LOK SABHA SECRATARIAT

A Bill to amend the New Delhi International Arbitration Centre Act, 2019 (AUG 24, 2022)

Amendments : 

  • In the New Delhi International Arbitration Centre Act, 2019, in the long title, for the words “New Delhi International Arbitration Centre”, wherever they occur, the words “India International Arbitration Centre” shall be substituted.
  • In section 15 of the principal Act, for clause (a), the following clause shall be substituted, namely:— “(a) to facilitate the conduct of arbitration and other forms of alternative dispute resolution mechanism, both international and domestic, in the manner as may be specified by the regulations;”
  • In section 34 of the principal Act, in sub-section (1), in the proviso, for the words “two years”, the words “five years” shall be substituted.

DELHI HIGH COURT

Delhi High Court allows Karti Chidambaram to withdraw plea concerning INX Media money-laundering case  (AUG 24, 2022)

Advocate Arshdeep Singh, representing Karti Chidambaram, submitted that the ED has filed its complaint in the matter before the trial court, where his plea for regular bail is now being contested by the investigating agency on the ground of pendency of the application concerning protection from coercive steps before this court.

The ED case arises from a case registered by the Central Bureau of Investigation (CBI) on May 15, 2017, which alleged irregularities in a Foreign Investment Promotion Board (FIPB) clearance granted to the INX Media group for receiving overseas funds of Rs 305 crore in 2007 during P Chidambaram's tenure as finance minister. Based on this, a money-laundering case was lodged by the ED. 00:20/02:12

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INCOME TAX DEPARTMENT

I-T dept issues notice to Anil Ambani for holding secret funds in Swiss bank accounts (AUG 24, 2022)

The Income Tax department has sought to prosecute Reliance Group Chairman Anil Ambani under the Black Money Act for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts.

The department has charged Ambani, 63, with "wilful" evasion, saying he "intentionally" did not disclose his foreign bank account details and financial interests to Indian tax authorities.%C2%A0A show cause notice in this context was issued to Ambani early this month.

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NEWS AT GLANCE 

  • CBI conducts raids at residences of RJD MPs Faiyaz Ahmad and Ashfaq Karim in connection with alleged jobs-for-land scam. 
  • ED registers money laundering case in connection with Delhi Excise Policy scam involving Deputy CM Manish Sisodia.  
  • Supreme Court refers petitions filed by warring factions of Shiv Sena to Constitution bench.

WORD OF THE DAY 

Admiralty law or maritime law is a body of law that governs nautical issues and private maritime disputes. Admiralty law consists of both domestic law on maritime activities, and private international law governing the relationships between private parties operating or using ocean-going ships.

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