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The Evolution of Insolvency & Bankruptcy Code

We are ecstatic to release the full video from our panel discussion-“Evolution of IBC.” Watch eminent experts, Mr. Gourab Banerji, Senior Advocate at Supreme Court of India, Mr. Karthik Somasundaram, Partner at Bharucha and Partners, Mr. Anil PM, Head of Legal Compliance at Bajaj Alliance sharing their insights on the subject.

The insolvency process is a legal procedure where the court declares a person as bankrupt, and he no longer pays off his debts. This process must be done legally, and it is followed very strictly in the country.

Today in India, as in the case history, the bankruptcy code has been evolved according to financial conditions and needs. The evolution of the bankruptcy code is an important step taken by the government for financial stability.

It has been five years since this code was introduced, and it has seen some significant changes. Few of them have been due to the impact of a pandemic on various sectors and industries. Bankruptcy cases have existed for many years, but today with the evolution of insolvency and bankruptcy code, the number of insolvencies is rising.

Insolvency is today a much-feared word, but the scenario has changed with the introduction of insolvency and bankruptcy code in India.

However, some issues still need to be addressed to expedite the resolution process exceeding the prescribed statutory timelines effectively. At times, the facilitative process for resolution is not as productive as it should be. One such issue is the impact on the IBC of the Supreme Court that held the Insolvency Resolution Plan once approved by the Committee of Creditors (CoC), which can never be withdrawn or modified. Watch the panel discussion, where you will see more such questions and their answers from the experts.

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Hoarding and Black Marketing of COVID Vaccine and Live Saving Drugs

Today’s topic is one of the most trending and important topics over 2 years – Hoarding and Black Marketing of COVID Vaccine and Live Saving Drugs. Mohsin khan is an Alumnus of Faculty of law, Jamia Millia Islamia. He has a keen Interest in Tax Law. #TuneIn as Mohsin explains the Issue of GST on Vaccines and Covid Drugs/ life-saving drugs.

Lifesaving drugs includes vaccine and other important drugs that may become important depending on their need during an outbreak of disease or virus such as COVID. The supply of life saving drugs is taxable under Section 7 of the CGST Act 2017.

He highlights the recent GST council meetings held and the contentions raised in the PIL on the said issue. #Tune in to watch the video on the Hoarding of essential commodities, remedies and prosecution by Mohsin Khan, Alumni of Faculty of law, Jamia Millia Islamia. Watch Mohsin explain the Issue of GST on Vaccines and Covid Drugs/life-saving drugs. During the second wave of the pandemic, the need for proper regulation of COVID-related drugs and vaccines was highlighted.

Lifesaving drugs include vaccines and other important drugs that may become important, depending on their needs during an outbreak of diseases or viruses such as COVID. The supply of these lifesaving drugs is taxable under Section 7 of the CGST Act 2017. He also highlighted the GST council meetings, decisions on these essential commodities and the contentions raised in the PIL on this issue.

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Mental Health Stigma in Legal Profession | #LetsGetReal

Watch now LawWiser’s panel discussion – Mental Health Stigma in the Legal Profession. Our speakers include – Chris Parsons, Chairman, India Practice and Mental Wellbeing Champion at Herbert Smith Freehills; Dr. Milind Antani, Leader – Pharma, Healthcare, and Digital Health at Nishith Desai Associates; and Seb Jauslin, Founder of SebJauslin.com, Lawyer turned Therapist.

Moderated by Jigyasa Tandon – Mental health educator and counseling psychologist, this discussion helps us understand mental health within the context of the legal profession. Chris and Seb share personal experiences of burnout, stigma, and socio-cultural factors.

Dr. Antani further talks about the steps taken within NDA towards the mental well-being of its people.

The speakers cover different aspects such as:

– The stigma surrounding mental health in the legal profession

– The relationship between law and mental health

– Helpful ways in which people can take care of themselves in mental health distress

A big thank you to Nishith Desai Associates for supporting our belief that this dialogue around mental health is important to initiate.

