Month: August 2021

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About the company

Navi Technologies (erstwhile known as BACQ) is founded by Sachin Bansal & Ankit Agarwal to build consumer-centric and technology-driven businesses in the BFSI (Banking, Financial Services & Insurance) space.

At NAVI, our mission is to build financial services that are simple, accessible and affordable.

NAVI is a company founded by Sachin Bansal & Ankit Agarwal to build consumer-centric & technology-driven businesses in the BFSI (Banking, Financial Services & Insurance) space.

We are looking to hire an outstanding candidate to join our in-house legal team. The role promises to be exciting and challenging in equal measure and is ideal for somebody looking to play a pivotal role in a growing organization that will have a significant impact.

Responsibilities

Work directly with the Director, Legal, and the leadership team of NAVI in managing the legal function.
Providing legal counsel on general corporate matters to NAVI and its group companies.
Drafting, negotiating, and facilitating the execution of contracts on behalf of NAVI and its group companies.
Providing transaction advisory support for NAVI’s M&A and strategic investments and managing such deals end-to-end.
Liaising effectively with an array of consultants, advisors, and outside counsel to manage multiple projects.
Developing a strong understanding of evolving regulatory environments relevant to the BFSI sector.

Qualifications

Law degree from a recognized, highly-ranked university.
Between 2-5 years PQE.
Strong analytical and interpersonal skills with an ability to work and take considered decisions in a fast-paced environment.
Exceptional communication (both written and verbal) skills.
Experience working with an M&A / PE / VC practice at a corporate law firm is preferred but not mandatory.
The candidate should be able to work independently, exercise sound and practical judgment, and have the ability to manage a number of diverse projects.

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The High Court held that urgent measures should be taken to control the deaths of children due to malnutrition or lack of medical facilities in Melghat, Amravati District tribal areas. Considering the case of Dr. Rajendra Sadanand Burma vs State of Maharashtra and numerous PILs, the Division Bench held that all the necessary public health facilities associated with nutrition, pregnancy, and specialists should be provided in the region immediately.

Social Activist, Bandu Sampatrao Sane also played a major role in providing justice to the needy people seeking help. Since last 4 months, more than seventy percent of children below 6 years died and 20 were stillborns in the Melghat region

Chief Justice firmly asks why the help is not provided in the region as there is not even a single gynecologist and pediatrician. The High Court directed the state to monitor the situation quickly, else the State Public Health Department and The Public Health Department Secretary have to rise to the occasion and will be held guilty. Justice Dipankar Datta also warned the Health Secretary that no more deaths should be there by 6 September due to malnutrition. The court adjourned the matter to September 6 and asked for immediate relief and regular health checkups for pregnant women in the Chikhaldara region.

-Report by SANDHYA PRAJAPATI

Case Number

Civil Appeal No. 5837 of 2006 with Contempt Petition (C) No. 38 of 2006.

Equivalent citation

(2007) 3 SCC 169.

Bench

S.B. Sinha, Markandey Katju.

Date Of Judgment

15/12/2006

Relevant Act

The Protection of Women from Domestic Violence Act, 2005

Facts

The petitioner Smt. Taruna Batra was married to Amit Batra, son of the respondent, on 14^th April 2000. After the marriage, Taruna Batra was living with Amit Batra in her in-law’s house. Amit Batra has filed a divorce petition against his wife. In response, Taruna Batra also filed an F.I.R. against his husband, mother-in-law, father-in-law, and sister-in-law under Indian Penal Code Section 406, 498A, 506, and 34. They were arrested by police and after three days they got bail. Taruna Batra started living in her mother’s house. Later, she tried to enter the appellant’s house, but she could not enter because of the lock. Amit Batra had bought a house in Ghaziabad and was living there.

Arguments

The argument made by the petitioner

Smt. Trauma Batra has raised the issue that she has the right to live in the respondent’s house because it is her matrimonial house.

