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The Union Budget, 2024 proposes much needed amendments addressing significant issues for the Insurance Sector, in line with the recommendations made in the 53rd meeting of the GST Council. The proposals come in the background of high-stakes litigation faced by the insurance sector, cumulating to tax demand of several thousand crores. These proposals along with recent Circulars for the Insurance sector are expected to address these litigious issues. However, a finer reading of the proposed amendments and clarifications would suggest that certain aspects would require deeper deliberation to assess actual impact on existing litigation.
In this context, please tune into our podcast wherein our Partner Stella Joseph and Principal Associate Rushil Shah, discuss the implications of these GST proposals for the insurance sector.
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Pursuant to recommendations of the 53rd meeting of the GST Council, the Central Board of Indirect Taxes and Customs (CBIC) has issued various Circulars clarifying positions as regards GST treatment of certain transactions. These include three Circulars issued for clarifications on GST treatment of Employee stock ownership plan (ESOP) transactions, valuation of cross border related party transactions and issuance of loans / borrowings to related parties.
In this episode of ELP Podcast Series, "Positive GST Circulars for related party transactions", Harsh Shah (Partner) and Ruchita Shah (Associate Partner) discuss these positive clarifications issued with respect to GST treatment of related party transactions which, they believe, would reduce litigation and promote ease of doing business in India.
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In this episode of our podcast, Dipesh Jain, Partner, and Sumeet Agrawal, Associate Partner at Economic Laws Practice (ELP), delve into the concept of "Ghar Wapsi" or the reverse flipping of externalised company structures.
This episode explores why corporates are restructuring by way of internalisation or a ‘reverse flip’. Further, it delves into the possible options to achieve the same, the intricacies involved as companies move towards reverse flipping and also touch upon the viewpoint of Indian regulators around the same.
Don’t miss out on the insightful discussions on this topic!!
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Tune in to the latest episode of the ELP podcast series, discussing the recent Protocol signed between India and Mauritius. This protocol, driven by BEPS Action Plan 6, introduces the Principal Purpose Test, reshaping investment dynamics for Global investors investing in India through Mauritius.
Key Takeaways include:
Enhanced Scrutiny: Global investors funneling funds through Mauritius may face increased scrutiny. While genuine investments persist, those solely leveraging DTAA benefits could see challenges.Potential Litigation: Legal battles on retroactive application and interpretation disputes.The Way Forward: Reviewing past investments, strengthening documentation and meeting substance requirements are essential steps.Don't miss out on this insightful discussion reshaping the landscape of cross-border investments!
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Join Sweta Rajan, Partner, and Samyuktha Srinivasan, Senior Associate, Economic Laws Practice (ELP) in our latest podcast episode as they discuss the latest example of food regulation in the times of social media – the Nestle sugar debacle titled "Food Regulation: Reactive measures in the wake of media trials".
This episode explores why FSSAI is investigating Nestle’s products and the legal position on sugar content in infant food and food substitutes. Further, it provides an insight into the role of the Indian regulators in such a scenario and the consequences of their reactive regulation. -
In the fourth episode of Economic Laws Practice (ELP))'𝘀 𝗣𝗼𝗱𝗰𝗮𝘀𝘁 𝗦𝗲𝗿𝗶𝗲𝘀 𝗼𝗻 𝗦𝗮𝗻𝗰𝘁𝗶𝗼𝗻𝘀: 𝗠𝗶𝗱𝗱𝗹𝗲 𝗘𝗮𝘀𝘁 𝗮𝗻𝗱 𝗔𝗳𝗿𝗶𝗰𝗮, Mahmoud (Mac) Fadlallah, Partner, Akin Gump Strauss Hauer & Feld LLP’s, Dubai office along with Sanjay Notani, Partner, International Trade & Customs Practice, ELP, will delve into the intricate landscape of sanctions, with emphasis on the Middle Eastern and African regions.
