MINISTRY OF CORPORATE AFFAIRS (MCA)

MCA PROBING MG MOTOR INDIA AS SCRUTINY ON CHINESE FIRMS WIDENS

The Ministry of Corporate Affairs (MCA) is considering an expanded inquiry into MG Motor India’s financial records based on the Registrar of Companies’ 2022 findings. MG Motor India emphasized legal compliance, stating it provided all necessary information during the March Registrar of Companies inquiry.

BID FOR TRANSPARENCY: INDIA’S CORPORATE AFFAIRS MINISTRY CALLS FOR REGULAR GENERAL MEETINGS OF COMPANIES

India’s Ministry of Corporate Affairs underscores the significance of frequent general meetings in response to a rise in company formations. These meetings offer shareholders a forum to query managerial choices, playing a vital role in mitigating corporate fraud and financial vulnerabilities.

UNVEILING TRANSPARENCY: LLPS TAKE CENTER STAGE WITH THE NOTIFIED LIMITED LIABILITY PARTNERSHIP (SIGNIFICANT BENEFICIAL OWNERS) RULES, 2023

The Ministry of Corporate Affairs introduces the Limited Liability Partnership (Significant Beneficial Owners) Rules, 2023, effective from November 9, 2023. Applicable to all LLPs, these rules mandate proactive identification of ‘significant beneficial owners.’

RESERVE BANK OF INDIA (RBI)

BANKS’ BORROWING FROM MSF HIGHEST IN NOVEMBER AS LIQUIDITY TIGHTENS

Borrowings from the Reserve Bank of India’s (RBI) Marginal Standing Facility (MSF) by banks surged in November, indicating a strained liquidity environment in the banking system.

MONETARY POLICY COMMITTEE POSSIBLY UNDERESTIMATES Q2 ECONOMIC GROWTH

RBI Governor Shaktikanta Das’ positive outlook on second-quarter economic growth contrasts with the Monetary Policy Committee’s (MPC) projection of 6.5%. National account figures, including Gross Domestic Product (GDP), for the quarter are set to be disclosed later.

RBI IMPOSES MONETARY PENALTY ON THE PATLIPUTRA CENTRAL COOPERATIVE BANK LTD, BIHAR

The RBI imposes a ₹1.50 lakh penalty on The Pataliputra Central Cooperative Bank Ltd, Bihar, dated November 13, 2023, for non-compliance with RBI directives.

MERGERS AND ACQUISITIONS

CHEMICALS MAJOR PCBL PLANS TO ACQUIRE PUNE-BASED AQUAPHARM CHEMICALS FOR ₹3,800 CRORE

PCBL Ltd plans to acquire a 100% stake in Aquapharm Chemicals Pvt Ltd (ACPL) for ₹3,800 crore, subject to agreed adjustments, through internal accruals and external fundraising.

AIA ENGINEERING ACQUIRES STAKE IN VEGA INDUSTRIES PERU, SHARES RISE

AIA Engineering Ltd. and subsidiary Vega Industries (Middle East) FZC subscribe to 3,65,328 shares in Vega Industries Peru Ltd, marking the acquisition of a 100% stake.

MARUTI SUZUKI’S ACQUISITION OF SUZUKI MOTOR GUJARAT GETS OVERWHELMING APPROVAL FROM SHAREHOLDERS

Shareholders overwhelmingly back Maruti Suzuki’s ₹12,841.1 Crore Acquisition of Suzuki Motor Gujarat’s 100% Equity Share Capital.

M&A ACTIVITY DIPS AMID GEOPOLITICAL CONCERNS, ONLY 5 MEGA DEALS THIS YEAR

A Boston Consulting Group report notes a downturn in M&A during Q1 2023, attributed to rising interest rates, geopolitical tensions, and recession fears.

TAX

EASE OF I-T REFUNDS, TAXPAYERS SAW REDUCED TIME, SIMPLIFIED PROCESS: SURVEY

The survey indicates reduced time for refunds and streamlined processes, with 90% of individual taxpayers receiving automatic refunds.

GST AMNESTY SCHEME PROVIDES RELIEF, APPEALS TO BE FILED BY JANUARY 31, 2024

The Finance Ministry outlines the appeal procedure for the GST amnesty scheme, aiming to assist taxpayers who missed the earlier appeal deadline.

INCOME TAX DEPARTMENT INTRODUCES NEW ‘DISCARD ITR’ FACILITY FROM AY24

The income tax portal introduces a feature allowing users to “Discard ITR” for unverified original, belated, or revised Income Tax Returns (ITRs) beginning from the assessment year 2023-24.

