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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

The Value of (Registered) Valuers

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.

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. 

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

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

24th November 2022
Reporting of trades in Non-convertible Securities – Chapter XVI of Operational Circular issued under SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021

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
Review of timelines for listing of securities issued on Private Placement basis – Chapter VII of the Operational Circular issued under SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021

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
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. 

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.    

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

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