They will also shed some light on the far-reaching consequences of sanctions law violations on businesses and the strategies that are currently in place or are necessary for stakeholders including Indian businesses to navigate the ever-evolving sanctions regulatory framework. Lastly, they will explore the potential impact of sanctions on bilateral trade, notably in key sectors for India like chemicals and diamonds. -
In the third episode of Economic Laws Practice (ELP)'s Podcast Series on Sanctions: UK, Michelle Linderman, Partner, International Trade team at Van Bael & Bellis along with Ambarish Sathianathan, Partner, International Trade & Customs Practice, will unravel the nuances of the UK sanctions regime, the extent of the UK sanctions' global reach, their implications for Indian businesses, and crucial steps these businesses should consider given the rapid evolution of these laws, particularly post-Brexit.
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In the second episode of Economic Laws Practice (ELP)'s Podcast Series on Sanctions: EU, Isabelle Van Damme, Partner, International Trade Law Practice at Van Bael & Bellis along with Ambarish Sathianathan, Partner, International Trade & Customs Practice, ELP throw some light on the EU regulations concerning sanctions and the potential impact it would have on Indian businesses, and what steps should businesses take in light of this law, which is evolving rapidly.
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Any borrowing or leverage by Alternative Investment Funds (AIFs) is highly regulated.
In this episode of the ELP Funds series- Borrowing and Leverage, the speakers Vinod Joseph, Partner & Paridhi Jain, Associate, Economic Laws Practice (ELP) delves into the various legal issues involved in any borrowing or leverage by AIFs under SEBI’s AIF Regulations and the IFSCA’s Fund Management Regulations. -
In recent years, sanctions have taken center stage in international business, posing intricate challenges for companies worldwide. With Western nations increasingly using sanctions as a tool, navigating these waters has become critical. Non-compliance is no small matter – It can lead to severe legal and financial consequences, including hefty penalties and reputational harm. This reality underscores the importance for businesses to grasp the regulatory landscape across different jurisdictions and implement strong compliance strategies.
As part of Economic Laws Practice (ELP)'s commitment to illuminating key issues in international trade, this podcast series offers insightful perspectives on the sanctions landscape.
In the first episode of ELP's Podcast Series on Sanctions: US, Kay C. Georgi, Partner, International Trade & Investment Group at ArentFox Schiff along with Sanjay Notani, Senior Partner, International Trade & Customs Practice, ELP throw some light on the multifaceted landscape of US sanctions, their potential ramifications for Indian businesses, and the proactive steps businesses should consider taking to adapt to this ever-changing legal environment.
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SEBI’s AIF Regulations and the IFSCA’s Fund Management Regulations require the investment manager to obtain the consent of investors in certain circumstances.
In this episode of the Funds series, Vinod Joseph, Partner & Paridhi Jain, Associate, Economic Laws Practice (ELP) talks about the Investor's Consent and delves into the nuances of such consent and the various legal issues involved in obtaining such consent. -
We are delighted to present to you the next episode of ELP Podcast Series- Funds Series- The Term of a Fund
In this episode, Vinod Joseph (Partner) and Paridhi Jain (Associate), Economic Laws Practice discuss the regulations regarding the term of close-ended funds and the SEBI and IFSCA rules governing an extension of such term.
Please note that this podcast is intended solely for general informational purposes and should not be construed as legal advice.
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We are happy to announce the launch of a new podcast series on Investment Funds and Fund Regulations. In this podcast series, Vinod Joseph (Partner) and Paridhi Jain (Associate) will explore the intricacies of Investment Funds and Fund Regulations.
In the first podcast, Vinod and Paridhi shed light on SEBI's and IFSCA’s classification of AIFs into distinct categories, offering valuable insights into the regulatory reasoning behind this categorization. While the IFSCA's fund categorization mirrors SEBI's to some extent, it is essential to recognize the significant differences between them. In this engaging podcast, we delve into these variations, assuming that our audience possesses a foundational understanding of Funds and Indian regulations governing them.
Please note that this podcast is intended solely for general informational purposes and should not be construed as legal advice.
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Amongst start-ups as well as other companies, the popularity of ESOPs as a mode of employee compensation has only been growing. Such transactions, when plainly seen, are mere issuance of share capital. However, the GST authorities have recently started scrutinizing potential GST applicability on the same where employees are granted shares of their employer’s listed group company as ESOPs.
