This monthly legal roundup is a compilation of our thought leadership articles published in the month of January 2024 on key legal and regulatory topics. Please click on the access links to read more.
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DISPUTES
1. Corporate Disclosure vs. Arbitral Confidentiality
Corporate governance for listed companies is dependent on periodical or event-based disclosures. Recently, SEBI by way of an informal guidance, balanced stakeholders' interests by harmoniously interpreting the relevant provisions of the LODR Regulations mandating disclosures with the Arbitration & Conciliation Act, 1996 which provides for confidentiality of arbitral proceedings.
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TAX
1. Relaxation in import policy of specified IT Assets
DGFT relaxes norms for import of used laptops, monitors, desktops and printers from Special Economic Zones to Domestic Tariff Areas.
2. Share Capital Money – whether revenue or capital receipts?
A long-standing debate that continues to hold its ground even today is whether investment in a company's shares can be construed as income and thus liable to tax in the hands of the investee company. In our article, we delve into this controversy, and how the recent ruling of the Delhi High Court in case of Angelantoni Test Technologies Srl has re-affirmed the position "that investment in shares in an Indian subsidiary cannot be treatedas 'income'as the same is in the nature of "capital account transaction" not giving rise to any income". This re-affirmation is certainly a relief to all non-resident companies investing into India, sending a positive signal to the investor community on the tax- friendly environment in the country.
3. Government of Haryana - Amnesty Scheme for Outstanding Dues as on 30 June 2017
On 30 December 2023, the Haryana government notified the Haryana One-Time Settlement Amnesty Scheme for Recovery of Outstanding Dues, 2023. The scheme provides for settlement of outstanding tax and penalties. This Scheme came into force on 01 January 2024 and is applicable for 90 (ninety) days commencing from 01 January 2024.
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