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Legal Capsule by LexCounsel

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Extension of Realisation Period of Export ProceedsTo ease the impact of disruption caused by the Coronavirus/COVID-19 pandemic, the Reserve Bank of India (“RBI”) has provided extension of the period for realisation of the export proceeds as prescribed under the Foreign Exchange Management (Export of Goods & Services) Regulations, 2015 (“FEM Export Regulations”) read with the RBI Master Direction on Export of Goods and Services (“RBI Master Directions on Exports”).
Regulatory Framework:
The export of goods and services in India and the payments to be received for such export of goods and services are regulated by the FEM Regulations, framed under the Foreign Exchange Management Act, 1999, read with the RBI Master Directions on Exports. We discuss hereinbelow certain key provisions of the FEM Export Regulations and the RBI Master Directions on Exports:
1.Realization for Exports: In terms of regulation 9 of the FEM Export Regulations, every exporter is required to ensure that the amoun…
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Legal Capsule: Governance in the time of COVID - article from J. Sagar Associates

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RECKONER ON THE CHANGE IN COMPLIANCE REQUIREMENTS IN TIMES OF COVID Bhargavi Ravi, Senior Associate
With the single mindedness of a conquering army, COVID-19, continues to sweep through the world, punishing countries that consistently underinvested in their public health infrastructures. While we grapple in India with this evolving situation, as part of a holistic approach towards easing the burden of lockdowns, in addition to a slew of measures aimed at individuals, several Indian regulators have announced relaxations in compliance burdens to help companies and economies weather the pandemic.
This article seeks to explain some key regulatory decisions taken by the Ministry of Corporate Affairs and the Securities and Exchange Board of India, as of 01 April 2020, that will have an impact on the corporate governance compliances of businesses[1].
1.Relaxation of Board meeting requirements:

On 18 March 2020, the MCA issued a notice granting in-principle approval for relaxation of the require…
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VC Investments decelerate 22% in Q1'20

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Press Release
Venture Capital* investors invested $1.74 Billion (across 126 deals) in Indian Startups during the quarter ended March 2020, according to data from Venture Intelligence, a research service focused on private company financials, transactions and their valuations. The Q1'20 investments were 22% lower (in value terms) compared to the $2.22 Billion (across 196 transactions) during the same period last year and 7.5% lower compared to the immediate previous quarter (which had witnessed $1.88 Billion being invested across 176 transactions). Investment volume (or number of investments) has trended down even sharper: 36% compared to Q1'19 and 40% compared to the previous quarter.
(*Venture Capital is defined as Seed to Series F investments in companies less than 10 years old.)

The largest VC-type investment announced during Q1’20 was the $114 million investment by Temasek in fitness company Curefit. The second largest investment was the $110 million round by new investors…
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PE Investments down by 36% in Q1'20

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Press Release
Private Equity-Venture Capital (PE-VC) firms invested $5.9 Billion (across 164 deals) during the quarter ended March 2020 - 36% lower than the $9.2 Billion (across 249 transactions) during the same period last year, according to data from Venture Intelligence, a research service focused on private company financials, transactions and their valuations. The Q1'20 investments were also 37% lower compared to the immediate previous quarter (which had witnessed $9.4 Billion being invested across 227 transactions). (Note: These figures include Venture Capital investments, but exclude PE investments in Real Estate).
The latest quarter witnessed 14 PE-VC investments worth $100 million or more, down from the 20 such transactions in the same period last year. The largest PE-VC investment announced during Q1’20 was the $567 million takeover of power generation company RattanIndia Power by Goldman Sachs and Varde Partners. The second largest investment was SoftBank Vision Fund…
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