As the saying goes, 'knowledge is power, information is liberating.' I am Prerana Saraf, an Advocate from Bangalore. I started Legal Parley to bring to you a facile understanding of the social issues that India and the world at large faces in the light of the existing laws. In the process, it aims to enable people to comprehend situations better, thus spreading legal awareness.
Introduction to GST: Goods and Service Tax (GST) is the biggest indirect tax reforms since independence. Before implementation of GST, all states had their own VAT laws for local sales. Excise was applicable on manufacturing of goods, and service tax was applicable on services, both of which were collected by the Central Government. After implementation of GST, professionals and traders faced a lot of problems…
Minor as Shareholder in a Company: A minor being incompetent to contract as per Indian Contracts Act, 1872 cannot become a shareholder of the Company. However, a minor acting through his/her legal guardian may become a shareholder. Under Companies Act 2013, a minor cannot become shareholder of a company unless shares are either: (a) gifted, (b) transferred or transmitted to them by an adult In…
Mobile Wallets growing popularity post demonetisation: This post has been written by Sanjana Buch, a lawyer based out of Mumbai India has been a beneficiary to several revolutions ever since the twentieth century leading to the emergence of its economy from an underdeveloped one to a developing status. The country has in the last 5 years seen a paradigm shift in its economy being exposed to…
SEBI’S CAUTIONARY MESSAGE ON CROWDFUNDING PLATFORMS-IS THE ACTIVITY BANNED IN INDIA? This Article has been written by Sanjana Buch, a Corporate Lawyer from Mumbai. The Securities and Exchange Board of India (“SEBI”) has again brought into scrutiny in the activities of various companies involved in fundraising through the adoption of unconventional modes. One such mode of issue is through the medium of crowdfunding or raising…
National Bankruptcy Law: India finally passed the much-awaited national bankruptcy law in order to allow banks to recover their debts in a timely manner from insolvent companies. “Some debts are fun when you are acquiring them, but none are fun when you set about retiring them.” -Ogden Nash Law Present until now for Insolvent Companies: Until now, Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) was…
Panama Papers’ Leak: Panama Papers’ leak is a work done by a special team over a period of eight months starting from July. The project was called The Prometheus, a new ICIJ (International Consortium of Investigative Journalists) project on offshore companies considered as one of the most ambitious collaborative journalism. They had to work on the leads by going through 2600 GB of data, which…
Debentures and Fixed Deposits! The difference between the two. Watch video: Debentures and Fixed Deposits from Prerana Saraf on Vimeo. There is always a confusion on whether one must invest in non convertible debentures or fixed deposits. The video above explains the concepts and how they are different. Investors are always looking out for opportunities that can give them attractive returns with less risk. Keeping this…
National Herald Case The riveting National Herald Case that gave Congress another reason to stall the functioning of the Parliament yet again has drawn everyone’s attention, and why not? What with Congress members bawling slogans like “Down with dictatorship… Vendetta politics wont work.’ Sonia Gandhi stating that ‘I am the daughter-in-law of Indira Gandhi, I am not scared of anyone.’ The statement is ironic in…
‘Political will is missing to curb the black money issue’ – Porus Kaka, Senior Advocate, President, International Fiscal Association Introduction: Money that is unaccounted and has not suffered tax is known as black money. It is classified into two: (i) domestic and; (ii) foreign. Black Money is a parallel economy that represents a segment that is not legal. There are various sources through which black…
