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[By Mathangi K ] The author is a student at the Gujarat National Law University. Introduction The idea of a Stewardship Code has gained prominence across the world, with the UK adopting the world’s first Code for its domestic financial market in 2010.[i] The principal objective behind the UK’s adoption of the Stewardship Code was to incentivize its ‘rationally passive’ shareholders to monitor the company’s management, thus helping…
[By Devansh Jain and Vishal Marakana] The authors are students at the Institute of Law, Nirma University. In 2017, the Organization of Economic Co-operation and Development (OECD) Base Erosion and Profit Shifting (BEPS) came up with an action plan to tax the companies which operate digitally in any country without having any actual physical presence in that country. The main aim was to tax the companies which transact…
[By Damini Chouhan and Vinisha Jain] The authors are fourth-year students at the Institute of Law, Nirma University, Ahmedabad. Introduction The Indian Insolvency Law Committee (hereinafter “ILC”) believes that pre-pack models must be introduced as an alternative to Corporate Insolvency Resolution Process (hereinafter “CIRP”) to ease the insolvency process. ILC formed the Sub-Committee of the Insolvency Law Committee on Pre-packaged Insolvency Resolution Process (hereinafter “sub-committee”). This sub-committee proposed…
[By Sagnik Sarkar] The author is a student at the Tamil Nadu National Law University. Introduction In her 2019 Union Budget speech, Finance Minister Nirmala Sitaram announced the introduction of a ‘faceless e-assessment’ scheme in income tax matters, to curb unsavory practices which arise out of the physical contact traditionally required between the Income Tax Department and taxpayers in assessment proceedings. The highlight of this scheme is the…
[By Yash Jain and Jaskaran Singh Saluja] The authors are students at the Institute of Law, Nirma University, Ahmedabad. Introduction The Income Tax Appellate Tribunal (“ITAT”) is referred to as the ‘Mother Tribunal‘ for being the oldest tribunal in the country. For years the ITAT has been discharging its role admirably and effectively. In view to transforming the taxation regime, the Commissioner of Income Tax (“CIT”) was made…
[By Pranav Karwa and Gaurav Karwa] Pranav is a student at the National Law University, Jodhpur and Gaurav is a student at the West Bengal National University of Juridical Sciences. Recently, in the case of Manish Kumar v Union of India (“Manish Kumar Ruling”), the Supreme Court upheld the constitutional validity of all the provisos added to Section 7(1) of the IBC, 2016 (“Code”) via the IBC Amendment…
[By Varda Saxena] The author is a student at the Jindal Global Law School. Introduction The Consumer Protection Act (CPA) of 1986 was established to fulfill the obligations entailed under the General Assembly’s resolution[i] to adopt consumer protection regulations across signatory countries. Certain amendments to the Act were being deliberated in the parliament since 2014, and it was only in 2020 that the amendment bill came into force.[ii]…
[By Samridhi] The author is a student at Law Centre-1, Faculty of Law, University of Delhi. The Union Budget 2021-22 has brought with itself a further increase in the safe harbour limit provided to the real estate in instances where a sale is affected under the value which, as per Section 43CA and Section 50C, is ‘adopted, assessed or assessable by any authority of a State Government’ in…