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AZB & Partners – Inter Alia – Quarterly Edition

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December 2022
STRICTLY FOR PRIVATE CIRCULATION

IN THIS ISSUE

CORPORATE & SCRA | SEBI BANKING & FINANCE | EMPLOYMENT INTELLECTUAL PROPERTY | LITIGATION | MEDIA TELECOMMUNICATIONS INFORMATION TECHNOLOGY | INFRASTRUCTURE | REAL ESTATE | MISCELLANEOUS

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  • Amendment in Companies (Registered Valuers and Valuation) RulesThe Ministry of Corporate Affairs (‘MCA’), by way of its Notification dated November 21, 2022 has amended the Companies (Registered Valuers and Valuation) Rules, 2017. Below is a summary of…

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  • Extension of Time Period for Holding AGM / EGMIn light of the COVID-19 pandemic, the MCA had previously issued various Circulars permitting companies to hold general meetings through video conferencing or other audio-visual means and laying down the operational procedures and safeguards…

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  • Notification Relating to Authorities/Bodies With Whom Information May Be Shared Under Section 66 of PMLAThe Ministry of Finance (‘MoF’), by way of its Notification dated November 22, 2022, amended its previous Notification dated June 27, 2006, to add 15 authorities/bodies to a list of authorities/bodies with whom the Enforcement Directorate…

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  • Amendments to SEBI (SAST) RegulationsSecurities and Exchange Board of India (‘SEBI’) has amended the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (‘SAST Regulations’) by way of its Notification dated…

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  • Amendments to SEBI (LODR) RegulationsSEBI has by way of its Notification dated November 14, 2022 amended the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI (LODR) Regulations’). The key changes…

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  • Relaxation in Enforcement of SEBI (LODR) Regulations in Relation to Strategic Disinvestments by Central GovernmentAs per Regulation 102 of the SEBI (LODR) Regulations, in the interest of investors, and the interest and development of the securities market, SEBI is vested with the power to relax the strict enforcement of any requirements under the SEBI…

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  • Foreign Investment in AIFsSEBI by way of its Circular dated December 9, 2022, introduced the following requirements relating to foreign investment in Alternative Investment Funds (‘AIFs’)…

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  • Guidelines for AIFs for Declaration of First Close, Calculation of Tenure and Change/Change in Control of Sponsor/ManagerSEBI has by way of its Circular dated November 17, 2022, introduced certain guidelines with respect to the declaration of first close, calculation of tenure and change of sponsor/manager or change in control of sponsor/manager as specified…

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  • Schemes of AIFs Which Have Adopted Priority in Distribution Among InvestorsSEBI has by way of its Circular dated November 23, 2022, clarified that it is currently examining the priority distribution model adopted by certain schemes of AIFs wherein a class of investors (other than the sponsor/manager) share losses more…

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  • RBI Directions on Operation of Subsidiaries/Branches of Indian Banks and AIFIs in Foreign Jurisdictions and IFSCsRBI has issued a Circular on December 1, 2022, addressing the issue of financial products by overseas/foreign branches of Indian banks and All India Financial Institutions (‘AIFI’). The foreign branches/foreign subsidiaries of the Indian banks…

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  • Multiple NBFCs in a Group: Classification in Middle LayerRBI has issued a Circular on October 11, 2022, to clarify the position of Investment and Credit Company (‘NBFC-ICC’), Micro Finance Institution (‘NBFC-MFI’), NBFC-Factor and Mortgage Guarantee Company (‘NBFC-MGC’) forming part…

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  • Review of Regulatory Framework for Asset Reconstruction CompaniesRBI has issued a Circular on October 11, 2022, by which it has introduced revisions to the framework for functioning and operating of Asset Reconstruction Companies (‘ARCs’) with immediate effect…

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  • Employment of Women in Night Shift of Factories in Andhra Pradesh & TelanganaBy way of a Circular dated October 26, 2022, the Office of the Director of Factories, Government of Andhra Pradesh has issued a clarification to allow women employees to be employed in the factories in the night shift between…

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  • Delhi HC Passes Omnibus Order Upholding Actor Amitabh Bachchan’s Personality RightsIn a recent case Amitabh Bachchan v. Rajat Negi and Orsthe Delhi High Court (‘Delhi HC’), by way of an ex-parte ad interim Order dated November 25, 2022, recognized and protected personality rights of the legendary…

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  • SC Holds That Unless Money is Handed Over With Intent of Bribing, Such Money Would Not Assume Character of ‘Proceeds of Crime’ under PMLAIn Directorate of Enforcement v. Padmanabhan Kishore, the Supreme Court (‘SC’) held that as “long as the amount is in the hands of a bribe giver and till it does not get impressed with the requisite intent and is actually handed over as a bribe, it would be untainted money…

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  • SC Rules Mere Acceptance or Receipt of Illegal Gratification Would Not Constitute Offence Under Prevention of Corruption ActIn Neeraj Dutta v. State (Government of National Capital Territory of Delhi), the SC held that the proof of demand by a public servant and the subsequent acceptance of illegal gratification both are sine qua non for an offence to be…

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  • SC Holds That Provisions of MSMED Act Would Override Provisions of Arbitration ActThe SC in Gujarat State Civil Supplies Corpn. Ltd. v. Mahakali Foods (P) Ltd.,held that the provisions of the Micro, Small and Medium Enterprises Development Act, 2006 (‘MSMED Act’) being a special law, will prevail over…

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  • SC Dismisses Review Petition in Vidarbha Industries Power Ltd. v. Axis Bank LimitedIn Axis Bank Limited v. Vidarbha Industries Power Limited, the SC held that there are no grounds to review its judgment in Vidarbha Industries Power Ltd. v. Axis Bank Limited which had held that the use of the word ‘may’ in Section…

