The Indian corporate is governed by an umbrella of legislations to ensure its effective functioning since independence.
Edition 83 • August 2022
Standing Tall
India cannot be ignored. Be it completion of 75 years of independence or the 61-medal win in the Commonwealth games 2022 or the appointment of the …,,(first) woman as Director General of CSIR, a consortium of research institutes across the country or an Indian origin immigrant in the race to be Britain’s first Prime Minister, free India is rapidly progressing. Like India, the Indian corporate law has made rapid strides.
Insights
Non-fungible Tokens (NFTs) and Copyright
As nations transition into the virtual world, it is increasingly important for everyone especially artists and investors to know and integrate technology and intellectual property rights. NFTs is a must know.
Tête-à-tête
The surrogacy law in India tries to maintain a delicate balance between childless couples experiencing the joy of parenthood while preventing exploitation of mothers who are wiling to rent their womb for survival.
IBC Cases
A monthly update of the most significant cases on insolvency and bankruptcy and its resolution
What's Brewing
Energy Conservation Amendment Bill 2022
The Energy Conservation Amendment Bill 2022 is proposed with the objective of encouraging efficient and effective use and conservation of the country’s energy resources.
Circulars & Notifications
The latest set of circulars and notifications brought out by the MCA, FEMA, SEBI & RBI.
Circulars
20th July 2022
Master
Circular – Deendayal Antyodaya Yojana - National
Rural Livelihoods Mission (DAY-NRLM)
Notifications
1st July 2022
Note
Sorting Machines - Authentication and Fitness Sorting Parameters
4th July 2022
6th July 2022
6th July 2022
6th July 2022
7th July 2022
7th July 2022
Formation
of new districts in the State of Andhra Pradesh – Assignment of Lead Bank
Responsibility
7th July 2022
7th July 2022
Investment
by Foreign Portfolio Investors (FPI) in Debt – Relaxations
7th July 2022
Overseas
foreign currency borrowings of Authorised Dealer Category-I banks
8th July 2022
Asian
Clearing Union (ACU) Mechanism – Indo-Sri Lanka trade
11th July 2022
International
Trade Settlement in Indian Rupees (INR)
13th July 2022
UNSCR
1718 Sanctions Committee on DPRK amends one Entry on its Sanctions List
26th July 2022
Board
approved Loan Policy – Management of Advances – UCBs
28th July 2022
28th July 2022
Restriction
on Storage of Actual Card Data [i.e. Card-on-File (CoF)]
28th July 2022
Foreign
Exchange Management (Borrowing and Lending) (Amendment) Regulations, 2022
29th July 2022
Circulars
4th
July 2022
Investor
Grievance Redressal Mechanism and Amendment to SEBI Circular no.
SEBI/HO/DMS/CIR/P/2017/15 dated February 23, 2017
5th
July 2022
Modification
in Cyber Security and Cyber resilience framework of KYC Registration Agencies
(KRAs)
18th
July 2022
Levy
of Goods & Services Tax (GST) on the fees payable to SEBI
20th
July 2022
Entities
allowed to use e-KYC Aadhaar Authentication services of UIDAI in Securities
Market as sub-KUA Annexure A
27th
July 2022
Settlement
of Running Account of Client’s Funds lying with Trading Member (TM)
28th
July 2022
Addendum
to SEBI Circular on Development of Passive Funds
29th
July 2022
Nomination
for Mutual Fund Unit Holders – Extension of timelines
29th
July 2022
Framework
for automated deactivation of trading and demat accounts in cases of inadequate
KYCs
Notifications
15th
July 2022
Declaration
of zero coupon zero principal instruments as securities under the Securities
Contracts (Regulation) Act, 1956
Circulars
Nil
Notifications
5th July 2022
Appointment of Smt. Anita Shah Akella as
ex-officio member in the Insolvency and Bankruptcy Board of India
5th July 2022
Notification rescinding the MCA Notification dated the 28th January, 2022
18th July 2022
Appointment of Shri Jayanti Prasad as Whole-time Member of IBBI
19th
July 2022
Condonation of delay under Section 119(2)(b) of
the Income-tax Act, 1961 in filing of Form No. 10BB for Assessment Year 2018-19
and subsequent years
Notifications
1st
July 2022
Notification No. 77 /2022 [F. No.
