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February 18, 2026
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Competition approval for internal reorganisation permits transfer of specified BCCL businesses to newly formed THPL on going concern basis.
Competition Commission approval granted for an internal reorganisation by Bennett Coleman & Company Limited to demerge and transfer specified entities, businesses, undertakings, assets and liabilities (EIBME Business) into newly incorporated Times Horizon Private Limited on a going concern basis, with further detailed order to follow.
February 18, 2026
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Competition approval for acquisition of portfolio management services business, consolidating PMS activities under an asset manager.
The Competition Commission of India has approved an acquisition in which Axis Asset Management Company Limited will acquire the portfolio management services business of Axis Securities Limited in India. The Acquirer manages a mutual fund business, provides portfolio management services, and manages alternative investment funds across Category II and Category III; the Target Business comprises the Transferor's portfolio management services in India. A detailed order will follow.
February 18, 2026
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Teacher eligibility requirement: temporary pay preserved for affected teachers pending K-TET compliance within the prescribed compliance period.
Following the court's removal of a pre-existing exemption, the State will grant temporary pay-scale approval to teachers appointed before the ruling's effective date provided they clear K-TET within the prescribed compliance period; equivalent qualifications are accepted and promotions will be considered after legal advice. The State will also re-fix posts to include students with Aadhaar EIDs or pending corrections to remedy staff losses caused by Aadhaar data discrepancies.
February 18, 2026
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Agricultural innovation investment roadmap drives company expansion into exports, joint ventures and multiyear seed R&D projects.
Indo US Bio-Tech Limited's roadmap commits to phased investments in infrastructure, capacity and crop-specific multi-year R&D through 2030-31, including a high-tech greenhouse, a 5,000 sq. ft. seed processing plant with dedicated machinery, processing capacity modernization, a joint venture groundnut seed plant, and multiple staged tomato, bottle gourd, chilli and brinjal breeding and commercialization projects, alongside a strategic export push into the US and African markets with staged pilot-to-full-scale operations.
February 18, 2026
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Aadhaar linkage: Delhi mandates household Aadhaar for online ration card applications, with verification and eligibility checks.
Delhi mandates online applications via the e-district portal for new ration cards with Aadhaar numbers for all family members and supporting residence and income documentation. Food supply officers will scrutinise and verify applications, forwarding eligible cases to assistant commissioners and a district-level committee which applies Delhi Food Security Rules, 2026 and the SOP, enforces exclusion criteria, prioritises needy applicants, maintains a waiting list, and routes appeals to the Public Grievance Commission as State Food Commission.
February 18, 2026
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Fugitive economic offender status limits challengeability while the declared person is legally barred from leaving a foreign jurisdiction.
This matter concerns a challenge to a declaration under the Fugitive Economic Offenders regime and a constitutional challenge to the Act, where the petitioner states he cannot return because his Indian passport was revoked and English and Welsh orders bar his departure, and the court has invited the government to reply while indicating it will not hear the challenge to the declaration until the petitioner returns.
February 18, 2026
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Trade agreements driving investment: operationalising TEPA and sectoral cooperation to convert agreements into industrial collaboration and investments.
India emphasises an expanding trade architecture providing a durable framework for trade, industrial collaboration and long-term investments, supported by domestic regulatory and budgetary reforms to ease compliance. Discussions focused on operationalising the TEPA with the European Free Trade Association (EFTA) and on sectoral cooperation in renewables, carbon capture, rare earths, green tech, maritime, fisheries, semiconductors and financial services, with presentations outlining bilateral investment potential and mechanisms to translate agreements into practical cooperation.
February 18, 2026
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Anticipatory bail denial in money laundering probe tied to cyber fraud highlights custodial interrogation necessity.
Refusal of anticipatory bail to a chartered accountant in a PMLA investigation stemmed from an alleged intricate mesh of laundering involving layering through thousands of mule accounts, use of an overseas payment platform and cross border cash withdrawals; the high court held custodial interrogation necessary to unravel transactions crafted by skilled professionals and to secure electronic evidence, distinguishing ordinary cryptocurrency dealings from an organised scheme to siphon investors' funds and noting allegations of assault, bribery and destruction of electronic material.
February 18, 2026
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India-EU Free Trade Agreement expands economic ties and drives technology, defence and education cooperation across Europe and India.
The India EU Free Trade Agreement is presented as the principal catalyst for deeper India-Europe economic relations, expected to expand market access and commercial opportunities. Bilateral meetings with Spain and Finland focused on leveraging the FTA to strengthen economic partnership and targeted cooperation in defence, security, advanced technologies (including AI and 6G), clean energy and higher education, while India's AI Expo serves as a platform to operationalise joint technology, startup and institutional collaboration.
February 18, 2026
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Foreign owned US LLC compliance: nonresident owners face mandatory IRS reporting and parallel Indian tax and FEMA obligations.
Nonresident ownership of US single member LLCs triggers an annual IRS Form 5472 filing obligation with steep per form penalties for non filing; this filing must be submitted by mail or fax. The US FinCEN BOI exemption for domestically formed entities does not remove Form 5472 duties. Indian residents must report and tax worldwide income and may face FEMA and Overseas Direct Investment reporting requirements, so professional cross border tax and FEMA advice is recommended before formation.
February 18, 2026
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Tariff elimination boosts India's export competitiveness, enhancing global sourcing and buyer engagement through imm india's trade platform.
