Gaurav is the Managing Partner at Business Law Chamber. Gaurav’s area of practice includes corporate, project finance and real estate laws, he has advised clients on varied aspects of mergers and acquisitions (in-bound & out-bound), venture capital or private equity investments, general corporate advisory, banking finance. On real estate, he has advised on regulatory issues including FDI, SEZ, NCDs listing, and title searches. In 2012, Gaurav was awarded with the Rising Lawyer of the Year by 'Legal Era'.
Before Business Law Chamber, Gaurav has worked in leadership capacities with tier 1 law firms in India. Gaurav has extensively worked alongside various international law firms and successfully advised on the Indian laws. He has deep understanding of transaction issues, deal structuring and negotiating issues relevant to Indian and cross border transactions. Gaurav also supports the startup ecosystem by advising early-stage companies.
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India is one of the fastest growing economies in the world and, undoubtedly, the future of mobility lies with Electric Vehicles (EVs). The Indian automobile industry is buzzed with advancements and innovations from the past few months owing to the significant benefits which EVs provide in terms of being economical, environment- friendly, convenient and other incentives. The Indian Government has given a number of green signals including incentivizing end users and manufactures to boost the EV industry in one form or another.
Recently, WhatsApp and Facebook, in order to defend themselves have filed two separate writ petitions in the Delhi High Court concerning their inability to comply with the traceability requirement under the IT Rules 2021. The arguments made by the two tech giants in their petitions is briefly discussed in this article:
The Reserve Bank of India (RBI) issued a notification on 31st May 2021 w.r.t. customer due diligence for transactions in virtual currencies (VC), clarifying that bank and other regulated entities can deal in cryptocurrency (Notification). This directive has come against the backdrop of some banks and other entities who have been citing the RBI circular dated 6 April, 2018 to caution the investors against dealing in cryptocurrency. Previously in 2018, the RBI had issued a circular cautioning users, holders and traders of virtual currencies, including bitcoins, regarding various risks associated with dealing in VC and prohibited the entities regulated by the RBI from dealing in VC or providing services for facilitating any person or entity in dealing with or settling VC. However, this circular was set aside by the Supreme Court of India in March, 2020.
Vide this Notification, RBI has now clarified that reference to the RBI circular of 2018 by banks and regulated entities are not in order as this circular was set aside by the Supreme Court and is no longer valid from the date of the judgement of the Supreme Court, therefore, cannot be cited or quoted from. The Notification further states that the banks, as well as other entities, may continue to carry out customer due diligence processes in line with regulations of governing standards for KYC, FEMA, etc.
However, very recently, the RBI Governor stated that there is no change in RBI’s position and they have major concerns around cryptocurrencies, further, it is for each investor to do his/her due diligence and take a very careful and prudent call.
The Notification may be seen as a glimpse of hope for the investors and the stakeholders as, even while, the RBI doesn’t endorse VCs, the reality remains that VCs are currently unregulated in the country and the banks, and other entities too, have to abide by the decision of the Supreme Court.
Cryptocurrencies or digital currencies are currently unregulated in India. However, the recent notification of the Ministry of Corporate Affairs, to some extent, indicates recognition of crypto assets as a separate asset class in India. This article focuses on the recent amendment and the current scenario w.r.t. the regularization of cryptocurrencies in India.
The recent judgment of the Supreme Court of India in the case of PASL Wind Solutions Private Limited v. GE Power Conversion India Private Limited, finally puts end to the long standing debate on whether or not Indian parties to a contract can choose a foreign seat of arbitration.
Recently, while considering the Covid-19 outbreak in the country, the Supreme Court of India restored its previous order dated 23 March, 2020, which extended the limitation period for filing cases, applications, suits, appeals and other proceedings. The recent order temporarily suspends the limitation period until further orders.
The attached article focuses on the recently notified Information Technology (Guidelines for Intermediaries and Digital Media Ethics Code) Rules, 2021 which supersede India's Intermediary Guidelines Rules, 2011, while creating a single regulatory framework for OTT and social media platforms and news portals under the Information Technology Act, 2000.