Civil Law

Section 8 Company Limited by Guarantee: An Alternative to Traditional Section 8 for FEMA & FCRA Issues Faced by Foreign Owned and Controlled Entities

Section 8 Company Limited by Guarantee: An Alternative to Traditional Section 8 for FEMA & FCRA Issues Faced by Foreign Owned and Controlled Entities

Summary: The blog discusses the progressive shift in the implementation of CSR activities by foreign-owned and controlled entities, and how a Section 8 company limited by guarantee can serve as an alternative to the challenges faced by traditional Section 8 companies under the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019, and the Foreign Contribution (Regulation) Act, 2010.

Introduction

Corporate social responsibility (“CSR”) has evolved from a voluntary philanthropic activity to a mandatory legal requirement under the Companies Act, … Read the rest

Supreme Court

Justices probe global consequences of allowing U.S. prosecutions of companies owned by foreign governments

Justices probe global consequences of allowing U.S. prosecutions of companies owned by foreign governments

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The Supreme Court heard oral argument on Tuesday in the case of a Turkish bank that the U.S. government accuses of committing money laundering and fraud as part of a scheme to evade U.S. sanctions against Iran. During over 90 minutes of debate, the justices appeared skeptical of the bank’s contention that federal laws bar the government from prosecuting the bank, but they also expressed concern about the consequences of allowing the prosecution to go forward.

Halkbank, whose majority … Read the rest