On 21st November 2022, the Ministry of Corporate affairs issued a notification amending the Registered Valuers and Valuation Rules. In this background, a look into the niche area of valuation and its (amended) rules.
Edition 87 • December 2022
Of Pride and Ability
As we head into a new year, we do so with pride in ably achieving several milestones after coming off a pandemic. From India getting its first tribal woman President, launching 5G telecom services across several cities, launching “Vikram- S” series of small life launch vehicles, to legal judgments permitting women to undergo abortion for up to 24 weeks, upholding 10% reservation for the economically weaker sections of the society. A lot has been achieved, lot more needs to be done. The nation will do so with pride and ability.
Insights
First Sale Doctrine Under Copyright Law
The doctrine of First sale is, in essence, a limit on copyright owners’ right of distribution. It is based on the logic that “once a copyright owner has parted with title to a particular copy embodying his work, successive possessors of the copy should not be put into trouble of having to negotiate with the owner each time they contemplate a further sale or other transfer”.
Tête-à-tête
Abolishing part of Section 377 of the IPC and de-criminalizing same gender unison is a first step in lending respect and credibility to the suppressed LGBTQ community. But the journey ahead is long.
IBC Cases
A monthly update of the most significant cases on insolvency and bankruptcy and its resolution
What's Brewing
RBI’s Fixed Deposit Rules
In the last few years, the Reserve Bank of India (RBI), introduced significant amendment to rules relating to fixed deposits. Such amended rules have an impact on majority of the population of the country.
Circulars & Notifications
The latest set of circulars and notifications brought out by the MCA, FEMA, SEBI & RBI.
Circulars
Notifications
Nil
Circulars
Nil
Notifications
1st November 2022
Eligibility
Criteria for offering Internet Banking Facility by Regional Rural Banks, 2022
14th November 2022
Agency
Commission for Direct Tax collection under TIN 2.0 regime
17th November 2022
Formation
of new districts in the State of Nagaland – Assignment of Lead Bank
Responsibility
23rd November 2022
Inclusion
of Goods and Service Tax Network (GSTN) as a Financial Information Provider
under Account Aggregator Framework
23rd November 2022
Basel
III Framework on Liquidity Standards – Standing Deposit Facility
Circulars
7th November 2022
Master
Circular on the redressal of investor grievances through the SEBI Complaints
Redress System (SCORES) platform
7th November 2022
Master
Circular on issuance of No Objection Certificate (NOC) for release of 1% of
Issue Amount
10th November 2022
Applicability
of GST on fees remitted to SEBI - Revision in Chapter - XX of Operational
Circular dated August 10, 2021
11th November 2022
Handling
of Clients’ Securities by Trading Members(TM) / Clearing Members (CM)
14th November 2022
Registration
and regulatory framework for Online Bond Platform Providers
17th November 2022
Guidelines
for AIFs for declaration of first close, calculation of tenure and change of
sponsor/manager or change in control of sponsor/manager
17th November 2022
Scheme(s)
of Arrangement by entities who have listed their Non-convertible Debt
securities (NCDs)/ Non-convertible Redeemable Preference shares (NCRPS)
23rd November 2022
Circular
- Schemes of AIFs which have adopted priority in distribution among investors
24th November 2022
Issue
of Green Debt Securities by an issuer under Securities and Exchange Board of
India (Issue and Listing of Municipal Debt Securities) Regulations, 2015
25th November 2022
Timelines
for transfer of dividend and redemption proceeds to Unitholders
25th November 2022
Extension
of timelines for implementation of SEBI circulars
SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2022/137 and SEBI/HO/MIRSD/ DoP/P/CIR/2022/119
25th November 2022
Framework
to address the ‘technical glitches’ in Stock rokers’ Electronic Trading Systems
28th November 2022
Procedure
for seeking prior approval for change in control
29th November 2022
Introduction
of credit risk based single issuer limit for investment by mutual fund schemes
in debt and money market instruments
30th November 2022
Net
Settlement of Cash segment and Futures & Options (F&O) segment upon
expiry of stock derivatives
30th November 2022
Inclusion
of Equity Exchange Traded Funds as list of eligible securities under Margin
Trading Facility
Notifications
1st November 2022
Amendment
to notification No. SEBI/LAD-NRO/GN/2022/67
Circulars
2nd
November 2022
Annual
Compliance Certificate for Insolvency Professional Agencies
9th
November 2022
Review
of Regulations
24th
November 2022
Credit
of fee by IPs & IPEs in IBBI account
Notifications
Nil
Circulars
1st November 2022
F.
