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Integrity, Knowledge and Passion are the principles that resonate with every member of our LKS family and the work that we do. These values drive us to build a community of legally sound professionals and well-serviced clients.
Everything we have accomplished over the last four decades is a result of our unique way of thinking which is deeply influenced by our core values and principles that define us.
We and our professionals consistently garner appreciation for the quality of our services and the depth of our legal expertise. This consistent acknowledgment serves as a testament to our unwavering commitment to exceed expectations.
Digital Personal Data Protection Act - Implications for financial entities and fin-tech sector
By Prashant Phillips and Sameer Avasarala
The article in this issue of Corporate Amicus discusses elaborately the implications of the new Digital Personal Data Protection Act, 2023 for the financial entities and the fin-tech sector. It, in this regard, discusses topics like, meeting consent and notice requirements; interplay with sectoral regulations; legitimate purposes for processing; and how Data Fiduciaries in the financial sector need to review internal protocols and mechanisms concerning disclosure and/or sharing of personal data. Similarly, the article also deliberates on liabilities if an entity is covered as ‘significant data fiduciary’, and how entities can avail certain exemptions from compliance under this new law. According to the authors, entities in the financial and fin-tech sectors may well consider undertaking appropriate readiness assessments for assessing and ensuring that their frameworks for processing personal data including notice and consent architecture, technical, organizational and security measures remain ‘future-ready’ and responsive to implementation timelines and rule-making guidance anticipated soon.
Notifications and Circulars
Companies (Incorporation) Second Amendment Rules, 2023 notified
SEBI - Procedure for seeking prior approval for change in control notified
SEBI - Timeline for listing of securities after closure of public issue reduced from T+6 days to T+3 days
SEBI - Online Disputes resolution in the Indian Security Market
SEBI (Foreign Portfolio Investors) (Second Amendment) Regulations, 2023 notified
Guidelines issued for extension of validity of industrial license
Employees’ State Insurance (Central) Amendment Rules, 2023 notified
Pan Masala - Enforcement date of ‘Note’ for warning extended by FSSAI
Ratio decidendi
Stockbroker Company, being a Financial Service Provider, is outside the purview of ‘Corporate Person’ under Insolvency & Bankruptcy Code, 2016 - NCLT, New Delhi
Unsecured Financial Creditors can be classified as assenting or dissenting unsecured financial creditors - Differential payment structure is not discriminatory - NCLAT, New Delhi
Arbitration award in a case involving insufficiently stamped agreement cannot be set aside under Section 34 of Arbitration and Conciliation Act, 1996 - Delhi High Court
News Nuggets
Arbitration - Pre-reference interest amount cannot be added to principal amount in determining pendente lite interest
Arbitration - Section 29A providing time limit for passing award, is a non-derogable provision - Section 4 thus has no application
Arbitral award to be set aside in a case where the arbitrator had appeared as a counsel for an ‘affiliate company’ of the claimant
Arbitration - Family members when bound by arbitration agreement
Insolvency - Section 9 petition is not maintainable against claim for compensation penalty under a contract
Insolvency - Greater Noida Industrial Development Authority is a ‘secured creditor’ under Section 3(30) of IBC
Insolvency - Writ of prohibition cannot be issued to a creditor to proceed against a personal guarantor under IBC
Insolvency - Leased aircraft is ‘property’ under Section 3(27) of IBC
