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.
We are pleased to present the latest edition of our quarterly newsletter, where we have covered those significant amendments which may have wide implications on the ease of doing business especially in light of the challenges faced due to the pandemic. On the foreign exchange front, the government amended the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, to align the same with the modified FDI policy. These amendments specify activities that are not considered as “real estate business”. Further, start-ups have been allowed to issue convertible notes for a maximum period of 10 years, which was earlier subject to maximum limit of 5 years. Additionally, the body corporates incorporated by the government under Central and State Acts have been included within the definition of “Indian Company”.
SALIENT FEATURES
These amendment rules which entered into force on April 12, 2022, specify activities that are not considered “real estate business”.
An amendment has been made to Rule 2(e) whereby the period of conversion of convertible notes has been extended. The new rules allow a start-up to issue convertible notes which can be converted into equity shares of the company within a period of 10 years on occurrence of specified events as agreed.
New definitions for “Share-Based Employee Benefits” (“SBEBs”) and “Subsidiary” have been introduced under Rule 2. SBEBs have been defined as any issue of equity instruments to an Indian Company’s employees or directors or to employees or directors of holding company or joint venture or wholly owned overseas subsidiary or subsidiaries who are resident outside India, pursuant to the SBEB scheme formulated by such an Indian Company and subject to certain specified terms and conditions. The term “subsidiary” has been assigned the same meaning as in the Companies Act, 2013.
Key amendments in Companies Act, 2013
Companies (Management and Administration) Amendment Rules, 2022
Companies (Prospectus and Allotment of Securities) Amendment Rules, 2022
Companies (Incorporation) Second Amendment Rules, 2022
Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2022
Companies (Appointment and Qualification of Directors) Second Amendment, Rules, 2022
Key amendments in Securities Law
CIRCULAR NO. SEBI/HO/CFD/DIL2/CIR/P/2022/51 DATED APRIL 20, 2022
CIRCULAR NO. SEBI/HO/CFD/SSEP/CIR/P/2022/48 DATED APRIL 08, 2022
CIRCULAR NO. SEBI/HO/MIRSD/MIRSD_RTAMB/P/ CIR/2022/76 DATED MAY 30, 2022
CIRCULAR NO. SEBI/HO/CFD/CMD1/CIR/P/2022/47 DATED: APRIL 08, 2022
CIRCULAR NO. SEBI/HO/IMD/FPI&C/CIR/P/2022/84 DATED JUNE 21, 2022