The argument made by respondent

The petitioner has no right because it cannot be her matrimonial house. After all, her husband is not living in the suit property. Her matrimonial house had shifted to her husband’s new house.

The issue before the Court

A woman has the right to reside in the shared household of her husband. Shared household which is defined under Section 2(s) of the Domestic Violence Act, 2005.

Lower Court Judgment

The Senior Civil Judge held that Amit Batra was not living with his parents at their house. Hence, home does not mean where the wife was residing. The respondent had only right to her husband’s property.

After the Lower Court decision Smt. Trauma Batra filed a petition in the High court under Article 227.

High Court Judgment

The High Court held that in India, there is no specific law like the British Matrimonial Homes Act, 1967. The rights may be provided under any statute against the husband’s property and but not against in law’s house. The suit property belongs to her mother-in-law and it does not belong to her husband.

Supreme Court Judgment

The Supreme Court held that a wife is entitled to reside in a shared household which is defined under Section 2(s) Protection of Women from Domestic Violence Act, 2005. A Shared household means the house belongs or is taken by the aggrieved person or the husband and property which belongs to a joint family where the husband is a member. The court decided Smt. Trauma Batra has the right to reside in her matrimonial home. But the Court also held that the wife has no right to reside in the residence which is owned by her in-laws whether it is a matrimonial home. The court observed the High Court decision and disagreed with the High Court concerning the Matrimonial Homes Act which does not exist in India.

Conclusion

The issue is ruling in the case that the wife has the right to reside in a shared household where the husband owns some share. In the decision of the Supreme Court, there is some fallacy in the definition of the shared household.

The case analysis has been done by Prachi Yadav, a 2nd-year student from Mody University of Science and Technology, Lakshmangarh, Rajasthan.

The case analysis has been edited by Shubham Yadav, a 4th-year Law student of Banasthali Vidyapith.

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-Report by GURPREET SINGH

The Court in this case refused to interfere in a settlement deed by invoking its inherent powers under Section 151 CPC, 1908 as pleaded by the petitioners.

FACTS OF THE CASE

A settlement deed was agreed upon by both parties by 3rd November 2016. The deed read that there shall be no further extension/enlargement for any reason whatsoever beyond 30.6. 2021. It further stated that the second party shall remove all its installations, fittings, and fixtures on or before 30.6.2021. The petitioner approached the court on 29.6.21 seeking a modification in terms of the deed.

PETITIONER’S CONTENTION

The main contention of the petitioner was that at the time the deed was signed neither of the parties could predict the pandemic Covid-19 wreaking havoc on the world and due to lockdowns in place the petitioner submitted that they are granted 3 months to remove fixtures and furniture. They contended that in the interest of justice the petitioners be accorded adequate time to vacate the premises and respondent be restrained from seeking forceable eviction.

RESPONDENT’S CONTENTION

The respondents raised doubts about the bona fides of the said petition as the petition the presented at the Nth hour, just a day before 30.6.2021. The respondent relied on Compack Enterprises India Pvt. Ltd. vs. Beant Singh and contended that the court rarely interferes in the settlement deed.

DECISION OF THE COURT

The Court refused to interfere with the settlement deed and dismissed the petition. The Court stated that the deed is clear and unambiguous and it warrants no more extension beyond the stipulated period. The court rejected the argument of petitioners that no one could have predicted the impact of Covid -19, by stating that if the court passes any order that would contravene the settlement deed. The court also rejected the plea of the petitioner that in the interest of justice, they shall be granted be an extension for removing furniture and fixtures by stating that the deed was signed about 5 years back and they had ample time to fulfill their obligations. The Court also relied on the Compack enterprise’s case, which ruled that consent decrees are not to be lightly interfered with by the court, except with the consent of parties involved in the transaction. The circumstances in which the court can modify the consent decrees are where there is a revised consent of the parties, the consent was obtained by fraud, misrepresentation, or mistake, and lastly where there is a clerical or arithmetical error. The Court after examining these circumstances stated that none of them apply to the present case.

