Legal Updates

During the period of Covid, the Rule 6 of the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 was amended w.e.f. 22.04.2020. For persons from countries which share land border with India, prior Government approval was mandated before making investments. This was a measure to protect the national interests during Covid when the valuations were depressed....

The Micro, Small, and Medium Enterprises Development Act, 2006 was passed to facilitate the promotion and development and enhancing the competitiveness of micro, small and medium enterprises. The definitions of what amounts to a micro/ small/ medium enterprise were notified by Ministry of Small Scale Industries on 30th September, 2006. Separate criteria were prescribed for...

One Person Company (OPC) was a concept introduced under the Companies Act, 2013 which allowed a resident Indian citizen to start a company by himself or herself. It was thought at the beginning that the same would allow many sole proprietary concerns to shift to the company structure without being required to dilute ownership or...

‘Small company’ was a new concept introduced under the Companies Act, 2013. It was aimed at reducing the compliance burden of companies which control less economic resources. In tune with the announcements made during the presentation of Union Budget 2021, the Central Government has increased the limits of eligibility for categorisation as a ‘small company’...