In this episode of ELP Podcast Series, Harsh Shah (Partner) and Ruchita Shah (Associate Partner) discuss the mechanics of typical ESOP transactions and analyze the same from a GST perspective, including the potential for and against arguments on taxability and safeguards that may be considered by the industry.
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On 27 July 2022, a three-judge bench of the Supreme Court in the case of Vijay Madanlal Choudhary vs Union Of India upheld the validity of various provisions of the Prevention of Money Laundering (PMLA) Act, 2002. The judgment is perceived to have given a judicial stamp to the wide powers that the Enforcement Directorate (ED) enjoys under the statute.
In our latest podcast series, 'Implications of the PMLA Act: Post 2022 SC Ruling' Kumar Visalaksh (Partner), and Arihant Tater (Principal Associate) Economic Laws Practice, discuss the impact of the judgment as well as the developments post the ruling.
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Before the internet took the spotlight in our lives, data was subject to geographical limitations. Currently, we live in an age of information where it is an accessible commodity. The industry was keenly awaiting the GOI’s stand on data protection. The fourth iteration of India’s draft of data protection law was released on November 18, 2022.
To encapsulate the nuances of the draft bill, our colleagues at ELP, Vinay Butani (Partner) and Naghm Ghei (Principal Associate) have put together a podcast series on ‘Key Takeaways: Digital Personal Data Protection Bill‘. Simple, and easy to understand in a Q&A format, our podcast discusses the legislative scope, data principles and the scope of consent. It also throws light upon the transferability of data outside India and penalties for non-compliance with the provisions of the bill.
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“We are what we eat.” With food governing most aspects of our lives ( both happy and sad moments too!), the food industry is expected to grow annually by 8%.
In our latest podcast Sweta Rajan, Partner, and Samyuktha Srinivasan, Senior Associate, Economic Laws Practice discuss several compliance issues which the food industry is grappling with. The episode titled “Food Processing and Food Supply Industry” delves into the criteria for registration, regulations for advertising and packaging, and the consequences of non-compliance. They also discuss how the authorities are quite receptive and open to discussions with FBOs to address any concerns companies may have. The panelists further discuss the efficacy of filing representations before the authorities.
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We are happy to share the next episode of the ELP Podcast Series. India’s intent to elevate arbitration as the preferred mode of dispute resolution is complemented with developing jurisprudence in the country. In the first episode of the “Arbitration 101” series, Abhileen Chaturvedi, Partner at Economic Laws Practice (ELP) reflects on the legislative landscape of the arbitration regime in India.
The session is moderated by his colleague, Ria Dalwani, Senior Associate at ELP. Please enjoy listening-in and we look forward to bringing to you our next episode on the scope of court intervention in arbitrations. -
In this episode of ELP’s Podcast Series, we welcome all to our international collaboration in the podcast space. This is a Joint Podcast hosted by Economic Laws Practice (ELP) in India and Gall Solicitors in Hong Kong. This podcast tries to cover some interesting issues in the dispute resolution space in both India and Hong Kong. GALL covers the enquiries revolving around the recovery of funds in case of a wire fraud while ELP covers the issue of summary judgements in India. Although the issues are diverse in concept, it would leave the listeners with interesting take-aways.
Our speakers for this episode are Shailesh Poria, Partner at Economic Laws Practice (ELP) and Ashima Sood, Partner at GALL. The session was moderated by Kajal Aswani, Partner at GALL.
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Stella Joseph, Partner and Yash K Desai, Senior Associate at Economic Laws Practice (ELP) have come up with a new episode in our Podcast series, titled ‘Blockchain Based Smart Contracts: Key Tech & Regulatory Aspects.’
While in the previous podcast, we had looked at the basic concepts of Non-Fungible Tokens (NFTs) and how they work, in this episode we will be discussing the concept and technology of Blockchain Based Smart Contracts, and after having understood the concept and technology behind such smart contracts, we will discuss some key legal and regulatory issues that one can associate with the concept of smart contracts.
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