The Government of India has reviewed the extant FDI policy for curbing opportunistic takeovers/acquisitions of Indian companies due to the current COVID-19 pandemic and amended para 3.1.1 of extant FDI policy as contained in Consolidated FDI Policy, 2017 as stated in the Press Note 3 of 2020, dated 17 April 2020.
According to the existing regulation:
Para 3.1.1. a non-resident entity can invest in India, subject to the FDI Policy except in those sectors/activities which are prohibited. However, a citizen of Bangladesh or an entity incorporated in Bangladesh can invest only under the Government route. Further, a citizen of Pakistan or an entity incorporated in Pakistan can invest, only under the Government route, in sectors/activities other than defence, space, atomic energy and sectors/activities prohibited for foreign investment.
Para 3.1.1 (a) A non-resident entity can invest in India, subject to the FDI Policy except in those sectors/activities which are prohibited. However, an entity of a country, which shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country, can invest only under the Government route. Further, a citizen of Pakistan or an entity incorporated in Pakistan can invest, only under the Government route, in sectors/activities other than defence, space, atomic energy and sectors/activities prohibited for foreign investment.
Para 3.1.1(b) In the event of the transfer of ownership of any existing or future FDI in an entity in India, directly or indirectly, resulting in the beneficial ownership falling within the restriction/purview of the para 3.1.1(a), such subsequent change in beneficial ownership will also require Government approval.
According to the revised paragraph, an entity of a country, which shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country, can invest only after Government approval of the investment. As countries sharing land border with India are Bangladesh, China, Pakistan, Nepal, Myanmar, Bhutan and Afghanistan, it seems that the amendment relates mainly with investment made by Chinese entities or Chinese beneficial owners, considering also limitations already existing for entity and beneficial owners of Pakistan and Bangladesh and the fact that the other countries seems to not have companies or investors with financial means as large as China has.
It seems useful to note that the changes made to the Consolidated FDI Policy, 2017 apply to all economic sectors in which foreign investments are allowed and not only to sensitive sectors, while it seems that the amendments applies to both majority and minority investments in Indian companies.
For more information, it is possibile to contact Marazzi & Associati at the following email: firstname.lastname@example.org
Marazzi & Associati is pleased to share an update regarding the approval by the European Council of the Free Trade Agreement between the European Union and Vietnam, which will allow a beneficial collaboration in economic and commercial terms, thanks to the elimination of most of the tariff and non-tariff barriers between the two parties.
The Agreement will enter into force as soon as the Vietnamese National Assembly will ratify it, presumably in early summer 2020. In addition to the trade aspects, the Agreement also addresses issues related to sustainable development, protection of intellectual property and safeguard of human and labour rights.
For more information please refer to Andrea Noris: email@example.com
Marazzi & Associati, thanks to a multidisciplinary team of specialized professionals, assists its clients in all of the phases of acquisitions or sales of companies. Thanks to its Project Management team, Marazzi & Associati assists buyers and sellers with specialized services, from the preparatory phases of acquisitions through the entire process, up to the closing step and the post-acquisition phase.
In preparatory activities for acquisitions and business transfers, Marazzi & Associati assists its clients in legal and commercial due diligence, negotiation of letters of intent and letters of offer, negotiation of contracts for the purchase of company shares and ancillary agreements. Marazzi & Associati also provides assistance in various post-acquisition activities: audit of the acquired company, monitoring of the performances and of the integration plan, forensic analysis of seller's representations and warranties, assistance in any eventual claim, negotiation of price adjustments.
Please find attached a brief presentation of the different steps of an M&A process and of services provided by Marazzi & Associati.
For further information, please contact Marazzi & Associati at the following email address: firstname.lastname@example.org
Marazzi&associati is pleased to share a brief note on the sanctions system applied by the United States against Iran, based on the Iranian Transactions and Sanctions Regulations (ITSR), applicable when promoting or maintaining trade relations with Iran in certain economic sectors. This system includes primary sanctions applicable to U.S. physical and legal persons, US Persons, which prohibit any commercial transaction with Iran of any goods or technology of U.S. or foreign origin, either directly from the United States or through countries or third parties; and sanctions of a secondary nature, which can be imposed on any person regardless of nationality or domicile and have extraterritorial effect.
