The Bombay High Court (“Bombay High Court”), vide its judgement dated March 4, 2024, in the case of Milind Patel v. Union Bank of India and Others [2024 SCC OnLine Bom 745], has held that banks and financial institutions must provide a reasoned order before declaring the occurrence of a wilful default by an entity […]
The Delhi High Court (“Delhi High Court”), in its judgement dated February 26, 2024, in the matter of My Preferred Transformation and Hospitality Private Limited v. Panchdeep Construction Limited [ARB.P. 847/2023], has held that the designation of seat of arbitration is akin to an exclusive jurisdiction clause. The Delhi High Court has emphasized that the […]
The Bharatiya Sakshya Adhinyam, 2023 (BSA) replaces the Indian Evidence Act of 1872 (IEA) and it was approved by both the Lok Sabha and Rajya Sabha on December 20 and December 21, 2023, respectively, before receiving presidential assent on December 25, 2023. The key objectives of BSA are to modernize, simplify, and streamline how evidence […]
On March 1, 2024, the High Court of Bombay (“Bombay High Court”) pronounced a judgment in the matter of Mr. Shiv Charan and Others v. Adjudicating Authority under the Prevention of Money Laundering Act, 2002 and Another [Writ Petition (L) No. 9943 of 2023] and Directorate of Enforcement, Government of India v. Mr. Shiv Charan […]
Securities and Exchange Board of India (“SEBI”), vide its circular dated April 18, 2024, has addressed the standardization of Private Placement Memorandums (“PPMs”) audit reports for Alternative Investment Funds (“AIFs”). Regulation 28 of the SEBI (AIF) Regulations, 2012 and Clause 2.4 of Master Circular for AIFs, mandates AIFs to carry out an annual audit of […]
Payment of royalty on the sales made to the associated enterprise has always been disputed by the Indian Transfer Pricing department as not satisfying the arm’s length test. In a recent ruling[1], the Hon’ble Delhi Bench of Tribunal was pleased to delete the transfer pricing adjustment made in respect of payment of royalty on invoices […]
