Legal Blogs by Argud Partners | Corporate Law Firm in Mumbai

Introduction The Corporate Laws (Amendment) Bill, 2026 (Bill No. 85 of 2026), introduced by Finance Minister Nirmala Sitharaman in the Lok Sabha on March 23, 2026, proposes 107 amendments to the Companies Act, 2013 and the Limited Liability Partnership Act, 2008. Among its most consequential provisions is Clause 73, which

SEBI Master Circular 2026: Merchant Bankers Compliance

Introduction The Securities and Exchange Board of India has updated its Master Circular for Merchant Bankers, last revised on July 14, 2026, consolidating every operative circular issued to merchant bankers registered under the SEBI (Merchant Bankers) Regulations, 1992 into a single reference document. Issued under bearing number HO/49/14/15(3)2026-CFD-POD1/I/16178/2026, the circular

RBI Revises FEMA Reporting Framework: Circular No. 17

Introduction The Reserve Bank of India has rewritten the reporting compliance calendar for every Full-Fledged Money Changer, non-bank Authorised Dealer Category-II entity, and MTSS Indian Agent operating in the country. Through A.P. (DIR Series) Circular No.17 dated June 24, 2026 (RBI/2026-27/174), the central bank has discontinued seven legacy registers, rationalised

RBI – Credit Derivatives Directions, 2026: Legal Analysis

Introduction On June 25, 2026, the Reserve Bank of India notified the Master Direction – Reserve Bank of India (Credit Derivatives) Directions, 2026 vide Notification No. FMRD.DIRD.03/14.03.004/2026-27. The Directions were issued under cover of communication RBI/FMRD/2026-27/407 dated the same day, signed by Dimple Bhandia, Chief General Manager, Financial Markets Regulation

Transnational Issue Estoppel & PE/VC Exits in India

Introduction Foreign private equity and venture capital investors have long treated Indian court proceedings as the single biggest risk to a clean exit. An arbitral award obtained in months or years abroad has, in the past, been dragged through Indian enforcement courts for years more, with promoters recycling the same

CCI Enforcement in AI & Digital Markets: 2026 Analysis

Introduction Competition regulation in India is currently operating on two separate tracks. On one side, the Competition Commission of India (CCI) is deliberately cautious with artificial intelligence, relying on advocacy and self-regulation. On the other, it is enforcing the Competition Act, 2002 against digital platforms with real penalties, settlements, and

SC Upholds Digital Tax Search Powers Under Section 132

Introduction On March 9, 2026, the Supreme Court of India dismissed a public interest litigation that challenged the constitutional validity of digital search and seizure powers exercised by tax authorities under Section 132 of the Income Tax Act, 1961, and its corresponding provision, Section 247 of the Income Tax Act,

Naked Licensing Under Indian Trade Mark Law

Introduction to Naked Licensing Under Trade Mark Law Naked licensing is one of the most debated defences raised by licensees in trade mark infringement suits filed by licensors. The defence rests on a basic function of a trade mark: its role as a source identifier. A trade mark does not

PMLA and Tender Eligibility of Government Contractors

Introduction The Prevention of Money-Laundering Act, 2002 (PMLA) tender eligibility India has become a pressing question for contractors, public sector entities, and procurement lawyers after the Delhi High Court’s ruling in Dhanvine Engg. (P) Ltd. v. Delhi Jal Board, 2026 SCC OnLine Del 1877. The judgment addresses whether a contractor

SC: Insurer Not Liable for Compensation Act Penalty

Introduction The Supreme Court of India has delivered a ruling that draws a clear line between an insurer’s contractual liability and an employer’s personal accountability under the Employees’ Compensation Act, 1923. In New India Assurance Co. Ltd. v. Rekha Chaudhary & Others (Civil Appeal No. 174 of 2026), decided on

Section 6A and On-Market Purchases Under Competition Law

Introduction: Why On-Market Purchases Needed a Legal Fix In 2024, Parliament amended the merger control regime under the Competition Act, 2002, introducing one of the most significant procedural reforms to India’s antitrust framework in recent years. The amendment specifically targets on-market purchases, including open offers, and brings India’s regulatory approach

Cross-Border Legal Privilege in International Arbitration

Introduction Clients confide in their lawyers on the assumption that those communications stay sealed. That assumption holds reasonably well within a single legal system. It collapses the moment a dispute crosses border. A communication that is fully protected in New York or Singapore can be wide open to disclosure in

Bombay HC Clarifies GST on Tolerating or Refraining Acts

Statutory Framework The goods and services tax regime in India is governed by the Central Goods and Services Tax Act, 2017 (the CGST Act). Section 7(1) of the CGST Act defines “supply” to include all forms of supply of goods or services made or agreed to be made for a

