The Government of Goa via a notification dated March 02, 2024, has promulgated “The Indian Stamp (Goa Amendment) Ordinance, 2024” amending section 3A, sub-section (1) of the Indian Stamp Act, 1899 which has reduced the stamp duty on mining lease deeds by 60%. Currently, the stamp duty on mining lease deeds is calculated by multiplying […]
Among the first attempts to regulate the artificial intelligence landscape of India, the Ministry of Electronic and Information Technology (MeitY) published an advisory on March 1, 2024, notifying intermediaries/platforms under the Information Technology Act, 2000 and Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 (“Intermediary Rules”) on the use of Artificial Intelligence […]
This was observed by the Hon’ble Supreme Court while deciding an Appeal filed against an order of the National Consumer Dispute Redressal Commission (“NCDRC”) rejecting the Appellant/ Buyer’s Application seeking termination of the Agreement and refund of the consideration. Brief background of the case, As per the terms of the contract, in case the Respondent […]
The Hon’ble Allahabad High Court in the matter of Rajendra v. State of U.P. & Anr. whereby an application u/s 482 Cr.P.C. was filed seeking quashing of proceedings under Section 138 of the Negotiable Instruments Act, 1881 (“NI Act”), held that a demand notice sent to the drawer of a cheque through ‘Email or WhatsApp‘ under Section […]
The Hon’ble NCLAT Delhi in the matter of Ramesh Shah in consortium with Masitia Capital Services Pvt. Ltd. v. Central Bank of India & Ors. vide its order dated February 29, 2024, allowed two Appeals preferred by the Resolution Applicant and the Resolution Professional, wherein the issues that arose for consideration were as follows: Whether […]
Gujarat Labour Department issued a notification dated February 5, 2024, pertaining to the Gujarat Shops and Establishments (Regulation of Employment and Condition of Services) Act, 2019. It declares that establishments engaged in IT-enabled services and financial services shall be exempted from the following sections for a period of 2 (two) years from the date of […]
The Reserve Bank of India (“RBI”) vide its notification dated March 6, 2024 (“Circular”), has directed the card issuers to provide an option to its customers to choose their preferred card network for credit cards. Further, RBI has restricted the card issuers (banks and non-banks) from entering into arrangements with card networks where they are […]
Various appeals under section 61 of the IBC were filed before the Hon’ble NCLAT Delhi in the matter of Chanderpati v. Soni Realtors Pvt. Ltd., against the impugned order of the Adjudicating Authority (“NCLT”) that allowed the Application of the Resolution Professional (“RP”) approving the Resolution Plan submitted by the Successful Resolution Applicant. The maintainability […]
IBBI introduces key amendments to the IBBI (Liquidation Process) Regulations, 2016, with effect from 12th February 2024. The amendment provides for exclusion of the flat in possession of the allottee form the liquidator estate, “46A. Exclusion of certain assets from the liquidation estate. For the purposes of clause (e) of sub-section (4) of section 36, […]
Clove Legal advised OHMY Technologies in its acquisition transaction by Uni Cards.