News

Non-Tax Benefits for 3 Years on MSME Reclassification

The central government has issued a notification that in case of reclassification due to an upward change in terms of investment, an enterprise may continue to take advantage of all non-tax benefits of its prior classification for a period of three years following the date of such an upward change. The investment may be in plant and machinery or equipment or turnover or both.

Benefits from various government programmes pertaining to community procurement law and delayed payments are examples of non-tax benefits. Previously, a business could take advantage of non-tax benefits for only one year following the reclassification.

The move will inspire more micro and small businesses to expand their operations, as they can now continue to take advantage of the benefits for three additional years following the date of the review in their category.

News

Draft “One Sun One World One Grid” Set to be Approved

Union Power Minister RK Singh has announced that the draft of the “One Sun One World One Grid” (OSOWOG) declaration is prepared and would soon be authorised by the relevant steering committee.

Speaking about the mission, the minister stated that the government had established a technical group within the Ministry of Power that has examined the viability of having an interconnected transmission network. He further stated that a new paradigm for the energy sector is required because power generation and consumption are at a critical juncture. Widespread expansion of energy access, a reduction in carbon footprint, lower costs, and improved livelihoods are some potential advantages.

The announcement was made in the backdrop of the International Solar Alliance’s (ISA) fifth assembly meeting in Delhi. The OSOWOG motto, “the Sun never sets,” refers to the idea that the Sun is always shining somewhere in the world at any given time. With India as its centre, the solar spectrum may be divided into two large zones: the far east, which would include nations like Myanmar, Vietnam, Thailand, Laos, and Cambodia, and the far west, which would include the Middle East as well as the Africa Region.

The Green Grids Initiative seeks to accelerate and scale up the market and infrastructure reforms required to support the global energy transformation. Additionally, it will enable Indian national management centres for renewable energy to expand into regional and international management centres.

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India hosts the 5th International Solar Alliance Assembly

The 2015 United Nations Climate Change Conference, was held in Paris, France, from 30 November to 12 December 2015. At the conference, Indian Prime Minister Narendra Modi and former French President Francois Hollande launched the International Solar Alliance (ISA).

Thus far, four annual International Solar Alliance assemblies have been held at various locations and India is now hosting the 5th International Solar Alliance assembly, a 4-day event in New Delhi which starts today. It is expected that this assembly will draw up three global reports on Investments, Technology and Markets in the clean energy sector.

 

What is ISA?

 

The ISA is a treaty-based inter-governmental organization working to create a global market system to tap the benefits of solar power and promote clean energy applications. The ISA is an alliance of 121 signatory countries, most being sunshine countries, which lie either completely or partly between the Tropic of Cancer and the Tropic of Capricorn.

The Paris Declaration that established the ISA states that the countries share the collective ambition to undertake innovative and concerted efforts to reduce the cost of finance and technology for the deployment of solar generation assets. The ISA aims to pave the way for future solar generation, storage and technologies for Member countries’ needs by mobilising over USD 1000 billion by 2030. Achievement of ISA’s objectives will also strengthen the climate action in member countries, helping them fulfil the commitments expressed in their Nationally Determined Contributions (NDCs).

ISA’s motto is to enable One World, One Sun, One Grid. The ISA plays a four-fold role in establishing a global solar market: it is an accelerator, an enabler, an incubator, and a facilitator.

The 5th ISA assembly is expected to be attended by about 109 of the 121 signatory countries where the key focus area of the meeting, inter alia, would be to streamline the solar sector investments in the countries where investments are not flowing at present.

News

Govt. Announces the Launch of “Innovation Roadmap of the Mission Integrated Biorefineries”

The Indian Government announced the introduction of the “Innovation Roadmap of the Mission Integrated Biorefineries” at the Global Clean Energy Action Forum-2022, at Pittsburgh, Pennsylvania in the United States. Dr Jitendra Singh led a high-level Joint Indian Ministerial Delegation of the Ministry of Power, New & Renewable Energy and Ministry of Science & Technology at the Global Clean Energy Action Forum.

