Mr Rishabh Shroff

Rishabh Shroff

Updates

Private Client & Offshore Services

Supreme Court rules that daughters have equal rights in their father's property
India | 10 September 2020

The judiciary continues to take progressive steps towards making succession law more women friendly. In a recent landmark decision, a three-judge bench of the Supreme Court held that daughters and sons have equal coparcenary rights in a Hindu undivided family. The decision clarifies that coparcenary rights are acquired by daughters on their birth and that fathers need not have been alive when the 2005 amendment to the Hindu Succession Act was passed.

Suspicious circumstances and wills
India | 03 September 2020

The Supreme Court recently discussed at length certain key factors that may constitute suspicious circumstances and render a will invalid. The court found that several circumstances surrounding the will's execution were suspicious in nature and concluded that while the existence of one such circumstance would not generally lead to a conclusion of suspicious circumstances, when taken holistically, it was beyond doubt that suspicious circumstances existed.

Saving the NGO sector: opportunity of a lifetime for HNIs
India | 27 August 2020

Despite various government initiatives and the promise of corporate social responsibility, Indian non-governmental organisations are facing a crisis due to the COVID-19 pandemic. However, like with most crises, there are also hidden opportunities. One such opportunity is the philanthropic investments of high-net-worth individuals, who could step in (directly or via their family offices or foundations) to help mitigate the funding crisis in the sector.

SEBI clarifies status of married daughters who become promoters of listed companies
India | 06 August 2020

In India, many families are reluctant to pass their business wealth and assets onto their married daughters due to the perceived risk that the property ends up being controlled by their daughters' in-laws. This is even more pronounced for promoter families with significant holdings in listed companies. The Securities and Exchange Board of India recently issued informal guidance which dealt with a promoter gifting his shares to his married daughters and the implications under the relevant listed company regulations.

Finance Act 2020: COVID-19 and high-net-worth individuals
India | 16 July 2020

The Finance Bill 2020 was presented as the Union Finance Budget in February 2020 and was finally passed on 23 March 2020, with certain key amendments. Following the proposals in the budget, the government received feedback and representations from various stakeholders, some of which it appears to have taken into consideration in amending the bill before its passing. However, the budget's goals of wealth creation are unlikely to be fulfilled given the havoc that COVID-19 has wreaked on economic stability.

CBDT clarifies tax residency for people unable to leave India due to COVID-19
India | 09 July 2020

The COVID-19 flight restrictions have led to confusion among non-resident Indians with regard to their tax residency. Such individuals have effectively been stuck in India, involuntarily increasing their time in the country. This may expose their offshore business and professional income to tax in India, as it may be regarded as controlled from India and the individual may be regarded as 'resident but not ordinarily resident in India'.

Court reconfirms that legal heirs are preferred over nominees
India | 21 May 2020

The issue of legatees versus nominees is still causing confusion among the public despite numerous judicial decisions which clearly confirm that legal heirs inherit assets over nominees. In November 2019 this position was confirmed once again when the National Company Law Appellate Tribunal held that nomination does not amount to beneficial ownership of an asset and that a nominee merely holds assets on behalf of the legal heirs of the deceased.

Estate and succession planning during COVID-19 pandemic
India | 09 April 2020

India, like most countries, is coming to grips with COVID-19. The country is now under official lockdown, and the next few weeks will be critical in determining whether it has been able to successfully contain the virus. All individuals, not just the elderly or ill, should take the time to implement an estate plan as it will make life simpler for remaining family members if the proper steps are taken now.

Federal budget 2020-21: impact on Indian promoters
India | 19 March 2020

Finance Minister Nirmala Sitharaman recently presented the Union Finance Budget 2020-21. This was the minister's second budget and it had been eagerly awaited, as the government is facing immense criticism for failing to revive the slowing Indian economy. Although the finance minister's budget speech was perceived as a nod towards the possibility of significant promoter-friendly policies being introduced, on examination, it seems to represent a missed opportunity.