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Economic Laws Practice

Economic Laws Practice

Economic Laws Practice (ELP) is a national law firm.

The International Chamber of Commerce ('ICC') has recently amended its Rules of Arbitration. The amended Rules are effective as of 1 March 2017 ('ICC Rules'). These amendments are aimed at streamlining the conduct of arbitrations to increase transparency and make ICC arbitrations more time and cost efficient.

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SINGLE REGISTRATION UNDER GST There are media reports that, the GST Council is contemplating the demand of certain service providers, including e-commerce players, for single registration under Simplified Registration Scheme, proposed to be prescribed under the draft Model GST law 1....
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The Central Government, vide 344 notifications dated March 10, 2016 had banned the sale, manufacture and distribution of 344 fixed dose combination drugs (“FDCs”) on the ground that these FDCs lacked therapeutic rationality or justification. The ban had enormous impact on...
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Dear Reader, The Sick Industrial Companies (Special Provision)Repeal Act, 2003 (“SICA Repeal Act”) has been notified by the Central Government on November 25, 2016 and the Government has chosen December 1, 2016 as the date on which provisions of the aforementioned...
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The Bombay High Court ruling in the case of IDBI Trusteeship Services Limited v/s Hubtown Limited dated 8 May 2015 has been set aside by the Supreme Court in its order dated 15 November 2016. The attached note sets out a...
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TIMELINE FOR IMPLEMENTING GST The Hon’ble Finance Minister recently indicated that, while the Government is aiming to implement GST from April 2017, the roll out would have to take place by September 16, 2017 at the latest. In the parallel, a...
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Dear Reader, The last couple of years have been a watershed in the Indian Arbitration scene. While the Courts across the country have done their bit to support arbitration as the preferred mode for dispute resolution within the country, the legislature...
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In a historic breakthrough, the Constitution (One Hundred and Twenty Second Amendment) Bill, 2014 (‘GST Bill’) has been passed unanimously by the Rajya Sabha of the Parliament. This is a significant step and takes the country closer to Goods and Services...
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The Companies (Share Capital and Debentures) Rules, 2014 have been amended vide the Companies (Share Capital and Debentures) Third Amendment Rules, 2016 dated 19 July 2016, to bring major changes with respect to issuance of equity shares with differential voting rights...
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Dear Reader, The Government of India released the draft of the Model GST Law into the public domain earlier this week. The attached booklet contains ELP’s analysis of the provisions of the model law. ELP-Analysis-of-Model-GST-Law.pdf We trust you will find this...
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Suresh Kumar Bansal & Others vs. Union of India & Others  – Delhi High Court W.P. (C) 2235/2011 and W.P. (C)  2971/2011 (the judgement was delivered on 3rd June, 2016) FACTS Two Writ Petitions were filed before the Delhi High Court...
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Krishi Kalyan Cess of 0.5% has been recently introduced in Service tax and the effective rate of tax is now 15%. Please find enclosed our alert on various aspects of Krishi Kalyan Cess. ELP-Tax-Alert---Levy-of-Krishi-Kalyan-Cess.pdf We trust you will find this an...
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To provide speedy disposal of offences punishable under the Companies Act, 2013, which are punishable with imprisonment of 2 years or more, the Ministry of Corporate Affairs has notified the provisions dealing with ‘Special Courts’ with effect from 18 May...
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The Government of India has on May 10, 2016 issued a press release announcing the Protocol for amendment of the Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital...
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In furtherance of the amendment made vide the Finance Act, 2015 (as made effective from April 01, 2016) qua the services provided by the Government or Local Authority, the Central Board of Excise and Customs (“CBEC”) has issued Circular No. 192/02/2016...
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