Newsletter/Booklets 25th Jan 2020
We welcome you to the latest edition of ELP Knowledge Series, a quarterly analysis of curated topics pertaining to critical legal and regulatory developments that can create risk for businesses in India.In the last quarter, most notably, the Supreme Court of India has settled the corporate bankruptcy process in India through its landmark decision in the Essar Steel – Arcelor Mittal case. This judgment will definitely impact the non performing assets situation in the country. Beyond this, consensus projections for India’s growth are muted at around 5% (when compared to projections in the last decade). The Government has taken several steps to boost this and the Union Budget scheduled for February this year, holds great promise to large scale reforms that will further ease of doing business in India.
It is against this backdrop that this iteration of ‘India Update – Part 4 of 2019’ examines key judgments over the last quarter which will have a significant impact on doing business in India. Further, the judiciary, through decisive pronouncements provided an impetus to arbitration in India. To this end, our update examines a few key decisions of the Supreme Court in 2019 and how the same may be of relevance to stakeholders. The litigation section of this document also deals with tax decisions which highlight the current situation in India, post 2.5 years of GST being implemented.
Many developments over the recent past – especially regarding compliances – be it India’s evolving consumer protection regulations or Securities and Exchange Board of India’s proposed framework for the issuance and listing of shares with superior or differential voting rights have also been analyzed in detail. Additionally, we have also added a section discussing the Open General Export License scheme for transfer of technology in India’s defense and aerospace sector.
The update also discusses the interplay of Goods and Services Tax laws vis-à-vis Customs laws in India, sanctions being imposed by the United States and their consequent repercussions and competition law concerns permeating India’s hospitality sector.
We hope you find this update helpful.