Latest news with #CyrilAmarchandMangaldas
Time of India
13 hours ago
- Business
- Time of India
NPCI introduces real time PAN-Bank Account linking on income tax website; taxpayers may get faster income tax refunds
NPCI has launched a new PAN and Bank Account Validation API for government departments, enabling real-time verification of taxpayer details directly from banks' Core Banking Systems. This initiative aims to streamline income tax refunds and direct benefit transfers by ensuring faster, error-free processing and reducing fraud risks. Banks are advised to prioritize implementation for the Government of India. Tired of too many ads? Remove Ads What NPCI circular said on PAN-Bank Account linking? Tired of too many ads? Remove Ads How will the new facility help in faster income tax refunds? The National Payments Corporation of India (NPCI) has launched a new facility regarding PAN and Bank Account validation on the income tax e-filing website. The new facility will help taxpayers in quick validation on their PAN-Bank account linking on the income tax e-filing website. 'The main goal of this is simplifying real-time verification of PAN details, bank account status, and account holder identities straight from banks' Core Banking Systems (CBS),' the NPCI circular stated. The new facility was announced in a circular dated June 17, a continuation of that initiative, NPCI has now introduced a new PAN and Bank Account Validation API designed specifically for Government departments. This API will facilitate real-time verification of PAN details, Bank account status and accountholder name directly from the bank's Core Banking System (CBS).Utkarsh Bhatnagar, Partner, Cyril Amarchand Mangaldas, says, 'This will enable quicker and real time validation of PAN and bank account details of taxpayers accessing the Income Tax website.'According to the NPCI circular on June 17, 2025, "This API will be used by Government departments to verify the customer account details like PAN validation/Account Status Validation/Account holder name validation from their bank CBS. As this is a service provided to the Government of India all the Member Banks are advised to take necessary steps for implementation on priority."Bhatnagar says, 'The new facility will enable faster and error-free processing of income tax refunds and direct benefit transfers by instantly verifying details, slashing delays and reducing fraud risks.'Banks will have to upgrade their systems to comply with NPCI's secure API standards, which could involve significant operational changes. While taxpayers will benefit from faster, error-free refund processing, the transition may pose challenges like system upgrades and potential cybersecurity initiative aligns with NPCI's broader mission to strengthen India's digital payment ecosystem , promising greater efficiency but requiring robust collaboration among stakeholders.
New Indian Express
3 days ago
- Business
- New Indian Express
HDB Financial Services' ₹12,500-crore IPO likely next week
MUMBAI: HDFC Bank's wholly owned subsidiary, HDB Financial Services, is racing to launch its much-anticipated ₹12,500-crore initial public offering (IPO) as early as next week, in what would be the biggest IPO by a non-banking lender. The float is expected to value the company at around ₹62,000 crore. The company is set to file its final Red Herring Prospectus with SEBI later this week and open the issue next week, a person involved with one of the lead investment banks told TNIE on Tuesday. Another source confirmed that HDB Financial is eyeing a post-money valuation of approximately ₹62,000 crore. The IPO comprises a fresh issue of ₹2,500 crore and an offer for sale (OFS) of ₹10,000 crore by parent HDFC Bank, which currently holds a 94.3% stake. HDB had filed its draft papers on October 21, 2024. HDFC Bank's board had given in-principle approval for the listing of the subsidiary in July last year. The listing comes in the wake of an October 2022 RBI directive that mandates all "upper layer" NBFCs — such as HDB Financial — to list by September 2025. The issue is being managed by a 12-bank syndicate, including JM Financial, BNP Paribas, BofA Securities, Jefferies, Goldman Sachs, HSBC Securities, Nomura, IIFL Securities, Morgan Stanley, Nuvama, Motilal Oswal, and UBS. Cyril Amarchand Mangaldas is the legal advisor. Proceeds from the fresh issue will be used to strengthen the company's core capital base. Once completed, this will be the largest share sale by a non-bank lender. The current record is held by Bajaj Housing Finance, which raised ₹6,560 crore in its recent IPO and saw a stellar debut with a 136% gain on listing day in August 2024. This IPO is also part of the regulatory conditions imposed by the RBI while approving HDFC Ltd's merger with HDFC Bank, which took effect in July 2023. It comes at a time when the RBI has proposed draft regulations prohibiting banks from owning subsidiaries that directly offer credit services — a move that could reshape holding structures in the financial sector. Banks have until November 20, 2024, to submit feedback on the draft. The IPO also marks the first public float by any HDFC Group entity in six years. Last month, HDFC Bank had approved raising ₹2,500 crore via share sales, of which the IPO is a part. Founded in 2007, HDB Financial has grown rapidly into one of the leading NBFCs, offering a wide range of financial services including secured and unsecured loans. As of June 2024, it operated over 1,680 branches and had a net worth of ₹13,300 crore.
