The Supreme Court, vide its judgment dated October 19, 2023, in the matter of Infrastructure Leasing and Financial Services Limited v. HDFC Bank Limited and Another [Civil Appeal No(s). 4708 of 2022], has held that rents receivable can be assigned by a debtor to a creditor as actionable claim and dismissed an appeal assailing the […]
Reserve Bank of India (“RBI”), vide its notification dated December 19, 2023, has issued a circular with instructions on the procedure to be followed by the Regulated Entities (“REs”) in order to make investments in units of Alternative Investment Funds (“AIFs”), and to address concerns relating to possible evergreening through this route. REs make investments […]
In June 2023, Securities and Exchange Board of India (“SEBI”) mandated all schemes of Alternative Investment Funds (“AIFs”) to issue or convert their units in dematerialised form within a specified timeframe. SEBI, vide its circular dated December 11, 2023, has now laid down the process for dematerialising/ crediting the units issued by AIFs, where investors […]
We are pleased to share with you the link to our newsletter “Legalaxy” for December 2023, providing updates on the recent and relevant legal developments in India. Below are the key highlights of the newsletter: SEBI streamlines procedure for dealing with unclaimed funds SEBI carried out regulatory changes towards fraction investing for SM REITs and […]
Securities and Exchange Board of India (“SEBI”), in its board meeting held on November 25, 2023, approved the following decisions: Amendments to SEBI (Real Estate Investment Trusts) Regulations, 2014, so as to create a regulatory framework for facilitating Small and Medium Real Estate Investment Trusts (“SM REITs”). SM REITs with an asset value of at […]
The Gujarat High Court (“Gujarat HC”) has, by its judgment pronounced on September 22, 2023, in the matter of KRBL Limited v. State of Gujarat [C/SCA/19804/2022], held that the purchaser of an asset in a liquidation process of a corporate debtor is not responsible for payment of any government dues, if the claim was not […]
