13 Aug 2020
The provisions of the Companies Act, 2013 (the “Act”) relating to the issuance of debentures, stipulate various requirements which the issuing company has to comply with, which includes maintaining a Debenture Redemption Reserve (DRR) account and in case of a secured debenture, filing of charge-related documents. The outbreak of COVID-19 and the related regulatory lockdowns have affected business inflows and administrative functioning of many organizations. On one hand, some of the companies are facing financial difficulties in meeting their repayment obligations under the debentures issued, while on the other hand, these companies are unable to meet the statutory requirements stipulated under the Act. Considering the request of various stakeholders, the Ministry of Corporate Affairs, India (“the MCA”) has brought out several relaxations relating to the compliance requirements for debenture issuance under the Act.

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06 Aug 2020

Consumers, especially individuals and small buyers, who were at the short end of the bargain when it came to market operations can now seek respite in the new consumer law which significantly turns the table in their favour. Further, the rapid development of technology and e-commerce has posed considerable challenges to adequate protection of consumers’ rights. The Consumer Protection Act, 2019 (“Act”) acknowledges these challenges and marks the commencement of an era of consumer rights which are in tandem with the changing dynamics of the new-age consumer expectations thereby making consumers the king in the true sense. The Act was notified on 9th August, 2019 and it came into force on 20th July, 2020, repealing and replacing the Consumer Protection Act, 1986 (“earlier Act”). The Act aims at revamping the process of resolution and settlement of consumer disputes to make it timelier and more effective.>>

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23 Jul 2020

The Government of Karnataka has taken a bold and timely decision of promulgating the Karnataka Land Reforms (Amendment) Ordinance, 2020 (“Ordinance”) to liberalize agricultural land ownership in the state. The ordinance repeals Sections 79A, B & C (Restriction on Holding or Transfer of Agricultural Lands), amends Sections 63, 70, 72, 80, 81, 104, 109 of the Karnataka Land Reforms Act, 1961 (“Reforms Act”) and inserts new section 80(A) to the Reforms Act. This has been a long-pending demand and is expected to work as a catalyst towards increasing investment into the state of Karnataka, as well as to facilitate the wholesome development of the agricultural sector.>>

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15 May 2020

Land plays a crucial role in defining the degree of Industrial Development in any state and Karnataka is no exception. Land acquisition process is one of the essential factors that contribute to industrial development and related investments.  The State Governments in India have been endeavouring and enacting a plethora of reforms easing the land acquisition process with an intention to attract major investments and in particular industrial development.>>

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26 Nov 2019

A clause for Alternate dispute resolution (ADR) is incorporated in a contract to ensure avoidance of lengthy and costly legal procedures. Undue delay in arbitration procedure tends to vitiate this essential objective that ADR seeks to achieve.  Further, the ADR process is designed to minimize the interference of courts, however, it is more of fiction as parties unhappy with the outcome of the process take the legal recourse as a dilatory tactic. Therefore, it is essential that arbitral awards are set aside only when there is a grave injustice or is unreasonable on the face of it[i].>>

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05 Nov 2019

Finding a balance between infusion of capital and retaining control are two sides of a scale that every corporate intending to survive and thrive must strive for. Being cognizant of the stress induced by this balancing act, SEBI, the market regulator, decided to relieve the corporate sector by providing a framework[i] for Issuance of Differential Voting Rights (DVR) shares.>>

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10 Sep 2019

The Government of India, Ministry of Commerce and Industry (Department for Promotion of Industry and Internal Trade) vide its notification dated September 17, 2019, has published the Patents (Amendment) Rules, 2019[i] (hereinafter the “Rules”) amending the Patents Rules, 2003 (hereinafter the “Principal Rules”). The amendment came into force from the date of notification.>>

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