In the May edition of our monthly newsletter “Legalaxy“, our team analyses some of the key developments in securities market, banking and finance, foreign direct investment, food safety and employment. Below are the key highlights of the newsletter: SEBI notifies the SEBI (Alternative Investment Funds) (Second Amendment) Regulations, 2024 SEBI notifies regulations for administration and […]
Section 12AB was inserted by the Finance Act 2020, prescribing a new procedure of obtaining fresh registration by all existing and new charitable trusts/ institutions under section 12A of the Income Tax Act, 1961 (‘the Act’), effective from 1st June 2020, which was later deferred to 1st October 2020. The section replaced the erstwhile registration process, […]
Securities Exchange Board of India (“SEBI”), vide its circular dated April 29, 2024, based on the feedback received from the market participants has relaxed the requirement of intimating changes in the terms of the Private Placement Memorandum (“PPM”) of AIFs through merchant bankers and SEBI has identified that certain changes in the terms of the […]
The Supreme Court, vide its judgement dated March 12, 2024, in the case of Mahanadi Coalfields Limited v. Brajrajnagar Coal Mines Workers’ Union [Civil Appeal No(s). 4092-4093/2024], has held that the workers who are engaged in the performance of work which is perennial or permanent in nature would not be classified as contractual workers. Facts […]
Securities Exchange Board of India (“SEBI”), vide its notification dated April 25, 2024, has notified the SEBI (Alternative Investment Funds) (Second Amendment) Regulations, 2024 (“AIF Amended Regulations”), thereby amending the SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”), with an aim to provide: (a) ease of doing business and flexibility to Category I and II […]
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 […]