The Minister of State for the Ministry of Science and Technology stated that the Mission aims at greater international collaboration. He then pointed out the need for increased financing for Energy Research, Development, and Demonstration (RD&D) during the next five years to kickstart this objective and unleash a virtuous cycle of public and private investment. The Minister made such statements during the 1st Roundtable on “Sustainable Bioenergy and Bio-refineries” at the Global Clean Energy Action Forum – the joint convening of 7th Mission Innovation and 13th Clean Energy Ministerial -2022.

The Minister also stated that it also provides policymakers with a strategic framework to establish a rising RD&D portfolio over the next five years, specific financing proposals across the entire spectrum of vital biorefinery technologies, and rapid action suggestions.

Dr Jitendra Singh informed the delegates that Indian Government is working towards transforming the energy landscape of country with significant clean energy share and added that by 2030, India agreed to reach 500-Gigawatt non-fossil energy capacity, shift 50% of energy requirements to renewable energy, lower overall anticipated carbon emissions by one billion tons, reduce carbon intensity of the economy by 45% over 2005 levels, and achieve net zero emissions by 2070.

In addition to the above, he also announced that a pilot plant of 10 Tons per day capacity with integrated enzyme production is being set up at Panipat Haryana, which will be commissioned by December 2022. It will be the 1st indigenous technology for on-site enzyme production. The Minister also stated that Indian Oil Corporation Limited has planned to supply this indigenous enzyme to commercial 2G ethanol plant of 100 KL per day expected to be commissioned by Q2 of 2024. 

The introduction of this roadmap underlines the importance of biofuels for India, which will be pivotal in reducing Green House Gas (GHG) emissions in the transport sector.

News

MoUs Worth Rs 1.3 Lakh Crore Signed by Karnataka in the Renewable Energy Space

On 15th September 2022, the honourable Chief Minister of Karnataka announced that the State has signed MoUs worth 1.3 Lakh Crore in the renewable energy sector, in a bid to expand its renewable energy portfolio. The Chief Minister was speaking at the inaugural function of the Indian Manufacturing Show-2022, organised by the ‘Laghu Udyog Bharati’ at the Bengaluru International Exhibition Centre.

The Chief Minister stated that Karnataka will explore the possibilities of establishing a hydrogen fuel sector as part of its renewable energy portfolio expansion. In view of the same, he added that the State Government intends to set up renewable energy industries all along Karnataka’s Mumbai-Chennai corridor stretch and that there will be a production of biofuel, solar, and hydrogen. The State is also going to produce ammonia from the sea (water), and support industries, businesses and entrepreneurs in the space in terms of capital and skill. These matters shall be an essential part of the Government’s agenda.

The signing of the memoranda of understanding is evidence of India’s intent to move from conventional sources to renewable energy sources to meet the country’s increasing energy needs. While the fine print of the memoranda is unavailable, it is plausible to conclude from the statements made by the Chief Minister that the focus of Karnataka’s Government in the medium to long term will primarily be on wind energy and hydrogen energy.

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Fox Mandal Elevates Three Partners to Equity Partnership

Fox Mandal & Associates is pleased to announce the elevation of three of its Partners to equity partnerships. The promoted partners are S.T. Prashantha Kumar, Santosh Vikram Singh and Jayaprakash Padmanaban.

Prashantha Kumar has been recognized as a leading practitioner in the Real Estate Sector by various renowned publications including Legal500, Chambers and Asian Legal Business. With over 18 years of legal expertise, Prashantha has steered the firm’s Real Estate & Infrastructure practice in Bengaluru, Mumbai & Pune to new heights. His result-oriented approach and pragmatic solutions have struck a chord with every client.

Santosh Vikram Singh has been ranked as one of the top 15 Intellectual Property Lawyers in India by the Asian Legal Business and as a recommended lawyer by Legal500. With more than 20 years of experience, Santosh leads the Firm’s IP, Entertainment & Sports Law practices, focusing primarily on fulfilling the business-legal requirements of clients.

Jayaprakash has more than 20 years of experience in extending unique solutions in a versatile manner to a range of public and private clients. A recommended lawyer, as ranked by Legal500, he is constantly sought by clients to effectively manoeuvre varied legal concerns.

