Abhijit Joshi

The Insolvency and Bankruptcy Board of India (IBBI) has put forth a proposal aimed at reducing the compliance burden on insolvency professionals. This move is expected to streamline processes and enhance efficiency within the insolvency resolution framework. In a conversation with Business Today, our partner Durgesh Khanapurkar discussed the simplified regulatory structure, allowing more time and resources. Read the full article: https://shorturl.at/KoIcY #insolvency #IBBI #compliance #corporatelaw #economicreforms #desaidiwanji

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The Insolvency and Bankruptcy Board of India (IBBI) has announced that each valuation conducted under the Insolvency and Bankruptcy code(IBC) will now require a unique valuation report identification number (VRIN). This is expected to help verify the genuineness of the valuation. Commenting on this our Partner, Anoop Rawat said “IBBI circular creates an authentication process for the valuation reports. Once issued, any recipient can check its authenticity on the IBBI website by using VRIN.” Read more: https://lnkd.in/gFs9URC5 #IBC #IBBI #circulars #Valuationreport #code #bankruptcy #insolvency #views

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Our Partner Karanjot Singh Khurana, Principal Associate Devashish Jain, and Associate Kanika Jain have co-authored an insightful article, published by ITR (International Tax Review), analyzing a significant ruling concerning multinational enterprises (MNEs). The article discusses the recent Delhi High Court judgment, which mandates that MNEs pay taxes on profits attributed to their permanent establishment (PE) in India, even when the group is incurring global losses.   The article delves into the complexities of the permanent establishment concept, pivotal in determining an MNE’s tax liability in India. The ruling stems from the case of Hyatt International Southwest Asia Ltd. v Additional Director of Income Tax, where the court clarified that the profits attributable to a PE should be taxed in the hands of the MNE, regardless of global losses. This judgment departs from previous rulings, such as Nokia Solutions and Networks OY v Additional Commissioner of Income Tax, where the court had ruled against taxing the PE in cases of group-wide losses.   The article highlights the implications of this ruling for MNEs with business operations in India, emphasizing the need for MNEs to reassess their tax strategies and compliance, as they can no longer rely on global losses to avoid tax liabilities on their Indian operations. The authors provide an in-depth analysis of the legal reasoning behind the court’s decision and the broader impact it may have on the tax landscape for MNEs in India.   Read the full article here - https://lnkd.in/dawQyFsA #TaxLaw #PermanentEstablishment #MNEs #InternationalTax #ProfitAttribution

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Samarjit Singh and I write on what can termed as an interesting turning point for cross border insolvency regime in India. Thoughts and comments welcome!

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In a recent article published by The Hindu businessline titled "Insolvency Board Launches ID Number for Valuation Reports," Sukrit R Kapoor was quoted emphasizing the significance of accurate valuations in the Corporate Insolvency Resolution Process (CIRP). He stated, “An accurate valuation is one of the most important facets of a CIRP. This is a welcome move to enhance transparency in the overall resolution process.” Read full coverage: https://lnkd.in/gFs9URC5 #InsolvencyLaw #CorporateLaw #LegalInsights #InsolvencyResolution #CIRP #BusinessLaw #LegalUpdates #KingStubbandKasiva #KSK

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Views of our Managing Partner, RAHUL GARG with the senior Journalist Mr. Sugata Ghosh published in Economic Times today on the important decision of full Bench of Delhi High Court on the issue of profit attribution / taxability in case of PE in India under the Tax treaties treating global loss or profit situation at entity level irrelevant for the said determination.   Trust find the same useful. Team Asire Asire Consulting LLP   #economictimes #timesofindia #ETbureau    #tax #taxation #directtax #law #internationaltax #GST #Customs #regulatory #FEMA #compliance #FDI #ECB #tradecompliance #cbdt #cbic #RBI #EPFO #MCA #lawandlegislation #courts #professionals #charteredaccountants #attorney #legislation #disputeresolution #litigation #ecommerce #technology #OECD #BEPS #taxtreaty #digitaltax #digitaleconomy #ministryoffinance #usibc #nasscom #assocham #ficci #cii #pmo #india #icai #icsi #icawi #icmai #transferpricing #intellectualproperty #crossborder #G20 #G7 #US #UK #EU #FTA #DGFT #MNC #taxpayer #exim #IBC#legal #inhousecounsels #economy #taxes #digital #brexit #trade #legal #investment #finance #startupecosystem #startupindia #startupfunding #startupbusiness #startupfounders #startupadvice #startupideas #startupcompany #startupstrategies #startups #fintech #startup #startupgrind #startupcommunity #startupculture #startupactivity #startupgrowth #mediaindustry #medianews #taxadvice #taxhelp #taxconsultant #taxcompliance #taxexperts #taxdeadline #reporting #taxreporting #internationalbusiness #internationalexpansion #internationallaw #globaleconomy #globalbusiness #globalbusinessservices #globalissues #indianentrepreneurs #training #valuations #indianews #indianewsupdates #indianeconomy #indiabusiness #presscoverage #pressreview #cryptotax #cryptoregulation #cryptoassets #crypto #tokens #tokeneconomy #nfts #rbi #lrs #taxcollection

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Aekom Legal is excited to share that Our Co-Founder & Joint Managing Partner, NPS Chawla was quoted in The Economic Times where he shared his views on “Jaypee Group taps global credit funds for Rs 10k crore to bail out flagship firm” Read more: https://bit.ly/3A8RsSc Editor ETLegalWorld #AekomLegal #Insolvency #IBC #NCLT #InsolvencyLaw #InsolvencyResolution #ResolutionalProfessional #TheEconomicTimes

