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.
Today, startups are identified as vital engines for economic growth and job genesis. With the support of the government and due to the colossal commercial potential for startups, India has moved up to the third position on the global list in respect of number of startups. The article in this issue of Corporate Amicus discusses few incentives taken by the Indian government to boost the Indian startups. It highlights the recently introduced Startup India Seed Fund Scheme for providing financial assistance to startups via the corpus of INR 945 Crore to be disbursed through selected incubators and the measures taken by the SEBI under the Innovators Growth Platform (‘IGP’) framework to extend support to the new-age national startups to access the capital markets. SEBI’s Consultation paper reviewing the IGP framework has also been summarised here for the purpose. A recent amendment in the Companies (Compromises, Arrangements and Amalgamations) Rules by the Ministry of Corporate Affairs, further simplifying the restructuring avenue for startups, also forms part of this article. According to the authors, the initiatives taken for startups by the Indian Government will accelerate the Indian economy by fuelling business of fresh entrepreneurs and will assist the startups to survive the present difficult times and thrive in future...
SEBI relaxations in relation to procedural matters
FCRA Charter issued for Banks and Chartered Accountants
Decriminalisation of the Limited Liability Partnership Act, 2008 – Company Law Committee Report
Fast track merger of startups – Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 amended
Distinct transactions – Maharashtra Stamp (Amendment and Validation) Ordinance, 2021
Corporate Social Responsibility (‘CSR’) Policy – Rules amended
Ratio decidendi
Insolvency – NCLT cannot direct Operational Creditor to settle matter outside tribunal on the ground of ‘small due amount’ – NCLAT
Consumer protection – Incorporation of one-sided terms in Builder Buyer’s Agreement constitutes an unfair trade practice – Supreme Court
Arbitration – Validity of arbitration clause in an unstamped commercial contract – Matter referred to 5-Judge Bench of Supreme Court – Supreme Court
Insider trading – SEBI Order in the matter of trading activities in scrip of Future Retail Limited – SEBI
News Nuggets
Insolvency – IBC Section 10A suspends initiation of CIRP for defaults occurring after 25 March 2020 even though application is filed before 5 June 2020: Supreme Court
No TDS on sale of assets by liquidator – Section 53 of IBC to have overriding effect on Section 194-IA of Income Tax Act
Resolution plan is sacrosanct – Amount recovered before SCN to form part of principal
Insolvency – Creditor when not a ‘financial creditor’
Pre-packaged insolvency under IBC
Scheme for condonation of delay for companies restored in Register of Companies in December 2020