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Hoarding of Essential Commodities – Remedies and Prosecution

#Tune in to watch the video on Hoarding of essential commodities, remedies and prosecution by Vareesha Irfan, 4th year law student at Faculty of Law, Jamia Millia Islamia.

She explains the concept of prevention of hoarding of essential commodities in the light of Essential Commodities Act and Prevention of Blackmarketing and Maintenance of Supply of Essential Commodities Act.

She highlights the essential provisions of these laws in relation to the penalty for hoarding of essential commodities in India and the relevant guidelines and safeguards for preventive detention in such cases. She also takes us through the judgement of the Supreme Court with respect to the CoVID-19 drugs being the essential commodities in the wake of the Pandemic.

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Alternatives to traditional M&A deal-making| LawWiser


#Watchnow
LawWiser’s interesting conversation on ‘Alternatives to traditional M&A deal-making’ with Neela Badami, Partner, Samvad Partners. There have been significant changes in the M&A deal-making and companies are exploring the non-traditional methods for deal-making.

M&A alternatives include partnerships, strategic alliances, joint ventures or SPACs. These alternatives can be effective to create new growth opportunities and also assist in navigating through impacts of the pandemic. Watch this video, to know

– What are the different alternatives to traditional M&A deal making

– Why are the alternatives preferred and what are the opportunities and benefits of choosing these alternatives

– What are the challenges and issues faced

– How has the pandemic affected the M&A deal making and how is the future for the alternatives

#Tuneinnow to get more details on the GST council meeting. To get featured in more such conversations, write us on [email protected]

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GST Updates 2021 – Ecommerce Operators | In A Minute

#Watchnow #Inaminute video where Jatin Arora, Partner, Phoenix Legal takes us through this GST Council update in relation to e-commerce operators.

GST Updates 2021 – In the 45th GST Council meeting, it was decided to shift the burden of tax on the restaurant services to e-commerce operators like #Swiggy#Zomato through whom these services are delivered. In the video, Jatin quickly explains what this update is about and the impact that it is likely to have on e-commerce operators.

He takes us through the details that this is not a new tax introduced on e-commerce operators. The restaurant charges 5% GST on their supplies. Also, the e-commerce operators pay 18% GST on the commission earned by them.

This will be in effect from 1st January 2022 and instead of the restaurants, the e-commerce operators will charge the tax on the food supplies. The e-commerce operators will charge GST on every supply that they will make, irrespective of whether the restaurant supplying the food is exempt from GST or not. This means there will be additional burden on compliance side for restaurants. The e-commerce operators will also have to do changes in their software to accommodate this change and do additional compliance.

An important issue to be considered is that the restaurants are not eligible to avail input tax credit (ITC) for their supplies. Whereas the e-commerce operators do avail ITC. For more clarity on these points, we need to watch out for the notifications issued by the government.

Stay tuned for more GST updates happening in 2021

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New CSR Regime – Recent Amendment to the Companies Act

#Tune into LawWiser #Uspecial, as Mohd Ayan, third-year law student at Faculty of Law, Jamia Millia Islamia, explains the New CSR regime (recent amendment to section 135 of the Companies Act).

The Companies Amendment Acts of 2019 and 2020 resulted in major changes in the CSR provision.  Amendments have been made in section 135 of the Companies Act, 2013. To provide for the notified changes, the Ministry of Corporate Affairs (MCA) had released the Draft Companies (Corporate Social Responsibility Policy) Amendment Rules in March 2020 (“Draft Rules”) inviting public comments. Recently, on 22nd January 2021, the MCA finally issued the Companies (Corporate Social Responsibility Policy) Amendment Rules (“New Rules”) giving effect to the changes introduced in CSR by the Companies Amendment Acts of 2019 and 2020.

The above CSR amendments propose to provide ease of compliance to companies and on the other hand they also seek to penalise companies and their officers for non-compliance with CSR provisions.

He has explained various aspects of the new CSR regime. That includes the list of activities which are not covered under CSR. He further explains the obligations of the board under CSR and highlights prominent cases that have emphasized the importance of CSR towards developing the nation.

