The Insurance Laws (Amendment) Act, 2015, an Act to amend, inter alia, the (Indian) Insurance Act, 1938 and the Insurance Regulatory and Development Authority Act, 1999 has been notified and published in the official gazette. Accordingly, the amendments are in force.
Read MoreDepartment of Industrial Policy and Promotion ("DIPP"), by way of a Press Note ("Press Note"), listed the reforms to the existing Consolidated Foreign Direct Investment Policy, 2015 ("FDI Policy"). As per the information released by the DIPP, the World Bank has improved India's ranking by 12 places in the "2016 Study of Ease of Doing Business" and several global institutions have projected India as the leading destination for Foreign Direct Investment ("FDI") in the world.
Read MoreThe (Indian) Ministry of Corporate Affairs recently issued a notification dated 5 June, 2015 providing that various provisions of the Companies Act, 2013 ("Companies Act") will not apply or will apply with exceptions, modifications and adaptions to a body to which a licence is granted under the provisions of section 8 of the Companies Act i.e. companies with charitable objects, etc ("Non-Profit Companies").
Read MoreCorporate social responsibility (CSR) is a company's sense of responsibility towards the community and environment in which it operates. It basically refers to a business practice that involves participating in initiatives which benefit the society. Companies are not usually observed engaging into a lot of philanthropic activities. Therefore, as a positive step towards the society, this responsibility has been made mandatory on various companies by the enactment of the new companies act, 2013 (Companies Act) and the Companies (CSR Policy) Rules, 2014 (Rules).
Read MoreThe President of India has signed an ordinance ("Ordinance") on the Insurance Laws (Amendment) Bill, 2008 read with the Insurance Laws (Amendment) Bill, 2014 ("Insurance Bill") inter alia, to enhance foreign investment in Indian insurance companies to 49% from the existing 26%. The Union Cabinet had approved the promulgation of the Ordinance as the Insurance Bill could not be taken up for consideration and passing at the conclusion of the winter session of Parliament. The Ordinance has been published in the official gazette on 26 December, 2014.
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