Articles and Updates

• Abhishek Saxena and Nikhil Pareek - 12-09-2016

The Government of India has approved a scheme for grant of permanent residency status (PRS) to eligible foreign investors. The key features of the scheme have been mentioned in the press release issued by the Government of India (Press Release) but as the Press Release itself seems to suggest, further changes to immigration laws and foreign direct investment (FDI) policy will be required to give full effect to the scheme. This update briefly sets out key features of the scheme.

• Phoenix Legal - 26-08-2016

Having castigated successive governments for policy paralysis and generally deriding the Indian democratic polity as being beset with problems of bureaucratic red tape and the need for consensus building amongst varied stakeholders and vested interest groups, commentators are now somewhat dumbfounded by the swift political two-step that saw the kinks in the goods and sales tax (GST) bill ironed out practically overnight. While the GST bill had been proposed by different governments, the current government had been unable to push this through, despite the majority of the NDA in the Lok Sabha (the lower house of the Parliament).

• Abhishek Saxena and Nikhil Pareek - 11-08-2016

Foreign investment, comprising, amongst others, foreign direct investment (FDI) and portfolio investment, in India is regulated by the (Indian) Foreign Exchange Management Act, 1999 (FEMA). Additionally, the Government of India, from time to time, notifies its policy on FDI and prescribes the sectoral caps and other conditions for FDI (FDI Policy). The FDI Policy is adopted by the Reserve Bank of India (RBI), regulator for foreign exchange transactions, and notified under relevant regulations under FEMA (FEMA Regulations). These regulations are subject to sectoral guidelines issued by regulator/ministry of the relevant sector from time to time (Sectoral Regulations).

• Phoenix Legal - 26-07-2016

From an investor's standpoint, a robust and effective bankruptcy regime is a prerequisite for the development of the corporate debt market. However, the existing insolvency and bankruptcy framework is highly fragmented, which has led to complex issues on how to reconcile various statutes with one another.

• Phoenix Legal - 20-07-2016

The National Company Law Tribunal (NCLT) was recently announced as the adjudicating authority for insolvency proceedings relating to companies, limited liability partnerships and other body corporates under the Insolvency and Bankruptcy Code 2016,(1) with effect from June 1 2016.(2) The National Company Law Appellate Tribunal (NCLAT), which will hear appeals from NCLT decisions, has also been established.(3) The NCLT will have 11 benches across India.(4