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SUO LAW

Corporate Affairs Ministry withdraws memorandum forbidding LLPs from manufacturing activities

The corporate affairs ministry recently withdrew its memorandum barring Limited Liability Partnerships (LLPs) from engaging in and undertaking manufacturing activities. Alarms were raised in various quarters about the said office memorandum issued by the ministry earlier in early March vide which LLPs were forbidden from manufacturing and related activities. The …

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Govt targets Rs 50,000-crore of public procurement through GeM in FY20

Three years since its inception/inaugration, the government e-marketplace (“GeM”) now stands at Rs 24,183 crore at the end of 2018-19. This is a result of the collective procurement by the Central and State governments. All public sector agencies are compulsorily required to directly purchase common-use goods and services through GeM. Commerce …

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Singapore PE funds are making major investments in India’s realty

In the past 2 years, private equity (“PE”) funds from Singapore have tripled particularly in India’s real estate industry, which now comprises a whooping 41% share of the total funds flowing into the relevant sector. Singaporean PE funds, in the past 2 years have invested a total of $3.5 billion …

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Indian Bank launches paperless account opening facility for NRIs

Non-Resident Indians (NRIs), residing in nearly 40 different countries, have now been enabled to open account in IDBI Bank without the need for submitting paper documents/physical copies. IDBI Bank has launched their ‘NRI-Insta-Online’account-opening process for NRIs residing in Financial Action Task Force (FATF) member countries. The NRI individual will now …

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Promoters under liquidation can settle with creditors – NCLAT

Providing an opportunity to promoters seeking to retain control of their companies that are under  bankruptcy, the National Company Law Appellate Tribunal (“NCLAT”) has recently held that shareholders and owners stipulate a settlement with creditors when their company is under liquidation and an official liquidator has already been appointed by the insolvency court. The NCLAT order has far and wide …

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MCA list shows major investment banks, tech companies, pharmaceutical firms and airlines affected by the IL&FS toxic bonds

Several top-ranking MNCs had invested their PF in the what is now toxic bonds of Infrastructure Leasing and Financial Services (ILFS). The earlier move puts the money of these firms’ employees at risk as per the report. Ministry of Corporate Affairs (MCA) has filed an additional affidavit before the National …

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Indian capital markets outperform several global markets with over 15% return in FY19

NEW DELHI: Indian capital markets have outdone  numerous major global markets, including certain developed ones such as the US and the UK along with  developing markets like China and Brazil, with double-digit returns in the financial year ending in March 2019. The performance of the market has been despite numerous global …

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In a first, CERC offers relief to Adani’s imported coal fuelled Gujarat project

In a pioneering move that may raise electricity tariffs, India’s apex power sector regulator the Central Electricity Regulatory Commission (“CERC”) on11th April has sanctioned the revised power purchase agreements (“PPA”) for Gautam Adani’s promoted Adani Power Ltd’s Gujarat plant on ground of unexpected increase in the prices of imported coal. …

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Supreme Court empowers home buyers to claim refunds

NEW DELHI: The Supreme Court in its recent judgement in Kolkata West International City Pvt Ltd Vs Devasis Rudra has empowered home buyers to claim refunds from builders/promoters cases of unjustifiable delay in handing over the home. In the instant case, the buyer paid Rs 39,29,280 in the year 2006 to the builder and according …

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In a first, NCLAT asks successful bidder to raise offer for United Seamless

In what is being seen as first ever in India’s bankruptcy laws history, an Appellate court has set aside a lender-approved resolution plan on the reasoning that the proposed upfront payment for the stressed asset, Indo-Malaysian joint venture United Seamless Tubular, was substantially lesser than the mean liquidation value. NCLAT further said …

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