Lakshmikumaran and Sridharan attorneys

LKS wishes Happy Onam to all! #Festival #Onamfestival

We are thrilled to announce that Lakshmikumaran & Sridharan attorneys has been recognized as an 𝐎𝐮𝐭𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 𝐅𝐢𝐫𝐦 𝐢𝐧 𝐓𝐚𝐱 𝐚𝐧𝐝 𝐈𝐧𝐭𝐞𝐥𝐥𝐞𝐜𝐭𝐮𝐚𝐥 𝐏𝐫𝐨𝐩𝐞𝐫𝐭𝐲 𝐛𝐲 𝐀𝐬𝐢𝐚𝐋𝐚𝐰 𝐑𝐚𝐧𝐤𝐢𝐧𝐠𝐬 2024. In addition to this honor, the firm has earned rankings across several categories, highlighting our multidisciplinary expertise: • Highly Recommended: Pharmaceuticals and Life Sciences • Recommended: Competition/Antitrust • Recognised: Corporate and M&A • Recognised: Dispute Resolution • Recognised: Private Equity • Notable: Restructuring and Insolvency • Notable: Technology and Telecommunications • Notable: Real Estate A special congratulations to our leaders for their outstanding individual achievements: • V. Lakshmikumaran – Elite Practitioner in Tax • Malathi Lakshmikumaran – Elite Practitioner in Intellectual Property: Pharmaceuticals and Life Sciences • Charanya Lakshmi Kumaran – Rising Star in Tax This recognition is a reflection of our firm’s relentless dedication and excellence across diverse practice areas. We thank our clients and colleagues for their continued trust and support! #Recognition #Rankings2024 #Outstandingfirm #Taxation #IntellectualProperty #Realestate #Pharmaceuticals #Competitionlaw

The Hon'ble Madras High Court recently delivered a significant judgment, in favor of the Applicant, M/s Swiss Garniers Genexiaa Sciences Pvt. Ltd. Arguments in the case were led by Senior Counsel Mr. Sricharan Rangarajan, on behalf of M/s Lakshmikumaran and Sridharan Attorneys, with the support of Advocates Krithika Jaganathan, Kiran Manokaran, Nirupama Vidyashankar, Deepak Krishnan and Gayathri Rajagopalan.   This landmark decision addressed a critical issue regarding the deposit requirement under Section 19 of the MSMED Act, 2006, in the context of setting aside an Award purportedly issued under Section 18 of the same Act. The Court ruled that the benefits of Chapter V of the MSMED Act apply only to suppliers registered as Micro or Small entities at the time of entering into the contract. The Court noted that the Respondents, M/s Avant Garde Cleanroom & Engg. Solutions Pvt. Ltd. and Avant Garde Healthcare Engineering Solutions Pvt. Ltd., were not registered as such at the relevant time, impacting the jurisdiction of the MSEFC.   The Hon'ble Madras High Court, after considering the detailed arguments, expressed prima facie satisfaction with the Applicant's position and emphasized that the jurisdiction under the MSMED Act is dependent on the supplier's registration status at the time of the contract. The Court granted the parties the liberty to present all grounds during the disposal of the Original Petition and, notably, waived the deposit requirement under Section 19 of the MSMED Act. #Courtorder #MSMEDAct #Microandsmall #judgement #petition

Lakshmikumaran and Sridharan attorneys represented Pacific Avenue Capital Partners in connection with the Indian leg of a global transaction, involving the acquisition of substantially all the assets pertaining to the fire suppression systems and safety controls business of Kidde-Fenwal, Inc. across various jurisdictions, including the United States, United Kingdom and India.   LKS conducted due diligence, advised on India-level restructuring, and handled documentation for the Indian leg. The transaction was led by Partners Gaurav Dayal and Sushrut Biswal, with key inputs from Paritosh Chauhan, Partner, Neelambera Sandeepan, Partner and Suhaas Arora, Principal Associate. The team comprised of Ms. Shylla Sawhney, Principal Associate, Mr. Yashraj Chauhan, Senior Associate, Mr. Daksh Hemnani, Associate, Mr. Nehal Kharyal, Associate and Mr. Aditya Shekhar, Associate, who assisted with the legal due diligence.   Press Release: https://lnkd.in/guCwq4RJ

