However, the Apex Court also, observed that the moratorium provision under Section 14 of the Code would apply only to the corporate debtor while the natural persons mentioned under Section 141 of the NI Act continue to be statutorily liable under the NI Act.
the proposed amendment is a positive step and promotes self-regulation by easing the burden of compliances. It is an excellent example of simplification of laws and highly welcomed by the manufacturers, repairers or dealers of weights and measures.
The Government of Tamil Nadu vide notification no. SRO A-1/2021, has amended the Tamil Nadu Maternity Benefit Rules, 1967 (“Rules”) under the powers conferred by Section 28 of the Maternity Benefit Act, 1961. As per the amendment, a new Rule 6A has been inserted in the principal Rules which mandates every establishment with 50 or... Continue Reading →
This is where the previously regulated 37 devices differ from the new entrants. The former is an exception to the registration requirement under the amendment. This has far reaching consequences and hence considerable grace period is provided to comply with the registration and other requirements. All importers and manufacturers have to get their devices registered before 1st October 2021, failing which they cannot resume their business till licensing requirements are met.
A company being a juristic person is answerable for its act. However, the PIT Regulations itself provides that in case of non-individual insiders, with respect to an allegation of violation of Regulation 4(1), a defence can be taken by such insiders that persons who took trading decisions and the person who were in possession of UPSI, were the different persons.
consequences may be faced by both the parties in case of ambiguities being present in the clause with regards to the coverage of the losses. The reason why indemnity provisions are taken with a pinch of salt is given the laborious enforcement in civil / commercial court cases in India.