Mint
4 days ago
- Business
- Mint
Mint Explainer: What's at stake as Bar Council reviews its rules on foreign law firms
On 12 June the Bar Council of India (BCI) set up a high-powered committee headed by Cyril Shroff, managing partner at Cyril Amarchand Mangaldas, to evaluate the implications of newly notified rules that permit foreign law firms to practice foreign and international law in India in a regulated, non-litigious capacity. Mint explains why the BCI set up the committee and what its recommendations could mean for the future of India's legal sector. Why was the committee formed? The committee was formed following the BCI's notification on 13 May of new rules that allow foreign lawyers and law firms to advise on foreign law, international law and arbitration matters in India on a reciprocal and regulated basis. These rules prohibit litigation and focus on cross-border transactions and international disputes. The BCI's aim is to promote India as a hub for international arbitration while protecting the interests of Indian legal professionals. The new framework also allows Indian lawyers to register as foreign law practitioners abroad without relinquishing the right to practice Indian law domestically. Also read: Why India's law firms are in a disputes hiring frenzy Previously, foreign firms could only offer legal advice on a 'fly-in, fly-out' basis, meaning they couldn't set up shop in India and only conduct specific, short-term, advisory engagements related to non-Indian legal matters by sending their lawyers on temporary visits. Now, with strict registration and compliance requirements in place, the move marks a cautious opening up of the India's legal sector, with corporate legal spending expected to cross ₹60,000 crore this year. However, a backlash from Indian law firms—especially over potential constitutional conflicts and competitive disadvantages—prompted the BCI to initiate a thorough review of the plan. What concerns have law firms raised? Several Indian law firms argue that the new rules bypass the Supreme Court's BCI vs A.K. Balaji judgment of 2018, which held that only Indian citizens may practice law in India, even in non-litigation matters, unless Parliament amends the Advocates Act. Their main concerns include: Also read | So many law graduates, so few top jobs: What's holding them back? Lalit Bhasin, president of the Society of Indian Law Firms (SILF), previously cautioned against the unchecked entry of foreign law firms in a press release. 'Allowing foreign law firms without a legislative amendment is not only legally untenable but also threatens to destabilise the domestic legal profession," he said. What will the committee look into? The committee, headed by Cyril Shroff, includes other top legal minds such as Ajay Bahl (AZB & Partners), Suhail Nathani (ELP), Sandip Bhagat (S&R Associates), Mahesh Agarwal (Agarwal Law Associates), and Amit Kapur (JSA). BCI chairman Manan Kumar Mishra is a special invitee. Its mandate includes: The committee has been asked to submit its final report in 30 to 40 days. Based on its recommendations, the BCI will take a final call after consulting both Indian and foreign stakeholders. What are the likely outcomes? Legal experts expect the committee to recommend phased reforms that promote global integration while ensuring regulatory parity. 'If the committee plays it right, it has a chance to turn the current unease into long-term strategic strength for Indian law firms," said Prachi Shrivastava, founder of Lawfinity Solutions, a legal marketing firm. She added that a reciprocity-first model and a phased-entry approach—starting with backend advisory work—could ease the transition for Indian firms. Automated systems for fee disclosures, conflict checks, and jurisdictional limits could boost transparency without overwhelming smaller firms. Also read: Can Vijay Mallya return home? He could. But it won't be a smooth landing. Amit Tungare, managing partner at Asahi Legal, expects the panel to push for 'clearer demarcation of practice areas, standardised partnership frameworks, and reciprocity mechanisms that actually benefit Indian firms seeking global expansion—not just foreign firms entering India". 'This committee has the opportunity to usher in clarity and balance—by ensuring fair competition, pushing for domestic reforms that modernise Indian practice models, and encouraging global visibility for Indian firms," he added. Ashima Obhan, senior partner at Obhan & Associates, emphasised that 'phased liberalisation, symmetry in regulation, capacity-building measures, and clear delineation of permissible activities would go a long way in harmonising interests".
