Need For Improving Pharmaceutical Laws - The Proposed Way Forward

With the rising need to accommodate the new requirements and adaptation of modern technology in the pharmaceutical sector, the draft of the 'Drugs, Medical Devices and Cosmetics Bill, 2022' (the "Bill") has been released by the Ministry of Health and Family Welfare (MoHFW) on July 8, 2022, which seeks to replace the existing archaic law under the Drugs and Cosmetics Act of 1940 ("Act") and the Drugs and Cosmetic Rules 1945 ("Rules"). The process of review of the Act gained momentum in ...

DIN Must Be Mentioned On Financial Statements To Avoid Penalty

The Companies Act, 2013 (CA 2013) and rules made thereunder are drafted in such a manner that the compliances related to one subject matter are specified under different sections/rules. Accordingly, one section/rule may have a bearing on the other. Therefore, it is imperative that one should read CA 2013 and rules made thereunder holistically to avoid ignoring even the minutest compliances, which may lead to imposition of the penalty. One such compliance under CA 2013 relates to quoting...

A Preliminary Inquiry Under Section 340 Crpc: Mandatory Or Discretionary?

Section 195 of the Code of Criminal Procedure, 1973 ("CrPC") bars the court from taking cognizance of offences relating to contempt of lawful authority of public servants, except on a complaint in writing of the public servant concerned or of some other public servant to which he is administratively subordinate. The bar provided under Section 195 CrPC is not intended to take away the remedy against a crime but only to protect an innocent person against false or frivolous proceedings by a...

Whether Disputes Between Licensor And Licensee Concerning Recovery Of Security Deposit Can Be Referred To Arbitration?

The Bombay High Court in Bafna Motors Private Limited versus Amanulla Khan vide order dated 05th May 2022 passed in Arbitration Petition No. 340 of 2019 held that where the parties to a leave and license agreement are governed by Arbitration Agreement, disputes between licensor and licensee concerning recovery of the security deposit can be referred to arbitration. Brief Facts Leave & License Agreement dated 02nd July 2012 ("the Agreement") came to be executed between Bafna...

Stamp Duty Implications On An Order Sanctioning A Scheme Of Arrangement Within The National Capital Territory Of Delhi

The onset of the covid 19 pandemic has accelerated the merger and acquisition activity in India, with the year 2021 witnessing an all-time peak of finalization of 85 strategic deals valued over USD 75 million[1]. The jurisprudence behind mergers and demergers in India is a trite law and with the comprehensive mechanism envisaged under Chapter XV of the Companies Act, 2013, it is almost mechanical in most of the cases. The laws in India, dealing with levy of stamp duty dates to the...

Discretion Of NCLT In Section 7 Of IBC Is Beyond The Parameters Of Debt And Default

"It is certainly not the object of the IBC to penalize solvent companies, temporarily defaulting in repayment of its financial debts, by initiation of CIRP. - Ms. Indira Banerjee & Mr. J.K. Maheshwari, JJ of Supreme Court The Apex Court in its recent reported judgment[1] in the matter of Vidarbha Industries Power Limited Vs. Axis Bank Limited[2] has set aside Order(s) of the Adjudicating Authority[3] and Appellate Authority[4]. The Adjudicating Authority had held that in...

Vijay Madanlal Chaudhry V. Union Of India - A Case Fit For Review?

Recently, a constitution bench of the Supreme Court passed a detailed judgment upholding the constitutionality of various provisions of the Prevention of Money Laundering Act, 2002 titled "Vijay Madanlal Choudhary v. Union of India'. The judgment has attracted critique from various stakeholders and a review petition has also been filed against the judgment. The purpose of this article is to trace these developments, examine the potential grounds for review, and map their tenability ...

Valuation Of Companies: A legal Analysis

The issue or transfer of equity shares or other securities invariably involves the valuation of the underlying company. The principles and rules for valuing companies lie at the intersection of law and accounting. Various statutes and regulators are involved in this crucial activity. Company law seeks to ensure that companies do not shortchange their existing shareholders by issuing securities below their fair market value. The Reserve Bank of India has issued a number of rules and...

Electric Vehicle Industry In India: A Regulatory Overview

To reduce its carbon emissions and give a much-needed boost to the manufacturing and adoption of Electric Vehicles ("EV"), the Government of India, in March 2011, launched the National Mission of Electric Mobility ("Mission") to promote electric mobility in the country. India also made a firm commitment at the United Nations Climate Change Conference held in Paris on December 12, 2015, to reduce its carbon footprints and revamp the existing energy infrastructure to make it more sustainable...

Revamped Overseas Investment Rules: A Critical Insight

With an aim to improve the 'ease of doing business' and simplifying/ liberalising the investment regime, the Government of India in consultation with the Reserve Bank of India ("RBI"), amongst others, has been progressively revamping and liberalizing the foreign exchange regime in India. In view of the foregoing, the Government of India vide Notification No. G.S.R 646(E), dated August 22, 2022, issued the Foreign Exchange Management (Overseas Investment) Rules, 2022 ("OI Rules") and the...

Benami Transactions And Arbitrary Confiscation - First Chink In The Armour Of Supreme Court's Landmark PMLA Judgment?

A 3 judge bench of the Hon'ble Supreme Court comprising of the Hon'ble Chief Justice N.V. Ramana, Hon'ble Justice Krishna Murari and Hon'ble Justice Hima Kohli in Union of India vs M/s Ganpati Dealcom Pvt. Ltd, Civil Appeal No. 5783 of 2022 while dealing with a legal question whether the Prohibition of Benami Property Transactions Act, 1988 as amended by the Benami Transactions (Prohibition) Amendment Act, 2016 has a prospective effect or not, has also touched upon the judgement...

NCLT's Discretion To Not Admit Financial Creditor's CIRP Application

The Supreme Court in a recent Judgement of Vidarbha Industries Power Ltd. vs Axis Bank Limited (2022 SCC Online SC 841), observed that the Adjudicating Authority while exercising power under Section 7 of the Insolvency and Bankruptcy Code 2016 inter alia admitting the application to initiate Corporate Insolvency Resolution Process ("CIRP"), such power should be on a discretionary basis and cannot be exercised in an arbitrary manner. FACTS Axis Bank Limited, the Financial Creditor...