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Bail under the Prevention of Money Laundering (PMLA) Act of 2002

The basis of Bail lies on the principle that there is an assumption of innocence of a person until he is found guilty. In most of the cases where bail is granted, a sum of money or property has to be deposited to the Court as a guarantee that the accused will appear in Court, whenever required. The Section 45 of the Prevention of Money Laundering (PMLA) Act of 2002 provides that the accused cannot be granted bail for any offence under the Act unless ‘the public prosecutor’, appointed by the Government, gets a chance to oppose his bail. If he...

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Arrest under the Prevention of Money Laundering (PMLA) Act of 2002

The term 'Money Laundering' refers to the transformation of financial gain of various crimes into legitimate assets and other financial assets. The Prevention of Money Laundering Act (PMLA) was enacted in the year 2002 to prevent Money Laundering and related unlawful activities and, to seize the proceeds of crime so that the crime rate can be restricted. The sole ground of arrest under the Prevention of Money Laundering (PMLA) Act of 2002 is the involvement in the activity of Money Laundering by converting the incomes from Non-Scheduled Offences (offences not mentioned in the Act) and Scheduled Offences; some of the acts...

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Anticipatory Bail under the Prevention of Money Laundering (PMLA) Act of 2002

For Anticipatory Bail, a person can apply under Section 438 of the Code of Criminal Procedure (Cr P.C.) which is issued only by the Sessions Court and High Court. Five most important points which must be kept in mind while applying for an anticipatory bail under the Prevention of Money Laundering (PMLA) Act of 2002:- The nature/gravity of the offence committed by the person seeking Anticipatory Bail.The Evidence confiscated from the Accused and all the facts of the Prosecution's Case.The Statement of the Investigating Officer and Government Lawyer. The background of the accused i.e. whether he/she was previously involved in any criminal...

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Significance of Legal Audit: Post Investment Stage

A legal audit is a risk management tool which determines an organization’s compliance with the law and regulations that apply to it. Legal Audit is a quintessential process as it saves the firm from getting sued or fined, or being prosecuted. It is a process which makes sure that that are no deficiencies in the documents, undertakings, or laws followed by the Company. A legal audit is performed on a periodic basis or may be performed in connection with a specific event, such as a financial audit. It can also be performed in connection with a specific transaction, such as...

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Significance of Due Diligence: Pre Investment Stage

Due Diligence is a form of research or investigation conducted by an investor to ensure that the reasonable verifications and precautions are taken to identify or prevent foreseeable risks before they invest their money in the concerned Company or business. Due Diligence is basically a background check on the current status of the Company, the risks associated with it, and also a critical study on the consequences of the business. It is essential for the buyer to determine the genuineness and the legitimacy of the Company and the ownership of its assets and also the existing and potential liabilities...

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Basic Rights of Borrowers: SARFAESI Act of 2002

The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act of 2002 was enacted to fight the menace of Non-Performing Assets (NPA), on the basis of the recommendations made by the Andhyarujina Committee. But many experts were of the belief that the act is draconian and completely favours the Banks, Financial Institution and other Non-Banking Financial Institutions (NBFCs) and hence, it is against the principle of equity and natural justice. The constitutionality of the SARFAESI Act of 2002 had been put to question in the landmark case of Mardia Chemicals v Union of India AIR 2004...

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Arrival of Artificial Intelligence (AI) in the Indian Legal System

In order to ease the conduct of the business the world is relying heavily on technology which ranges from mobile applications to computer software’s where in the last decade innovation and technology have assumed a big role. Artificial Intelligence is one such innovation which has impacted the functional ecosystem of the society as “Artificial Intelligence” can be well defined as the capability of a machine to imitate human behavior. Even in the legal sector lawyers are turning towards Artificial Intelligence expertise for handling legal tools efficiently and for structuring legal assertions and gradually Artificial Intelligence is becoming the need of...

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FDI Policy in India: Legal Perspective

Subsequent to the economic liberalisation reforms in the year 1991, the scope of Foreign Direct Investment (FDI) in India has been extended to foster economic development and thus, the Government devices the Indian FDI policy in a manner conducive for international investments. In India, the Foreign Direct Investments (FDI) are covered under the following legislations i.e. Foreign Exchange Management Act (FEMA) of 1999Foreign Exchange Management (Transfer or Issue of a Security by a Person Resident Outside India) Regulations, 2017Competition Act of 2002Companies Act of 2013Reserve Bank of India (RBI) Circulars, Guidelines, Rules & RegulationsGuidelines & Policies issued by the Government of India Further,...

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Medical Negligence in a Nutshell: Indian Legal Framework

The word “negligence” and particularly the term “medical negligence” has been widely heard of, however, the etymology of these words cannot be plainly implied but rather on the contrary have to be studied from the point of view of both law as well as medicine. The term “negligence” means failure to exercise the degree of care expected of a person of ordinary prudence in like circumstances in protecting others from a foreseeable and unreasonable risk of harm in a particular situation. Talking about negligence as per civil law it has often been defined as the breach of legal duty by...

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Indian Startups & their Basic Legal Compliances

India is on a very fast pace of development not only in terms of its GDP but also in terms of its infrastructure and entrepreneurship. The population of the country consists of young and dynamic people who have now boarded on their journey and have been launching and incorporating new businesses which can been referred as “Start-up”. Each Start-up has to fulfill a lot of legal compliances i.e. statutory and non-statutory from the time of its inception and also during its working. The first and foremost requirement before a Start-up is to be clear about the nature and type of...

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