Foreign companies that have business relations with Iran and the United States at the same time are reminded to investigate in advance the Iranian physical and legal entities and verify that they have not been included in the American black-list, i.e. in the SDN list (Specially Designated Nationals List), published on the US Department of the Tresury website.
Finally, it should be recalled that branches or subsidiaries of US companies, being subject to US jurisdiction, will necessarily have to comply with the primary sanctions.
For more information you can contact Andreea Madalina Iordache: email@example.com
Marazzi&Associati is pleased to share with you an update from the Commission on International Trade at the United Nations (UNCITRAL).
The Singapore Convention on Mediation (hereinafter referred to as the "Convention"), adopted by the United Nations on 20 December 2018 and opened for signature on 7 August 2019, has already been signed by forty-six countries.
The Convention is a tool that facilitates international trade and the promotion of mediation as an alternative and effective method of resolving trade disputes. As a binding international instrument, it is expected to bring certainty and stability to the international mediation framework, thereby contributing to the Sustainable Development Goals (SDGs), in particular SDG 16.
The signatory State, once it has ratified the Convention in its own law, may thus enforce a settlement agreement in accordance with its own rules of procedure and the conditions laid down in this Convention. In the event of a dispute arising over matters already settled by an agreement resulting from mediation, this agreement may be used to demonstrate that there has already been an understanding between the parties on the matter.
The Convention will enter into force physically once at least three countries have ratified it in accordance with the procedures of their national laws.
Choosing international mediation means taking a faster and cheaper route than both arbitration and judicial proceedings, avoiding definitively damaging important business relationships, since the agreement is reached between the parties, with the sole help of the mediator, and not with a ruling of a third party (judge or arbitrator).
For further information please contact Margherita Barletta at the address: firstname.lastname@example.org
We are pleased to announce that Marazzi&Associati is a member since the foundation of TRACIT https://www.tracit.org/partners.html international alliance to combat illicit trade.
TRACIT promotes legitimate economic activity at the expense of illegal trade activities such as smuggling, counterfeiting and tax evasion, which cause irreversible damage to countries and human lives, creating socio-economic instability.
For the fight against illegal trade, Tracit has prepared a study in which 17 Sustainable Development Goals have been mapped in relation to sectors that are considered to be most exposed to illicit trade: tobacco, pesticides, alcohol, fishing, precious metals and all forms of counterfeiting and piracy, to help define a regulatory response to illegal trade so as to reduce it and, if possible, eliminate it.
TRACIT strengthens companies' response to illegal trade through the exchange of information, broadening the knowledge base, and contributing with know-how and dissemination of industry best practices to strengthen policies, legislation and fill governance gaps. Through meetings, round tables and summits, as well as through partnerships established with major NGOs, OIGs and business associations, TRACIT is able to provide concrete solutions and lines of behaviour that are really adopted by companies.
We are pleased to share attached a note related to Tracit and its activities, for more information please contact Alessia Marsegaglia at: email@example.com or visit https://www.tracit.org/partners.html
Marazzi & Associati is pleased to share an update prepared by its Senior Advisor Enrico Roberto Dapoto on Judgement no. 22110 of September 4, 2019 of the Italian Court of Cassation, concerning joint liability in tender, more specifically regarding the compensation of workers, joint liability and claim action.
The principles established are:
Enrico Dapoto, thanks to his career as Italian National Social Welfare Institution’s Supervisory Inspector and to the experience he has acquired in the field of Social Security issues, has been collaborating with Marazzi & Associati since January 2019 in training and supporting companies in issues relating to Italian social security.
For further information please contact Enrico Roberto Dapoto: firstname.lastname@example.org
Marazzi & Associati supports the Marco Rossi Contemporary Art Gallery in the preview of Arcangelo Esposito exhibition titled "Fiori di Croco" (Crocus Flowers in English) which will be inaugurated on 24 August 2019 in Pietrasanta (Lu) in Piazza G. Bruno 3, via Garibaldi 16.
Arcangelo was born in Avellino in 1956, graduated in 1980 from the Academy of Fine Arts in Rome, he lives and works between Milan and San Nazzaro, in the province of Benevento.
Painter and historicized sculptor, since the eighties he has been carrying out tireless research in the Italian art scene based on the roots, sense of belonging and sharing of a cultural heritage, the Sanniti one, which he has been able to extend and transform until he understands the legacies of other places and other peoples.
