On 2 June 2021, the Union Cabinet approved the Model Tenancy Act, 2021 (Act) for circulation to all States for adaptation of the Act by enacting a fresh legislation or to make appropriate amendments in existing rental legislations of States. The Act aims to promote rental housing and balance the
The Finance Minister of India presented the Union Budget for the financial year 2021-2022 on 1 February 2021 (Budget). The Budget is geared towards a hopeful reset of the Indian economy amidst the Covid-19 crisis and seeks to facilitate strategic disinvestment, and bolster several sectors such as infrastructure, roads and
First & foremost, we wish all our readers a very happy & healthy 2021! Below are certain key reforms & legal developments in India during 2020 which we thought would be of interest: On 22 January 2020, the Securities and Exchange Board of India (SEBI) issued a circular to streamline
The Department for Promotion of Industry and Internal Trade (DPIIT) has on 28 October 2020 released the “Consolidated Foreign Direct Investment Policy 2020” (FDI Policy 2020) that has come into effect from 15 October 2020. The FDI Policy 2020 subsumes and supersedes all previous Press Notes/ Press Releases/Clarifications issued prior
The Foreign Contribution (Regulation) Amendment Act, 2020 (FCRA Amendment Act) which has come into force on 29 September 2020 amends the Foreign Contribution (Regulation) Act, 2010 (FCRA) and in order to enhance transparency and accountability in the receipt and utilisation of foreign contribution and facilitate genuine non-governmental organisations or associations
The Indian Parliament has recently passed the Companies (Amendment) Act, 2020 (Amendment Act), which has also been notified, to further amend the Companies Act, 2013 (Act) in another attempt to further decriminalize and rationalize certain offences under the Act, in case of defaults which can be determined objectively and which
The foreign direct investment (FDI) policy earlier permitted investment in the defence sector through the automatic route up to 49% (forty nine percent) and FDI beyond 49% (forty nine percent) through the government (approval) route. However, the press note issued by the Department for Promotion of Industry and Internal Trade,
The 40 Under 40 is a National Award recognizing and celebrating the fortitude of the top legal minds and best talent under the age of 40 years in India, who have shown unprecedented legal acumen, grit, leadership, achievement and dedication in their young career spans, driving the Indian Legal Industry
On 23 July 2020, the Ministry of Consumer Affairs, Food and Public Distribution, Government of India notified the Consumer Protection (E-Commerce) Rules, 2020 (Rules). The objective of the Rules is to regulate the e-commerce goods and services sector and ensure transparency to enable consumers to make informed online purchases from
The Indian Finance Minister presented the Union Budget for the financial year 2026-27 on 1 February 2026 in the Indian Parliament (Budget). The Prime Minister of India has described this Budget as a strong base for India’s high flight towards Developed India of 2047. More than just a plan on
On 21 November 2025, the Government of India vide a press release (Press Release) put into effect the Code on Wages (2019), the Industrial Relations Code (2020), the Code on Social Security (2020), and the Occupational Safety, Health and Working Conditions (OSHWC) Code (2020) (Labour Codes). This historic labour reform
On 14 November 2025, the Indian Government issued four separate notifications (“Notifications”) under the Digital Personal Data Protection Act, 2023 (“DPDP Act”) relating to the newly issued Digital Personal Data Protection Rules, 2025 (“DPDP Rules”), the phased enforcement timeline for the DPDP Act, the formal establishment of the Data Protection
On 24 July 2025, in Hyatt International Southwest Asia Ltd. versus Additional Director of Income Tax, the Supreme Court decided on two important principal issues: Whether the appellant- Hyatt International Southwest Asia Ltd, a tax resident of the UAE has a Permanent Establishment (PE) in India under Article 5(1) of
On 20 May 2025, the Reserve Bank of India (RBI) notified the Payments Regulatory Board Regulations, 2025 (Regulations), under the powers conferred by Sections 3(4) and 38(1)–(2) of the Payment and Settlement Systems Act, 2007 (Act). The Regulations have come into effect on 20 May 2025 and have replaced the
On May 6, 2025, Prime Minister of India Shri Narendra Modi and Prime Minister of United Kingdom Sir Keir Starmer, following three years of intense negotiations, announced the conclusion of the landmark multi-million-pound trade deal (India-UK FTA). This historic and ambitious deal is projected to boost the annual bilateral trade
The Securities and Exchange Board of India (SEBI) issued a circular on 14 February 2025 (RPT Circular) to standardize industry standards to be effective from 1 April 2025, for the minimum information required for Related Party Transaction(s) (RPTs) to be provided to the Audit Committee and Shareholders of all listed
On February 1, 2025, India’s Finance Minister Smt. Nirmala Sitharaman presented the Union Budget for the fiscal year 2025-2026. The Budget emphasizes economic growth, employment generation, Micro, Small and Medium Enterprises (MSME) development, and inclusive progress towards ‘Developed India’. India’s real GDP grew by 6.4% in FY 2024-25, with Agriculture
