Edition 91 • April 2023

Feeling The Heat

The mild summer has suddenly morphed into heat wave(s) across the country. Everyone is feeling the heat. So is India literally and figuratively as the nation will surpass China in population very soon. India Inc is feeling the heat too post pandemic as efforts are continuously on for speedy recovery. Restructuring corporates is one way of recovery and progress.


The Facets of Corporate Restructuring

There are different methods of corporate restructuring, each containing their own merits and drawbacks. A corporate choosing to restructure must assess it requirement and opt for restructuring most suitable to its needs.


ChatGPT and Underlying Copyright Malady

The issue of IP rights of creators being infringed upon looms large with the advent of the artificial intelligence (AI) techniques such as ChatGPT.


The Collegium of the Supreme Court is a body that was established from Apex court judgments and is primarily responsible for appointment and transfer of Judges to Supreme court and various High courts.

What's Brewing

India's Space Policy 2023

The Space Policy 2023 has been approved by the government with the objective of streamlining the role of government in space development and research programs while simultaneously encouraging private sector participation.

Circulars & Notifications

The latest set of circulars and notifications brought out by the MCA, FEMA, SEBI & RBI.


3rd March 2023
Master Circular for Foreign Venture Capital Investors (FVCIs)

6th March 2023
Framework for Adoption of Cloud Services by SEBI Regulated Entities (REs)

8th March 2023
Operational Guidance - Amendment to SEBI (Buy-back of Securities) Regulations, 2018

10th March 2023
Clarification with respect to Qualified RTAs

16th March 2023
Common and simplified norms for processing investor’s service requests by RTAs and norms for furnishing PAN, KYC details and Nomination

20th March 2023
Master Circular for Portfolio Managers

23rd March 2023
Master Circular on Surveillance of Securities Market

23rd March 2023
E-wallet investments in Mutual Funds

27th March 2023
Streamlining the onboarding process of FPIs

27th March 2023
Nomination for Eligible Trading and Demat Accounts - Extension of timelines for existing account holders

27th March 2023
Amendment to Securities Lending Scheme, 1997

28th March 2023
Norms for Scheme of Arrangement by unlisted Stock Exchanges, Clearing Corporations and Depositories

28th March 2023
Nomination for Mutual Fund Unit Holders – Extension of timelines

29th March 2023
Review of time limit for disclosure of NAV of Mutual fund schemes investing overseas

29th March 2023
Cyber Security and Cyber Resilience framework for Portfolio Managers

31st March 2023
Extension of compliance period – Fund raising by large corporates through issuance of debt securities to the extent of 25% of their incremental borrowings in a financial year

31st March 2023
Operational Circular for Debenture Trustees



14th March 2023
Gazette notification - AMC Repo Clearing Limited


28th March 2023

Circular No. 03/2023 : Consequences of PAN becoming inoperative as per the newly substituted rule 114AAA



1st March 2023

Notification No. 9/2023 [F.No.300196/39/2021-ITA-I] / SO 947(E) : Notification No. 9/2023 [F.No.300196/39/2021-ITA-I] / SO 947(E)

1st March 2023

Notification No. 10/2023 [F.No. 187/3/2020-ITA-I] / SO 951(E) : Notification No. 10/2023 [F.No. 187/3/2020-ITA-I] / SO 951(E)

3rd March 2023

Notification No. 11/2023 [F. No. 370142/2/2023–TPL] / GSR 164(E) : Corrigendum

3rd March 2023

Notification No. 12/2023 [F.No.300196/61/2018-ITA-I] / SO 1044(E) : Notification No. 12/2023 [F.No.300196/61/2018-ITA-I] / SO 1044(E)

14th March 2023

Notification No. 13/2023 [F. No. 285/26/2021-IT(Inv.V)/CBDT] / SO 1223(E) : Notification No. 13/2023 [F. No. 285/26/2021-IT(Inv.V)/CBDT] / SO 1223(E)

21st March 2023

Notification No. 14/2023 [F. No. 279/Misc./66/2014-ITJ(Pt.)] / SO 1329(E) : Notification No. 14/2023 [F. No. 279/Misc./66/2014-ITJ(Pt.)] / SO 1329(E)

28th March 2023

F. No. DGIT(S)-ADG(S)-3/e-Filing Notification/Forms/2023/ 13420 : Partial relaxation with respect to electronic submission of Form 10F by select category of taxpayers in accordance with the DGIT (Systems) Notification No. 3 of 2022

28th March 2023

Notification No. 15/2023 [F. No.370142/14/2022-TPL] / GSR 227(E) : ​Income-tax (Fourth Amendment) Rules, 2023

29th March 2023

Notification No. 1/2023 : Procedure, format and standards for filling an application in Form No. 15C or Form No. 15D for grant of certificate for no-deduction of income-tax under sub-section (3) of section 195 of the Income Tax Act, 1961 through TRACES





1st March 2023
06/2023 - Authorization of Booking Post Offices and their corresponding Foreign Post Offices in terms of the Postal Export (Electronic Declaration and Processing) Regulations, 2022- Reg.

7th March 2023
07/2023 - Boarding functions – Improving transparency using boarding Jacket fitted with Body Worn Camera (BWC) having video/audio recording facility by Boarding Officer - reg.

13th March 2023
08/2023 - Telecom equipment in the context of notification No. 02/2019- Customs dated 29-01-2019 amending notification No. 57/2017-Customs dated 30.06.3017 – reg

30th March 2023
09/2023 - Phased Implementation of Electronic Cash Ledger (ECL) in Customs w.e.f 01.04.2023


A. Tariff
3rd March 2023
15/2023-Customs - Seeks to amend notification No. 30/2022- Customs, dated 24.05.2022, in order to discontinue the specified TRQ rate after the 31st March 2023.

