LKS Expert Insights

In the previous issue of LKS BIS Amicus, we threw light upon various aspects of the Product Certification Scheme, i.e. Scheme-I of the Bureau of Indian Standards (BIS). The next Scheme listed under the BIS (Conformity Assessment) Regulations, 2018 is Scheme-II, also known as the Registration Scheme, and involves self-declaration of conformity.   This scheme largely distinguishes from Scheme-I in terms of its scope, nature of the registration process, BIS marking, application timeline, etc. In this article, we shall delve into all these aspects in detail. #BIS #ProductCertification #ConformityAssessment #LKSInsights

Unpacking the Unwritten: Understanding Uncodified Principles in Shareholders’ Disputes   Noorul Hassan, Partner - Corporate/M&A at Lakshmikumaran & Sridharan Attorneys, continues his insightful series on Strategising Shareholders’ Disputes.   In his latest article, Noorul sheds light on the uncodified principles of company law that are critical for developing effective dispute strategies. From the limited role of shareholders and corporate democracy to the jurisdiction of courts and the role of statutory auditors, the piece offers a nuanced perspective on key foundational principles not expressly codified in legislation.   #ShareholdersDisputes #CorporateLaw #CompanyLaw #LegalStrategy #LakshmikumaranSridharan

Shareholder disputes often stem from conflicting financial interests, control, and personal ambitions. Noorul Hassan, Partner - Corporate/M&A at Lakshmikumaran and Sridharan attorneys, emphasizes the need for a strategic approach, especially in closely held businesses where ownership and management roles intertwine.   Resolving these disputes requires careful legal and emotional consideration. While private settlements are common, when legal action is needed, choosing the right strategy—offensive, defensive, or both—can prevent irreversible outcomes.   #CorporateLaw #ShareholderDisputes #MergersAndAcquisitions #LKSAttorneys

BIS Certification is vital for ensuring product quality and consumer safety. Under the Product Certification Scheme (Scheme-I), products ranging from electrical appliances to construction materials must meet stringent standards set by the Bureau of Indian Standards (BIS).   The certification process involves inspection, testing, and meeting regulatory requirements, ensuring your products carry the trusted ISI mark. While compliance can be challenging, the benefits—such as enhanced market access, consumer trust, and a competitive edge—are invaluable.   Stay updated on BIS guidelines and strengthen your business’s reputation by adhering to quality standards.      #BIS #Certification #QualityAssurance #Compliance #ProductCertification #LKSInsights

Capital gains taxation under Section 45 of the Income Tax Act becomes complex when part of the sale consideration is retained in escrow. Key cases, including Caborandum Universal Ltd. and Dinesh Vazirani, highlight differing judicial views on whether such amounts are taxable in the year of transfer or upon release to the seller.   This insightful piece, authored by Tanmay Bhatnagar, Principal Associate, Snehal Ranjan Shukla, Senior Associate, and Avar Lamba, Associate from the Direct Tax Practice at Lakshmikumaran & Sridharan Attorneys, delves into the legal quandaries and judicial perspectives surrounding escrowed sums in capital gains.   #DirectTax #Escrow #Taxation #LakshmikumaranSridharan  

Recently, the apex court, taking cognizance of misleading advertisements and lack of action by ministries issued a direction under Article 32 and 141 of the Indian constitution for all advertisers to issue a self-declaration certificate on compliance with all laws before publishing advertisements. The Ministry of Broadcasting has issued an advisory in pursuance to the same. Our Partner, Mr. Asish Abraham and Principal Associate, Ms. Astha Sinha, have analysed the Supreme Court judgment and recent advisory by MIB and provided their thoughts on the same. #misleadingadvertisement #ASCI #advertisement #SRO #influencers #ads #advisory

Our Partner, Mr. Asish Abraham, and Principal Associate, Ms. Astha Sinha have shared their insights on the Reserve Bank of India's recently launched Fintech Repository for unregulated fintech entities, and the EmTech repository for regulated fintech entities. These are committed towards the consolidation of details with respect to the the technology, products, activities, and other financial information. In parallel, RBI introduced the Framework for Self-Regulatory Organisation (SRO) in the Fintech Sector. #Fintech #RBI #ReservebankofIndia #Regulation #SRO #Selfregulatoryorganisation #Emergingtechnologies #Repository

Following extensive discussions with stakeholders, the Ministry of Information and Broadcasting has issued a crucial advisory dated July 3, 2024, superseding previous directives. Effective immediately, advertisers and advertising agencies in the "Food and Health Sector" are mandated to submit an annual self-declaration for their advertisements. Our Partner, Mr. Asish Abraham and Principal Associate, Ms. Astha Sinha, have analysed the recent advisory by MIB and provided their thoughts on the same. #Advertisements #foodandhealthsector #advertisers #advisory #ads

The Reserve Bank of India ("RBI") has recently issued a circular bearing reference no. RBI/2024-25/90 A.P. (DIR Series) Circular No. 19 dated 11 November 2024, prescribing the operational framework under the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 ("NDI Rules") for reclassification of foreign portfolio investment into foreign direct investment which is effective from 11 November 2024.  This framework is a welcome step from the RBI which will aid foreign portfolio investors in undertaking investments beyond the threshold prescribed under the NDI Rules. Our partner, Mr. Sushrut Biswal, along with Principal Associate, Rohan Verma and Senior Associate, Yashraj Chauhan, have summarised the key takeaways and shared their insights on the matter.

The Biological Diversity Act, 2002 (BDA, 2002), was enacted with the objective of conservation and sustainable use of biological resources. Over the years, several concerns were raised by stakeholders with respect to the stringency of compliance imposed by BDA 2002. To address these concerns, the Biological Diversity (Amendment) Act, 2023 (BDA, 2023) came into force on April 01, 2024. Our Practice Head, Dr. Malathi Lakshmikumaran, Executive Director for IPR and Life Sciences, and Ms. Aashmeen Kaur, Senior Patent Analyst have put together the key takeaways and shared their insights on the matter. **This presentation is for informational purposes only and should not be construed as legal advice.** #BiodiversityIndia #BiologicalDiversityAct #IndiaBiodiversityAct #BiodiversityAmendment