by Majmudar & Partners | Jul 12, 2019 | Policy & Governance Updates, Tax
Introduction India’s Union Budget (the “Budget”) was announced on July 5, 2019, and the Finance Bill, 2019 (the “Finance Bill”) was tabled in Parliament. The Finance Bill will be discussed in Parliament before its enactment, and therefore, it is likely that the...
by Majmudar & Partners | Jun 24, 2019 | Employment Law
In a recent ruling, India’s Supreme Court (the “SC”) reiterated the basic tests to be applied in determining whether contract labourers can be classified as direct employees. This update discusses the SC ruling and analyzes the precautions that employers should adopt...
by Majmudar & Partners | Jun 12, 2019 | Insolvency and Restructuring
On April 2, 2019, India’s Supreme Court (the “SC”) quashed the Reserve Bank of India’s (the “RBI”) consolidated framework for resolution of stressed assets (the “2018 Framework”) as being ultra vires the RBI’s powers under the Banking Regulation Act, 1949 (the...
by Majmudar & Partners | Jun 4, 2019 | Insolvency and Restructuring
On May 24, 2019, the Reserve Bank of India (the “RBI”) released a draft liquidity risk management framework (the “Proposed Framework”), which is proposed to be made applicable to all non-deposit taking non-banking financial companies (“NBFCs”) with a minimum asset...
by Majmudar & Partners | May 20, 2019 | Insolvency and Restructuring
In a recent ruling, the Supreme Court (the “SC”) resolved a long-standing dispute between JK Jute Mill Mazdoor Morcha (the “Union”) and Juggilal Kamlapat Jute Mills Company Limited (the “Debtor”) by allowing registered trade unions to initiate insolvency proceedings...
