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.
International Workers - Conundrum of payment of Provident Fund
By Asish Philip Abraham and Astha Sinha
The article in this issue of Corporate Amicus discusses the issues relating to the liability to pay Provident Fund (PF) on salaries paid to expats, based on recent judicial developments. The article examines the Supreme Court decision in Northern Operating Systems Pvt. Ltd. which held foreign employees working with an Indian company are not to be considered as employees of the Indian Company, and thus created uncertainty with respect to the position of law with respect to the payment of PF to International Workers. The article also considers as recent Karnataka High Court decision in Stone Hill Education Foundation, which has struck down the provisions relating to payment of PF on salaries of International Workers. The authors note that currently the Code on Social Security, 2020 too is silent on the topic of International Workers. According to them, the position may be clarified once the Employees Provident Fund scheme under the new Labour Code is published.
Notifications and Circulars
SEBI issues Master Circular for ESG Rating Providers
SEBI issues Circular on industry standards for verification of market rumours
SEBI issues Circular on restrictions on sharing real-time price data with third parties
SEBI streamlines intimation of PPM changes for AIFs
RBI issues Fair Practices Code for lenders for charging of interest
RBI allows regularisation of partly paid units issued to foreign residents
Ratio decidendi
Insolvency - No claims admissible after approval of resolution plan by CoC even if approval by Adjudicating Authority pending - NCLT, Mumbai
Winding up proceedings pending before High Courts, that are not at an advanced stage, ought to be transferred to NCLT - Delhi High Court
Insurance contracts operate under principles of ‘utmost good faith’ - Insured is under an obligation to disclose all material facts in proposal form - National Consumer Dispute Redressal Commission
Arbitration - Composition of a Tribunal cannot be a ground for non-enforcement of a Foreign Arbitral Award, when the issue was not raised before the Tribunal or the Seat Court - Delhi High Court
Arbitration proceedings determine the seat of arbitration in case of absence of a clause specifying the seat - Delhi High Court
News Nuggets
Foreign funds at GIFT City can take full investments from non-resident Indians
SEBI mulls tighter rules for the listing of small businesses
LIC granted a 3-year extension from meeting MPS requirements
Short-weighted packages lead to penalties for a major biscuit manufacturer
Government mulls strengthening the underwriting model to help MSMEs obtain loans from banks and NBFCs
