• Takeover Code & Exemptions for Debt Restructuring

    May 19, 2016 | Vishal Achanta

    Recently, there has been a spike in the number of ‘bad loans’ in the Indian banking system, in response to which the banking regulator put in place a debt restructuring framework called the Strategic Debt Restructuring (“SDR”) scheme enabling lenders to take control of defaulting corporate borrowers. Two other schemes for debt restructuring are also
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  • Markets on the Internet and Foreign Investment

    April 4, 2016 | Smrithi Punnoose

    The recent Press Note issued by the Department of Industrial Policy and Promotion on March 29, 2016 (“Press Note”) has contributed immensely to the hullabaloo surrounding the hot topic of foreign direct investment (“FDI”) in the e-commerce sector. There seems to be a great amount confusion on whether to applaud and give the Government a
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  • Fund Managers: Welcome to India

    March 28, 2016 | Vishal Achanta

    The last few years have seen the introduction of several pro-funds industry measures on the tax side in India. One notable measure was the insertion of a ‘safe harbour’ provision into the Income Tax Act, 1961 (“ITA”) to protect offshore funds (hereinafter, “funds”) from the adverse tax consequences of having an onshore fund manager (“Safe
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  • Business Income or Capital Gains? Question Resolved!

    March 23, 2016 | Rajshree Lohia

    The Central Board for Direct Taxes (“CBDT”) has, vide Letter F. No.225/12/2016/ITA.II dated May 2, 2015 (“Letter”), issued a clarification regarding the characterization of income arising from the transfer of unlisted shares. The clarification has been issued to resolve the oft litigated matter of characterization of income from the sale of shares (i.e., whether such
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