The multiplicity of taxes in India has historically created hindrance in smooth compliance procedure. In order to follow the objective of introducing simpler tax procedures and to achieve the objective of ONE NATION ONE TAX, AIDC should be discontinued as soon as its collection target is achieved, which if possible should be pre-defined.
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The transaction involves the initial acquisition of 91 % of the shares in Moonfrog, completion of which is expected to occur on 26 February 2021.
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The country was waiting with bated breath for a budget that could serve as a blueprint for the recovery of the economy. Budget 2021 witnesses a slew of changes focusing on “atmanirbhar Bharat” – Self Reliant India. The Budget intends to stabilize the economy from the aftermath of COVID, and foster India’s growth story. With focus on capitalizing from the “Post Pandemic – New World Order”, thrust areas of the Government hinge on several important sectors such as healthcare, manufacturing and infrastructure. The enhanced focus will continue to be guided by the “Minimum Government and Maximum Governance” approach.
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Considering we are still battling the Coronavirus, it is no surprise that this year’s budget focused on improving healthcare and infrastructure. Health allocation jumped 137% for 2021-22 compared with an allocated budget in 2020-21.
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Ketan has extensive experience of having worked in leading international and domestic law firms, and also led the Legal Department of a infrastructure company.
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Khaitan and Co advised and assisted Aditya Birla Fashion and Retail Limited in relation to the proposed acquisition of majority interest in Sabyasachi Couture by way of a capital contribution.
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The securities market regulator, SEBI, has recently issued a Circular (No. SEBI/HO/CFD/DIL1/CIR/P/2020/215 dated November 3, 2020) (Circular) introducing a series of changes in the approval mechanism of schemes of arrangement /amalgamation /merger /reconstruction /reduction of capital etc. (Scheme) involving listed companies. As per the new Circular, for stock exchanges to refer draft Schemes to SEBI, they need to be fully convinced that the listed entity is in compliance with SEBI Act, 1992, rules, regulations and circulars issued thereunder.
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Atul Sharma, Managing Partner & Nusrat Hassan, Co-Managing Partner stated that they are happy to welcome both Aditya and Gaurav to the firm.
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