Time of India
4 days ago
- Business
- Time of India
In geopolitical storm, companies urge staff to stay social media safe
Amid geopolitical turmoil , several companies are issuing fresh social media guidelines or reinforcing existing ones, telling employees to avoid posting personal opinions on social media, especially controversial views on wars, politics and faith-related matters. They are wary of getting caught up in the social media crossfire that invariably ensues. Coca-Cola, for instance, has issued LinkedIn Guidelines in an internal advisory 'on responsible use of social media, as the lines between personal and professional use of social media are blurred at times.' Others are investing in playbooks, escalation matrices, social audits and shadow advisers to protect reputational damage , executives said. 'Our employees have access to social media guidelines that can be referred to whenever necessary,' said a spokesperson at consulting firm KPMG. Executives at three large companies across telecom services, packaged foods and healthcare confirmed they have sent fresh guidelines and advisories to employees over the past week. They didn't want to be identified, citing political sensitivities. 'We are increasingly seeing companies approach us for comprehensive social media policies,' said Ankita Ray, partner at Cyril Amarchand Mangaldas. Individual or Employee? 'In the current climate, many organisations are recognising the need to establish clear boundaries around employee social media use, especially when it comes to sensitive topics such as geopolitical conflicts, political statements and controversial current affairs,' said Ray of Cyril Amarchand Mangaldas. Brands tangentially connected with posts that blow up are also getting dragged into social media wars. A former employee of a multinational electronics company posted a reply to Congress leader Rahul Gandhi's post on X after the Ahmedabad Air India crash last week that drew the ire of a section of social media users. The company got mixed up in this because the poster mentioned the name of his former employer. 'There is reputational damage at stake,' said Santosh Desai, social commentator and columnist. 'There will be increasing instances of companies imposing restrictions on what employees can say or what they can't on public platforms.' A senior executive at a large cosmetics firm said clear advisories were sent out last week to staff. 'There are disclosures on platforms such as X that comments are individual and not representative of the company,' said the person. 'But despite that, the fabric of social media is such that controversial posts end up dragging the company or brand into the picture.' One employee's casual post can spark reputational contagion and investor mistrust, pointed out Prachi Shrivastava, founder of consulting and legal firm Lawfinity Solutions. 'The last few weeks have shown a spurt of activity within our investor networks on codifying employee social media policies ,' she said. 'A casual social media post from a junior employee can snowball into compliance queries, diplomatic risk, or even vendor escalations, especially for PEbacked or cross-border businesses.' Sportswear brand Nike's first Indian collaboration with an Indian label announced last week got caught in a social media storm over the weekend, despite it clearly being a case of mistaken identity. An Instagram account, @CuratedCultureSociety, posted that Nike's new NorBlack NorWhite campaign showed a model from Bangladesh who had allegedly been critical about India. However, this person wasn't featured in the campaign. Following widespread criticism, Curated Culture Society posted an apology on Instagram,acknowledging its mistake. 'What people say on their social media handles is an expression of their opinion as individuals, although we do have guidelines to ensure they are mindful of the sensitivity and seriousness of the situation and comment with responsibility,' said Meghna Ramchandani,director, marketing and communications, at tax and advisory services company Grant Thornton Bharat.
Time of India
13-06-2025
- Business
- Time of India
Law firm JSA's partner Iqbal Khan to join Cyril Amarchand Mangaldas with 20-member team
The private equity (PE) and mergers and acquisitions (M&A) partner Iqbal Khan of a full-service law firm J Sagar Associates (JSA), along with their team of about 18 to 20, is set to join the Mumbai office of Cyril Amarchand Mangaldas (CAM). An alumnus of the London School of Economics and Political Science and Columbia University School of Law, Khan began his career with the US-headquartered firm Paul, Weiss, Rifkind, Wharton & Garrison LLP in 2008, later moving to Kirkland & Ellis LLP. In August 2013, he joined the Indian full-service firm Khaitan & Co., and in 2015, he transitioned to Shardul Amarchand Mangaldas & Co. (SAM & Co). Last year in June, he had joined JSA along with his team of about a dozen-and-a-half lawyers to JSA. 'Iqbal's experience and expertise will be valuable to our clients,' said Cyril Shroff, Managing Partner, Cyril Amarchand Mangaldas, on his joining. 'With Iqbal's arrival, we continue to strengthen our capabilities to serve our clients and I look forward to their contributions and the continued growth of our firm,' he added. He specialises in private equity investments, private and public mergers and acquisitions, joint ventures and foreign investment laws. 'My decision to join CAM was a natural one, driven by a shared commitment to excellence, integrity, and delivering commercially sound legal advice to a diverse and global client base,' said Iqbal Khan. In the past, Khan has represented Advent in one of the largest control acquisitions of a listed pharma company in India by a PE, in its acquisition of a controlling stake in Suven Pharma for about $1 billion. Also, he advised Advent in over $4 billion reverse merger and listing of the Cohance platform with Suven Pharma. Also, he had represented Bain in its acquisition of Porus Labs for Rs. 2400 crores. Recently, the firm has also announced the joining of Nishith Mehta as head of the Financial, Regulatory & Compliance practice. He will be joining the firm from Bank of America Merrill Lynch (BofA), where he co-headed Asia Pacific Compliance and Operational Risk. Around the same time, the firm also announced the joining of Mihir Rale as Co-Head for Digital and TMT (telecom, media and technology) advisory. Over two-decade veteran, Rale was general counsel at Star and Disney India before joining CAM. With over 1200 lawyers, including 220 partners, CAM is a full-service law firm with offices in Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City, Singapore and Abu Dhabi.