SECURITIES

EXCHANGE BOARD OF INDIA (SEBI)

SEBI BOARD GIVES NOD TO SMALL & MEDIUM REITS, DEFERS DECISION ON DELISTING NORMS

SEBI board approves flexibility for SSEs and a framework for small and medium REITs. Decision on delisting regulations deferred due to limited data.

KRONOX LAB SCIENCES INITIATES IPO JOURNEY, SUBMITS PAPERS TO SEBI

Vadodara-based Kronox Lab Sciences files draft-red herring prospectus (DRHP) with SEBI for an IPO, aiming to raise Rs 150-180 crore.

SEBI PROPOSES 4-MONTH COOL-OFF PERIOD FOR TRADING PLANS

SEBI proposes significant revisions to trading plans, including shortening the cool-off period and reducing the minimum coverage period.

ARBITRATION

ARBITRATION IN INDIA PLAGUED BY RAMPANT CORRUPTION: JUSTICE SANJIB BANERJEE

Former Chief Justice Sanjib Banerjee notes widespread corruption in India’s arbitration scenario, observing abuse of arbitration laws.

SCRAPPING OF TATA NANO PROJECT IN SINGUR: ARBITRAL TRIBUNAL AWARDS ₹766 CRORE COMPENSATION TO TATA MOTORS

The Arbitral Tribunal orders the West Bengal government to pay ₹766 crores in compensation to Tata Motors for scrapping the Tata Nano project in Singur.

ARBITRAL AWARD DISPUTE: HC ASKS SPICEJET MD AJAY SINGH TO APPEAR IN JANUARY

The Delhi High Court summons SpiceJet MD Ajay Singh concerning a dispute involving interest payments on an arbitral award exceeding Rs 570 crore in favor of Kalanithi Maran.

DELHI HC DISMISSES AIR INDIA’S PETITIONS CHALLENGING TWO 2016 ARBITRAL AWARDS

The Delhi HC dismisses Air India’s petitions challenging two 2016 arbitral awards related to service conditions and wage revisions.

INFORMATION TECHNOLOGY (IT)

PUNE CIVIC BODY PORTAL HACKED TO CHANGE CHILD’S NAME IN BIRTH CERTIFICATE, FIR LODGE

An unidentified person allegedly breached the Pune Municipal Corporation’s birth and death registration portal, changing a child’s name on the birth certificate without parental consent.

HC SEEKS GOVTS’ STAND ON TECHNOLOGY UPGRADE FOR BETTER TRAFFIC MANAGEMENT

The Delhi High Court requests responses from the Central and Delhi governments regarding a petition urging technology and infrastructure enhancement for monitoring traffic violations.

SUPREME COURT SIGNS MOU WITH IIT MADRAS FOR COLLABORATING ON USAGE OF ARTIFICIAL INTELLIGENCE & TECHNOLOGY

The Supreme Court formalizes a collaboration with IIT Madras for leveraging Artificial Intelligence and emerging technologies for various applications.

INDIA ADDRESSES DEEPFAKE THREATS: CALLS FOR LEGAL ACTION AND TECH SOLUTIONS

The Indian government tackles deepfake threats by urging social media platforms to adhere to takedown regulations and emphasizing legal measures against digital impersonation.

GAMING

INCOME TAX PAYABLE ON WINNINGS FROM ONLINE, OFFLINE GAMES OF CHANCE

E-commerce platforms’ gaming contests are considered games of chance and are subject to a flat 30% tax rate plus additional cess.

ONLINE GAMBLING ACT | BAN WON’T APPLY TO POKER, RUMMY: MADRAS HIGH COURT

The Madras High Court rules that the ban on online gambling won’t apply to poker and rummy, considering these games legal in physical form.

MINISTERS GROUP LIKELY TO DISCUSS E-GAMING ON DECEMBER 15

The Group of Ministers (GoM) is expected to discuss and regulate online gaming, focusing on taxation strategies and preventing unlawful gambling.

ONLINE GAMING COMPANIES GET RS 1 LAKH CR GST SHOW CAUSE NOTICES SO FAR

Indian tax authorities issue notices amounting to approximately 1 trillion rupees ($12.03 billion) to online gaming companies.

INTELLECTUAL PROPERTY

RISE IN PATENT APPLICATIONS IN INDIA DEMONSTRATES RISING INNOVATIVE ZEAL OF YOUTHS: PM MODI

A World Intellectual Property Organization report highlights a 31.6% growth in patent applications by Indian residents in 2022.

ARMY REGISTERS INTELLECTUAL PROPERTY RIGHTS OF NEW COMBAT UNIFORM

The Indian Army secures exclusive intellectual property rights for the design and camouflage pattern of the new combat uniform.

HOW MSMES CAN BOOST FUNDING FROM IP VALUATION RULES

The MSME sector contributes significantly to India’s GDP, and valuing IP assets can boost funding opportunities for these enterprises.