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Executive Brief: FEMA Export–Import Regulations, 2026

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  1. Strategic Regulatory Shift The Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 , issued by the Reserve Bank of India (RBI), take effect on 1 October 2026 . They replace the earlier export-specific framework and consolidate export and import rules into a single, integrated regulatory regime . The reform is not deregulation. It represents a move toward: Digitally monitored trade flows Bank-mediated compliance enforcement Risk-based supervision instead of case-by-case RBI approvals For businesses, cross-border trade transactions are now treated as regulated financial flows , not merely commercial arrangements. 2. Structural Changes in Reporting Unified Export Declaration System A single Export Declaration Form (EDF) now applies to: Goods Services Software (explicitly included within “services”) Operational impact: Export Type Filing Requirement Goods via EDI...
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Sharp Business System v. CIT: Landmark Ruling on Tax Treatment of Non-Compete Payments and Commercial Expediency in Group Funding

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  Supreme Court of India | 2025 INSC 1481 | Decided: 19 December 2025 1. Factual Background This batch of civil appeals before the Supreme Court concerned multiple assessees and assessment years, revolving around two critical tax issues under the Income Tax Act, 1961: (A) Non-Compete Fee Payments The principal case involved Sharp Business System, a joint venture between Sharp Corporation (Japan) and Larsen and Toubro Limited (L&T). During the assessment year 2001-02, the assessee paid ₹3 crores to L&T as a 'non-compete fee.' In exchange, L&T agreed not to set up, undertake, or assist in any competing business of selling, marketing, or trading electronic office products in India for a period of 7 years. Other cases in the batch included: • Pentasoft Technologies paid ₹180 crores as a non-compete fee to restrain Pentamedia Graphics Ltd. from undertaking similar software development and training activities after acquisition of a division. Initial Dispute:...
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Slum Redevelopment in India: Social, Political and Economic Dimensions through the Lens of the Mumbai SRA Model

   A Short Primer 1. Introduction Slum redevelopment in India occupies a contentious space at the intersection of urban planning, real estate economics, community rights, and political negotiation. With nearly 65 million people living in informal settlements across Indian cities, the question of how to rehabilitate slum communities is not merely one of constructing built structures—it is about reshaping lives, livelihoods, and identities. The Mumbai model, driven by the Maharashtra Slum Areas (Improvement, Clearance and Redevelopment) Act, 1971 and institutionalized through the Slum Rehabilitation Authority (SRA), has emerged as the most influential framework for redevelopment across Indian cities. While often hailed for its ability to mobilize private capital to provide “free housing” to slum dwellers, the model raises significant concerns regarding community consent, knowledge asymmetry, political patronage, and vulnerability of resettlers. 2. The Mumbai Model: A Bri...
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Supreme Court Clarifies “Commercial Purpose” Bar: Companies Using Business Software Not Consumers

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Case Brief: M/s Poly Medicure Ltd. v. M/s Brillio Technologies Pvt. Ltd. Citation: 2025 INSC 1314 Court: Supreme Court of India Bench: Justices J.B. Pardiwala and Manoj Misra Date of Judgment: November 13, 2025 Facts M/s Poly Medicure Ltd. (appellant), a company incorporated under the Companies Act, 1956, and engaged in the import and export of medical devices and equipment, sought to implement an export/import documentation system at its plant. To this end, it purchased a product license for the customized software "Brillio Opti Suite" from M/s Brillio Technologies Pvt. Ltd. (respondent). The software was designed to support business functions such as export document sets, clubbing/splitting SAP sales documents, bill of exchange clubbing, advance payment/FIRC tracking, CHA charges tracking, duty drawback (industrial rates), letter of credit management, container indents and tracking, ECGC policy management, export packing credit handling, and FOREX forward cover manag...
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Shailaja Krishna v. Satori Global Ltd.: Reinforcing NCLT Jurisdiction in Corporate Fraud Disputes

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In "Shailaja Krishna v. Satori Global Ltd. (2025)", the Supreme Court set aside the NCLAT's order, reinstating the NCLT's 2018 ruling that restored Shailaja Krishna as majority shareholder and director, finding her 2010 resignation and 98% share transfer via a fraudulent gift deed, procured through coercion and blank signatures, void ab initio under the Companies Act. The Court affirmed NCLT's plenary jurisdiction to investigate fraud in oppression and mismanagement petitions when intrinsic to the dispute, nullifying subsequent board actions. This ruling underscores robust safeguards against mala fide ousters in closely held companies, reinforcing Krishna's control. Case summary is divided into 2 parts. Part A summarises the Judgement of Supreme Court of India and Part B summarises the Order of NCLAT.  A.     SUPREME COURT OF INDIA Case Brief: Mrs. Shailja Krishna v. Satori Global Limited & Ors. Case Details: Citation: (2025) INSC 1065 Court: Sup...
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