India's Anti-Corruption Amendment and Other Anti-Corruption Developments in India

New Disclosure Obligations, Ensuring Compliance, Mitigating Legal Risks

Recording of a 90-minute CLE video webinar with Q&A


Conducted on Wednesday, September 22, 2021

Recorded event now available

or call 1-800-926-7926
Course Materials

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.

Description

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.

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Outline

  1. India's anti-corruption amendment
    1. Principal provisions
    2. Distinctions between the amendment and the FCPA
  2. Implications for multinationals
  3. New disclosure obligations
  4. Enforcement of the anti-corruption amendment
  5. FCPA enforcement activity related to conduct in India
  6. Mitigation of potential exposure and compliance

Benefits

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?

Faculty

Everson, Jeffrey
Jeffrey (Jeff) Everson, CPA

Senior Manager
EY

Mr. Everson is a CPA, has been with the firm for 15 years, and serves as a Senior Manager.

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Holtmeier, Jay
Jay Holtmeier

Partner
Wilmer Cutler Pickering Hale and Dorr

Mr. Holtmeier co-leads the firm's FCPA and Anti-Corruption Group and is a member of the Dodd-Frank Whistleblower...  |  Read More

Panag, Sherbir
Sherbir Panag

Partner; Chair Compliance and Investigations Practice
Law Offices of Panag & Babu

Mr. Panag has deep experience in defending multinational companies and conducting internal investigations in matters...  |  Read More

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