NCLAT set aside penalty on lenders for delay in Mudra Denim insolvency process, ET LegalWorld
The National Company Law Appellate Tribunal (NCLAT) has set aside the penalty imposed against lenders of debt-ridden Mudra Denim, saying there was no laxity on their part for delay in insolvency process. The Mumbai bench of the National Company Law Tribunal had, on November 11 last year, while deciding creditors’ plea seeking extension of deadline […]
Finance minister Nirmala Sitharaman set to introduce bill for new direct tax law in the budget session, ET LegalWorld
Nirmala Sitharaman, Union Finance Minister Finance minister Nirmala Sitharaman is set to introduce a bill for a new direct tax law in the budget session, which will focus on simplification of the provisions, doing away with the ones that are redundant and attempt to make the language more layman friendly. The committee tasked with the […]
Can disputes be re-arbitrated after an Award is set aside? Delhi high court weighs in, ET LegalWorld
On January 14, The Delhi High Court declined to appoint an arbitrator in a dispute where the claims had already been the subject matter of a prior arbitration reference. The judgment attains significance because of the lack of any clarity on the point of law where claims can keep getting re-arbitrated after the award gets […]
Getting multiple personal loans set to get tougher, ET LegalWorld
Borrowers seeking multiple personal loans will face increased scrutiny starting in the new year. A new rule requires lenders to update credit information every 15 days, instead of monthly. This change makes it harder for individuals to qualify for multiple loans simultaneously. The Reserve Bank of India (RBI) mandated this change in August, giving lenders […]
DPDP rules set to clarify on consent, and data processing, ET LegalWorld
The Digital Personal Data Protection Rule is likely set to be released by the end of the month. The DPDP Act mandates verifiable consent of parents/lawful guardian to process personal data of children and persons with disabilities. “Notably, the DPDP Act provides an enablement for the Central Government to exempt classes of data fiduciaries and […]
Can ICAI set quality rules for audit firms?, Legal News, ET LegalWorld
Institute of Chartered Accountants of India’s (ICAI) stand taken in a disciplinary case in the Delhi High Court is being seen at variance, with its plea on the recently released Standard on Quality Management (SQM) covering services provided by audit firms. ICAI has argued that the Companies Act governs audit standards, which are notified by […]
Denied exemption, Sebi chief Madhabi Buch set to appear before PAC tomorrow, ET LegalWorld
After much suspense, Sebi chairperson Madhabi Buch is scheduled to appear before the Public Accounts Committee of Parliament on Thursday, a meeting that on agenda is slated to be a performance review of the top regulator, but which may result in fireworks over its functioning as well as about the recent allegations of impropriety levelled […]
Delhi govt to set up special courts for people with disabilities, ET LegalWorld
Delhi Chief Minister Atishi has approved a project to set up special courts for the people with disabilities in the city, an official statement said on Monday. Its a “historic step” by Delhi government towards ensuring justice for people with disabilities, Atishi said in the statement. The courts will be designed to accommodate the specific […]
Sebi gives in-principle approval to set up Jio Financial-BlackRock’s proposed mutual fund, ET LegalWorld
Capital market regulator Securities and Exchange Board of India (Sebi) has granted in-principle approval to Jio Financial Services and BlackRock Financial Management Inc to act as co-sponsors and set up proposed fund. The Reliance Industries’ NBFC arm and BlackRock Advisors Singapore Pte. Ltd have formed joint venture company named ‘Jio BlackRock Investment Advisers Private Limited’ […]
Sebi set to curb booming options frenzy as risks abound, Legal News, ET LegalWorld
India’s securities market regulator will consider rules to limit a surge in derivatives trading in the nation, people familiar with the matter said, after growing retail participation took the speculative bets to the highest in the world. The Securities and Exchange Board of India will discuss the measures proposed earlier in July — including limiting […]