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Dorm facilities close to factories may see more women join workforce
Apple's contract manufacturer Foxconn is an early adopter of such housing units developed in Tamil Nadu. A similar model in Noida, a big electronics cluster, will address the housing needs of workers at Korean major Samsung, Dixon, and Chinese smartphone maker Vivo, among others.
Eco Survey: Time to free up space, rethink governance
A survey in New Delhi has urged the Indian state to relinquish control and reduce compliance burden in taxation to allow the private sector to grow. The survey argued that the state could free up its capacity and focus on areas where it has to, by letting go of its grip in areas it does not. It called for policymakers to engage in dialogue, cooperation, and coordination across ministries, states, and unions.
Railway Budget: Will NDA government’s railway modernisation ambitions get a budgetary boost?
Union Budget 2024 for Railways: The Indian Railways, symbolizing the nation's "desi essence" with its affordability and extensive network, remains central to India's transportation. The NDA government retained Ashwani Vaishnaw as Railways Minister to advance its modernization vision, including expanding Vande Bharat trains. Despite its modern symbolism, Vande Bharat faces criticism and reduced speeds due to outdated tracks.
Law firm Trilegal’s partner Nisha Kaur Uberoi to join JSA with 25-member team
Nisha Kaur Uberoi, head of Competition law at Trilegal, is set to join JSA with her team of 25 attorneys. This move aims to strengthen JSA's position in Competition Law and enhance their corporate and disputes practices.
Budget 2024: More funds and focus on R&D can solve many problems of pharma sector, say stakeholders
The upcoming budget should focus on streamlining regulatory compliance and help the domestic pharma sector to boost their manufacturing capacity.
India sees 12% surge in company registrations, 73% jump in LLPs in June
Company registrations in India showed a notable rebound in June, marking a 12% increase compared to the previous year, according to data from the corporate affairs ministry. Limited liability partnerships (LLPs) also surged by 73% year-on-year in June, contributing to the overall growth in business formations. Experts attribute this resurgence to a positive economic outlook, relaxed investment rules, and government initiatives aimed at improving ease of doing business. The robust growth reflects confidence in India's growth potential and economic resilience post-pandemic, despite initial moderation earlier in the fiscal year.
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The road to a $1 trillion digital economy: A tech lawyer’s wish-list for Budget 2024-25
The post-election budget is expected to support digital public infra (Aadhaar, UPI, DigiLocker), UPI and RuPay incentives, tech manufacturing, cybersecurity, AI, deep tech in healthcare and agriculture, and skilling initiatives under the Skill India Mission. Expanding the PLI scheme, AI research, R&D, the National Quantum Mission, and extending optical fibre to all villages will be crucial.
Compliances cut, MCA gets tough on flouting companies law
Arms of the Ministry of Corporate Affairs (MCA) have intensified enforcement actions in recent quarters to ensure stricter adherence to rules, even as the government has lessened the compliance burden on India Inc. In the June quarter, various Registrars of Companies (RoCs) issued a total of 321 orders against firms for alleged lapses under the Companies Act. This figure represents about a fourth higher than the previous quarter, which also saw increased action, according to an analysis of public orders.
Process to pick GSTAT judicial and tech members to start after Budget
Sanjay Malhotra's panel progresses GSTAT selection with an advanced appeals portal. Mishra heads GSTAT amid delays, critiqued by Mathews. GST Council sets time and monetary limits for cases, enhancing tribunal functionality.
Law firm IndusLaw’s partner Padmaja Kaul to join JSA with three-member team
Padmaja Kaul, a partner specializing in litigation and dispute resolution at IndusLaw, is poised to transition to J Sagar Associates (JSA) along with her team of three lawyers. This move marks the second significant transfer to JSA from a full-service law firm. Last month, Iqbal Khan and Ambarish, former partners at Shardul Amarchand Mangaldas & Co (SAM & Co), also joined JSA, bringing with them a team of approximately 18 members.
Tighter regulations are for the greater good of fintech ecosystem, not obstacles, say industry leaders
India’s fintech sector has been bearing the brunt of strict regulations by the RBI, which has also led to investors losing confidence in the startups. However, industry leaders believe these regulations will only make the ecosystem stronger.
Sebi relief for IPO-bound PE investors
It had earlier in an advisory to merchant bankers said that private equity investors would have to cancel their special rights when the investee company files its updated IPO document with Sebi. Securities lawyers had said the requirement would expose PE investors to risks if IPOs of their investee companies fail to materialise.
PE investors in IPO-bound cos have to forgo special rights
Sebi advises private equity investors in IPO-bound companies to cancel special rights when filing updated IPO documents, exposing them to risks if IPOs fail to materialise.