Indian Insolvency Framework 2026: CIRP & IBC Reforms

Introduction and Legislative Progression of the Insolvency and Bankruptcy Code The statutory architecture governing corporate distress in India has transitioned from a fragmented debt-recovery system to a unified, time-bound, and creditor-controlled regime under the Insolvency and Bankruptcy Code, 2016. This structural evolution is underscored by significant economic recovery metrics, with

Legal Analysis RBI Digital Payments E-Mandate 2026

The regulatory structure for recurring digital payments in India reached a definitive milestone on April 21, 2026, when the Reserve Bank of India issued the Digital Payments – E-mandate Framework, 2026, under the reference RBI/DPSS/2026-27/396. This directive represents a major consolidation of the payments ecosystem, designed to streamline the processing

Section 45 Insurance Act, 2015 : Policy Repudiation Rules

The legal framework governing life insurance in India is anchored in the foundational doctrine of uberrima fides, or utmost good faith. This principle mandates that both the insurer and the proposer act with complete transparency, disclosing every material fact that could influence the assessment of risk. Unlike general commercial contracts

Sovereign Autonomy of Foreign-Seated Arbitration Law

The development of arbitration as the default mechanism for international commercial dispute resolution has necessitated a rigorous re-evaluation of the boundaries of judicial intervention within the Indian legal system. Central to this inquiry is the doctrine of anti-arbitral injunctions, a remedy that resides at the intersection of state sovereignty and

Maharashtra Land Revenue Code Amendment, 2025 Analysis

The enactment of the Maharashtra Land Revenue Code (Second Amendment) Act, 2025, constitutes a fundamental restructuring of land revenue administration and property development regulations in the state of Maharashtra. Published officially on December 31, 2025, this legislative intervention represents a departure from the historical revenue-control model that has governed agricultural

Supreme Court Bars Fresh Arbitration After Withdrawal

The Statutory Framework for Arbitrator Appointments in India The legal structure for appointing arbitrators in India is primarily defined by Section 11 of the Arbitration and Conciliation Act, 1996. This section acts as a vital gateway to the arbitral process, offering a structured method for judicial or institutional intervention when

Customer Data Protection in Indian Financial Sector

The issuance of Advisory No. 3/2026 by the Reserve Bank of India on March 25, 2026, establishes a comprehensive framework for Supervised Entities to enhance their data security protocols within an increasingly digital financial environment. This advisory was developed following a thematic study conducted in 2025 by the Cyber Security

NCLT: Maintenance Dues as Liquidation Costs Under IBC

The legislative framework governing corporate insolvency in India has reached a critical juncture with the enactment of the Insolvency and Bankruptcy Code (Amendment) Act, 2026. This legislative intervention, which received Presidential assent on April 6, 2026, represents the most significant structural recalibration of the insolvency regime since the inception of

Corporate Laws (Amendment) Bill 2026: A Legal Analysis

The introduction of the Corporate Laws (Amendment) Bill, 2026, in the Lok Sabha on March 23, 2026, represents a transformative juncture for corporate regulation in India. This omnibus legislation, comprising 107 clauses, seeks to amend both the Companies Act, 2013 and the Limited Liability Partnership (LLP) Act, 2008. Derived largely

Competition Law & Contract Liability in Indian Aviation

The Indian aviation sector has entered a transformative period characterized by the replacement of century-old colonial statutes and the assertion of aggressive regulatory oversight. The enactment of the Bharatiya Vayuyan Adhiniyam, 2024, which superseded the Aircraft Act, 1934, provided a modernized statutory framework for the manufacture, possession, use, operation, and

Legal Finality in Insolvency: Limitation on Debt Rules

The intersection of the Insolvency and Bankruptcy Code, 2016 (IBC) and the Limitation Act, 1963 has stood as a significant pillar of dispute within the Indian corporate legal framework. The fundamental objective of the Code is to ensure the time-bound reorganization and insolvency resolution of corporate persons for the maximization

Legal Analysis of the Income Tax Rules, 2026

The notification of the Income Tax Rules, 2026, issued via G.S.R. 198(E) on 20 March 2026, establishes the procedural framework for the implementation of the Income-tax Act 2025 (Act No. 30 of 2025). This transition, effective from 1 April 2026, replaces the decades-old 1961 Act and the 1962 Rules, representing

Evolution of Post-Settlement Arbitrability in Indian Law

The determination of arbitrability within the context of post-settlement disputes represents a fundamental shift in the Indian legal environment between 2024 and 2026. This evolution centers on the tension between the finality of settlements and the preservation of the right to arbitrate when such settlements are contested on grounds of