370142/29/2022-TPL (Part-1)] / GSR 505(E) : Notification No. 77 /2022 [F. No.
370142/29/2022-TPL (Part-1)] / GSR 505(E)
4th July 2022
Notification No. 78/2022 [F. No.
187/3/2020-ITA-I] / SO 3044(E):Corrigendum
8th July 2022
Notification No. 80/2022 [F. No.
370142/11/2022-TPL] / GSR 524(E): Income-tax (21st Amendment) Rules, 2022
8th July 2022
Notification No. 81/2022 [F. No.
300196/14/2021-ITA-I] / SO 3142(E) : Notification No. 81/2022 [F. No.
300196/14/2021-ITA-I] / SO 3142(E)
12th July 2022
Notification No. 83/2022 [F. No.
370142/30/2022-TPL] / GSR 537(E) : Income-tax (Twenty Second Amendment) Rules,
2022
16th July 2022
Notification No. 03/2022 Specifying Forms,
returns, statements, reports, orders, by whatever name called, prescribed
in
19th July 2022
Notification No. 84/2022 [F. No.
370142/23/2022-TPL] / GSR 528(E) : Corrigendum
26th July 2022
Format, Procedure and Guidelines for submission
of Form No. 1, Form No. 2 and Form No. 2A for Securities Transaction Tax (STT)
Circulars
Nil
Notifications
Nil
Circulars
Nil
Notifications
A. Tariff
4th July
2022
38/2022 Seeks to extend the exemption from BCD and AIDC
upon import of Raw Cotton
12th July 2022
39/2022 - Seeks
to amend notification No. 50/2017-Customs with respect to the tariff heading
referring to the open cells for use in manufacture of TV Panels of heading 8524
13th
July 2022
Seeks to amend
notification No. 50/2017-Customs for DEC tablet and S. No. 404 Petrol operations
13th July 2022
Seeks to amend notification No. 19/2019-Customs for defence related imports.
13th July 2022
Seeks to amend notification No. 51/96-Customs for withdrawing IGST exemption.
20th July 2022
Seeks to amend notification No.
22/2022-Customs, dated 30.04.2022 to enable TRQ holders to import gold through
IIBX under TRQ mechanism of India-UAE CEPA.
23rd July 2022
44/2022 - Seeks to amend notification No. 49/2021 - Customs, dated 13.10.2021,
in order to extend the concessional Agriculture Infrastructure and Development
Cess [AIDC] of Nil on Lentils (Mosur) up to and
inclusive of the 31st March, 2023
B. Non-Tariff
7th July 2022
58/2022
- Exchange rate Notification No.58/2022-Cus (NT) dated 07.07.2022-reg.
12th July 2022
Publication
of Controlled Delivery (Customs) Regulations 2022-reg.
13th July 2022
Fixation
of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver-
regarding.
14th July 2022
61/2022
- Amendment of Proper Officer Notification No,26/2022-Customs (NT) dated
31.03.2022
15th July 2022
Fixation
of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.
20th July 2022
63/2022
- To amend the Customs Authority for Advance Rulings Regulations, 2021 issued
vide notification 01/2021 – Customs (N.T.) dated 04.01.2021
21st July 2022
64/2022
- Exchange rate Notification No.64/2022-Cus (NT) dated 21.07.2022-reg.
29th July 2022
Fixation
of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.
C. Anti - Dumping Duty
12th July
2022
23/2022 - Seeks to amend the name of Country of Export from ‘Singapore’ to ‘Any
country including Indonesia’ for the producer ‘PT. ENERGI SEJAHTERA MAS’ and
Exporter ‘Sinarmas CEPSA Pte.
