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.
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.
Insights
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.
Tête-à-tête
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.
IBC Cases
A monthly update of the most significant cases on insolvency and bankruptcy and its resolution
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.
Circulars
31st March 2023
Companies
(Indian Accounting Standards) Amendments Rules, 2023 – Reg.
Notifications
Nil
Circulars
Nil
Notifications
16th March 2023
Reporting
and Accounting of Central Government transactions for March 2023
17th March 2023
Implementation
of Section 51A of UAPA,1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) &
Al-Qaida Sanctions List: Amendments to 102 entries
21st March 2023
Annual
Closing of Government Accounts – Transactions of Central / State Governments –
Special Measures for the Current Financial Year (2022-23)
27th March 2023
Exclusion
of “Abu Dhabi Commercial Bank PJSC” from the Second Schedule to the Reserve
Bank of India Act, 1934
29th March 2023
Revised
Regulatory Framework for Urban Co-operative Banks (UCBs) – Net Worth and
Capital Adequacy
29th March 2023
Special
Clearing Operations on March 31, 2023
Circulars
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
Operational
Circular for Debenture Trustees
Notifications
14th March 2023
Gazette
notification - AMC Repo Clearing Limited
Circulars
28th March 2023
Notifications
1st March 2023
1st March 2023
3rd March 2023
Notification
No. 11/2023 [F. No. 370142/2/2023–TPL] / GSR 164(E) : Corrigendum
3rd March 2023
14th March 2023
21st March 2023
28th March 2023
28th March 2023
29th March 2023
Circulars
Nil
Notifications
Nil
Circulars
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
Notifications
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.
Apex Rulings
Supreme Court judgments that have profound bearing on the society.
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.
Lawtitude
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.
Legal-ease
Legal words that are not as difficult as they sound. Learn their meaning. Use them right!
Quash
To cancel by court action
Remise
To give, grant, or release a claim to
Settlor
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
Infographic
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.
Lawlipop
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
(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
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.
Book/Novel
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
Write to us with your questions
Write to subathra@akmllp.com and get featured in our next edition with responses from our experts
