including the dynamics amongst the people involved. Their advice has been rational, objective, and unquestionably, in our best interest. Their clarity of thought and diligence is evident in all the material they have produced. We have no hesitation in recommending them to anyone who needs good, solid legal advice.

Ramesh Kumar / Ravindran

Directors, Indian Commerce & Industries Co. P. Ltd.

Our association with AKM began in the mid 80’s and since then we have been following their guidance in all corporate matters . In our experience we find their knowledge and insights very valuable , practical and pragmatic. Effective enterprise management in a VUCA world, is feasible only with real- time relevant info on the environment we operate in. We rely on the Law Tree for providing this info in a capsule form.

Sai Sudha

Senior Assistant Vice-President, Invest India

It's a pleasure to receive AKM's Lawtree newsletter. The variety of content presented in a crisp manner makes it an impactful rread for all the stakeholders. Relevant industry news, latest legal updates and socially impactful topics, especially makes the effort stand out. I am very glad to be associated with AKM. Wishing them all the success!

Lawlipop

Creativity is Intelligence Having Fun

AKM Now in Aamchi Mumbai!

We are happy to announce our new office at Mumbai

301, Kshamalaya, 37 New Marine Lines, Mumbai 400 020


Phone: +91 99629 11111

Email: subathra@akmllp.com