RE-CLASSIFICATION OF MSME ANNOUNCED BY THE GOVT. OF INDIA

RE-CLASSIFICATION OF MSME ANNOUNCED BY THE GOVT. OF INDIA

  1. Hon’ble Minister of Finance, Shmt. Nirmala Sitharaman, informed vide a press conference on 13/05/2020[1] that the Government of India has decided to answer the long standing demand of various MSMEs (micro, small and medium enterprises) to change their classification and increase the investment cap as provided under the MSMEAct, 2006 in order to include more industries. This will change the definitions of MSMEs and is reflected in the table below



OF CLASSIFICATION OF MSMEs PRESENTED BY THE MINISTER OF FINANCE, GOVERNMENT OF INDIA

1.1      The slide as presented by the Hon’ble Minister is shown above for reference[1] with respect to the new limits on the classification of the enterprises under the MSME Act, 2006. It is pertinent to note that the Hon’ble Minister in her speech used the terms and/or thus implying[2] that in whichever condition the enterprise falls under the MSME Act, 2006. We shall inform you whenever the clarification and relevant notification is provided. Further, the distinction between Services and Manufacturing enterprise has been eliminated.

The aforementioned measure has been announced in order to ease the liquidity crisis faced by the Industry in light of the CoViD-19 pandemic and the lockdown that is currently in force. Further, to improve the competitiveness and ease the business environment in light of the CoViD-19 Pandemic and it’s impact on the MSMEs.

Vignesh Singh,

Associate, Mimansa Law Offices, New Delhi

 

[1]https://pib.gov.in/PressReleseDetailm.aspx?PRID=1623585

[2]https://www.youtube.com/watch?v=mszI6mEFoy4.

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Krishnamohan K Menon

Krishna is one of the the Founding Partners of Mimansa and is also an Advocate on Record of the Supreme Court of India. Apart from a robust Supreme Court practice in different subjects, Krishna enjoys an expertise in the areas of taxation (including GST) and Commercial/Company litigation (including Insolvency) wherein he has successfully advised and handled the thousands of disputes of multifarious Domestic and International clients before various fora including the Supreme Court, various High Courts, Central Excise and Service Tax Appellate Tribunal and Company Law Tribunal/Appellate Tribunal. One of the pioneers of the idea of ‘Strategized Litigation’, Krishna has been instrumental in increasing the litigative efficacy of various clients with an analytical approach towards past data, closure of defunct proceedings and weighed choices of mode and forum of litigation in tune with the dynamic Indian legal system. Krishna’s litigative endeavors have enabled him to assist the Hon’ble Courts to lay down the law in many of the unexplored legal areas of Financial, Service and Taxation Laws. Krishna is a prolific speaker and has multiple industry and professional addresses to his credit.

Krishna traces his career back to a meritorious graduation from Pune University, execution of Code Drafting Projects in association with the Law Commission of India and handling of High-Stake litigations with a tier 1 taxation firm in addition to association with the Chambers of the Additional Solicitor General of India.

Krishna has been a professional cricketer and has also co-founded one the biggest youth volunteer networks operating for the education of underprivileged children. He is a fitness enthusiast, yoga practitioner and enjoys a keen interest in the subject areas of theology, macroeconomics and astronomy. His hobbies include philately and nature walks.

Email: krishna@mimansalaw.in

Santosh Kumar Singh

Mr. S.K. Singh handles the tax advisory and revenue litigation portfolio at Mimansa. A Retd. IRS Officer and an Advocate, Mr. Singh brings in over 4 decades of experience through the ever-changing Financial Law regimes. Mr. Singh has successfully advised diverse Manufacturing and Service Sector clients through his in-depth experience of the regulatory hurdles of the taxation segment. Mr. Singh has been at the forefront of educating various Industrial Associations of the benefits and perils underlying the GST Regime. Mr. Singh’s dual segmental experience enables him operate as a bridge between the Regulator’s expectations and the Trade’s needs.

Mr. Singh’s academic proficiency and integrity was duly honored vide a Presidential Award for distinguished services to the Govt. of India.

A deeply spiritual person, Mr. Singh spends a substantial time reciting Vedic Mantras and reading Vedantic Philosophy.

E: sksingh@mimansalaw.in

 

Bhishma Ahluwalia

Bhishma, a holder of the dual qualifications of an Advocate & Chartered Accountant, is one of the founding partners of Mimansa, who vests his expertise in the subject area of Indirect Taxation. Having over a decade’s experience in Indirect Taxation, Bhishma has successfully advised various clients during the erstwhile Indirect Tax regime and transitioned them into the GST regime with enviable ease. Bhishma’s expertise with the operations of the domestic heavy manufacturing Sector has earned him considerable repute particularly in the Iron & Steel, Automotive and Electronic Segments. Bhishma’s foresightedness (as regards potential litigative risk exposures) has been instrumental in Mimansa’s success in Strategized Litigations, many of which prosecutions he was a part of. Bhishma is also an ardent speaker who has enlightened Industrial audiences with his various addresses.

Bhishma traces his career back to coveted Financial Law Advisory portfolio’s in Big 4 entities and tier 1 law firms.

Bhishma is a sports biker by passion and part of many cross country biking groups. He is a voracious reader and maintains his keen interest in the day to day developments in the automotive industry.

Email: bhishma@mimansalaw.in

Gautam Dhamija

Gautam handles the General Commercial litigation practise at Mimansa. A segmental expert in Commercial litigations, Arbitrations and Debt Recovery, Gautam has been instrumental in successfully prosecuting/defending litigations before various fora for multifarious clients including FMCG manufacturers, Builders, International Traders, Chemical Industries, Film producers etc. Gautam also enjoys a robust practice before the Statutory forums under Company Law, Debt Recovery Laws and the High Court. Gautam has advised various clients through the erstwhile Debt Recovery and Financial Restructuring regimes into the current Insolvency Law regime.

Gautam is a law graduate from Delhi University and has gained considerable experience in the segments of financial restructuring and recovery litigations during the course of his erstwhile association with various reputed law firms.

Gautam is a long-distance cyclist, tennis player and a passionate traveler. He is also a spirited student of the Vedanta Philosophy.

Email: gautam@mimansalaw.in

Chaitanyashil Priyadarshi

Chaitanya enjoys specifications in the Company Law and Insolvency Litigation Domain with a specific focus on recovery litigations and Builder-Consumer disputes. In addition to litigating & mediating through the Insolvency processes, Chaitanya has maintained close professional nexus with various Insolvency Resolution Professionals and assisted many in taking the resolution process to logical ends, thereby maximizing value for the Company’s investors as well as creditors. Chaitanya has spearheaded multiple litigations before National Company Law Tribunal and Appellate Tribunal and earned considerable repute as an effective practitioner in the domain.

A Pune University Graduate, Chaitanya has an illustrious past with Senior Supreme Court Lawyers where he handled general commercial litigations and appended dispute.

Chaitaniya is an avid traveller and also maintains a keen interest in macroeconomic policy making.

Email: Chaitanya@mimansalaw.in