Asset Tokenisation Bill in India: Legal Framework 2026

The introduction of the Asset Tokenisation (Regulation) Bill, 2026, in the Rajya Sabha on March 13, 2026, marks a fundamental shift in the legislative approach to digital finance in India. Introduced as a Private Member’s Bill by Member of Parliament Raghav Chadha, this legislative proposal addresses a profound regulatory void

GST Appellate Tribunal Formal Operationalization,2026

The commencement of the first phase of adjudicatory operations by the Goods and Services Tax Appellate Tribunal on February 16, 2026, represents a definitive conclusion to the era of writ-dependency in Indian tax litigation. For nearly a decade, the absence of this statutory second appellate forum forced taxpayers to approach

M&A of Unlisted Companies under Indian Law 2026

The legal environment for mergers and acquisitions involving unlisted companies in India has transitioned toward a principle-based regulatory architecture during the 2025-2026 cycle. This shift focuses on administrative decentralization and the removal of judicial bottlenecks for standard private reorganizations. The primary governance is derived from the Companies Act, 2013, the

IT Rules 2026: AI Content & Platform Liability

The Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 were issued by the Central Government under Section 87 of the Information Technology Act, 2000 and superseded the 2011 intermediary guidelines. These rules establish a comprehensive statutory framework governing intermediaries, publishers of digital media, and online gaming platforms.

The New M&A Regime in India: What Dealmakers Need to Know

The structural evolution of the Indian corporate ecosystem has entered a period of systemic transformation, moving away from reactive regulation toward a proactive, value-oriented framework. This shift is characterized by legislative amendments and regulatory updates that synchronize domestic protocols with global standards while addressing the unique demands of a digital-first

IRDAI 2026 Transitional Framework: Fees & Registration

Introduction The regulatory framework governing insurance intermediaries in India has been fundamentally altered following the enactment of the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025. In furtherance of this legislative reform, the Insurance Regulatory and Development Authority of India (IRDAI), through its circular dated 16 March 2026,

Cross-Border PE & VC in India: Statutory Framework 2026

India’s Legal Framework for Cross-Border Investments The investment environment for private equity (PE) and venture capital (VC) in India is currently defined by a comprehensive consolidation of fiscal and regulatory statutes. Effective April 1, 2026, the Income Tax Act, 2025, serves as the primary legislation for direct taxation, replacing the

Commercial Wisdom of CoC under IBC: 2026 Legal Analysis

Introduction The legal framework of the Insolvency and Bankruptcy Code, 2016 (IBC) in 2026 establishes the “commercial wisdom” of the Committee of Creditors (CoC) as the definitive authority in corporate insolvency resolution. This doctrine represents a fundamental shift from court-centric models to a creditor-driven process, where financial creditors who bear

Liquidation Preference & Exit Rights in India (2025-26)

The structure of exit distributions in Indian mergers and acquisitions is fundamentally anchored by liquidation preference, a mechanism designed to prioritize investor capital protection during liquidity events. In the prevailing regulatory environment of 2025 and 2026, the enforcement of these preferences has moved beyond simple contractual mandates into a complex

Industrial Relations Code (Amendment) Bill, 2026

The introduction of the Industrial Relations Code (Amendment) Bill, 2026, marked as Bill No. 33 of 2026, represents a significant legislative intervention aimed at consolidating the legal foundation of India’s labour reforms. Introduced in the Lok Sabha by Dr. Mansukh Mandaviya, the Union Minister for Labour and Employment, the Bill

RBI Commercial Banks Risk Amendment Directions, 2026

The Reserve Bank of India (RBI) issued the (Commercial Banks – Concentration Risk Management) Amendment Directions, 2026, on February 13, 2026. This legislative instrument, promulgated under Sections 21 and 35A of the Banking Regulation Act, 1949, establishes a new prudential framework for managing sectoral risks and institutional exposure. The directions

Section 29A Arbitration: Jurisdiction & Time Limits

Introduction The statutory framework governing arbitration in India has undergone significant evolution to establish the country as a hub for efficient dispute resolution. Central to this objective is Section 29A of the Arbitration and Conciliation Act, 1996, which was introduced to address the chronic delays that historically hindered arbitral proceedings.

SEBI ICDR Regulations 2018: Legal Framework & Compliance

Introduction The Securities and Exchange Board of India Act, 1992, serves as the primary authority for the regulation of the Indian securities market. Under Section 11(1), the Board is mandated to protect investor interests and promote market development. Within this statutory framework, the SEBI (Issue of Capital and Disclosure Requirements)

Conflict of Assets Under PMLA and IBC in India

Introduction The statutory confrontation between the Prevention of Money Laundering Act, 2002 (PMLA) and the Insolvency and Bankruptcy Code, 2016 (IBC) remains one of the most significant points of friction in the contemporary legal environment of India. This conflict involves a fundamental collision between two distinct public law regimes: the