We are a family of strong 800+ people including 470+ professionals working from 14 locations across India.
We have a rich heritage and enduring legacy which are pivotal in shaping trust, excellence, and unparalleled legal expertise, thus building a strong reputation and a trusted brand.
We started in 1985 in a single room set up by the two founders with no prior experience of working in a law firm. Both the founders had outstanding academic records and focused on their deep understanding of the law to form the foundation of the firm.
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.
SEBI’s new norms for related party transactions – An overview
By Samyukta Shetty and Astha Sinha
The article in this issue of Corporate Amicus reviews the recent changes made by the Securities and Exchange Board of India (‘SEBI’) in the related party transaction (‘RPT’) regime for listed entities. The article discusses the changes made in the definition of ‘related party’ and how the ambit of RPT has been widened to include transactions between a listed entity or its subsidiaries on one side and a related party of the listed entity or its subsidiaries on the other side. It lists the transactions that have been excluded from the purview of RPT and how the ambit of a material RPT has also been modified. Further, it considers the increased scope of audit committee approval and points out that now the listed entities must provide the details of loans, deposits and inter-corporate deposits made along with the purpose for which the funds will be utilized by the ultimate beneficiary. According to the authors, it remains to be seen how listed entities will cope with the increased approval and disclosure requirements and the secretarial compliances that will follow...
Notifications and Circulars
General permission for infusion of capital in overseas branches and subsidiaries by banks
RBI introduces Legal Entity Identifier for cross-border transactions
Transaction in corporate bonds through Request for Quote platform by Portfolio Management Services
LLPs can file Form 8 without additional fees till 30 December 2021
AGM meeting via a video conference and other audio-visual means till 30 June 2022
EGMs via video conference and other audio-visual means till 30 June 2022
SEBI issues Master Circular for Real Estate Investment Trusts
Fit and proper person – SEBI (Intermediaries) Regulations, 2008 amended
Public utility service status extended for another 6 months for services engaged in uranium industry
ESIC relaxes the time limit for filing and depositing ESI contributions
Code on Wages (Delhi) Rules, 2021 notified by labour department of Delhi
Delhi Shops and Establishments (Amendment) Rules, 2021 notified
Ratio decidendi
NCLT does not have residuary jurisdiction to entertain contractual disputes arising dehors insolvency of corporate debtor – Supreme Court
Merely using the term ‘fraud’ without providing particulars is not ‘fraud’ for bar under Section 34 of SARFAESI Act, 2002 – Supreme Court
Filing for appointment of arbitrator after observing conciliation proceedings is not premature when a party refuses to conciliate for an interminable period – Delhi High Court
Contractual bar on interest does not only bar the parties from claiming it but also the Arbitrator from awarding it – Supreme Court
News Nuggets
Limitation – Sending reminders for payment not extends limitation for claims
Proceedings initiated under Section 138 of Negotiable Instruments Act, 1881 is not maintainable against the Corporate Debtor if natural persons are not included in proceedings
Guidelines on internal governance for investment firms issued by European Banking Authority
