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RIGHT IS MIGHT LEGAL MEDIA GROUP BY THE PEOPLE. FOR THE PEOPLE. OF THE PEOPLE. www.legaleraonline.com | February 2020 | Vol. X | Issue X | Pages 80 ` 100 | US $30 | £20 IBC – Revival Cyber Law Mergers & The Personal Data Or Recovery? Developments In 2019 Acquisitions - Thailand Protection Bill, 2019 Pg. 32 Pg. 36 Pg. 50 Pg. 54 Indian Legal Awards 2019-20 “Recognition of Legal Finesse, Innovation & Accomplishments” 7th March 2020 at Hotel Taj Lands End, Mumbai, India 9th Annual Indian Legal Awards 2019-20 www.legaleraawards.com An Initiative By For Enquiries, Please Contact: Shruti Singh |+91-8879635571 | [email protected] Ashwini Shah |+91-8879634922 | [email protected] Cerino D’souza |+91-8879635574 | [email protected] www.legaleraonline.com CREDITS Chairman & Editor-in-Chief Ashok Kumar Raizada Founder & Managing Editor Newsletter & Website Aakriti Raizada Make our newsletter your daily dose of national Director and international legal news. 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FOR THE PEOPLE. OF THE PEOPLE. Bandra West, Mumbai - 400 050, India Printed & Published by Aakriti Raizada for and on behalf of ARA Techno-legal Solutions Pvt. Ltd. Printed Legal Media Group at Repro India Limited, 11th Floor, Sun Paradise Business Plaza, B Wing, Senapati Bapat Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India. Editor Aakriti Raizada. The Publisher regrets that he/she February 2020 | Volume X | Issue X cannot accept liability for errors & omissions contained in this publication, howsoever caused. The opinion & views contained in this publication are not necessarily of the publisher. Readers are advised First published in March 2010 to seek specialist advise before acting on the information contained in the publication which is provided Legal Era aims to provide “in the trenches” editorial for general use & may not be appropriate for the readers’ particular circumstances. The ownership that gives Common Man, Law Students, Lawyers, of trademarks is acknowledged. No part of this publication or any part of the contents thereof may Business Leaders and Corporate Managements a be reproduced, stored in a retrieval system or transmitted in any form without the permission of the detailed outlook of the current legal scenario. publisher in writing. Title Registration No. MAHE NG129 82/13/1/2011-TC RNI No. MAHENG/2011/46887 4 February 2020 | Legal Era | www.legaleraonline.com EDITOR'S NOTE BUDGET 2020 Dear Friends, The much anticipated Union Budget 2020-21 was tabled in the Lok Sabha on February 1, 2020 by Union Finance Minister Nirmala Sitharaman. Based on the premises of economic development, an aspirational India, and a caring society, the Budget promises to boost income and purchasing power while reviving the domestic economy which has slumped in recent times. Aakriti Raizada Significantly, the Budget introduces new income tax slabs for Founder & Managing Editor individuals. Accordingly, those earning between `5 lakh and `7.5 lakh per annum and between `7.5 lakh and `10 lakh per @AakritiRaizada annum will be taxed at 10 and 15 per cent, respectively – down from the earlier 20 per cent. While /AakritiRaizada those earning between `10 lakh and `12.5 lakh per annum and between `12.5 lakh and `15 lakh per annum /AakritiRaizada will be taxed at 20 and 25 per cent, respectively – down from the earlier 30 per cent. These income tax rates are societies the option to be taxed at optional and available to those willing to 22 per cent sans exemption, and forego some exemptions and deductions. providing more income tax benefits The Budget does away with nearly 70 of to startups. Further, `3.37 lakh crore the more than 100 income tax exemptions is earmarked for defense; `8,000 as well as dividend distribution tax (DDT). crore over a period of five years for It raises bank depositors’ insurance coverage quantum technologies and their to `5 lakh from the existing `1 lakh, and applications; `3,000 crore for the Skill makes way for instant allotment of PAN on the India initiative; `12,300 crore for Swachh Bharat; basis of Adhaar. `44 billion for clean air incentives in cities with a population of over 1 million; and `9,500 crore for senior citizens. The Budget allots `69,000 crore to the health sector, out of which `6,400 crore will be sanctioned to the Ayushman The Budget tries to balance the needs and expectations of all Bharat Yojana. It earmarks `99,300 crore for the education segments of the society. Coming to the February edition of Legal sector, with plans to soon reveal a new education policy. `1.7 Era Magazine, it features interesting reads on the Personal lakh crore is assigned to transport infrastructure, with plans Data Protection Bill, Insolvency and Bankruptcy Code as a tool to develop 100 additional airports and 6,000km of highways of recovery, advances in cyber law, and a summary of the Essar in 12 lots by 2024. The Railways is allocated `70,000 crore, Steel judgment among others. We hope that you won’t be able to with plans for more TEJAS-type trains to connect iconic tourist put down the edition once you begin reading it. destinations among others. The Budget sets aside `100 lakh crore for infrastructure over the next five years, while `1.6 lakh For the rest, mark your diaries in March as we have two events crore is allocated to agriculture and irrigation, and `1.23 lakh lined up – the Gennext Business and Law Congress 2020 crore to rural development and Panchayat Raj. on March 6 & 7 followed by the International Intellectual Property Conclave and Awards 2020 on March 26 and 27. We Other pluses of the Budget include extending lower withholding also plan to launch our 2nd coffee table book titled, “Lawyers of tax rate to interest on various securities in respect of foreign the Decade 2019-2020” on March 7. The book offers a sneak- investment, extending 15 per cent concessional rate of corporate peek into the journeys of some of the most distinguished names tax to the power sector, increasing tax audit threshold to `5 crore in the legal fraternity, making for a delectable addition to your in case of less than 5 per cent turnover, providing cooperative personal library! Kindly share your opinions/feedback at [email protected] www.legaleraonline.com | Legal Era | February 2020 5 CONTENTS 28 ZOOM IN BUDGET 2020: DISENFRANCHISEMENT OF THE INCOME TAX APPELLATE TRIBUNAL Mukesh Butani Shreyash Shah Managing Partner Managing Associate BMR Legal 32 TAKE ON BOARD IBC – REVIVAL OR RECOVERY? Dr. Sanjeev Gemawat Executive Director (Legal) & Group Company Secretary Dalmia Bharat Group 36 INSIGHTS CYBER LAW DEVELOPMENTS IN 2019 – TWO MAJOR THRUSTS Dr. Pavan Duggal Advocate, Supreme Court Of India Chairman, International Commission On Cyber Security Law 40 ZOOM IN RWANDA - THE RISING STAR IN AFRICA Gregor Pannike Group Head of Legal Easa Saleh Al Gurg Group 44 GLOBAL UPDATE EMPLOYMENT PROTECTION JURISPRUDENCE ON THE TRANSFER OF UNDERTAKINGS: A COMPARATIVE STUDY OF THE JURISDICTIONS OF SOUTH AFRICA, UNITED KINGDOM AND EUROPEAN UNION Makhubalo Ndaba Trustee – Government Employees Pension Fund (South Africa) 6 February 2020 | Legal Era | www.legaleraonline.com KNOW THE LAW RIGHT IS MIGHT LEGAL MEDIA GROUP BY THE PEOPLE. FOR THE PEOPLE. OF THE PEOPLE. 50 KNOW THE LAW MERGERS &