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[By Adwitiya Gupta & Suprava Sahu] The authors are students of Gujarat National Law University. Introduction The Supreme Court in Mineral Area Development Authority v M/s Steel Authority of India, by an 8:1 majority, overturned the 1989 decision, which decreed that royalties paid by miners on minerals are a tax. This decision gives states the power to tax mining activities, through which the states can now collect...
[By Vibhor Maloo & Shubhanshu Dubey] The authors are students of HNLU, Raipur. Introduction As tax evasion tactics become more sophisticated, India’s legal framework is changing significantly. The recent Telangana High Court (HC) ruling has initiated a debate on whether General Anti-Avoidance Rules’ (GAAR) pervasive powers, which empower tax authorities to scrutinize and invalidate transactions primarily aimed at avoiding taxes, even if they comply with the letter...
[By Dhawni Sharda & Anshika Agarwal] The authors are students of National Law University Odisha. INTRODUCTION Through Budget 2024, the Government of India has pioneered an ambitious objective to set up over a hundred Payment banks as a significant step towards financial inclusion and security. These banks have been a modicum between the formal banking institutions and the unbanked population. This fosters greater financial literacy, encouraging savings...
[By Tejas Venkatesh] The author is a student of Jindal Global Law School. Introduction On 16th August 2024, the Securities and Exchange Board of India (“SEBI”) released a consultation paper on Expanding the Scope of Sustainable Finance Framework in the Indian Securities Market. The purpose of the paper is to solicit public comments on the appropriateness and adequacy of the proposed new framework for ESG debt securities...
[By Sahil Sachin Salve] The author is a student of Maharashtra National Law Univeristy, Mumbai. Introduction: On June 5, 2024, SEBI issued a circular mandating that Clearing Corporations (CCs) directly credit securities to client demat accounts, effective October 14, 2024. Previously, SEBI had taken a significant step by discontinuing the use of pool accounts for mutual fund transactions from July 1, 2022. Initially, the direct payout into clients’...
[By Siddharth Sengupta & Ansruta Debnath] The authors are students of National Law University Odisha. Introduction On February 28, Reliance Industries Limited (“RIL”) and The Walt Disney Company announced that they would be merging their Indian television and internet streaming businesses to create an organization with a valuation of more than $8.5 billion. The two former competitors, who were until recently engaged in a fierce legal dispute over...
[By Zoya Farah Hussain & Digvijay Khatai] The authors are students of National Law University Odisha. Introduction The term “delisting” of securities means the removal of securities of a listed company from a stock exchange, providing an exit route for public shareholders from the company. Delisting can be either compulsory or voluntary. In the former case, a public company would delist itself following non-compliance with listing guidelines promulgated...
[By Yash Kaushik] The author is a student of National Law University Odisha Introduction The U.S. District Court of Columbia, vide its order dated August 5, 2024, ruled that the tech giant Google was a monopolist, meaning it illegally cemented its dominance in the area of ‘general search services’ and ‘general search text ads’. Google was allegedly involved in the transgression of Section 2 of the Sherman...