Introduction

The Taxation Laws (Amendment) Bill 2021 was presented after India lost retrospective tax demand proceedings against Cairn Energy Plc. and Vodafone. The Taxation Laws (Amendment) Bill, 2021, was introduced in the Lok Sabha on August 5, 2021, by Nirmala Sitharaman, the Minister of Finance. Both the Income Tax Act of 1961 and the Finance Act of 2012 are amended by this bill. The IT Act was revised in 2012 to impose a retrospective tax liability on income derived from the sale of shares of a foreign company. Effective 2021, this retrospective basis for taxation will be eliminated through the Taxation Amendment Bill. As part of the bill, any demand for “indirect transfer of Indian assets” made before May 28, 2012, are to be withdrawn or provide an undertaking to withdraw pending litigation, as well as an undertaking that no claim for cost, damages, interest or other compensation is to be made with the enactment of the bill. The proposed Taxation Laws (Amendment) Bill 2021 would also allow companies exposed to retrospective tax demands to be refunded the amount paid without interest thereon.

Background

What is retrospective taxation?

An enactment of retrospective taxation is government-enacted legislation that taxes specific products, items, or services, as well as deals, and collects money from businesses even before the legislation is enacted. Governments frequently amend tax laws retrospectively to clarify existing legislation, which can hurt businesses that misinterpreted the rules. Businesses that have taken advantage of loopholes in past laws have been taxed retrospectively in many countries, including the United States, the United Kingdom, the Netherlands, Canada, Belgium, Australia, and Italy.

The Vodafone – Hutchison Case

Vodafone paid $11 billion for a 67 percent share in Hutchison Whampoa in May 2007. This comprised Hutchison’s mobile telecommunications business as well as other Indian businesses. A demand was made by the Indian government initially of Rs 7,990 crore in capital gains and withholding tax from Vodafone in September of that year, claiming it should have deducted the TDS (Tax at Source) before making the payment to Hutchison. The demand notice was contested at the Bombay High Court, but the judges favored the Income Tax Department. Later, Vodafone Group challenged the judgment of the High Court in the Supreme Court, which ruled in 2012 that Vodafone’s interpretation of the Income Tax Act of 1961 was correct, thus preventing the company from paying taxes. Therefore, the question of taxation of gains arising from the transfer of shares of foreign companies, also known as “indirect transfers of Indian assets”, was the subject of protracted litigation. In 2012, the Supreme Court further stated and observed that the gains deriving from the indirect transfer of Indian assets are not taxed under the Income Tax Act’s current provisions.

Amendment to Finance Act, 2012

A retrospective amendment to Section 9 was enacted by the Finance Act of 2012. Explanations 4 and 5 were added to Section 9 (1) (i) of the Finance Act, with retrospective effect from the date of January 1, 1962. Gains deriving from the transfer or sale of shares or interest in a foreign firm are taxable in India if such shares, directly or indirectly, derive their value substantially from assets positioned in India, as per the amendment.

The Supreme Court pointed out in Vodafone’s case that the word “through” in section 9 does not indicate “as a result of.” Explanation 4 was added to address these concerns by clarifying that the term “through” in section 9 (1) (i) should mean and include “utilizing,” “in consequence of,” or “because of,” and shall be regarded to have always meant the above contentions.