Ltd.’ in Customs notification No. 28/2018-Customs (ADD) dated 25 th May, 2018 which imposed Anti-dumping duty on imports of
'Saturated Fatty Alcohols' from Indonesia, Malaysia, Thailand and Saudi Arabia.
The Verdict
NI Act: Territorial Jurisdiction Lies Where Cheque is Delivered for Collection
The Gauhati High Court has reiterated the territorial jurisdiction for cheque bounce cases under Negotiable instruments Act.
Apex Rulings
Supreme Court judgments that have profound bearing on the society.
Go Figure
Functioning of Indian Computer Emergency Response Team in India: (CERT-In)
CERT is one of a kind nodal agency to handle all cyber threats – form phishing and hacking to malware propagation and website site malfunctions.
Lawtitude
Analysing Saudi Arabia’s New Companies Law
Saudi Arabia, one of the most important countries in the global economy has introduced a new company law with the objective of aligning with international practices, safeguard investor interests and attract better investments. The new company law of Saudi Arabia was introduced in June 2022.
Legal-ease
Legal words that are not as difficult as they sound. Learn their meaning. Use them right!
Impound
To take control of in the custody of the law or by legal authority
Line-item veto
An executive veto of a specific item in an appropriations bill
Kicback
A payment (as of money or property) made to one in a position to open up or control a source of income for the payor
Jurisprude
An individual who makes ostentatious show of learning in jurisprudence and the philosophy of law or who regards legal doctrine with undue solemnity or veneration
Infographic
Eyes on The Financial Services Market
The International Financial Services Centres (IFSC) is set up under the Special Economic Zones Act, 2005 to regulate financial services market in India.
Lawlipop
Important legal and other news having a bearing on society depicted in a fun quirky way!
Arbitration
Express(ing) determination & obligation
MS-ME
Kirana shops
(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
Bridge of Spies (2015)
In 1957, at the peak of the cold war between USA and USSR, Rudolph Abel (Mark Rylance) was arrested on charges for spying for the USSR in US. James B Donovan (Tom Hanks) an insurance lawyer was appointed to defend Abel. Donovan managed to avert death penalty for him, instead bringing it down to imprisonment for 30 years. Though public sentiment was against him for defending a traitor (his family was harassed for the same) Donovan persisted on the belief that every individual was entitled to fair trial and chance to live. In 1960, Gary Powers, (Austin Stowell) a US pilot in the CIA spy program was shot down over USSR. On a public trial, he was convicted for 10 years confinement. The CIA then asked Donovan to negotiate the release of Powers in exchange for Abel, a task he had to carry out in East Berlin. How Donovan secures the release of Powers and another American student Frederic Pryor amidst the tense geo-political environment forms the rest of the story. The U.S government publicly acknowledges the efforts of Donovan in the spy swap. Donovan’s credibility was validated in his country. Inspired by true events, the movie was directed and co-produced by Steven Spielberg. It revolved around James Britt Donovan, an American Lawyer- Navy officer with the office of the Strategic services. He became their counsel and eventually a key U.S diplomatic negotiator. A historical cum legal drama worth a watch.
Book/Novel
Lethal Defense by Michael Stagg (2020)
The first in legal thriller series by lawyer turned author, the story centred on the fictional attorney Nate Shepherd. When Nate shepherd decides to become an independent practitioner outside his high-profile law firm, he immediately seizes the opportunity to defend his client accused of murdering an evil person. In the process though, he ends up brining skeleton from his own closet, secrets that threaten to ruin everything he has – personally and professionally.
TV Series
Extraordinary Attorney Woo (2022)
Streaming on Netflix since June 2022, this South Korean (K-Drama) is based on the life of a 27-year-old young autistic attorney working in a large law firm. Each episode deals with the way Woo deals with the world both professionally and personally as she is endowed with very high IQ (intelligence quotient) and low EQ (Emotional quotient).
There is no better way to exercise imagination than the study of law – Ralph Waldo Emerson
Readers' Corner
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