In the May edition of our monthly newsletter “Legalaxy”, our team analyses some of the key developments in securities market, banking and finance, labour, environment and foreign direct investment. Below are the key highlights of the newsletter: SEBI UPDATES SEBI clarifies the role of compliance officers in listed entities: a structural update SEBI amends the […]
In a landmark judgment dated May 2, 2025, the Supreme Court of India annulled JSW Steel’s ₹19,700 crore acquisition of Bhushan Power and Steel Ltd. (BPSL), citing violations of the Insolvency and Bankruptcy Code (IBC). The Court ordered the liquidation of BPSL, emphasizing that the resolution plan failed to comply with mandatory provisions, including Section […]
In a significant ruling, the Delhi Tribunal clarified that ‘professional services’ under Article 14 of the India-Sri Lanka DTAA encompass specialized services like spa consultancy. Consequently, payments to non-residents for such services aren’t taxable in India if the recipient doesn’t meet the 183-day presence requirement. The Tribunal also emphasized that, per the Supreme Court’s decision […]
The Bombay High Court has clarified that for determining whether an employee is engaged in a supervisory capacity under the Sales Promotion Employees (Conditions of Service) Act, 1976, the key consideration is the nature of duties performed, not the employment status of the persons being supervised. The Court emphasized that even supervision over third-party personnel […]
The Gujarat Stamp (Amendment) Act, 2025 (“Amendment Act”), amends the Gujarat Stamp Act, 1958 (“Principal Act”), marking a significant reform in the state’s fiscal governance. This legislation responds to the evolving dynamics of corporate and real estate transactions, introducing robust mechanisms to enhance compliance, streamline processes, and align with modern commercial needs. Through this article, […]
In a recent judgment in Piramal Capital and Housing Finance Limited vs. 63 Moons Technologies Ltd & Others, the Supreme Court has clarified key aspects relating to PUFE (Preferential, Undervalued, Fraudulent, Extortionate) transactions under the IBC. The Court upheld the Resolution Plan approved by the NCLT, affirming that the distribution of recoveries from proceedings under […]
