India's Anti-Corruption Amendment and Other Anti-Corruption Developments in India
New Disclosure Obligations, Ensuring Compliance, Mitigating Legal Risks
Course Details
- smart_display Format
On-Demand
- signal_cellular_alt Difficulty Level
- work Practice Area
International
- event Date
Wednesday, September 22, 2021
- schedule Time
1:00 p.m. ET./10:00 a.m. PT
- timer Program Length
90 minutes
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This 90-minute webinar is eligible in most states for 1.5 CLE credits.
This CLE course will prepare counsel for companies doing business in India to meet the country's anti-corruption amendment demands and other relevant laws. The panel will outline effective compliance programs to minimize anti-corruption risks.
Mr. Holtmeier co-leads the firm's FCPA and Anti-Corruption Group and is a member of the Dodd-Frank Whistleblower Working Group. He represents institutions and individuals in complex government and internal investigations and matters of corporate governance and compliance with particular expertise in matters involving the FCPA. He regularly counsels clients facing difficult FCPA issues in a variety of business contexts, and he has assisted clients in numerous industries in developing and implementing FCPA compliance programs. He devotes substantial attention to advising clients on FCPA problems that arise in the context of mergers and acquisitions, joint ventures and other corporate transactions.
Mr. Everson is a CPA, has been with the firm for 15 years, and serves as a Senior Manager.
Mr. Panag has deep experience in defending multinational companies and conducting internal investigations in matters involving criminal and regulatory proceedings, as well as counselling clients on navigating India in a compliant manner. Through the course of his career, Mr. Panag has helped multinational companies across sectors address their complex and sensitive issues. He has led investigations and acted as defense counsel in some of India’s most high profile cases, which have also had an interplay with law enforcement in the United States, Europe and Asia. These matters have involved allegations of bribery and other misconduct under Indian and foreign anti-corruption laws such as the U.S. Foreign Corrupt Practices Act, U.K. Bribery Act; financial and regulatory fraud (e.g., non-performing assets / loan impairment, tax evasion, insolvency and bankruptcy proceedings); procurement fraud; infrastructure fraud (e.g., misuse of development funds sanctioned by multilateral development banks); violation of sanctions laws; and violation of corporate governance and corporate policy norms. Mr. Panag is a Senior Fellow at the Wharton School’s Carol and Lawrence Zicklin Center for Business Ethics Research. He regularly lectures and writes on subjects on the subject of white-collar crime, compliance and business ethics.
In 2018, India's legislative body amended the Prevention of Corruption Act 1988 (PCA), the country's principal legislation for fighting bribery and corruption involving public officials. The amendment has significant implications for multinational corporations doing business in India, as it creates a substantive offence for bribery by companies using an obtain/retain business test and also establishes as a defence an effective compliance program. The amendment brings into its fold payment of bribes using third parties, while also holding key managerial personnel and others responsible for the affairs of the company liable in case the offence of bribery occurred with their consent or connivance.
New disclosure obligations established under the Companies Auditor's Report Order 2020 took effect in 2020 that impact how companies respond to whistleblower reports and conduct internal investigations.
Meanwhile, the U.S. Department of Justice and Securities Exchange Commission, and other foreign authorities, continue their robust enforcement of the Foreign Corrupt Practices Act and other anti-corruption laws relating to conduct in India.
Multinationals are now in the crosshairs of the PCA, the FCPA, the UK Bribery Act, and other similar laws. Despite the opportunity to mitigate exposure, multinationals face uncertainty regarding enforcement and how prosecutors will evaluate compliance programs. It is critical that companies and their counsel put in place policies, procedures, and compliance programs to minimize the legal risks of violating these anti-corruption laws.
Listen as the panel discusses India's anti-corruption law and amendment and other relevant laws. The panel will examine the implications for multinationals doing business in India. The panel will also discuss how the new law will be enforced and offer best practices for complying with the new law.
- India's anti-corruption amendment
- Principal provisions
- Distinctions between the amendment and the FCPA
- Implications for multinationals
- New disclosure obligations
- Enforcement of the anti-corruption amendment
- FCPA enforcement activity related to conduct in India
- Mitigation of potential exposure and compliance
The panel will review these and other high priority questions:
- What does India's anti-corruption amendment cover? How does the act differ from the U.S. Foreign Corrupt Practices Act?
- What are the implications of the amendment for multinationals doing business in India?
- What types of conduct may result in liability under Indian law, the FCPA, or other global anti-corruption laws?
- What steps can companies take to minimize corruption risks in India?