A capital asset or asset situated in India is considered to have been disposed of in India, while income arising from such a transfer is deemed to be accrued or derived in India following explanation 5 to section 9 (1) (i) if;

If the capital asset or asset is a share or of interest to the company incorporated outside India;
The shares derive their value from the assets located within India; and
The values may be derived from the assets situated within India both indirectly and directly

Analysis Of The Taxation Laws (Amendment) Act, 2021

CONSEQUENCES ON PENDING ASSESSMENT

The fourth proviso to Explanation 5 (also known as indirect transfer of assets) of Section 9 (1) (i) states that the provisions of Explanation 5 (indirect transfer of Indian assets) do not apply to income accruing or derived from indirect transfers of Indian assets made before May 28, 2012. When assets seated in India are indirectly transferred before the 28th of May 2012, Explanation 5 of Section 9 (1) (i) would not apply retrospectively. As a result, income derived from or originating from such an indirect transfer of Indian assets or capital assets is not taxable in India with effect to the Amendment. Thus, all the pending litigations concerning assessment or rectification relating to computation of income derived from indirect transfer of assets would be concluded despite any specific additions.

CONSEQUENCES ON CULMINATED ASSESSMENT

When assets situated in India are transferred indirectly before 28 May 2012, the retrospective effect of Explanation 5 to Section 9 (1) (i) is excluded. As a result, income derived from or originating from such an indirect transfer of assets or capital assets which are Indian is not taxable in India with effect to the Amendment. In the Sixth Proviso, if any amount becomes refundable to such a person, the person will be refunded, but no interest will be paid under section 244A.

Only those assessees’ who meet the following criteria will be granted relief in scenarios of completed assessments:

In the event, the assessee has filed an appeal or writ petition before an appellate authority or the High Court or the Supreme Court against any order in reference to such income, he shall make a withdrawal or submit an undertaking for withdrawal such appeal or writ petition;
As per any law currently in force or under any agreement India has entered into with any other country or territory out of India, where the said participant has initiated an arbitration, conciliation, or mediation proceeding, or has given any notice thereof he must withdraw or furnish an undertaking to withdraw any claim he may have made in such proceedings or notice;
An undertaking shall be provided by the mentioned person waiving any right that would be available to him otherwise under any law currently in force, or under any agreement entered into by India with any such country or territory outside India;
Any other conditions as may be prescribed

Amendment To Section 119 Of Finance Act, 2012

Section 119 of the Finance Act of 2012 inserted a validation clause to validate all demands raised/notices sent in association with the indirect transfer of assets, stating that any decision of any Court, Tribunal, or other body, including the Supreme Court’s decision in Vodafone’s case, holding such indirect transfer to be outside the purview of section 9 (1) (i), will be disregarded.

By the introduction of the proviso to Section 119 of the Finance Act of 2012, the Act proposes a consequential adjustment to the aforesaid provision. It states that if a person meets specific circumstances, such as withdrawing or submitting an undertaking for the withdrawal of existing litigation and making a promise that no assert for costs, damages, or interest will be made, this section will no longer apply to them.

Conclusion

The government announced the repayment of about Rs 8,100 crore in levies collected while enforcing the 2012 amendment. In all circumstances where the demand for the tax was made for transactions conducted before May 28, 2012, the demand will be “nulled on fulfillment of specified requirements.” The 2012 amendment drew substantial criticism, particularly from international sectors, because it violated the principle of tax certainty by having a retrospective effect. With the application of the Amendment Act of 2021, to eliminate retrospective taxation the repercussions would be a huge boost to the investment ecosystem and to ensure the element of certainty in taxation.

The present article is written by Aathira Pillai, the 5th year BLS LLB student of Dr. D. Y. Patil College of Law.

The present article is edited by Shubham Yadav, the 4th year Law student of Banasthali Vidyapith.

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Type Of Hire : Experienced (relevant combo of work and education)

Education Desired:Bachelor of Law

Are you curious, motivated, and forward-thinking? At FIS you’ll have the opportunity to work on some of the most challenging and relevant issues in financial services and technology. Our talented people empower us, and we believe in being part of a team that is open, collaborative, entrepreneurial, passionate and above all fun.

About the team

This role is a part of our MEA Legal Team – Corporate Counsel.

