Legislation

The Micro, Small and Medium Enterprises Development (Amendment) Bill, 2015 is  to (i) enhance the existing limit for investment in plant and machinery considering changes in price index and cost of inputs consistent with the emerging role of the MSMEs in various Global Value Chains, (ii) include medium enterprises apart from small enterprises in section 7(9) to enable the aforesaid category of

The Arbitration and Conciliation Amendment Act, 2015 ("Amendment Act") has introduced certain amendments to the provisions of the Arbitration and Conciliation Act, 1996 ("Act") and is deemed to be effective from October 23, 2015.

The Act essentially introduces setting up of a Commercial Court at District level and a Commercial Division in the High Court, having ordinary original civil jurisdiction to deal with Commercial Dispute of a Specified Value, not being less than Rs.1,00,00,000 or such higher value as may be notified by the Central Government.

The Labour department has undertaken a number of initiatives including the passing of amendments to major labour laws in order to boost job creation and enhance the doing of business.

The new Rules have been implemented in order to fast-track the patent application and processing procedure. It provides clarity on the manner in which certain information and sketches are to be furnished. It also allows ‘expedited examination of applications’ for specific circumstances.

With this ordinance, the Arbitral Tribunal must make its award within 12 months and if it does not, the parties may extend the period to a further 6 months. Thereafter, only the Court can extend the period on grounds of a sufficient cause.

The establishment of commercial courts is key to reforming the civil justice system and ensuring the speedy disposal of cases. It is also a necessity for ease of doing business and so far, with respect to enforcing contracts, India ranks a dismal 189th.