General Corporate Advisory

General Corporate Advisory

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NEW NORMS ON COMPANY NAMES TO TAKE EFFECT FROM SEPTEMBE...

On July 22, 2021, the Ministry of Corporate Affairs notified the Companies (Incorporation) Fifth Amendment Rules, 2021 (“Amendment”), thereby amending the Companies (Incorporation) Rules, 2014 (“Rules”). The Amendment, has inserted a new Rule 33A (Allotment of a new name to the existing company under Section 16(3) of the Act) after Rule 33 under the Rules. ......
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Employment Laws in India: Changes Brought About by the ...

Employment Laws in India have traditionally been governed by contract as well as multifarious and fragmented legislations, both at the central and state level. With a view to harmonising and consolidating the various legislations pertaining to employment, social security, wages, industrial disputes and other relevant labour/employment related matters, the Ministry of Labour and Employment ("Ministry") introduced four bills in 2019 to amalgamate 29 central laws related to labour laws. These bills have been codified and enacted. ......
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FINALITY OF RESOLUTION PLANS UNDER IBC

In 2016, the Insolvency and Bankruptcy Code (“IBC”) was enacted with the objective to bring the insolvency law in India under a single unified umbrella and to ensure speedy resolution of an entity (“Corporate Debtor”) which has defaulted in payment to its creditors (including the statutory authorities). ......
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The Supreme Court on Rules of Contract Interpretation: ...

While determining whether a contract created an interest in the premises or in the business, the Supreme Court recently reiterated the parol evidence rule in the case of Mangala Waman Karandikar vs. Prakash Damodar Ranade. ......
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SPACs in the Indian context

In recent years, SPACs, or ‘Special Purpose Acquisition Companies’, have snaked their way into the lexicon of every investor worth its salt. SPACs are the shiniest new ‘instrument’ on the block and the numbers lend into the hype; for instance, 2020 witnessed the execution of a record 248 SPACs raising a collective USD 83 billion on NASDAQ , even as the world succumbed to a pandemic. Further, it is estimated that there are now close to 400 SPACs on the market with more than USD 120 Billion on their balance sheets. ... ...
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DELHI HIGH COURT’S PRACTICE DIRECTIONS ON RENEWAL OF BA...

Section 126 of the Indian Contract Act, 1872 , states that guarantee means a contract to perform the promise or discharge the liability of a third person, in case of their default. Bank Guarantee is therefore a guarantee provide by a lending institution, wherein the debt by a debtor is covered by a Bank. ......
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THE MCA PROPOSES TO TAKE THE FLASH OUT OF FLASH SALES

The Ministry of Consumer Affairs (MCA) on June 21, 2021, suggested amendments to the Consumer Protection (E-commerce) Rules, 2020 (“E-Commerce Rules”), with the aim of tightening the functioning of large online marketplaces. ......
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Oyo-Zostel Dispute: The Extent to which a Term Sheet ma...

On 25th November, 2015, Oravel Stays Private Limited (Oyo) entered into a term sheet with Zostel Hospitality Private Limited (Zostel), for acquiring its assets including property data, customer data, intellectual property rights, software etc. The term sheet explicitly stated in its preamble that it will not be binding. ......
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Ludo needs a bit of luck, or not!

Gambling in India faces a peculiar predicament. It's our worst kept secret. The blanket ban in India of any activity that constitutes 'gambling' has existed since the British-Era, and ironically, has not undergone significant modification since that century. ......