No. 370133/16/2022-TPL : Draft Common Income-tax Return Form for public
consultation
1st November 2022
Circular
No. 22/2022 : Condonation of delay under section 119(2)(b) of the Income-tax
Act, 1961 in filing of Form No.10A
3rd November 2022
CIRCULAR
NO. 23/2022 EXPLANATORY NOTES TO THE PROVISIONS OF THE FINANCE ACT, 2022
Notifications
11th November 2022
Notification
No. 120/2022 [F. No.285/36/2019-IT(Inv.V) CBDT] / SO
5248(E) : Notification No. 120/2022 [F. No.285/36/2019-IT(Inv.V)
CBDT] / SO 5248(E)
14th November 2022
Notification
No.121/2022 [F.No.187/3/2020-ITA-I] / SO 5255(E) : Notification No.121/2022
[F.No.187/3/2020-ITA-I] / SO 5255(E)
14th November 2022
Notification
No.122/2022 [F.No.187/3/2020-ITA-I]/ SO 5256(E) : Notification No.122/2022
[F.No.187/3/2020-ITA-I]/ SO 5256(E)
14th November 2022
Notification
No.123/2022 [F.No.187/3/2020-ITA-I]/ SO 5257(E) : Notification No.123/2022
[F.No.187/3/2020-ITA-I]/ SO 5257(E)
14th November 2022
Notification
No.124/2022 [F.No.187/3/2020-ITA-I]/ SO 5258(E) : Notification No.124/2022
[F.No.187/3/2020-ITA-I]/ SO 5258(E)
16th November 2022
Notification
No. 125/2022 [F. No. 500/SWF2/S10(23FE)/FT&TR-II(Pt.1)] / SO 5345(E) :
Notification No. 125/2022 [F. No. 500/SWF2/S10(23FE)/FT&TR-II(Pt.1)] / SO
5345(E)
30th November 2022
Notification
No. 126/2022 [F. No. 200/8/2022-ITA-I] / SO 5555(E) : Notification No. 126/2022
[F. No. 200/8/2022-ITA-I] / SO 5555(E)
Circulars
Nil
Notifications
Nil
Circulars
Nil
Notifications
A. Tariff
1st
November 2022
56/2022 Customs - Seeks
to amend notification No. 50/2017-Customs, dated the 30th June, 2017 to amend
sl. no. 404 of the said notification
17th November 2022
57/2022 Customs - Seeks to give exemption from BCD for the motor car
if imported by the Governor of the state
18th November 2022
58/2022 Customs - Seeks to amend
Notification No. 27/2011- Customs, dated the 1st March, 2011 in order to
withdrawal export duty on iron ore & steel products.
18th November 2022
59/2022 Customs – Seeks
to amend Notification No. 50/2017-Customs, dated the 30th June, 2017 in order
to withdrawal BCD exemption on Anthracite and PCI Coal, Coke & Semi coke
and ferronickel.
18th November 2022
60/22 Customs - Seeks
to amend Notification 11/2021-Customs, dated the 1st February, 2021 in order to
withdrawal AIDC exemption on Anthracite, PCI Coal and Coking Coal.
25th November 2022
61/2022 Customs - Seeks
to amend certain specific FTA/PTA notifications.
B. Non-Tariff
3rd November 2022
92/2022
Customs (NT) - Exchange
rate Notification No. 92/2022-Cus (NT) dated 03.11.2022-reg
10th November 2022
93/2022
Customs (NT) - Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut,
Gold and Silver- Reg.
11th November 2022
94/2022
Customs (NT) - Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut,
Gold and Silver- Reg.
14th November 2022
95/2022
Customs (NT) - Exchange rate Notification No. 95/2022-Cus (NT) dated
14.11.2022-reg
15th November 2022
96/2022
Customs (NT) - Fixation
of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.
