We are pleased to announce that M.V. Abhinaya, Ishita Mathur, Ishan Seth and Shwetank Sharma have been designated as Counsel at S&R Associates.
We are also pleased to announce that Mahek Chheda, Prerana De, Ankur Kishanpuria, Mohnish Mathew, Vinayaditya Reddy, Manan Sheth, Taranjeet Singh, Avani Tewari, Kaveri Varma and Riyan Vatcha have been promoted as Principal Associates.
Twenty-four years after the Second National Commission on Labour (2002) recommended simplification of central labour laws and 7 years after the Government of India took the first step towards effecting such simplification when the President’s assent was given to the Code on Wages, 2019, the Government of India brought into force on 21 November 2025 the four comprehensive labour codes, which consolidates India’s erstwhile fragmented labour law regime into: (i) the Code on Wages, 2019; (ii) the Code on Social Security, 2020; (iii) the Industrial Relations Code, 2020; and (iv) the Occupational Safety, Health and Working Conditions Code, 2020 (collectively, the “Labour Codes”).
This note explains the key changes introduced by the Labour Codes to the labour law regime in India and also highlights the areas that remain unchanged pursuant to this overhaul in the labour law regime in India.
The Supreme Court of India in Securities and Exchange Board of India v. Terrascope Ventures Limited (2026 INSC 245). The note analyzes the landmark judgment of Securities and Exchange Board of India v. Terrascope Ventures Limited, where the Supreme Court of India ruled that deviations from the disclosed use of proceeds of a preferential issue cannot be cured by shareholder ratification or post-facto amendments to the company’s memorandum of association. The note outlines SEBI’s affirmation that its regulatory framework protects market integrity and that such breaches cannot be waived by corporate actions.
The Insolvency and Bankruptcy Code, 2016 (“IBC”) is intended to be sector agnostic and to provide a uniform framework for corporate insolvency resolution and liquidation for diverse businesses regardless of their industry sector. Nevertheless, there are challenges under the IBC framework for companies operating in certain industries, owing in large part to the nature of their value generating assets and the sector specific regulations governing their industry. One such sector is the telecom industry where the treatment of spectrum usage rights/licenses in case of a telecom service provider’s (“TSP”) insolvency was the subject of the Supreme Court’s (“SC” or the “Court”) recent decision in State Bank of India v. Union of India. After examining the interplay between the IBC and the telecom regulations governing spectrum allocation to TSPs, the Court held that spectrum usage rights allocated to TSPs and reflected in their balance sheets as an intangible ‘asset’ did not constitute assets of the TSP for purposes of the IBC and, therefore, could not be subjected to IBC proceedings. The Court’s decision has far reaching implications for the interface between the IBC and the constitutional framework governing natural resources, the treatment of intangible assets in insolvency, and the principles guiding the interaction between overlapping statutory regimes. This note analyzes the SC’s decision and its implications for stakeholders.
India’s Union Budget 2026-27 has introduced targeted tax incentives for the data centre industry, including a tax holiday until 2047 and a safe harbor regime with a 15% margin for domestic data centre service providers. These reforms are expected to significantly influence how foreign companies procure data centre services in India and how domestic data centre service providers structure their ownership and contractual arrangements. This note explores the impact of these tax reforms on existing data centre business models, contracting structures, and investment considerations for both domestic and foreign stakeholders.