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SUO LAW

RBI MAY SOON ALLOW NRI’S TO INVEST IN GOVERNMENT SECURITIES

Non-Resident Indians would be allowed to invest in Government Securities soon as per the statement of Reserve Bank of India while announcing the first monetary policy of 2019. TheStatement on Developmental and Regulatory Policies issued by Reserve Bank of India on 04.04.2019, provides for “Permitting G-sec trading through International Central Securities …

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300 Developers fined under RERA

Ahmedabad: Promoters and developers of more than 300 realty projects in the State of Gujrat have been fined under the Gujrat Real Estate Regulatory Authority (“GujRERA”). The penalty has been imposed on account of failure in filing of the mandatory quarterly progress report in the past 9 months. The Regulatory …

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Maharashtra Appellate Tribunal (Real Estate): Allotment letter to be treated as binding agreement between Promoter and Allottee

Maharashtra Real Estate Appellate Tribunal recently held – “Allotment letter it is quite evident that promoter agreed to sale and allottees agreed to purchase the flat for an agreed price in the allotment….though the allotment letter executed on November 2012, it is as good as agreement between promoter and allottees …

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Supreme Court : Interim mandatory injunctions can be granted in suitable matters

The Supreme Court, in the case of Hammad Ahmed vs. Abdul Majeed & Ors, has set aside the order dated 27.11.2018 of Division Bench of High Court of Delhi dismissing the application filed by the Plaintiff under Order XXXIX Rules 1 and 2 of Code of Civil Procedure, 1908 and …

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120 Start-ups get patents, 1 granted in merely 101 days

In a remarkable new development in the Start-up niche, at least 120 start-ups have received patents for their products as of 31stMarch of this year. The Patents have been granted under the Start-up India action plan, as per the Department for Promotion of Industry and Internal Trade’s data (“Department”).  The steps by the Department under the …

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Indian Government Clarifies Voting by Overseas (NRI) Voters of India in Upcoming Elections

In light of the mass circulation of misleading information through social media about the online voting/voting in the Consulate or through proxy/mail by Overseas (NRI) Indian Voters in the forthcoming general election in India, the Election Commission of India has clarified the air surrounding the rumour by clearly affirming that …

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Dharani Sugar and Chemicals Limited vs. Union of India – Supreme Court quashes the circular of RBI

The Supreme Court quashed the circular dated 12.02.2018 issued by Reserve Bank of India which provided for Resolution of Stressed Assets. The circular provided that the lender Banks must put in place Board-approved policies for resolution of stressed assets and that the Banks should initiate steps as soon as there …

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European Union launches WTO Trade Disputes against India and Turkey

European Union launches WTO Trade Disputes against India and Turkey Dispute against India The European Union has requested for consultations with the Government of India on 02.04.2019 under Article 1 and 4 of The Understanding on Rules and Procedures Governing the Settlement of Disputes (DSU) and Article XXII:1 of the …

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One Sided Clauses In Builder-Buyer Agreements Is An Unfair Trade Practice: Supreme Court

The Supreme Court in its judgement dated 02.04.19 has held that the incorporation of one-sided clauses in a builder-buyer agreement constitutes to an unfair trade practice as defined under Section 2 (r) of the Consumer Protection Act, 1986. The bench comprising Justice UU Lalit and Justice Indu Malhotra further observed that …

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Sebi issues circular on appointment of administrators

Securities and Exchange Board of India (“Sebi”) on 2ndApril 2019 has issued a circular pertaining to empanelment of insolvency professionals to be recruited as administrators under the regulator’s framework. As per the mandate, an administrator has to be a registered insolvency professional with the Insolvency and Bankruptcy Board of India …

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