Trade-policy shifts, notably the EU-India Free Trade Agreement, have eliminated or substantially reduced import duties on several Indian furniture categories, lowering average tariffs and simplifying customs procedures. imm india 2026 is structured as a B2B trade platform-featuring a Hosted Buyer Programme, The Sourcing Hub, curated showcases, and industry alliances-to enable direct sourcing, streamline buyer-seller engagement, and translate tariff and customs liberalisation into expanded export market access for Indian manufacturers.
February 18, 2026
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Trade tariffs reshape investment flows as US-Japan deal ties increased export levies to large bilateral investment commitments.
A bilateral trade arrangement between Japan and the United States is reported to include a substantial Japanese investment pledge in the US and an associated increase in export tariffs on Japanese goods, while a Japanese subsidiary's participation in a major US natural gas facility links cross border investment commitments to energy project involvement, framing market movements alongside investor concerns about overinvestment in AI infrastructure and resultant volatility.
February 18, 2026
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Benami funds allegations prompt call for parliamentary probe amid claimed regulatory inaction and governance failures.
Allegations assert the use of benami funds by close associates to amass significant stakes in a corporate conglomerate through intermediaries and trading firms, accompanied by claims of over-invoicing, cross-border transfers, and an alleged bribery scheme to secure contracts; these claims form the basis for demands for a parliamentary inquiry into corporate ownership concealment and associated governance failures amid perceived regulatory and enforcement inaction.
February 18, 2026
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Digital savings account transparency improves customer decision-making through instant account opening, UPI integration and built in interest tools.
AU Small Finance Bank's enhanced digital savings account focuses on instant digital account opening, UPI integration, 24x7 mobile banking, contactless debit card capabilities, and an integrated savings account interest rate calculator that provides transparent interest rate visibility to help customers evaluate returns, plan finances, and maintain liquidity while supporting financial inclusion.
February 18, 2026
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Business correspondent operationalisation advances as banks urged to scale services and complete digital monitoring and geotagging.
Monitoring Committee reviewed operational and governance aspects of the Business Correspondent model, noting implementation of a Business Correspondent Registry that identifies duplicate BCs and captures service and performance records; member banks completed geotagging of BC points and are using digital monitoring tools. The Committee advised banks to scale up and expand services at BC outlets, and discussed commission structures in remote areas, grievance resolution for BC organisations, and coordination to strengthen performance monitoring and financial inclusion.
February 17, 2026
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People's budget shaped by public suggestions to advance development priorities while maintaining fiscal discipline in state finances.
The upcoming state budget is characterized as a people's budget shaped by public suggestions, with over twelve thousand submissions and several thousand to be incorporated. It follows prior budget commitments-248 announcements with seventy-seven implemented and most others near completion-and is presented against strengthened fiscal metrics: rising GDP and per capita income, increased own revenue, broad departmental expenditure, fiscal deficit within FRBM limits, and a higher central tax share under the 16th Finance Commission. Socio economic gains cited include employment growth, expanded higher education, MSME formalisation, and export increases.
February 17, 2026
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Trade deal protections for farmers: government assures imports will be allowed only where farmer interests are safeguarded.
The minister stated the interim India-US trade agreement includes safeguards to prevent harm to farmers while allowing necessary imports to address domestic shortages; he defended policy choices on MSP orientation, procurement and buffer stocks as central to protecting farmer interests, and announced Bharat-VISTAAR, an AI-based platform to deliver market prices, crop advice, weather updates and scheme information to enhance farmer welfare and transparency.
February 17, 2026
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PMLA bail conditions prevent release where alleged large-scale fund diversion, multiple FIRs and risk of evidence tampering exist.
Denial of regular bail under the Prevention of Money Laundering Act followed allegations that the accused diverted homebuyer funds, leaving major construction incomplete; investigative records and account certifications showed a large shortfall between amounts collected and expenditure, and the accused was named in multiple FIRs and charge-sheets. The court found a strong possibility of reoffending or tampering with evidence if released and held that the PMLA twin bail conditions-opportunity for the prosecutor to oppose bail and judicial satisfaction of non-guilt and non-recidivism-were not satisfied.
February 17, 2026
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Secured shareholding: Byju's stake in Aakash to remain secured pending NCLAT disposal; TLPL allowed to subscribe.
Aakash undertook in the Supreme Court that Byju's shareholding in Aakash shall remain secured until disposal of the interlocutory application before the NCLAT; the Court recorded that undertaking and gave Byju's parent a limited period to subscribe to the second tranche of the rights issue. The dispute arises from TLPL's challenge to the rights issue amid TLPL's insolvency proceedings, and the NCLAT has permitted TLPL to apply for shares up to its original entitlement while restraining Aakash from taking matters requiring a special resolution until the dispute is adjudicated.
February 17, 2026
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Reporting requirement for local-currency foreign exchange derivatives now covers related-party global transactions; stakeholders invited to comment.
The Reserve Bank proposes draft Directions requiring Authorised Dealer Category - I banks to report foreign exchange derivative transactions involving the Indian currency undertaken by their related parties globally, extending trade repository coverage to offshore rupee derivative flows to enhance market transparency and pricing. The measure builds on earlier requirements for market-makers, primary dealers, and banks to report OTC and rupee interest-rate derivatives, and is published for stakeholder consultation with specified submission procedures.

