Borrowers beware – banks can now take over companies to recover their debt
Introduction To address various issues surrounding distressed assets in the banking system, on February 26, 2014, the Reserve Bank of India (the...
Private companies can now breathe easier in India
Introduction On June 5, 2015, the Ministry of Corporate Affairs, Government of India (the “MCA”) issued a notification (the “Notification”), which...
Indian government amends company law, introduces mandatory secretarial standards and a new incorporation form
Introduction On August 29, 2013, the Companies Act, 2013 (the “2013 Act”) received the assent of the President of India. Since then, 282 sections...
Clarifications to India’s foreign direct investment policy
Introduction On May 12, 2015, the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Government of India (the “DIPP”)...
Should foreign portfolio investors be worried about MAT?
Background Minimum Alternate Tax (“MAT”) is a tax levied under the Income-tax Act, 1961 (“IT Act”) on the book profit of a company where the overall...
Critique of the undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015
In his budget speech on February 28, 2015, the Finance Minister (“FM”) made it clear that black (unaccounted) money was eating into the Indian...