Home Exclusion of Promo's Contents from Film Not Unfair Trade Practice April 24, 2024 Santosh Vikram Singh Allowing the appeal filed by a film production company, the Supreme Court recently held that the exclusion from the movie of contents of its promotional trailer or ‘promo’ did not amount to deficiency in service or unfair trade practice.[1] With this, the Court set aside the decision of the National Consumer Disputes Redressal Commission (NCDRC). Facts of the case The promotional trailer of the film, ‘Fan’, produced by the appellant company, contained a song th ..read more

Home Unpacking the DMRC Case: Key Aspects Explained 19 April, 2024 Chandrasekaran R Shweta P Iyer In a major relief for the petitioner, Delhi Metro Rail Corporation Ltd., the Supreme Court recently held that the restoration of the arbitral award passed over five years ago, in favour of the respondent, Delhi Airport Metro Express Pvt. Ltd. resulted in a grave miscarriage of justice.[1] This decision, taken in the exercise of the Court’s curative jurisdiction, referred to the Tribunal’s unreasonable interpretation of the termination clause in the concession agreement and ..read more

Home Onboarding of Remote Trading Participants by IFSC Stock Exchanges April 17, 2024 Sanjana Sreenath On April 3, 2024, the International Financial Services Centre Authority (“IFSCA”) issued a Circular on Remote Trading Participants (IFSCA/CMD-MIIT/RTP/2023-24/001) (“Circular”).[1] Through this, foreign entities, not having a physical presence in the International Financial Service Centres (“IFSCs”), are permitted to directly trade on IFSC stock exchanges without a broker-dealer. These entities are called Remote Trading Participants (“RTPs”). This article will break d ..read more

Home Enhancing Trust: Governance Framework for Insurers April 5, 2024 Rohan Singh Siddhi Kasekar Recently, the Insurance Regulatory and Development Authority of India (“IRDAI”) approved eight principle-based consolidated regulations after conducting a comprehensive review of the regulatory framework for the insurance sector during its 125th authority meeting held on March 19, 2024. Among these regulations is the IRDAI (Corporate Governance for Insurers) Regulations, 2024 (“Regulations”), aimed at establishing a robust governance framework for insurers by defining the r ..read more

Home SEBI’s 204th Board Meeting: A Look at Key Decisions April 4, 2024 Rohan Singh Siddhi Kasekar The Securities and Exchange Board of India (“SEBI”) convened its 204th Board Meeting in Mumbai on March 15, 2024.[1] During this session, several significant decisions were taken to enhance the regulatory framework governing the Indian securities market. This article provides an overview of the key approvals granted by SEBI in the said Board Meeting. Expediting timelines: Launch of beta version of T+0 settlement cycle approved SEBI has approved the launch of the bet ..read more

Home Property Tax: BBMP’s Guidance Value-Based System 20 March, 2024 Smitha Pavan Prateek Panday On March 6, 2024, the Bruhat Bengaluru Mahanagara Palike (Amendment) Act, 2024 (“Amendment Act”)  received the assent of the Governor, was first published in the Karnataka Gazette Extra-ordinary on March 7, 2024, and accordingly, the Amendment Act has come into force at once from the date of publication.   The Amendment Act, inter alia other amendments to the Bruhat Bengaluru Mahanagara Palike Act, 2020 (“2020 Act”), lays emphasis on collection of property tax ..read more

Home Determination of Monetary Penalty: Decoding CCI's Guidelines March 13, 2024 Orijit Chatterjee On March 6, 2024, the Competition Commission of India (CCI) came out with important notifications pertaining to the imposition of penalties on enterprises and individuals for contravening provisions of the Competition Act, 2002. While the CCI (Determination of Turnover or Income) Regulations, 2024, provide for the determination of turnover or income of enterprises and individuals for imposing penalty under Sections 27 and 48, the CCI (Determination of Monetary Penalty) Gu ..read more

Home Under-testing AI Models: MeitY's Advisory to Tackle Potential Risks March 7, 2024 Gaurav Sahay The Ministry of Electronics and Information Technology (MeitY) released an advisory on March 1, 2024, specifying that permission from the government has to be obtained before the under-testing or unreliable artificial intelligence (AI) models are made available to users on the Indian internet. A few days ago, in response to a user’s prompt as to whether the Indian Prime Minister was fascist, Google’s AI platform, Gemini responded that he has been “accused of implemen ..read more

Home CIRP Amendments: Positive Stride Towards Enhancing Framework March 6, 2024 Jayaprakash Padmanaban Lakshmi Kandasubramanian Theyagarajan B The Insolvency and Bankruptcy Board of India (IBBI), vide notifications dated February 12, 2024, and February 15, 2024, amended the IBBI (Liquidation Process) Regulations, 2016,[1] and the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016,[2] respectively, in order to streamline and optimise the insolvency resolution process. The key amendments brought in, and their potential implications are as fo ..read more

Home Governance, Risk & Compliance: Future Trends & Strategies March 1, 2024 Jeevanandham Rajagopal Jinal Jain As we all know, governance, risk, and compliance (GRC) are the three core elements in the corporate world referring to an organization’s strategy for handling the interdependencies among corporate governance policies and framework, risk management and mitigation approach along with regulatory and compliance requirements of companies. The objective of this article is to understand the future of corporate governance with compliance and risk management me ..read more