30 March

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Legality of E-Pharmacy in India

in Business Laws, Corporate, E Commerce, Medical, Uncategorized

With the advent of #e-commerce, the concept of online pharmacies and online sale of drugs has been in vogue throughout the world. This increasing trend of purchasing #medicines online has also increased the number of e-pharmacy platforms. #E-pharmacies are online platforms where the consumers can purchase the medicines without having to visit the brick-and-mortar pharmacies. In India, the laws regulating the sale, distribution, manufacture and storage of drugs are: The Drugs and Cosmetic Act, 1940 (“DCA”)The Drugs and Cosmetics Rules, 1945 (“DCR”) The Drugs and Magic Remedies Objectionable Advertisements) Act, 1954The Indian Medical Act 1956 The Code of Ethics Regulations,...

27 March

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Recovery of Debts by Corporate: Cheque & Negotiable Instruments Act, 1881

Posted by MyLawyer

in Business Laws, Corporate Lawyer, Non Performing Asset NPA, Recovery of Debts, Uncategorized

In the modern world, cheques are being used in almost every form of transaction, be it debts, loan guarantees, employee salary payments etc. But there comes a bane with every boon. “Check Bounce” nowadays, is one of the most prevalent and common forms of financial problems in India, and this problem is also being faced by many corporate houses at a large scale. The law deems this to be a criminal offence in accordance with Section 138 of the Negotiable Instruments Act, 1881 respectively. Under this act, there are three parties involved in a cheque bounce dispute: The drawer, who is the...

27 March

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Recovery of Debts by Corporate: Recovery Suits

Posted by MyLawyer

in Business Laws, Corporate Lawyer, Non Resident Indian NRI, Recovery of Debts, Uncategorized

This is a very common form of debt recovery that companies always prefer before the Courts of our nation nowadays. The procedure is a bit lengthy considering that both the parties in the loan recovery dispute, i.e., the company and the borrower, are given an equal opportunity to plead their cases and the evidence is given more of consideration. This form of a suit is more preferred by the corporate houses while considering the aforementioned reasons. While filing such a suit, a primary preference is given to the place where the defaulting borrower resides. To state a point of caution,...

27 March

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Recovery of Debts by Corporate: Insolvency and Bankruptcy Code, 2016

Posted by MyLawyer

in Business Laws, Corporate Lawyer, Non Performing Asset NPA, Recovery of Debts, Uncategorized

This is very preferred mode of debt recovery when it comes to companies recovering debts from debtors who are unable to repay and fulfil their obligations due to factors like insolvency which render them incapable to do the same. When it comes to process that involves the company claiming a certain amount of debt from a debtor who has gone insolvent or bankrupt, the company becomes the financial creditor, and the debtor is known as the corporate debtor. Insolvency basically means a financial situation whereby an individual or an entity is unable to fulfil his/her financial responsibilities owing to an...

27 March

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Recovery of Debts by Corporate: Summary Suits

Posted by MyLawyer

in Corporate Lawyer, Legal Advisor, Non Performing Asset NPA, Recovery of Debts, Uncategorized

The Corporates and Business Houses either big or small face this prominent issue whereby there exists a persistent problem of debts and the legal challenges associated thereto. One of the legit ways to enable faster recovery of debts is by way of going for a “Summary Suits” i.e. under Order 37 of the Code of Civil Procedure 1908 respectively. A summary suit is one in which the Corporate can look forward to a faster means of disposal of the case whereby it seeks to recover some form of a debt from the borrower. There are various benefits for this form...

20 March

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Legit Trading of Cryptocurrency in India

Posted by MyLawyer

in Business Laws, Corporate, Corporate Lawyer, STARTUPS IN INDIA, Uncategorized

Until recently, “Cryptocurrency” was neither recognised nor regulated by the entities of the Reserve Bank of India (RBI), which meant that Banks and other financial institutions did not consider “cryptocurrency” as a medium of exchange. Although, private players of cryptocurrency did operate in India, yet there was no security or protection from the Reserve Bank of India (RBI) or its entities. The same was challenged before the Hon’ble Supreme Court of India and the Court dismissed the Reserve Bank of India circular and legalised the trading on Cryptocurrency in India, since it failed the test of proportionality under Article 19(6)...

20 March

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Mining of Cryptocurrency Legal in India: Law Check

Posted by MyLawyer

in Business Laws, Corporate, Corporate Lawyer, STARTUPS IN INDIA, Uncategorized

Similar to normal/tangible currency, cryptocurrency is a virtual/digital currency that uses cryptography to conduct transactions. A very popular example of the same would be Bitcoin, which was invented in 2009. The Reserve Bank of India (RBI) issued a “Statement on Developmental and Regulatory Policies” on April 5, 2018 which directed the entities regulated by the Reserve Bank of India (RBI) to: a) Not deal with or provide services to individuals or businesses/corporates dealing with Virtual Currencies (VCs) and, b) Exit the relationship, if they have one with businesses/corporates and/or individuals dealing in Virtual Currencies...

19 March

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Pre-Requisites of a Bail Application

Posted by MyLawyer

in Criminal Law, Criminal lawyer, High Court, Supreme Court, Uncategorized

Every individual citizen of India has a fundamental right to get freedom guaranteed under Article 21 of the Indian Constitution, which states “No individual shall be deprived of his life except according to the procedure established by law”. Further, bail refers to the release of a person from legal custody on deposit of security and undertaking that he/she shall appear at the time and place designated and submit himself to the jurisdiction and judgement of the Court. However, the basis of bail lies in the principle that there is a presumption of innocence of a person until he is found...

19 March

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Settlement Deed & Transfer of Property by a Non Resident Indian (NRI)

Posted by MyLawyer

in Legal Advice, Non Resident Indian NRI, Real Estate Laws, Transfer of Property Laws, Uncategorized

A Non Resident Indian (NRI) who have left India and/or are either staying abroad or have obtained the citizenship of a foreign country have their immovable properties and/or real estate in India. The said immovable properties or estates are in the form of either a joint ancestral property (which is being inherited) and self-acquired properties (which is/are self-purchased or self-owned) respectively. In case of the self-purchased/self-owned properties there exists no problem with respect to any share and/or partition as the same is the absolute property of the person or the Non Resident Indian (NRI) in the present case whereas when the...

19 March

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Guidelines of Ministry of Consumer Affairs for Multi-Level Marketing (MLM) Companies in India

Posted by MyLawyer

in Business Laws, Corporate, Corporate Lawyer, Legal Advisor, Uncategorized

Multi-Level Marketing (MLM) is a business model which has been in the news for its notoriety. Although, at present there is/are no specific legislation and/or law for regulating the same yet there are certain guidelines which have been formulated by the Government of India and makes an efforts to make the business legit or legal in India. The Government of India has issued an advisory to all the State Governments including the Union Territories on moral guidelines on direct selling under the Ministry of Consumer Affairs under its Food & Public Distribution Department of Consumer Affairs. These guidelines are based...

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