3rd March 2023
16/2023-Customs - Seeks to amend notification No. 50/2017- Customs, dated 30.06.2017, in order to reduce the BCD on Tur Whole to Nil.

29th March 2023
17/2023-Customs - Seeks to amend notification 50/2017-Customs dated 30.06.2017 to continue/provide BCD exemption on import of specific textile machineries parts & raw materials for manufacture of goods to be supplied in connection with the purposes of off-shore oil exploration or exploitation medicines of rare diseases and goods for use in the manufacture of X-ray machines

29th March 2023
18/2023-Customs - Seeks to amend notification 8/2020-Customs, dated 02.02.2020 to continue/provide health cess exemption on import of goods for use in the manufacture of X-ray machines

31st March 2023
19/2023-Customs - Seeks to give effect to the 3rd tranche of India Mauritius CECPA


B. Non-Tariff

2nd March 2023
12/2023-Customs (NT) - Exchange rate Notification No. 12/2023-Cus (NT) dated 02.03.2023-reg

15th March 2023
14/2023 Customs (NT) - Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

16th March 2023
15/2023 Customs (NT) - Exchange rate Notification No. 15/2023-Cus (NT) dated 16.03.2023-reg

18th March 2023
16/2023 Customs (NT) - Amendment to Notification No. 61/94-Customs (N.T.) dated 21.11.1994

27th March 2023
17/2023 Customs (NT) - Amendment to Notification No. 61/94-Customs (N.T.) dated 21.11.1994

30th March 2023
18/2023 Customs (NT) - Notification to exempt deposits into ECL till 30th April 2023

30th March 2023
19/2023 Customs (NT) - Amendment of Notification 19 of 2022 Customs NT dated 30.03.2022

31st March 2023
20/2023 Customs (NT) - Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

31st March 2023
21/2023 Customs (NT) - Seeks to provide commencement date for various provisions of Finance act, 2023

31st March 2023
22/2023 Customs (NT) - Courier Imports and Exports (Clearance) Amendment, Regulations, 2023 - Reg.

31st March 2023
23/2023 Customs (NT) - Courier Imports and Exports (Electronic Declaration and Processing) Amendment, Regulations, 2023 - Reg.

The Verdict

Remarriage of Widow is not Taboo to Get Compensation Under the Motor Vehicles Act

The Bombay HC held that a widow claiming compensation under the Motor Vehicles Act for death of her spouse cannot remain a widow till the receipt of compensation. Re-marriage cannot restrict her right to claim compensation.

Go Figure

Information Commissions in India: Statistics Related to It

The information commissions – both Central and State have been set up under the Right to information Act 2005 (“RTI”) for general public to redress grievances if they do not receive required information from government departments / personnel.

International Framework to Tackle Technology Facilitated Human Trafficking

Technology is two faced. Not only does it contribute for advancement, it is also been used for facilitating criminal activities such as human trafficking.


To cancel by court action


To give, grant, or release a claim to


A person who creates a trust

Prior art -

The processes, devices, and modes of achieving the end of an alleged invention that were known or knowable by due diligence before and at the date of the invention


The Shady Black Hole

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 was enacted with the objective of tracing and bringing back into the Indian economy undisclosed assets / black money parked outside the country.


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

Permanent Impact of Temporary Suspension

Adverse impact of lawyer’s suspension  

No complaint – No vicarious liability:

No liability for Manager if excluded from complaint

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!

Oh My God (Hindi) (2012)

One can consider this a legal comedy. The movie centres around Kanji Lal Mehta (Paresh Rawal), an atheist. When a low intensity earthquake destroys his shop, he approaches the insurance company for coverage. However, the company rejects his request for insurance cover on the ground that natural calamities like earthquake is “Act of God” and not covered by insurance. Enraged, Kanji Lal sues God and files a case in court. All religious leaders, preachers across religions are impleaded in the case. 

There is public outrage due to the bizarre nature of the case. The society is deeply divided with people protesting at Kanji Lal for questioning religion while another section of the society supporting him. Even as his life falls apart, his tenant Krishna Vasudev Yadav (Akshay Kumar) supports him. With the court asking Kanji Lal to show evidence that natural disasters are “act of God”, Krishna suggests Kanji to look at all religious scriptures prove his point. Shortly after Kanji survives a paralytic stroke in court and is hospitalized, he gets a verdict in his favour. He realises that Krishna is indeed God. Overnight, Kanji attains God like status in the society with his friends and relatives exploiting the situation for monetary gain. At the insistence of Krishna, Kanji tells the world that the real God is within and doing good is the only religion. A sensitive and serious issue depicted in a funny, legal, and thought-provoking manner.  


A Covenant With Death by Stephen Becker (1964)

Set in the 1920’s in New Mexico, the plot revolves around two men – Bryan Talbot accused of murdering his beautiful adulterous wife (Louise) and Ben Lewis a young and relatively inexperienced judge. Bryan Talbot is convicted and sentenced to death for murdering his wife purely on circumstantial evidence. When the senior judge is on leave, Ben Lewis is assigned the task of ensuring the execution of capital punishment. Ben has strong views on capital punishment and more so in the case of Bryan Talbot. A last-minute hitch in execution unravels a twist with another person owning up to Louise’s murder. Ben must quickly decide on the truth and ensure upholding justice while finding out the real perpetrator of the crime.

TV Series

Fearless (2017)

One of the best U.K based law series, the six-part mini television series revolves around the protagonist Emma Banville, a brilliant human rights lawyer. Emma deals with a challenging case of proving the innocence of a man convicted of murder of a schoolgirl and imprisoned for 14 years. She must detangle the web of lies and deceit in convicting the man and prove his innocence.

There is a higher law than the law of government. That's the law of conscience - Stokely Carmichael

Readers' Corner

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