Priyanka Dixit Sibal, Suyash Sarvankar & Sanya Kanwar Under the RBI's “principal business” or 50-50 test, any company is treated as a non-banking financial company (“NBFC”) if more than 50% of its total assets are financial assets and more than 50% of its income comes from those assets. A typical investment holding company may cross both limits, particularly in the event of exits, as its balance sheet is dominated by shares of group companies and its income is mostly dividend

Priyanka Dixit Sibal and Puneet Abrol The Ministry of Corporate Affairs (MCA) has notified the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2026 (“Amendment Rules”), introducing a significant change to the CSR framework under the Companies Act, 2013 (“Act”). Under the Amendment Rules, companies can now use a portion of their mandatory CSR spending to subscribe to Zero Coupon Zero Principal (“ZCZP”) instruments (described below), issued by eligible not-

Parveen Arora and Ishaan Chopra India is advancing towards an ambitious target of 500 gigawatts of installed non-fossil energy capacity by 2030, which requires the continuous deployment of solar, wind, and hybrid energy systems. As the nation scales this infrastructure, the contractual framework supporting it is evolving as part of a necessary and consequential process. For a long time in India, the Power Purchase Agreement (“PPA”) has been the standard instrument for long-te

Vikramjeet Singh and Prachi Rungta Algorithms designed to attract users can also attract liability. Two landmark US courts’ verdicts in March 2026 may signal a shift in the law relating to platform liability. It is quite possible that we have moved on from the position of "platforms are mere conduits" to "platforms are products, and their makers can be sued." For technology companies operating in India, the next, critical question is whether the Indian legal framework sup

(Harinie Seenivasan and Arjun Paleri) On April 15, 2026, the High Court of Karnataka, in a significant order1, directed the State Government to implement its Menstrual Leave Policy across all establishments, both organised and unorganised. The court’s ruling resolves the uncertainty that had surrounded the Policy since it was challenged in December 2025 and signals a clear direction for employers in Karnataka. This article outlines the background to the ruling, its implica

(Xerxes Antia and Agrima Choudhary) The Department for Promotion of Industry and Internal Trade, Ministry of Finance had, in February 2026, issued Press Note 1 (2026 Series) (“Press Note 1”) which proposed increasing the foreign investment cap to 100% in the insurance sector. The Press Note 1 provided that the change would only take effect from the date of notification under the Indian foreign exchange control regulations. Subsequently the Ministry of Finance has issued the F

(Xerxes Antia and Agrima Choudhary) Background On March 10, 2026, following approval by the Union Cabinet, the Government of India, through a press release issued by the Press Information Bureau (“Press Release”), proposed certain changes to the Indian exchange control regulations restricting investments from countries sharing land borders with India originally introduced in 2020 under Press Note 3 (2020 Series) (“PN3”). The Press Release was followed by the issuance of Press

Priyanka Dixit Sibal and Suyash Sarvankar Market intermediaries such as stockbrokers, fund managers, merchant bankers and credit rating agencies must qualify as ‘fit and proper’ persons to obtain registration from the Securities and Exchange Board of India (SEBI). Last month, SEBI introduced the SEBI (Intermediaries) (Amendment) Regulations, 2026 to revise the 'fit and proper' framework, with a view to (i) balance the regulatory objective of a principles based criteria in tha

Aishwarya Kaushiq and Parv Lodha Entries in books carry significant legal consequences. They may corroborate a debt, revive a time-barred claim, or materially impact litigation strategy years later. Indian courts have consistently treated books of account as significant documents governed by the Bharatiya Sakshya Adhiniyam, 2023 and the Limitation Act, 1963. At the same time, the law provides safeguards: accounting entries alone cannot fasten liability, and surrounding record

Ramesh Vaidyanathan, Aditi Rani, Sneha Gangwani and Puneet Abrol Building on earlier amendments to the Companies Act, 2013 (“Companies Act”), the recently introduced Corporate Laws (Amendment) Bill, 2026 (the “Bill”) is currently before a Joint Parliamentary Committee (“JPC”), after being tabled in the Lok Sabha. The Bill also seeks to amend the Limited Liability Partnership Act, 2008 (the “LLP Act”). The Bill marks a clear shift from rigid compliance and the criminalisa