Rohan Muralidharan, Associate Partner, and S. Ganesh Aravindh, Principal Associate, have co-authored an insightful article titled “Finance Act, 2024 – Retrospective Exemption to Tariff Rate Quota Imports of Crude Soyabean Oil and Crude Sunflower Seed Oil,” published by Legal Era - Legal Media Group. The article examines how the Finance Act, 2024, grants a retrospective exemption for Tariff Rate Quota (TRQ) imports of crude soybean oil and crude sunflower seed oil from April 1, 2023, to June 30, 2023. This addresses an anomaly created by conflicting notifications between the DGFT and the Ministry of Finance (MoF), which had previously limited the TRQ benefits to March 31, 2023. As a result, importers faced challenges, particularly in paying the 5% Agriculture Infrastructure and Development Cess (AIDC). The Finance Act now ensures full exemption for the specified period and provides a mechanism for importers to claim refunds of excess duties paid, with a deadline for applications set at March 31, 2025. Read the full article here - https://lnkd.in/gCGNvNa2 #Financeact #TariffRateQuota #Soyabeanoil #Sunflowerseedoil #TRQExemption #ImportDuties #CustomsDuty

Our Partner, Preeti Goyal and Senior Associate, NEHA JAIN have authored an insightful article titled “Navigating the Interplay between the GST Act and the Limitation Act", published by Taxsutra.   The article shed light on the intricate relationship between the Central Goods and Services Tax Act, 2017 (CGST Act) and the Limitation Act, 1963. The authors explore how the courts have interpreted these laws and the fundamental questions surrounding the scope of judicial discretion when applying the Limitation Act to specialized tax statutes.   It highlights the need for legislative clarity or a definitive judicial precedent to resolve these ongoing issues. As the legal framework continues to evolve, businesses and stakeholders must remain vigilant to navigate the complexities of tax compliance and dispute resolution effectively. Read the full article - https://lnkd.in/dskpvYdU #CGST #GST #LimitationAct #Taxlaw #JudicialPrecedent #VAT

Our Executive Partner, Nupur Maheshwari, Principal Associate Shambhavi Mishra and Associate, Namrata Singhal have authored an insightful article titled “What’s the catch with ‘Catch-All-Controls’?, which was published by Asian Legal Business. The article discusses the export control regulations governing dual-use items—goods, software, and technologies that can be used in both civilian applications and weapons of mass destruction (WMDs). It highlights India's Foreign Trade Policy (FTP) and the Handbook of Procedures (HBP), which regulate listed dual-use items through the SCOMET list. Unlisted items are governed by the "Catch-all Control" (CAC) provisions. CAC applies when exporters are informed by authorities or are aware that items could be used for military purposes. The article emphasizes the need for exporters to implement robust internal compliance programs, conduct due diligence, and screen end users to avoid penalties and misuse of CAC provisions. It also references a High Court judgment underscoring the risks of arbitrary CAC application by authorities. Read this article online - https://lnkd.in/gFiVba6i #Foreigntradepolicy #FTP #arbitrary #CAC #regulations

LKS monthly newsletter, Corporate Amicus for August 2024, is live. #linkedInnewsletter #LKSnewsletter #Corporate #CorporateAmicus

SHIVAM MEHTA, Executive Partner, shared his views with The Economic Times on the outcomes from the 54th GST Council meeting. He highlighted that the exemption granted to foreign airlines for the import of services, without consideration from a related party or establishment, is a welcome step that will help resolve ongoing disputes within the airline sector. He further stated that this exemption appears to be specifically tailored for the airline industry, reflecting the special status the industry holds internationally. Since reimbursing expenses to branches or related parties outside India is a common practice not limited to airlines, further clarity on the taxability is still awaited. Read this story online - https://lnkd.in/gnwwWSiP #Taxation #GSTCouncilmeeting #GST #airlines #relatedparties  

Executive Partner, SHIVAM MEHTA in an interview with News9Live, shared his insights on the evolving tax policies, pointing out the importance of simplification and correcting the inverted duty structure to promote business efficiency. He stated that addressing issues like the inverted duty structure is crucial for boosting business efficiency and promoting ease of operations. Shivam further highlighted that the reworking of tax slabs and rationalization of GST rates could streamline compliance for companies, particularly those with overseas operations, fostering a more business-friendly environment and encouraging economic growth. #GSTrates #GSTCoucilmeeting #taxation #taxslabs