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Top 45th GST Council Meeting Updates | Harsh Shah | LawWiser #Shorts

#Watchnow LawWiserShorts on Top GST Council Updates by Harsh Shah, Partner, Economic Law Practice (ELP).

The 45th GST Council Meeting chaired by Finance Minister Nirmala Sitharaman was the first in-person meeting of the GST Council in nearly two years. Every GST council meeting creates buzz, as many sectors and industries are looking at revisions in GST rates and other reliefs in the process.

Some of the top updates included an increase in GST rates on ores and concentrates of metals such as iron, copper, aluminium and zinc, which has increased from 5 per cent to 18 per cent and those on specified renewable energy devices and parts from 5 per cent to 12 per cent. While the increased rate may result in higher GST, since most of these products are essentially used for taxable supplies and B2B transactions, the increase in rate may be a pass through as it will be available as a credit in the supply chain.

The increase in rate may take care of the potential inverted duty structure, in some cases where the GST on the procurement side (for instance, GST rate (18%) being higher on mining) was higher than the GST on the final product (5%). In the 45th GST Council Meeting, the GST rate cuts on Covid essential items have also been extended until 31 December.

There was also a clarification for payment of interest in the case of ineligible input tax credit. It is clarified that interest may be levied only if ineligible tax credits have been availed and utilised, and not merely availed. Another relief for exporters, as clarified that where an actual amount of export duty is to be paid, restriction from claiming a refund will arise. Where there is no actual export duty to be paid, the exporters can claim a refund.

#Tuneinnow to get more details on the GST council meeting. To get featured in more such conversations, write us on [email protected]

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Karnataka Draft Bill : BAN on online gambling? | LawWiser Shorts

The Karnataka government has decided to impose a ban on online gambling or betting. However, lottery and horse racing have not been prohibited. These amendments will be made to the Karnataka Police Act, 1963.

The draft of the Karnataka Police (Amendment) Bill, 2021, is yet to be available publicly. #Watchnow #LawWiserShorts on Karnataka Draft Bill: Online Gaming by Srinivas Kotni, Founder and Managing Partner, Lexport. He shares his views on the Karnataka government’s proposal to ban online gambling by amending the Karnataka Police Act.

The state government has also announced imposing penalties and arrests in cases of violation of these proposed rules. It is expected that there would be a balance in the distinction between the game of skill and the game of chance. As many start-ups are venturing into online games of skill and are also seeking investments for the same. A blanket ban would impact this sector hugely in terms of investment and employment as well.

However, various courts have repeatedly held that games of skill would not be covered under gambling and they cannot be outright prohibited. The sector is seeking proper regulation of online gaming including online gambling. Once the draft bill is made public more information on the provisions would clarify any doubts.

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Taxation Laws Amendment Bill 2021 – Explainer

#Watchnow our new #Explainer on the Taxation Laws (Amendment) Bill, 2021, Part 1 by Abhishek Saxena, Co-Founding Partner, Phoenix Legal.

The bill was passed by the Parliament in the recently concluded Monsoon Session. It has done away with the contentious retrospective tax demand provisions. This bill also addresses the inconsistencies with the taxation laws, especially with the tax demands. To bring clarity around the taxations laws, it was crucial to bring this amendment. These amendments will also ease investors apprehensions about investing in India.

India’s dispute with Vodafone and Cairn Energy for tax demands also highlighted the issue of retrospective taxation in India. This bill amends the Income Tax Act, 1961, and provides that no tax demand shall be raised in future on basis of these retrospective amendments. These demands were for any indirect transfer of Indian assets if the transaction was undertaken before May 28, 2012.

#Tuneinnow to watch Part 1 of the #Explainers by Lawwiser where Abhishek takes us through – the provisions of the taxation laws that this Bill seeks to amend – amendment to Section 9 of the Finance Act, 2021 in the aftermath of the Vodafone judgment – actions taken by the authorities after the enactment – how was the move of the authorities received by Vodafone – Cairn Group-India dispute

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