Category: Legal Updates

Digital Personal Data Protection Rules

Draft Digital Personal Data Protection Rules, 2025

Legal Updates | January 10, 2025 | Practice Area: , , ,

A long-anticipated draft of the Digital Personal Data Protection Rules, 2025 (“Draft Rules”) was released by the Central Government (“Government”) on January 3, 2025 for public consultation and comments, along with an explanatory note on the contents on the Draft Rules. Once brought into effect, these rules will enable implementation of the Digital Personal Data Protection Act, 2023 (the “DPDP Act” or the “Act”), which was published in the Official Gazette on August 11, 2023, although not yet in force. The consultation process on the Draft Rules will continue until February 18, 2025. The rules under the DPDP Act are proposed to be implemented in a staggered manner.
To recap, the DPDP Act lays down the law for processing of digital personal data (any data in digital form about an individual who is identifiable by or in relation to such data) in a manner that recognizes both the rights of individuals to protect their personal data and the need to process such data for lawful purposes and for connected or incidental matters. For an overview of the provisions of the DPDP Act, please see our notes here and here.
This note analyzes certain key aspects introduced or further clarified under the draft rule.

commencement certificate and completion certificate

Clarification on Exemption from Project Registration and Interpretation of Commencement and Completion Certificate

Legal Updates | November 5, 2024 | Practice Area: , , ,

Maharashtra Real Estate Regulatory Authority (“MahaRERA”) earlier had already issued clarification regarding projects which are exempted from getting registered under the Real Estate (Regulation and Development) Act, 2016 and what denotes a commencement certificate and completion certificate in plotted real estate projects vide circulars and orders. However, there was still some ambiguity regarding interpretation of these issues. Therefore, in order to ensure ease of reference and harmonious construction as well as to cure the anomaly, MahaRERA decided that these issues covered under various circulars/orders be merged and incorporated in a consolidated order and hence issued the present order i.e. Order No.62/2024.

competition act 2002

Key Changes to the Competition Act, 2002

Legal Updates | October 3, 2024 | Practice Area: ,

The Ministry of Corporate Affairs, Government of India, and the Competition Commission of India (“CCI”) have introduced certain amendments to the Competition Act, 2002 (“Competition Act”) and the regulations framed thereunder. These include introduction of deal value thresholds to the Competition Act, relaxations for open offers and implementation of stock exchange purchases, changes to certain exemptions to test the notifiability of transactions, and changes to the CCI review timelines. This note describes the changes introduced to the Competition Act and the regulations framed thereunder.

Underwriting Framework for Public Issues

SEBI Modifies Underwriting Framework for Public Issues

Legal Updates | May 25, 2023 | Practice Area: ,

On May 23, 2023, the Securities and Exchange Board of India amended the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 to effect changes to the underwriting framework applicable to public offerings. Essentially, the SEBI amendment mandates that if an issuer making a public offering through the book-built route desires to have the offering underwritten to cover any under-subscription (referred to as hard underwriting), it is required to enter into an underwriting agreement with the underwriters upfront and prior to filing the red herring prospectus and make necessary disclosures of the underwriters’ commitment in the RHP. This note discusses the key changes made by SEBI to the regulations governing hard underwriting in book-built public offerings in India.

InvIT and REIT Regulations

InvIT and REIT Regulations: Recent Amendments

Legal Updates | February 20, 2023 | Practice Area: , , ,

This note provides an overview of the amendments that were issued on February 14, 2023 by the Securities and Exchange Board of India to the SEBI (Infrastructure Investment Trusts) Regulations, 2014 and the SEBI (Real Estate Investment Trusts) Regulations, 2014. The amendments primarily introduce governance-related requirements for investment managers of InvITs and REITs and apply to all InvITs and REITs, including those proposing to register or list. The amendments also include certain requirements with respect to the appointment of auditors of InvITs and REITs, limited review of the accounts of assets of InvITs and REITs and the treatment of unclaimed distributions. Clarifications in relation to the calculation of leverage thresholds and the definition of change in control under the regulations are also part of the amendments. The governance norms and the clarifications to the definition of change in control are effective from April 1, 2023 and the other provisions are effective immediately.

Competition Amendment Bill 2022

Competition Amendment Bill, 2022: Key Changes to the Competition Act, 2002

Legal Updates | August 17, 2022 | Practice Area: ,

On August 5, 2022, the Competition (Amendment) Bill, 2022 (the “Bill”), to amend the Competition Act, 2002 (the “Competition Act”), was introduced in the Indian Parliament. The timing of approval of the Bill, and its coming into effect, is uncertain at present. The Bill introduces certain new concepts into the field of Indian competition law, including Deal Value Thresholds, the changes to the definition of ‘control’, and mechanisms to settle certain violations of the Competition Act. It also provides for practical and much-needed updates to the Indian competition law regime, including relaxations for implementation of stock exchange purchases, proposed publication of guidelines for fines, and reduction of timeframes for the Competition Commission of India’s approval. This note provides detailed description of the changes proposed by the Bill.

pvr inox

The PVR-INOX Merger: Bouncing Back from the Pandemic

Legal Updates | April 6, 2022 | Practice Area:

On March 27, 2022, PVR Limited announced that it proposes to merge with INOX Leisure Limited. The combined entity will be rebranded as ‘PVR INOX’ and will have a network of 1,546 theatres. Ordinarily, a deal of such magnitude would have required prior approval from the Competition Commission of India, however the decreased revenue of the parties owing to the pandemic appears to have provided a unique benefit to this deal. This note analyzes the market positions of PVR and INOX, the role of the CCI, and the target based exemption that is applicable to this deal.

competition commission of India

CCI Suspends Approval for Amazon-Future Deal

Legal Updates | December 22, 2021 | Practice Area:

By way of an order dated December 17, 2021, the Competition Commission of India (“CCI”) has fined Amazon.com NV Investment Holdings LLC (“Amazon”) an amount of INR 200 crore for suppression of facts in its application to the CCI for approval of its proposed acquisition of 49% of the shares of Future Coupons Private Limited (the “Amazon Acquisition”). The CCI has also directed Amazon to file a fresh application for approval of the Amazon Acquisition and stated that until disposal of the fresh application to be filed by Amazon, the earlier approval order of the CCI shall “remain in abeyance”.

This note analyses this decision of the CCI, including the basis for the CCI’s suspension of its approval and Amazon’s internal material considered by the CCI.

Supreme Court of India Clarifies ‘What is Arbitrable’ under Indian Law and Provides Guidance to Forums in Addressing the Question

Legal Updates | January 5, 2021 | Practice Area:

In the recent spate of amendments to the Arbitration & Conciliation Act, 1996 (the “Arbitration Act”), one issue remained overlooked – whether a particular dispute can be referred to arbitration or whether such dispute is exclusively reserved for adjudication by a court. For almost a decade, the sole guidance to courts deciding this question was the test formulated by the Supreme Court of India (the “Supreme Court”) in Booz Allen and Hamilton Inc v. SBI Home Finance Ltd. & Others (2011) 5 SCC 532 (“Booz-Allen Test”). However a closer look at the rulings of the Supreme Court over the last few years reveal that the Booz-Allen Test has failed to withstand the test of time – the ‘nature of rights’ principle on which the test is predicated has been found inadequate to conclusively determine the question of arbitrability. Recently, the Supreme Court revisited this question in Vidya Drolia & Others v. Durga Trading Corporation 2019 SCCOnLine SC 358 (“Vidya Drolia”) and proposed a four-fold test to determine arbitrability under Indian law. The Supreme Court also issued guidance to forums adjudicating this issue.