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  • NCLAT Holds That Provident Fund Dues of Workmen / Employees Are Not Assets of Corporate Debtor and Must be Paid in Full under Resolution PlanIn Assam Tea Employees Provident Fund Organisation, through an Authorised Representative v. Madhur Agarwal and Anr., the National Company Law Appellate Tribunal (‘NCLAT’), held that provident fund dues of workmen…

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  • Delhi HC Rules That Arbitration Clause Would Not Lose its Character Merely Because Word ‘Mediation’ Has Been Used in its NomenclatureThe Delhi HC in Consolidated Construction Consortium Limited v. South Delhi Municipal Corporation, while determining whether a dispute resolution clause not containing the term ‘arbitration’ at all and instead referring…

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  • Delhi HC Rules That Invalidity of Appointment Procedure Would Not Render Entire Arbitration Clause InvalidIn Ram Kripal Singh Construction Pvt. Ltd v. NTPC, the Delhi HC held that the procedure for appointment of an arbitrator is clearly distinct and separable from the agreement to refer disputes to arbitration, even if these are contained…

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  • New Guidelines for Uplinking and Downlinking of Television Channels in IndiaThe Ministry of Information and Broadcasting (‘MIB’) has on November 9, 2022, introduced Guidelines for Uplinking and Downlinking of Satellite Television Channels in India, 2022, (‘Guidelines’). The Guidelines govern the grant of approvals…

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  • Amendments to Regulatory Framework for Broadcasting and Cable ServicesThe Telecom Regulatory Authority of India (‘TRAI’) has, on November 22, 2022, issued the Telecommunication (Broadcasting and Cable) Services Interconnection (Addressable Systems) (Fourth Amendment) Regulations, 2022…

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  • Guidelines for Platform Services Offered by Multi System OperatorsMIB has, on November 30, 2022, notified Guidelines for Platform Services offered by Multi System Operators, 2022 (‘MSO Guidelines’). Platform services have been defined as programs transmitted by Multi System Operators…

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  • DoT Guidelines for Establishing Satellite-based Communication Networks IssuedDoT has issued guidelines by way of letter No. F. No. 60-SATCOM Plan/DoS/2020-SAT dated October 26, 2022 which provides for (i) licensing regime for satellite-based communication services; (ii) process of seeking in-principle clearance…

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  • Amendment in UASL Agreement to Remove Restrictions on Telecom Connectivity Near International Border AreasDoT has recently published an amendment to the unified access services license (‘UASL’) dated August 23, 2022, to remove the erstwhile security conditions for provision of mobile services in areas falling near international borders of India…

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  • DoT Removes Requirement of Wireless Operating License for VSATsDoT by way of Office Memorandum No. J-19045/10/2022-SAT dated November 15, 2022, has removed the requirement for VSAT CUG operators to submit deployment data to the Wireless Planning and Coordination Wing for endorsement of their hub…

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  • DoT Publishes Captive Non-Public Network License AgreementPursuant to Guidelines dated June 27, 2022, the DoT has now published the sample agreement for license to Captive Non-Public Network (‘CNPN’) on its website. The license agreement allows the CNPN licensee to establish indoor…

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  • TRAI Prescribes Tariff for SMS and Cell Broadcast Alerts / Messages Disseminated Through Common Alerting ProtocolTRAI has prescribed tariff for short message services (‘SMS’) and cell broadcast alerts / messages through common alerting protocol platform by way of ‘Telecommunication Tariff (Sixty Ninth Amendment) Order…

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  • DoT Issues Clarification on Calculation of Spectrum Usage ChargesDoT has issued a clarification dated December 26, 2022 that to compute the weighted average to arrive at total spectrum usage charges (‘SUC’), the revenue from wireline services must be excluded from the adjusted…

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  • Digital Personal Data Protection Bill, 2022 ReleasedA draft legislation titled the Digital Personal Data Protection Bill, 2022 (‘DPDB’) was released on November 18, 2022, by the Ministry of Electronics and Information Technology, inviting comments from stakeholders…

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  • Ex-post Facto Environmental ClearanceThe concept of an ex-post facto environmental clearance (‘EC’) has been debated under the Indian environmental jurisprudence. An ex-post facto EC essentially allows a project proponent to continue with its project without obtaining an EC…

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  • SC Rules that Collector’s NOC Not Required For Transfer of FlatIn a Writ Petition filed before the Bombay High Court (‘Bombay HC’) by Mr. Aspi Chinoy the Collector’s directions to the Sub-Registrar to confirm the receipt of the Collector’s NOC in accordance with Government Resolutions…

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  • E-Waste Management Rules NotifiedThe Ministry of Environment, Forest and Climate Change has notified the E-waste Management Rules, 2022 (‘Rules’) on November 2, 2022, which will come into force from April 01, 2023. These Rules will apply to every manufacturer, producer…

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  • GIFT – IFSCA Permits Entry of Foreign Universities and Educational InstitutionsThe International Financial Services Centre Authority (‘IFSCA’) by a Notification dated October 11, 2022 introduced the IFSCA (Setting up and Operation of International Branch Campuses and Offshore Education Centers) Regulations…

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Inter alia… is a legal newsletter published each quarter by AZB & Partners for a select list of clients and colleagues. Each issue aims to provide a snapshot of the recent legal developments in certain critical areas: infrastructure, foreign direct investment, securities law, exchange control regulations, corporate law, media and entertainment, intellectual property and banking. We hope you will find the content informative and useful. If you have any questions or comments, please email us at: [email protected] or call AZB & Partners.

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