IT Minister’s back, policy honchos hope data rules will allay sector’s concerns
The re-appointment of Ashwini Vaishnaw as the minister of electronics and information technology has sparked hopes for continued dialogue between the industry, technology policy groups, and the government before the Digital Personal Data Protection (DPDP) Rules are enforced. The government aims to build on the policy work done so far, including drafts for the Digital India Bill and safeguards for AI.
Data protection, AI rules top tech’s wishlist for next govt
Technology policy lawyers, think tanks and policy groups are making a list of priority items for the new leadership at the IT ministry after the results of the general elections. The Digital Personal Data Protection (DPDP) Rules seem to top the list, along with regulation of AI and the Digital India Bill.
How to navigate IP challenges in the rise of social media
While social media has created immense opportunities for engagement and expression, it has also raised a myriad of legal challenges, particularly concerning intellectual property (IP) rights including issues around content ownership, digital rights management, deep fakes etc.
Timely rescue of firms pushes IBC recovery to 49%
Creditors in India have been able to recover nearly half of their claims under the Insolvency and Bankruptcy Code (IBC) when the resolution is completed within the 330-day deadline. However, delays have lowered the proportion of money recovered. The IBC was introduced eight years ago and has been the most challenging to address due to litigation-related holdups. Experts have called for amendments to the IBC to address this issue.
Sebi amends rule to facilitate ease of doing biz for cos planning IPOs
Rules mandate at least 20% of promoters’ shares to be locked in for a certain period of time post-listing after an IPO. This relaxation will help new-age technology companies as founders’ shareholding comes down usually after an IPO. Non-promoter shareholders excluding individuals holding more than 5% of the post-offer equity share capital can contribute towards the shortfall, Sebi said.
Government exploring options to roll out labour codes
The ministry of labour and employment is considering several options including a gradual repeal of the old labour laws to ensure there is no legal void in states that are yet to draft rules. Besides, the ministry is holding talks with states that are behind in publishing rules, urging them to expedite their compliance.
Easing FDI norms in space sector to attract foreign players, boost demand for high-tech jobs
Sreeram Ananthasayanam, Partner, Deloitte India, said that the recent amendment of higher FDI limits in the space sector is a significant step towards transforming India's space program, in terms of infrastructure development.
Easing FDI norms in space sector to attract foreign players, boost demand for high-tech jobs
The government's decision to ease FDI rules in the space sector is expected to attract foreign players, boost tech jobs, and foster innovation. The move enables 100% foreign investment in satellite components, supporting infrastructure development and creating new business opportunities.
MCA seeks inputs from shareholders to revamp IBC rules
In a notice, the ministry also said it’s seeking to tweak the rules on the application to the adjudicating authority, the annual statement of accounts and the annual report rules, as stipulated by the Insolvency and Bankruptcy Board of India (IBBI). The notice has been uploaded on the IBBI website.
I-T department issues clarification regarding India-Mauritius tax treaty
The department said that the Protocol pertaining to the amendment is yet to be ratified and notified under Section 90 of the Income-tax Act, 1961. Until this Protocol comes into force, any queries or concerns regarding the amendments will be addressed as and when necessary, said the I-T department.
Media bodies hail SC order on fact-checking unit, say govt can’t be sole arbiter of its own affairs
Anant Nath, president of Editors Guild of India and the Association of Indian Magazines, both of which are petitioners in the fact-check unit case, welcomed the timely stay.
Centre raises M&A thresholds for antitrust regulator's nod
According to a notification by the ministry, two domestic companies pursuing M&A plans will now have to seek the Competition Commission of India's (CCI's) clearance if their combined assets and annual turnover in India exceed ₹2,500 crore and ₹7,500 crore, respectively, compared with ₹2,000 crore and ₹6,000 crore earlier.
Mediation to lower burden for NCLTs & speed up resolutions, say lawyers
Lawyers believe mediation will reduce burden on NCLTs, resolve disputes between operational creditors and defaulting companies faster, especially benefiting manufacturing and real estate sectors. An expert committee recommended voluntary mediation framework under IBC, settling 26,000 applications with Rs 9.33 lakh crore debt before admission at NCLT.
G20 Presidency helping India deepen trade ties with member nations: Experts
India's presidency in the G20 is seen as an opportunity for the country to strengthen trade ties and attract investments from member nations, particularly in sectors like infrastructure. Experts believe that the G20 plays a strategic role in global economic growth and prosperity, as its members represent a significant portion of global GDP, trade, and population.
EV sales in India to cross 9 million units by 2027: IVCA-EY-Induslaw report
The EV industry is likely to create more than 10Mn direct jobs and 50Mn indirect jobs by 2030.
Benguluru-based boutique law firm’s realty, litigation team joins IndusLaw
During the fiscal year March 2021, the combined legal cost of all the companies was about Rs 36,973.75 crore, a marginal decline of 1.67% compared to a year ago period due to pandemic and subsequent lockdown. However, this is expected to improve now due to growing business activities such as M&A, fund-raising, IPOs as well as litigation and dispute resolution
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