Justitia Law Offices

12/11/2015

NRIs can now bring in Foreign Direct Investment (FDI) through companies, trusts and LLPs:

The govt has extended the benefits enjoyed by individual NRI investors to companies, trusts and other incorporated entities owned by non-resident Indians (NRIs) as part of the liberalised FDI norms announced.
The govt said investment by companies, trusts, partnerships owned and controlled by NRIs on non-repatriation basis will now be treated as domestic investment.
NRIs are allowed 100 per cent FDI in the civil aviation sector while in the construction sector, they are exempt from complying with minimum area requirement, exit norms and minimum FDI limit of $5 million.

Read more at:
http://economictimes.indiatimes.com/articleshow/49742348.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

The government has extended the benefits enjoyed by individual NRI investors to companies, trusts and other incorporated entities owned by NRIs.

09/11/2015

http://economictimes.indiatimes.com/industry/banking/finance/banking/bad-loan-problem-gradually-bottoming-out-say-indian-banks/articleshow/49719533.cms

Indian banks believe their bad loan problem is bottoming out even as sticky loans continued to haunt both public and private sector lenders in the quarter-ended September.

05/11/2015

ALLAHABAD HIGH COURT : R**E BORNED CHILD HAS RIGHT OVER ASSAULTER’S PROPERTY:

In a significant judgement, Allahabad High Court has ruled that
a child born out of r**e will have inheritance rights over property of assaulter, the “biological father”.
The court, however, added that if the child is given away for adoption, then he/she will not have any rights on the property of the biological father.

Read more at:
http://economictimes.indiatimes.com/articleshow/49659006.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

The court, however, added that if the child is given away for adoption, then he/she will not have any rights on the property of the biological father.

04/11/2015

DELHI HIGH COURT ADMITS PIL AGAINST CIGARETTE SALE, SMOKING ON ITS PREMISES:
Delhi High Court has admitted a PIL seeking ban on smoking in court complex and removal of all shops selling to***co and cigarette there citing its ill-effects on health.
Read more at:
http://www.business-standard.com/article/pti-stories/pil-in-hc-against-cigarette-sale-smoking-on-its-premises-115110301188_1.html

Delhi High Court has admitted a PIL which sought a ban on smoking in court complex and removal of all shops selling to***co and cigarette there citing ill-effects on health and contending that people cannot be "subjected to become passive

03/11/2015

The country's largest bank, SBI on Monday raised a critical question concerning the future of banking in Jammu & Kashmir before the Supreme Court that whether residents of the state could take a loan from a bank and decline to repay? This question raised by SBI in its special leave petition challenging a judgment of the J&K High Court, which ruled that the Parliament enacted SARFAESI Act, 2002 was not applicable to the J & K.

SC on special leave petition challenging judgment of J&K HC, which ruled that Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002 was not applicable to the state, has issued notice to writ petitioners, mainly traders from Jammu and Kathua, who had successfully challenged application of Sarfaesi Act to residents of J&K.

Read more at:
http://timesofindia.indiatimes.com/india/Can-JK-residents-not-repay-loans-SBI/articleshow/49637846.cms

The country’s largest bank – State Bank of India – on Monday raised a critical question concerning the future of banking in Jammu and Kashmir before the Supreme Court – whether residents of the state could take a loan from a bank and decline to repay?

02/11/2015

Supreme Court while restricting right of women seeking equal share in ancestral property, has held that amended provisions of Hindu Succession (Amendment) Act, 2005, could not be given retrospective effect.
Read more at:
http://indianexpress.com/article/india/india-news-india/supreme-court-sets-2005-cut-off-on-women-right-to-ancestral-property/

The court said the father would have had to be alive on September 9, 2005, if the daughter were to become a co-sharer with her male siblings.

02/11/2015

Court can substitute arbitrator:
If an arbitrator nominated by the contesting parties withdraws from the proceedings, the court can select a substitute arbitrator of its own choice. "It is the court's duty to give effect to the policy of law, that is to promote efficacy of arbitration," the Supreme Court has stated in its judgment, Shailesh vs Mohan. In this case, the parties selected a retired judge of the Supreme Court from a panel of names but she resigned midway.

