Corporate Law

On February 21, 2024, the Union Cabinet made a historic stride by sanctioning a groundbreaking revision to India's Foreign Direct Investment Policy ("FDI Policy") in the space sector. This pivotal decision marks a significant departure from India's traditional stance, signaling a bold shift towards leveraging private investment and expertise to drive the nation's space aspirations forward. ......

In 2015, Cox and Kings Limited (hereinafter referred to as “Petitioner”) entered into three agreements with SAP India Private Limited (hereinafter referred to as “Respondent No. 1”) for availing certain software services. One of the agreements executed between the Petitioner and Respondent No. 1 was the General Terms and Conditions (hereinafter referred to as “GTC”) containing the impugned arbitration clause. ......

On November 9, 2023, in exercise of the powers conferred by section 79 of the Limited Liability Partnership Act, 2008 (“LLP Act”), the Ministry of Corporate Affairs (“MCA”) released the Limited Liability Partnership (Significant Beneficial Owners) Rules, 2023 (“LLB SBO Rules”). The LLP SBO Rules came into effect on November 10, 2023. ......

On October 27, 2023, the Ministry of Corporate Affairs, notified the Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2023 ("Amended Prospectus Rules") to amend the Companies (Prospectus and Allotment of Securities) Rules, 2014 ("Prospectus Rules"). ......

On October 27, 2023, the Ministry of Corporate Affairs, in exercise of its powers under sub-sections (1) and (2) of Section 79 of the Limited Liability Partnership Act, 2008 (“LLP Act”), issued a notification to amend the Limited Liability Partnership Rules, 2009 (“LLP Rules”). The amended rules make several significant changes to the extant LLP Rules, primarily related to the register of partners and beneficial interests in the contributions of the Limited Liability Partnership (“LLP”). ......

Recently, in the case of Vivek Khanna vs. OYO Apartments Investments LLP , the Delhi High Court dismissed a petition filed under Section 34 of the Arbitration and Conciliation Act, 1996 ("A&C Act"), by way of which, Mr. Vivek Khanna (the "Petitioner") assailed the award dated March 31, 2023 (the "Impugned Award") passed by the arbitral tribunal comprising of a sole arbitrator. ......

The Bharatiya Nyaya Sanhita Bill, 2023 ("New IPC Bill"), the proposed successor to the existing Indian Penal Code, 1860 ("IPC") was introduced in the Lok Sabha on August 11, 2023. The Bill was tabled along with two other bills: (1) Bharatiya Nagarik Suraksha Sanhita Bill, 2023; and (2) Bharatiya Sakshya Bill, 2023 intended to replace the Code of Criminal Procedure, 1973 and the Indian Evidence Act, 1872 respectively. ......

The High Court of Telangana, in its judgment dated August 24, 2023 in the case of M/s GMR Spintex Private Limited, rep. by its Director v The Regional Director, Ministry of Corporate Affairs , upheld an order passed by the Ministry of Corporate Affairs, where, it directed the change of name of a company on the grounds that it may cause confusion and deception. ......

The Securities and Exchange Board of India ("SEBI"), by way of its notification dated June 14, 2023, amended the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("LODR Regulations"). Through this amendment, the SEBI introduced a crucial, timely and rather unique requirement for the top 100 and top 250 listed entities in India to address market rumours. ......