The Amendment Through a circular dated January 23, 2024, the Finance Ministry of India has amended Section 43B of the Income Tax Act, 1961 (“IT Act”). Section 43B of IT Act lists certain deductions which can be claimed only upon payment. The amendment has inserted a new sub-clause (h) which states that payments owed […]
Supreme Court emphasizes need for credible evidence in claims for loss of profit due to breach of contract.
In a recent ruling, the Supreme Court emphasized the essential requirement of credible evidence in loss of profit claims, setting a precedent for rigorous standards in such legal matters. M/S Unibros (“Unibros”) was awarded a work contract by All India Radio (“AIR”) to carry out construction of Delhi Doordarshan Bhawan. The project was delayed by […]
The EU AI Act, a groundbreaking development in the regulation of artificial intelligence, recently achieved provisional agreement, marking a pivotal moment in the governance of this transformative technology. Going beyond mere regulation, this comprehensive legal framework is poised to set international standards for AI development and deployment. This article explores the key aspects of the […]
The Ministry of Corporate Affairs has amended certain rules under the Companies Act, 2013 and the Limited Liability Partnership Act, 2009. A brief description of the changes are set out below: Every Company to have a designated person for providing information to the ROC in relation to beneficial interest in shares of the company […]
In a recent case, the Delhi High Court considered whether the use of a trademark as a keyword in a search engine can constitute trademark infringement. The judgment is likely to have implications for other companies that use trademarks as keywords in search engine advertising. Brief facts of the case are set out below: DRS […]
The Digital Personal Data Protection Act, 2023 (“DPDP Act”) is a new law in India that regulates the processing of personal data. This FAQ provides a brief overview of the DPDP Act, including its key definitions, the rights and duties of data principals and data fiduciaries, and the penalties for violating the Act. What […]
The shareholding percentage of a shareholder reflects the investment value of a shareholder. Commonly, a shareholder’s rights are tied to his shareholding percentage, special rights may be provided to a shareholder due to his higher shareholding percentage, and such rights fall away if such shareholder’s shareholding drops below a certain threshold. In an […]
One of the main aspects of a shareholders agreement for an investor is the mechanism through which the investor will be able to sell his shares and see the colour of money. Part 2 of this knowledge series covers the mechanism of Drag Along Right and Tag Along Right which are important mechanism pertaining to […]