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The Shift from Promoter-Led to Promoterless Listed Companies in India
1. Overview: The Shift from Promoter-Led to Promoterless Listed Companies in IndiaIndian listed companies have traditionally operated under promoter-driven ownership, where a single individual or a cl...
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Violation of Tenure Norms for Independent Directors: Penalty Imposed on Company and Key Personnel
Overview of the Case(i) Background and Core Issue:This case revolves around a company’s appointment of an independent director for more than two successive terms, thus contravening the clear restricti...
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Navigating Disputes Against GST Demands under Sections 73 and 74 of the CGST Act: Remedies, Judicial Trends, and Strategic Considerations
1. OverviewThe introduction of the Goods and Services Tax (GST) system was intended to streamline indirect taxation across India. Yet, the frequent issuance of demand notices and adjudication orders u...
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Re-examining Section 16(2)(c) of the CGST Act, 2017: Should the Buyer Bear the Consequences of the Seller’s Default?
Introduction: Promise and Pitfalls of the GST FrameworkThe Goods and Services Tax (GST) system in India was introduced with a vision to ensure uninterrupted flow of input tax credit (ITC) across the e...
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Finance Bill, 2026 and Share Buybacks: Shifting Tax Dynamics – Who Gains, Who Loses?
OverviewShare buybacks have traditionally served as an attractive alternative to dividend distribution for companies, enabling them to repurchase their own shares either via the stock market or throug...
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Overview of Tax Exemption for Foreign Companies Engaging Indian Data Centres (Finance Bill, 2026)
1. Overview of Tax Exemption for Foreign Companies Engaging Indian Data Centres (Finance Bill, 2026)The Finance Bill, 2026 introduces a notable tax relief for foreign companies utilizing data centre s...
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Union Budget 2026-27: Key Direct Tax Reforms Emphasizing Compliance, Clarity, and Litigation Mitigation
Introduction: A New Era of Tax Compliance and CertaintyThe Union Budget 2026-27 introduces sweeping legislative adjustments to the Income-tax Act, aimed at simplifying the tax landscape, reducing the...
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Proposed Changes to Schedule IV of the Income Tax Act, 2025: An Analysis of the Need for Revamping
1. Overview1.1 Section 11(1) of the Income Tax Act, 2025, stipulates that income types listed in Schedules II through VI are to be excluded from the computation of total income for any assessee, provi...
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Rethinking the NPO Tax Regime: Key Issues in the Income-tax Act, 2025 and Urgent Recommendations for Budget 2026
1. Overview of the New Legislation and NPO Taxation ModelThe Income-tax Act, 2025, slated to replace the Income-tax Act, 1961 and effective from 1 April 2026, represents a comprehensive overhaul of In...
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Appointment of Non-Resident as Managing Director: Regulatory Breach and Penal Consequences under Companies Act, 2013
Background of the Legal Issuei) Introduction to the CaseM/s Sushruta Medical Aid and Research Hospital Limited, an entity operating in the healthcare sector, was found in breach of provisions under th...
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Trading on Unpublished Price Sensitive Information under Regulation 4 of SEBI (Prohibition of Insider Trading) Regulations, 2015: Presumptions, Defences, and Governance Structure
1. Overview: Regulation 4 as the Pillar of Insider Trading EnforcementRegulation 4 of the SEBI (Prohibition of Insider Trading) Regulations, 2015 forms the cornerstone of the insider trading regulator...
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Comprehensive Review of GST Applicability on Transfer of Development Rights (TDR) in Residential Apartment Construction
1. OverviewThe Indian real estate landscape has witnessed considerable evolution, with the Joint Development Agreement (JDA) model becoming increasingly prominent. In this model, landowners and develo...
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A New Era of Reassessment: Jurisdictional Boundaries under Sections 148A(1) and 148A(3) of the Income-tax Act
OverviewThe framework for reassessment under the Income-tax Act has long been subject to rigorous judicial oversight. This is largely because reopening finalized tax assessments not only affects the r...
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Disallowance of Expenses Linked to Exempt Income under Section 14A: An In-Depth Overview
Introduction: Context and Legislative EvolutionSection 14A and Its Legislative BackgroundTax professionals are frequently confronted with questions about the disallowance of expenditure related to exe...
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Understanding the Object Clause: Definition, Scope, and Legal Implications
Overview of the Object Clause in Company LawThe object clause forms the backbone of a company’s Memorandum of Association (MOA), laying out the permissible range of activities for which the company is...
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Secretarial Auditor Appointment Post-Listing: Navigating Compliance in a New Regulatory Era
Introduction: Post-Listing Governance TransitionCompanies reaching the milestone of stock exchange listing enter a new compliance regime. While the initial focus is on meeting IPO requirements, the tr...
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SEBI’s 2025 Rights Issue Overhaul: A New Era for Capital Raising via Rights Issues
1. OverviewOn March 3, 2025, the Securities and Exchange Board of India (SEBI) introduced the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulati...
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DGFT’s Revamped eBRC Format: Mastering the Digital Compliance Era in Export Realisations
Overview of the Revised eBRC Compliance LandscapeThe Directorate General of Foreign Trade (DGFT) has implemented a significant overhaul to the Electronic Bank Realisation Certificate (eBRC) mechanism,...
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Delayed Filing of Declaration for Commencement of Business: ROC Penalty on Company and Directors – A Detailed Analysis
Background of the MatterM/s. QZ Energies (India) Private Limited, based in Bengaluru, Karnataka, was incorporated on 10th April 2023 under the Companies Act, 2013. As mandated by section 10A(1)(a) of...
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Legal and Procedural Dimensions of Compromise, Arrangement, and Amalgamation under Companies Act, 2013
IntroductionEvery commercial entity experiences various phases throughout its existence, ranging from growth and prosperity to periods of hardship and financial challenges. For instance, a company tha...