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SEBI’s exemption for Shakti Sons Trust reflects a nuanced understanding of promoter-driven restructuring. By allowing the transfer of shares from Dinesh Patidar to the family trust without triggering an open-offer, SEBI recognizes that such internal transfers—focused on consolidation—don’t impact control or ownership. This decision safeguards public interest by maintaining transparency, ensuring that no change occurs in Shakti Pumps’ management or public shareholding. It highlights SEBI’s flexible approach towards family-owned businesses navigating legacy planning, provided that the broader market's integrity and investor interests remain protected, fostering trust in regulatory frameworks while supporting strategic corporate governance. https://lnkd.in/gbhyvkuX #SEBI #CorporateGovernance #RegulatoryFramework #FamilyBusinesses #LegacyPlanning #Restructuring #ShaktiPumps #OpenOffer #InternalTransfers #Transparency #InvestorInterests

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Our Partner, Shweta Shroff Chopra (She/Her) shared her insights on the recent #MCA notification on ₹2,000 crore #dealvalue threshold for #mergers and combinations.   She said, “Among the most significant changes, a new deal value-based threshold has been brought into force, requiring notification of transactions with a value over INR 2000 crore and where the target has substantial business operations in India (based on min 10% GMV, turnover or business/end user numbers (only in case of digital services, which is over-inclusively defined) being in India). Crucially, in determining the value of the transaction, the #CCI will look at all forms of consideration (including share swaps, non-compete fees, call options, earn-outs, etc.) as well as include any ancillary agreements (such as #technology/IP licenses, supply arrangements etc.) within a 2-year period of entering the transaction. If there is no reasonably certain way of determining the deal value, the #Regulations require mandatory notification, if the target has substantial business operations in India. This new test will capture many more transactions within the net, as the de minimis target based exemption will not be available where the deal value threshold is met.”   To know more, read at: https://lnkd.in/gdHfEP4Q   #ministryofcorporateaffairs #competitioncommissionofindia #mergers #dealvaluethreshold

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Delhi ITAT deletes TP adjustment made on account of corporate guarantee fees for JE Energy Ventures Private Limited for AY 2017-18 Read a detailed analysis here >> https://buff.ly/4cUMh6E #Taxsutra #TP #transferpricing #classification #loan #guarantee

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𝗔𝗡𝗠 𝗚𝗟𝗢𝗕𝗔𝗟’𝗦 𝗙𝗜𝗡𝗔𝗡𝗖𝗜𝗔𝗟 𝗙𝗢𝗥𝗨𝗠   We are delighted to share the March 2024 edition of our Insolvency & Bankruptcy Newsletter, authored by our Partner, Shikha Goenka Ginodia, and Associate, Gaurav Suryavanshi. The newsletter highlights recent developments in India's insolvency landscape, emphasizing crucial legal rulings and regulatory amendments aimed at enhancing transparency, accountability, and efficiency in the resolution process. Coupled with significant regulatory amendments introduced by the IBBI, these developments mark strides towards strengthening India's financial ecosystem. Read the newsletter to gain valuable insights. #InsolvencyNewsletter #BankruptcyUpdates #LegalInsights #FinancialRegulations #IndiaLaw #IBBI #LegalUpdates

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Let's discuss the potential impact of these changes on listed companies in the comments below! #SEBI #LODR #Compliance #CorporateGovernance

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Snapshot of the latest amendments in LODR

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The Insolvency and Bankruptcy Board of India (IBBI) is a key institution in implementing the IBC, which came into force in 2016. Mital asked the insolvency professionals to complete the resolution process fast and ensure that the assets are sold as a going concern. Read more at: https://buff.ly/3Wk52cT #IBBI #Finance #Business #Credit #IBC 

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Khaitan & Co advises Lightspeed Venture Partners on India law aspects in relation to co-investment Read More Here- https://lnkd.in/ghrWfHCR Nidhi Killawala, Srikant C V, Ayushi Mishra (Principal Associate), Ishaan Chopra, Aiyushi Sahani, Pranjal Prateek and Nilav Banerjee #KhaitanandCo #Indialawaspects #LightspeedVenturePartners #coinvestment #scconline #SCC #legalnews #legalknowledge #scctimes #legalblog #legalupdates #lawstudent #legalresearch #legalstudies #surestwaytolegalresearch #bringingyouthebestlegalnews

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Our Partner Anoop Rawat along with Associate Devansh Rathi, in an article published in The Economic Times share their take on the Budget expectations around the insolvency norms.   The article discusses the inception of the Insolvency and Bankruptcy Code, 2016 which has witnessed not only a paradigm shift from the conventional 'debtor in possession' to a progressive 'creditor in control' but has also produced desirable results under the new statutory debt resolution regime. With its proposed amendment, it is expected that the Code will introduce not only certain new concepts/ principles to provide for a swifter resolution but will also ameliorate certain existing provisions that will mark a departure from its traditional labyrinthine processes to a more streamlined and effective framework. https://lnkd.in/gufMiKH9 #ibc #insolvency #bankruptcy #Code #debtor #resolution #framework #views

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In a landmark case, "Avil Menezes, Liquidator of Sunil Hitech and Engineers Limited vs. Principal Chief Commissioner of Income Tax, Mumbai," significant developments have emerged in the insolvency and bankruptcy landscape. Stay informed on the implications of this ruling by reading the full article here: https://lnkd.in/gpTTDDBd #Insolvency #Bankruptcy #LegalUpdate #LawFirm #indialawllp

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Deals driven by private equity (PE) and venture capital (VC) funds are set to face enhanced scrutiny from the anti-trust regulator after the Competition Commission of India (CCI) tightened the exemption list under new combination rules. Our Partner (Head - Competition Law) Avaantika Kakkar shares her views on this in an article published by moneycontrol.com. Read it at: https://lnkd.in/dGvTmABV #PrivateEquity #VentureCapital #CompetitionLaw #CCI

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