The parties could not agree on a new name and the matter went back to the Bombay high court. It substituted one of its retired judges in her place. This was opposed by one of the parties, which argued that once the arbitrator withdraws, the agreement ended and the court could not name another. Rejecting this argument, the Supreme Court stated that under Section 15(2) of the Arbitration and Conciliation Act, when the mandate of an arbitrator terminates, a substitute arbitrator "shall" be appointed. Arbitration must go on.

Business Standard, 1st November 2015.

31/10/2015

Article 21 of Constitution of India:
Quashment on ground of delay in initiation of criminal proceedings/filing criminal complaint:
It is true that cases covered by statutory bar of limitation may be liable to be quashed without any further enquiry, cases not covered by statutory bar can be quashed on ground of delay in filing of criminal complaint in appropriate cases. In such cases, question for consideration is, whether there is violation of right of speedy trial, which has been held to be part of Art. 21 of Constitution, having regard to nature of offence, extent of delay, person responsible for delay etc. However, mere delay in completion of proceedings, may not be, by itself, a ground to quash proceedings, where offences are serious but court, may quash proceedings in exercise of jurisdiction under S. 482 CrPC, having regard to conduct of parties, nature of offence & extent of delay in facts & circumstances of given case, in the interest of justice and to prevent abuse of process of court. [Sirajul v. State of U.P., (2015) 9 SCC 201].

30/10/2015

Foreign Account Tax Compliance Act (FATCA) fact: Under new US tax law, Indian Trusts will now have to disclose details to Internal Revenue Service if any of the trust beneficiary is a US Resident.
Over the past decade, many Indian business families have organised themselves under trusts, a bankruptcy remote structure to preserve wealth, protect the rights of various members, and plan for the next generation. Now, this arrangement is coming under strain for families with members staying in the US. According to the Foreign Account Tax Compliance Act (FATCA) passed by the US govt to unearth black money of US residents outside the country, trusts in India will have to disclose all details to the tax office if any of the trust beneficiary is a US resident.

Read more at:
http://economictimes.indiatimes.com/articleshow/49588821.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

There are fears that US tax department could interpret the matter differently and consider notional income to tax the beneficiary.

28/10/2015

Supreme Court: In National Interest, Scrap Quota in Higher Education Institutions:
SC while dealing with issue of reservation in super-specialty courses in medical institutions, has said that there should really be no reservation in higher education, as its in general interest of country for improving standard of higher education and thereby improving quality of medical services.
Read more at:
http://indianexpress.com/article/india/india-news-india/in-national-interest-scrap-quota-in-higher-education-institutions-supreme-court/

Emphasising what the apex court held 27 years ago, the bench said it is now “inclined” to convey the same message to the central and state governments over reservation in institutions of higher education.

27/10/2015

CBEC: NO SERVICE TAX FOR TITLE TRANSFER IN PROPERTY:
Central Board of Excise and Customs (CBEC) has clarified that in case of sale of flats, title transfer after issuance of an occupancy certificate is exempted from service tax. Mere title transfer in immovable property is exempted from service tax.
Read more at:
http://www.business-standard.com/article/economy-policy/no-service-tax-for-title-transfer-in-property-115102700022_1.html

In the case of sale of flats, title transfer after the issuance of an occupancy certificate is exempt from service tax

21/10/2015

SC in order to speed up various projects across the country that are stuck awaiting for permission from Supreme Court’s Green Bench, has transferred more than 300 cases to the National Green Tribunal (NGT) and various Central and state-level committees for final decisions.
Read more at:
http://indianexpress.com/article/india/india-news-india/projects-stuck-supreme-court-transfers-300-cases-to-ngt-govt-bodies/

Hearing a PIL pending since 1995, the Bench — also comprising Justice Arun Mishra and Justice Adarsh K Goel — disposed of more than 300 applications, some pending for the last 14 years.