A borrower can now challenge symbolic possession under the Sarfaesi Act

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Significant beneficial ownership filings by listed companies – SEBI extends timelines

On 8 February 2019, the Ministry of Corporate Affairs (MCA) released the Companies (Significant Beneficial Owners) Amendment Rules 2019 (New SBO Rules) to revise and amend the Companies (Significant Beneficial Owners) 2018 (Old SBO Rules). As per the New SBO Rules, the first SBO-related filing is due on 12 May 2019. Vide circular No SEBI/HO/CFD/CMD1/CIR/P/2018/0000000149 […]

Plastic ban on 36 major railway stations

On 22 January 2019, the National Green Tribunal, Principal Bench, New Delhi (NGT) in the case of Saloni Singh & Anr v Union of India & Ors (OA No. 141 of 2014) inter alia, directed the Railway Administration, Ministry of Railways, Government of India (Railway Administration) to develop ‘eco-smart stations’ which would serve as model […]

Licensing structure for defence manufacturing by the MCI

On 1 January 2019, the Ministry of Commerce and Industry (MCI) vide Press Note No.1 of 2019 Series (Press Note 2019) specified the list of defence items under the Industries (Development and Regulation) Act, 1951 (IDRA) and the list of arms and ammunitions requiring license under Form VII of the Arms Act, 1959 (Arms Act), […]

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Countdown to Brexit series what should you be doing now?

By Shakeel Dad, Charlotte Smith Careful workforce planning is key to ensuring that your business has the necessary resource to keep delivering through this period of uncertainty. We look at some of the employment issues to bear in mind when assessing your next steps. Need more staff? Given the uncertainty of the status of EEA […]

Further important developments to when receivers can take possession of a property

By Karl Anders, Zoe McLean-Wells, Owen Ormond We reported in our April edition of Receivership Matters that a County Court had held that a Fixed Charge Receiver could bring proceedings in the name of the borrowers against the borrowers to recover possession of their own property. Again as reported, leave to appeal the decision was granted and the appeal […]

VAT guidance for LPA receivers

By Owen Ormond In August 2018 we published an article entitled LPA Receivers and the truth about VAT which explained the legal position in relation to Receivers and the collection and payment of VAT. Recently, the Association of Property and Fixed Charge Receivers (NARA) has produced an updated Guidance Note 6 Value Added Tax which sets out current industry […]

A right old mess! Practical problems arising from ‘Right to Manage’ legislation

By Karl Anders Why is this case of interest? In the recent case of FirstPort Property Services v Settlers Court RTM Company Limited [1], the Upper Tribunal considered some significant issues which can arise on multi-block estates as a result of ‘Right to Manage’ (RTM) legislation. The Commonhold and Leasehold Reform Act 2002 allows qualifying long leaseholders […]

RICS market survey shows that positivity has leaked out of the housing market

By Zoe McLean-Wells, Karl Anders The August 2019 RICS Residential Market Survey results point to a renewed deterioration in sales expectations over the near term, with survey respondents predicting a further decline in activity over the three months to come. Brexit uncertainty is unsurprisingly a significant factor causing the hesitation for both buyers and sellers. The […]

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