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Paytm unit seeks RBI exemption from NBFC tag

Paytm Entertainment — a subsidiary of giant Paytm – faces the risk of being classified as a Non-Banking Financial Company (NBFC) after it lent money to a joint venture business that exceeded the central bank’s limits. The online ticket booking services provider has approached the Reserve Bank of India, seeking exemption from being categorised as a finance company as it is not in the business of lending, said people with direct knowledge of the matter. RBI rules say if a company derives 50% of its total assets and income from financial assets, it needs to register with the central bank as an NBFC.

Asia Law Offices advised a major transnational strategic collaboration between its client, UAE-Based Pharmax Pharmaceuticals, and Swiss pharma major Acino Pharmaceuticals.

ALO represented Pharmax in the structuring and closure of entire transaction documents of the significant collaboration.

The collaboration framework extends to licensing, manufacturing, and supply of Acino formulations within the gastroenterology and the cardiovascular space throughout the Middle East and Africa.