What you bring:

Demonstrated experience in general corporate matters including corporate organization, securities compliance, drafting transactional documents, license agreements, employment law, immigration law, intellectual property, regulatory matters, risk management asset-backed financing and/or contract management.
Experience in trade secrets, advertising law, registration, and other resolutions specific to the computer and technology industry as well as SEC reporting.
Excellent verbal and written communication skills with the ability to tailor messages to be appropriate to the audience and avoid technical jargon.
Effectively deals with issues that are complex, confidential, and sensitive in nature.
Excellent problem-solving, critical thinking and time management skills.
Effective team building, coaching and persuasion skills.
Intermediate to advanced negotiation skills regarding complex issues and data.

What you will be doing:

Manages a variety of assigned legal projects.
Provides a variety of general corporate and commercial legal services to several in-house clients.
Prepares legal drafts, opinions, and various documents.
Negotiates and drafts contracts as requested by legal management personnel.
Renders opinions and advice regarding the interpretation of contract provisions, and other business law issues. If in litigation group performs legal research and analysis in preparation for litigation or other legal actions. Examines pertinent information, e.g., interview notes, historical precedent etc. to determine advisability of defending or prosecuting litigation.
If in regulatory and compliance group, acts as advisor on legal issues involving government and regulatory compliance as well as legal rights, obligations, and privileges.
Reviews legal data and advises organization on appropriate legal action to be taken.
- Coordinates legal matters handled by outside counsel.

Added bonus if you have:

Knowledge of FIS’ products and services.
Knowledge of financial services industry.
Knowledge of basic financial analysis principles and ratios.

What we offer you

An exciting opportunity be a part of World’s Leading FinTech Product MNC.
To be a part of vibrant team and to build up a career on core banking/payments domain.
Competitive salary and attractive benefits including GHMI/ Hospitalization coverage for employee and direct dependents.
A multifaceted job with a high degree of responsibility and a broad spectrum of opportunities.

Privacy Statement

FIS is committed to protecting the privacy and security of all personal information that we process in order to provide services to our clients. For specific information on how FIS protects personal information online

Sourcing Model

Recruitment at FIS works primarily on a direct sourcing model; a relatively small portion of our hiring is through recruitment agencies. FIS does not accept resumes from recruitment agencies which are not on the preferred supplier list and is not responsible for any related fees for resumes submitted to job postings, our employees, or any other part of our company.

How to Apply?

Click to Apply

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About the company

Established in the year 1995, “Jaikumar Tejwani & Co LLP”, Chartered Accountants is engaged in offering Advisory and Compliance services in the areas of Direct Tax, International tax, Goods and Service Tax (GST), Payroll processing, Non Resident Indian (NRI) Taxation, Corporate Law and FEMA Services, Book Keeping & Accounting Services and other Regulatory Compliance. The services offered by the firm ensure that the diverse needs of its clients are achieved through efficiency, organization and precise means. The services are widely appreciated by the clients for its reliability and appropriate results. The team members are recruited after a stringent screening of their professional as well as personal backgrounds. To make sure that our team members are kept updated with latest techniques and requirements of the industry, we conduct training programs and practice sessions on a regular basis under the supervision of a seasoned trainer. The firm aspires to meet the exact requirements of clients with unrivaled perfection. Thus, it employs, some of the highly competent and able professionals, who offer these services at industry leading prices to the clients. In addition to this, the firm understand the diverse requirements of the clients, therefore offer these services to them in owned offices and at their respective places, in order to stand effectively by their expectations. Moreover, the firm make sure to work in coordination with the clients for formulating tax strategies, and also have all the experience to help in its implementation effectively and speedily. The firm continually strive to look beyond the obvious and challenge traditional thoughts to craft novel tax solutions

Job Description.

We are an established multidimensional firm with offices in Delhi, Mumbai and an associate office in Dubai.

We are looking to urgently hire Accountants having working knowledge of SAP ERP and Corporate law on contractual basis for a short term assignment of 3 months (may get extended upto 6 months).

How to Apply?