For this occasion Arcangelo decided to present an ancient Roman flower, the crocus, which was born and died on the Via Appia, the road that connects, among others, also Maleventum (later become Benevento) and Avellino, where Arcangelo was born and lived.
For the author, the crocus flowers embody the “Curatores”, who in ancient times were a sort of guardian of the road designed to ensure the continuity of connections between Rome and the provinces of southern Italy.
The exhibition will be completed with 4 small ceramic sculptures, which continue the fascinating cycle of Irpinian houses until September 15, 2019.
Marazzi & Associati supports the Marco Rossi Contemporary Art Gallery in the exhibition "TRACCE" by the artist Valerio Berruti which will be inaugurated on July 6, 2019 in Pietrasanta (Lu) in Piazza G. Bruno 3, via Garibaldi 16.
Valerio Berruti was born in Alba in Piedmont in 1977, a city where he still lives and works. Graduated in art criticism at the D.A.M.S. in Turin, in 1995 he bought and restored a church of the seventeenth century in Verduno (CN) that he uses as a studio and atelier. His drawings, paintings and sculptures essentially reproduce images of everyday life and family affections.
In 2004 Berruti began his artistic career by winning the Premio Celeste and the Premio Pagine Bianche d'Autore of the Piedmont Region, then continued exhibiting in the most popular galleries in Europe and the rest of the world such as: in 2009 at the Venice Biennale, in 2008 at the center Pompidou in Paris, in 2011 at the Pola Museum in Tokyo, and in 2014 at The Drawing Center in New York.
For this event he decided to exhibit a new work, absolutely original, where, as often happens in the works of the Piedmontese artist, the media merge: drawing with frescoed painting, sculpture that makes three-dimensional drawing, video animation that transforms drawing into cinema, creating each time works of great impact and poetic effect. In the cycle "Traces", the drawing becomes an engraved sign inside steel plates of different sizes, like a negative trace of his shadow sculptures.
The exhibition will end on August 6, 2019.
We are pleased to inform you that Prof. Fabio Marazzi, senior managing partner of Marazzi & Associati, will host a presentation at the seminar organized by the Union Internationale des Avocats "UIA" in London on Thursday 30 May 2019.
The conference will be held on Thursday 30 and Friday 31 May 2019 in order to bring together lawyers from around the world, facilitate professional development, the international exchange of information and ideas as well as to promote the rule of law.
The presentation of Prof. Fabio Marazzi will be aimed at addressing various issues, such as: Intentions of Parties, Purchase Agreement Conditionally and Indemnties; within the framework of Civil Law in a panel in which common law jurists will participate.
The panel will address the key issues to be considered during the negotiations for the acquisition and sale of a business and for the interpretation of the Contracts.
If you would like to request a presentation or for more information, please contact Alessia Marsegaglia: email@example.com
Marazzi & Associati’s team is pleased to welcome Flavia Milesi as Senior Advisor for the Japanese and Korean markets. Dr. Milesi, graduated in Japanese Language and Literature from the University of Venice "Ca' Foscari", began her career in 1994 in the Brembo company where she was a commercial correspondent for the Japanese and Southeast Asian markets and became an assistant in the management secretariat. In 1999 she began working for an important leather goods company as head of the foreign markets departmes.
Since 2005, thanks to his knowledge of the Japanese market, the language and culture of the country, he decided to set up his own business by supporting various companies operating in various sectors such as wine, food, fashion, machinery, cosmetics, medical, in the role of export manager for entry into the Japanese and South Korean markets.
Thanks to the experience and competence of Flavia Milesi, Marazzi & Associati will strengthen its expertise in supporting the internationalization processes of companies in the Japanese and Korean markets.
For additional information: firstname.lastname@example.org
Marazzi & Associati is pleased to inform you that Antognolla Golf will host the PGA of Italy Championship 2019 by +Energia. Marazzi & Assocati is partner of the Association of Italian Golf Professional. Antognolla Golf is considered one of the most beautiful and challenging golf courses in Italy, the 18-hole course in Antognolla is characterized by its long, sloping fairways, marvellous water obstacles and wide, undulating greens.
This year will be the 43rd edition of the PGA of Italy Championship, the main event of the Association of Italian Golf Professionals. The first edition of the Championship was played in 1977 and among its winners are names such as Constantino Rocca and Francesco. Molinari, current holder of the title Open. Luca Cianchetti, last year's triumphant edition held at the Golf Club Castelgandolfo, will be present at Antognolla to defend the title.