”The new equity partners are highly regarded in their respective practices and deeply resonate the firm values . Jayaprakash and Santosh are home-grown talent having devoted their entire careers to the firm. They had joined as associates and have risen to partnership through sheer hardwork and commitment for more than 20 years.” said Shuva Mandal, Managing Partner of Fox Mandal & Associates. “It gives me great satisfaction to have the astuteness of our talent represented by this group,” he added.

Established in 1896, Fox Mandal is one of the oldest full-service law firms in India and has been carrying a legacy of quality and integrity through the years. With a pan-India presence, over 250 fee- earners and a broad spectrum of practice areas, the firm has had the privilege of catering to a wide range of legal requirements of a diverse clientele

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A.P. Pasupathy Joins Fox Mandal as Practice Head – Renewable Energy

Fox Mandal & Associates is pleased to announce the appointment of Mr A. P. Pasupathy, formerly the AVP – Project development at ReNew Power, as Practice Head of the Renewable Energy Practice.

Mr Pasupathy offers a comprehensive experience of more than 22 years in rendering end-to-end dynamic and sophisticated solutions not only on the legal quandaries but also on the project development pertaining to the renewable energy industry. He played an instrumental role in leading the legal and project development team/department of various notable Renewable Energy companies in the country and rooted their projects in Tamil Nadu, Karnataka, Gujarat, Rajasthan, Madhya Pradesh and Maharashtra.

Prior to his association with the Firm, he steered and led the legal portfolio for wind farm/solar farm projects for various Original Equipment Manufacturers (OEMs) and also led the project development (including land, permit and approvals) activities for various OEMs/IPPs such as Gamesa Renewables (now Siemens Gamesa), Vestas, Bharat Light & Power (Now Enel green), SunEdison and ReNew Power.

Established in 1896, Fox Mandal is one of the oldest full-service law firms in India and has been carrying a legacy of quality and integrity through the years. With a pan-India presence, over 250 fee-earners and a broad spectrum of practice areas, the firm has had the privilege of catering to a wide range of legal requirements of a diverse clientele. Fox Mandal provides holistic services pertaining to identifying, strategizing, and mitigating legal, regulatory, policy and contractual risks in the development of renewable energy projects across the country.

Regarding the appointment, Mr Shuva Mandal, the Managing Partner of Fox Mandal says, “Pasupathy has immense knowledge and expertise as a legal practitioner owing to his long-standing association with huge organizations and varied clients. We are elated to have him on board with us and looking forward to harmonizing his goals with our vision.”

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Former Big Four partner Sandip Mukherjee joins Fox Mandal

Fox Mandal & Associates is pleased to announce the appointment of Mr. Sandip Mukherjee as Director, International Tax Practice. Sandip would operate from the Pune office and lead the international tax practice of the firm in Southern & Western India. His addition is a part of the firm’s strategic expansion of its tax advisory vertical.

Sandip has spent about 27+ years in the profession, primarily with Big4 professional firms including PwC, Deloitte & Andersen, in India as well as overseas. He has also spent 6+ years with MNCs i.e. Tata Group & ACL Group. He specializes in the areas of tax and regulatory laws, both domestic as well as international. His areas of focus have been corporate tax, employee tax, foreign exchange laws, tax litigation, international tax and mergers & acquisitions.

Sandip is recognised as an active professional, a passionate writer, a speaker & a thought leader, with a committed following within the known circles of the business, profession & academia. Commenting on the appointment, he says, “I am looking forward to being a part of such an established market leader in the legal sector and contributing my expertise in augmenting its vision of being a trusted & holistic tax advisor.”

Established in 1896, Fox Mandal is one of the oldest full-service law firm in India and has been carrying a legacy of quality and integrity through the years. With pan-India presence, over 200 fee-earners and a broad spectrum of practice areas, the firm has had the privilege of catering to a wide range of legal requirements of a diverse clientele.

Mr. Shuva Mandal, Managing Partner, said, “Sandip has a proven track record of leading large teams and handling significant assignments as part of huge organizations and we are looking forward to aligning his rich experience with the goals of our firm.”