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Customs & Trade

Indian-origin lawyer at centre of landmark Supreme Court verdict against Trump

February 21, 2026

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New York, Feb 21 (PTI) At the centre of the landmark US Supreme Court verdict striking down President Donald Trump’s sweeping global tariffs is an Indian-origin lawyer who argued before America’s highest court about the illegality of the levies.

Neal Katyal, the son of Indian immigrants and the former Acting Solicitor General of the United States under President Barack Obama, argued the consequential tariff case on behalf of small businesses and won.

“Victory,” Katyal posted on X shortly after the Supreme Court verdict came in on Friday.

Katyal, in an interview to MS Now, said “One of the great things about the American system is what just happened today. I was able to go to court - the son of immigrants — able to go to court and say on behalf of American small businesses, 'Hey, this President is acting illegally.'" "I was able to present my case, have them ask really hard questions at me, it was a really intense oral argument and at the end of it, they voted and we won,” he said.

“That is something so extraordinary about this country. The idea that we have a system that self-corrects, that allows us to say ‘You might be the most powerful man in the world but you still can’t break the Constitution. That to me is what today is about,” he added.

Katyal was born in 1970 in Chicago to a paediatrician mother and engineer father, both of whom immigrated from India.

Katyal is a partner in the Washington DC office of Milbank LLP and a member of the firm’s Litigation & Arbitration Group.

In a statement following the verdict, he said the US Supreme Court stood up for the rule of law and Americans everywhere.

“Its message was simple: Presidents are powerful, but our Constitution is more powerful still. In America, only Congress can impose taxes on the American people. The US Supreme Court gave us everything we asked for in our legal case. Everything.” Katyal expressed gratitude for the leadership of the Liberty Justice Centre, who “led the fight when others wouldn’t”.

"This case has always been about the presidency, not any one president. It has always been about separation of powers, and not the politics of the moment. I'm gratified to see our Supreme Court, which has been the bedrock of our government for 250 years, protect our most fundamental values,” he said.

According to his profile on the Milbank website, Katyal focuses on appellate and complex litigation and has argued 54 cases before the Supreme Court of the United States.

He has also served as a law professor for over two decades at Georgetown University Law Centre, “where he was one of the youngest professors to have received tenure and a chaired professorship in the university's history” and has served as a visiting professor at Harvard and Yale law schools.

A graduate of Yale Law School, Katyal clerked for Guido Calabresi of the US Court of Appeals for the Second Circuit as well as for Justice Stephen G. Breyer of the US Supreme Court.

He also served in the Deputy Attorney General's Office at the Justice Department as National Security Advisor and as Special Assistant to the Deputy Attorney General during 1998-1999.

Katyal is the recipient of the “highest award given to a civilian” by the US Department of Justice, the Edmund Randolph Award, which was presented to him by the Attorney General in 2011, his profile said.

The Chief Justice of the United States appointed him in 2011 and 2014 to the Advisory Committee on Federal Appellate Rules.

In a post on X dated November 4, 2025, Katyal posted a photograph of a traditional ‘Kada’ (bangle) placed on a ‘Brief for Private Respondents’ related to the Supreme Court tariff case against Trump.

“Thinking of my father first and foremost, who came to this land of freedom….May the Constitution win,” Katyal wrote. PTI YAS GSP GSP

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