17th November 2022
97/2022
Customs (NT) - Exchange rate Notification No. 97/2022-Cus (NT) dated
17.11.2022-reg
29th November 2022
98/2022
Customs (NT) - Amendment of notification no. 47/2022–Customs (N.T.), dated the
31st May, 2022
29th November 2022
99/2022
Customs (NT) - Amendment of notification number 48/2022-Customs (N.T.) dated
the 31st May, 2022
30th November 2022
100/2022
Customs (NT) - Fixation
of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg
C. Anti -
Dumping Duty
28th
November 2022
30/2022 Customs (ADD) -
Seeks to amend notification no. 17/2019-Customs (ADD) dated 9th April, 2019
The Verdict
Bank Liable for Burglary and Theft from Locker
In August 2022, the Supreme Court upheld an order passed by the National consumer dispute redressal commission holding the Bank liable (to its customers) for burglary, break in or theft from locker of its customers. A look at the highlights of the case.
Apex Rulings
Supreme Court judgments that have profound bearing on the society.
Go Figure
Internet Facilitated Crimes Against Children: An Overview
Internet induced crimes on children is on an alarming rise with urgent need to tackle it stringently.
Lawtitude
Gauging the Global Action against SLAPP
SLAPP – Strategic Lawsuit Against Public Participation is a legal action being(mis)used by large corporate and business entities to silence smaller players who raise their voice in public interest. Globally many countries counter this effectively.
Legal-ease
Legal words that are not as difficult as they sound. Learn their meaning. Use them right!
Coheir
A joint heir
Admiralty
The court having jurisdiction over questions of maritime law
Bootleg
To produce, reproduce, or distribute without authorization or license
Zipper clause
A clause in a labor contract indicating that the agreement is an exclusive and complete expression of consent
Infographic
Claiming For Specific Reliefs
The Specific Relief Act 1963 provides rights / remedies to persons whose civil or contractual rights are adversely affected.
Lawlipop
Important legal and other news having a bearing on society depicted in a fun quirky way!
In SEBIs Ambit
Mutual fund managers and directors under insider trading rules
Only registered ‘Companies’ can provide local news
(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
Section 375 (2019) (Hindi)
A legal thriller based on section 375 of the Indian Penal Code 9IPC) that deals with the crime of rape. Famous film director Rohan Khurana (Rahul Bhat) is accused of rape by assistant costume designer of the movie Anjali Dangle (Meera Chopra). Basis the complaint filed by Anjali; Rohan is arrested. Young, idealistic, and upright lawyer Hiral Gandhi (Richa Chada) represents the victim in the High Court. Senior criminal lawyer Tarun Saluja (Akshaye Khanna) represents the accused. Hiral used to work in Tarun’s office but quit due to ideological differences.
Tarun bases his argument that law should be based on fact and not emotion or ethics. The media and public favour the victim as the sympathy wave rides against the accused.
While it looks like an open and shut case against the accused, Tarun exposes delay in collection of evidence, tampering of evidence that led to insufficient evidence to prove a case against the accused. He further points out that Anjali and Rohan engaged in a consensual relationship. The relationship went sour as both had divergent views on their relationship. After agreeing to continue their physical relationship, Anjali files a rape case against Rohan.
It is Tarun’s contention that consensual physical relationships do not amount to rape, while Hiral views that even in a consensual relationship, any physical encounter without the girl’s consent would amount to rape.
The Judges, Courtroom and public are divided right down – choose to go by the book and deliver a judgment favouring the public opinion and been seen as letting influential people get away. They pass judgment stating that Rohan committed the crime of rape. He is sentenced to prison. The victim reveals the entire truth to her lawyer. When both lawyers meet thereafter, Tarun states – “We’re in the business of law, not of Justice”.
A 360 degree take on the interpretation of Section 375 of the IPC.
Book/Novel
False Evidence by James Chandler (2021)
Lawyer Sam Johnstone’s personal and professional life is in doldrums as he had a breakup with his girlfriend as well as his business partner. Just as he is deciding on taking a break, he is asked to represent a case for Lucy who alleges her husband is missing and a known person is behind it. Buth when the acquaintance is dead, all fingers point towards Lucy. It becomes clear to Sam that Lucy is not being fully truthful to him. He now has to face one of the most challenges of representing the case of a non-co-operative client. How he solves the case forms the rest of the story.
TV Series
Why Her (2022)
A Korean legal series about 4 friends who seek and pursue different goals in life. Oh Soo Jae is an upright idealistic lawyer working as the youngest partner in a law firm. Due to handling one of her cases, she gets demoted and ends up teaching law. Choi Tae Kook is the ruthless head of the law firm who seeks victory and success even at the cost of ethics and principles. Their professional and personal lives intertwine forming the story line of the series.
We may brave human laws, but we cannot resist natural ones – Jules Verne
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