In a rare and welcome 1 April move, the Central Board of Direct Taxes (CBDT) has restored clarity on one of the most contentious aspects of India’s anti-avoidance regime. By way of a notification dated 31 March 2026, the CBDT has amended Rule 128 of the Income-tax Rules, 2026 to unequivocally confirm that income from the transfer of investments made before 1 April 2017 remains outside the ambit of GAAR, even if the exit takes place subsequently. This clarification, though con

– Part 3 of the 'Lifecycle of Discipline' Series (Arjun Paleri and Jaya Ramachandran ) In the earlier parts of this series, we delved into the “Why” (how proper processes protect employers and ensure fairness for employees) and the “How” (crafting court-proof charge sheets). Now, we turn our attention to the final, and arguably the most pivotal, phase: The Outcome. You have conducted a fair inquiry, and the Inquiry Officer has concluded that the employee is guilty of misco

– Part 2 of the ‘Lifecycle of Discipline’ Series (Arjun Paleri and Jaya Ramachandran ) In our previous article, “Beyond the Handbook,” we established that skipping the disciplinary process can spell legal trouble for organisations. But what happens when you decide to follow the process? Is it still possible for a court to overturn the outcome? The answer often lies not in the end of the inquiry, but at the very beginning. Domestic inquiries can falter right from the start

(Harinie Seenivasan and Arjun Paleri) The Supreme Court, in February 2026[1], set aside the dismissal of an employee whose departmental inquiry had resulted in a finding of grave misconduct. This judgement is unique as the Court's reasoning did not focus on procedural flaws but on issues with evidence that was considered for establishing the grave misconduct. More specifically, the Court found that the decision rested on material that did not reliably establish the most serio

(Harinie Seenivasan and Arjun Paleri) The Bombay High Court’s Nagpur Bench, in a judgement delivered in February 2026 has significant implications for how employers across sectors structure and administer maternity leave. In Dr. Meenakshi Mutiah v. State of Maharashtra & Ors., the court set aside a penalty imposed on a doctor for availing maternity leave during her service bond period and held that maternity leave cannot be restricted or excluded from service computation, irr

(Xerxes Antia and Aanchal Merchant) The Government of India has approved relaxations to the foreign direct investment (“ FDI ”) regime applicable to investments from countries sharing a land border with India. These changes were approved by the Union Cabinet on March 10, 2026 and modify the framework originally introduced under Press Note 3 of 2020 (“ Press Note 3 ”) and consequently incorporated into the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 (“ NDI R

Mansi Singh and Riya Jain The Indian aviation sector continued to grow stronger in the year 2025, supported by increased capital commitments and large-scale infrastructure development. From IndiGo doubling its Airbus A350 orders to Air India placing additional orders for Boeing 737 MAX aircraft, the sector’s growth has been both significant and strategically structured. In parallel, the Government advanced the third phase of airport privatization involving 11 airports, furt

Juhi Mehta and Natasha Rao What you should know: In line with the ongoing government efforts, the two key takeaways from the revised Defence Procurement Manual, 2025 (“DPM 2025”) are: It encourages indigenisation of design and production and private participation but retains erstwhile ToT, IPR and JV step in rights; and introduces simplified, transparent and accountable procurement process, which will be tested in their implementation. What do the changes mea

Xerxes Antia and Pranay Desai The Reserve Bank of India (“ RBI ”) has on February 16, 2026 published the Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations, 2026 (“ Amendment Regulations ”). The Amendment Regulations have been issued basis feedback received by the RBI from the public on the draft Foreign Exchange Management (Borrowing and Lending) (Fourth Amendment) Regulations, 2025 released by the RBI in October 2025 and seek to amend the Fore

Rohit Kudtarkar and Xerxes Antia Introduction The registered office of a company is the principal place of business and the official address recognized under law. It is the place where all statutory communications, notices, and correspondence are sent and where statutory records are maintained. Section 12 of the Companies Act, 2013 (the “ Act ”) mandates that every company must have a registered office at all times during its existence and prescribes the rules relating