The PGA of Italy Championship will be played over three laps, between 14 and 16 September. The first two rounds with Pro-Am formula, while the final round will be played only by professionals who will compete for the title of Italian PGA Champion 2019.
Participants in the championship this year will compete for a prize pool of €40,000.
Marazzi & Associati’s team is pleased to welcome Nereo Landini as Senior Advisor. Mr. Landini worked from 1994 to 2001 as academic at University of Modena (Italy) and other Universities in Italy and abroad. Then he started his managerial careers in energy and manufacturing companies at multinational level, with business worldwide and finally focused on Europe and East Africa, where he served as CFO for an automotive company. Since 2015 he is Corporate Social Responsibility Executive and Data Protection Officer in a world leader multinational company in the field of automatic packaging machines and lines for pharmaceuticals and cosmetics. He continues to collaborate with University of Bologna and other private research institutes in research and training activity on CSR, sustainable development and Circular Economy. He also supports companies in achieving Corporate Social Responsibility reporting strategy and Data Protection effective policies according EU and Global Reporting Initiatives best practices.
Nereo Landini will lead the Corporate social responsibility pratice of Marazzi & Associati to provide an effective and qualified advisory to companies in dealing successfully with Corporate Social Responsibility context, to attain a greater competitiveness.
For additional information, please contact Andrea Noris: email@example.com
Marazzi & Associati supports the Marco Rossi Contemporary Art Gallery in the exhibition Il Mare e altre storie, "The Sea and other Stories" by the artist Paolo Ventura, which will be inaugurated on 20 April 2019 in Pietrasanta (Lu) in Piazza G. Bruno 3, via Garibaldi 16.
Born in Milan in 1968, Paolo Ventura lives between Milan and Anghiari, in the province of Arezzo. After several years of fashion photography, he moved to New York where he lived for ten years and began his work as an artist, then returned to Italy, where he lived between Tuscany and Milan and where he continues to create his stories and his sets. Paolo Ventura has exhibited in museums and private galleries around the world, including the 54th Venice Biennale. Among the main exhibitions, in 2015 he exhibited in Minneapolis the cycle La città infinita at the Westein gallery and the anthological Un mondo infinito!, at the Valkhof Museum in Holland.
In 2016 he was invited, with a personal exhibition, to the International Festival of European Photography in Reggio Emilia and his works from the Cotroneo Collection were exhibited in Reims during the Festival of Photography and in Valledolid. Also in 2016 he created the sets for the Teatro Regio in Turin, for the opera Pagliacci by Leoncavallo, directed by Gabriele Lavia, who inaugurated the 2017 season.
CAMERA-Italian Centre for the Turin Photo-aphony exhibited at the same time the preparatory works of the Pagliacci project. In 2018 Ventura exhibited the retrospective Racconti immaginari, with about 100 works including photographs, sets and some objects chosen by the artist at the ARMANI / SILOS in Milan, and the personal Racconti di Guerra al MAG, Museo del Garda. Ventura is currently working on the sets for La Cavalleria rusticana for the Teatro Regio in Turin, while his solo exhibition is scheduled for 2020 at Camera, Centro Italiano per la fotografia in Turin.
The exhibition will end on 20 May 2019, invitation (in Italian) in attachment
Marazzi & Associati supports companies to successfully address the internationalisation process, by providing them with specialist services and a consolidated international network of offices and strategic partners. Marazzi & Associati is pleased to announce the signing of a collaboration agreement with Origami Engineering. Origami Engineering is a London-based company that combines business development and engineering expertise in a market of great interest to companies such as the United Kingdom, and through a network of partners and local agents in Malaysia, Romania, the Netherlands, Spain and Germany.
The United Kingdom represents a very interesting market for foreign companies even in a context dominated by uncertainty due to Brexit, that will lead, if it happens, to the need to review investment projects and supply chains to the Uk. Thanks to the collaboration with the Origami network it will be possible to support the commercial growth of companies in additional European and Asian markets, as Origami is a company specialized in supporting foreign companies in the phase of entry into the UK market and through a network of partners in other markets, having expertise in terms of business development, engineering and research of public incentives for investment.
Fabio Marazzi Senior Managing Partner of Marazzi & Associati commented: "I am delighted with this partnership which allows us to expand the range of services offered to support companies realizing direct investments and to support their business development activities in the UK, Malaysia, Romania and Germany”.