Please share your Resumes via email at profile@jktco.com

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About GLG / Gerson Lehrman Group

GLG is the world’s insight network. Our clients rely on GLG’s global team to connect with powerful insight across fields from our network of 900,000+ experts (and the hundreds of new experts we recruit every day).

We serve thousands of the world’s best businesses, from Fortune 500 corporations to leading technology companies to professional services firms and financial institutions. We connect our clients to the world’s largest and most varied source of first-hand expertise, including executives, scientists, academics, former public-sector leaders, and the foremost subject matter specialists.

GLG’s industry-leading compliance framework allows clients to learn in a structured, auditable, and transparent way, consistent with their own internal compliance obligations and the highest professional ethical standards. Our compliance standards are a major competitive differentiator and key component of the company’s culture.

Job Summary

GLG seeks a lawyer to join the Company’s legal department in Gurugram, India. This candidate will be highly organized, efficient, proactive, impeccably trustworthy, and resourceful.

Specific Responsibilities Include (but Are Not Limited To)

together with other team members, enforce processes to ensure the highest legal and compliance standards are met in all aspects of the business
manage various legal queues and assign/escalate appropriate issues to other team members
draft standard client and vendor contracts for the Company and conduct regulatory research
team with other legal department lawyers and non-lawyer personnel to ensure timely execution of legal and compliance related administrative tasks for the Company including fulfillment of requests for due diligence questionnaires, vendor forms, form letters, etc.
manage contracts with clients, experts and their institutions, and vendors including contract version control, execution process and contract filing
work closely with multiple business segments, including Business Development and Client Solutions.

Candidate Profile

An Ideal Candidate Will Have The Following

Law degree (LL.B. or higher) from a reputable law university, with demonstrated excellent academic performance
Minimum 2 years’ experience preferably with a multi-national company
Must be fluent in MS office and comfortable with new technology. Prior experience of working on Salesforce platform would be an added advantage
Excellent written and oral English communication skills

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About the company

Elevate is a law company, providing consulting, technology and services to law departments and law firms. The company’s multi-disciplinary team of legal professionals, business professionals, and technology professionals extend and enable the resources and capabilities of customers worldwide.

Elevate is recruiting a NOC System Specialistto join our IT services team. As a part of the team you will focus on the continuous improvement of the NOC process.

Responsibilities & Qualifications

We need a professional who:

Are passionate about accuracy and producing excellent output
Like the sound of working in a fast-paced dynamic environment for a quickly growing company
Want to work directly with the US Technology team of a visionary Law Firm
Have a penchant for technology with good skills in network and/or server systems
Monitor the system for help tickets, troubleshoot or assign each to an appropriate group
Perform a warm handoff of urgent tickets through phone or IM communication to ensure the recipient has received and can work on the ticket
Monitor the status of open tickets and produce daily status reports
Pursue outages and system wide issues and proactively inform the right contacts when there is a need to post a system-wide alert

Essential experience and skills:

2-4 years of experience as an administrator in IT Infrastructure (server administration and management, desktop/workstation administration and network troubleshooting)
Certifications in Cisco CCNA and Networking, Microsoft MCSE, EMC or NetApp Storage Arrays are recommended
ITIL Certification would be an added advantage.
Able to work with minimal supervision
Can quickly learn new systems, processes and software
Ability to identify a critical problem and escalate it to the right contact

Company Information

Elevate is the Law Company. We provide consulting, technology and services to law departments and law firms. The company’s legal, business and technology professionals extend and enable the resources and capabilities of customers worldwide. Elevate’s achievements and distinctions include:

Winner of the American Lawyer Industry Awards Best Alternative Legal Services Provider of the Year 2019
Winner of British Legal Awards Alternative Service Provider of the Year 2019
Winner of the IACCM Innovation and Excellence Awards 2019 – Outstanding Service Provider (Americas and Global)
Ranked as a Top Global Services Provider by Chambers & Partners five years in a row

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