The Securities and Exchange Board of India (SEBI) introduced the Listing Obligations and Disclosure Requirements (LODR) Regulations in 2015 to enhance transparency and improve corporate governance among listed entities in India. These regulations set forth the obligations of listed companies to disclose material information and ensure compliance with various governance
The Ministry of Corporate Affairs, Government of India and the Competition Commission of India (CCI) have notified certain provisions of the Competition (Amendment) Act, 2023, on merger control along with related Rules and Regulations. A few notified provisions pertain to: the amendments related to regulation of combinations and providing a
India has recently enacted a new legislation viz. The Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Act, 2015 (“Act”) which is deemed to have come into force from 23 October 2015. Some salient features of the Act are:
· “Commercial dispute” has been defined to include, inter-alia, any dispute related to transactions between merchants, bankers, financiers and traders such as those relating to mercantile documents including enforcement and interpretation of such documents, construction and infrastructure contracts, including tenders,
The Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Bill, 2015 (“Bill”) was passed by the Indian Parliament on 23 December 2015 and is deemed to have come into force on 23 October 2015. Some salient features of the Bill are:
“Commercial dispute” has been defined to include, inter-alia, any dispute related to transactions between merchants, bankers, financiers and traders such as those relating to mercantile documents including enforcement and interpretation of such documents, construction and infrastructure contracts,
The Government of India has vide Press Note No. 12 dated 24 November 2015 introduced a number of amendments to the Foreign Direct Investment (FDI) Policy across various sectors, which include enhancing sectoral caps, opening sectors for foreign investment, bringing additional activities under the automatic investment route and generally easing conditions for foreign investment and doing business in India.
The Supreme Court in the case of Dashrath Rupsingh Rathod v. State of Maharashtra and another ((2014) 9 SCC 129) held that “the territorial jurisdiction is restricted to the Court within whose local jurisdiction the offence was committed, which in the present context is where the cheque is dishonoured by the bank on which it is drawn” as against the then prevalent practice of filing complaints under section 138 of the Negotiable Instruments Act, 1881 (“Act”) before the court in whose jurisdiction the cheque was presented for payment.
The Department of Revenue, Ministry of Finance has:
vide a press release dated 1 July 2015 notified the compliance window under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. In this regard, all declarations in respect of undisclosed assets located outside India must be made on or before 30 September 2015 in order to avail the benefits of the compliance window. Once declared, tax and penalty in respect of the foreign assets so declared must be paid by 31 December 2015;
The Reserve Bank of India (“RBI”), in line with its annual practice, has issued updated sets of Master Circulars on 01 July 2015 under various heads including banking regulation, co-operative banking, currency, financial markets, foreign exchange and payment systems which can be accessed on
The Ministry of Corporate Affairs (“MCA”) vide a clarification dated 18 June 2015 has stipulated that in cases where a company has committed default in repayment of deposits which were accepted by such company before the commencement of the Companies Act, 2013 (the “Act”) (i.e. 1 April 2014), the depositors may seek remedy by filing an application (in accordance with section 73 (4) of the Act) with the Company Law Board.
Department of Industrial Policy and Promotion (“DIPP“) has issued Press Note No. 7 (2015 Series) dated 3 June 2015 (“Press Note 7“) pursuant to which the ‘Consolidated Foreign Direct Investment Policy Circular of 2015′ dated 12 May 2015 (“FDI Policy”) relating to investments by Non-Resident Indians (“NRIs“), Overseas Citizen of India (“OCIs“) and Persons of Indian Origin (“PIOs“) has been amended.
As a measure to improve the ease of doing business in India, the Ministry of Corporate Affairs (“MCA”) has issued an Integrated Incorporation Form which consolidates multiple forms required for the incorporation process into a single online application form – eForm INC-29. Consequently, with effect from 1 May 2015, persons looking to incorporate any class of companies (including public/ private limited companies, one person company but not including companies with charitable objects) may make an application to the concerned registrar of companies (“RoC”) in the prescribed eForm INC-29 online. Key features of the eForm INC-29 are as follows
The Department of Industrial Policy and Promotion, Ministry of Commerce & Industry, Government of India has issued Press Note 4 of 2015 on 24 March 2015 amending the Consolidated Foreign Direct Investment (FDI) Policy Circular of 2014 with immediate effect to permit 49% FDI in the pension sector. Within this limit FDI up to 26% is under the automatic route and above that up to 49% is under the Government route.
