Latest Insights

Lessons from L&T’s Takeover of Mindtree: Can Differential Voting Rights Aid Promoters in Peril?

[Rongeet Poddar is a final year B.A. LLB (Hons.) student at West Bengal National University of Juridical Sciences] A hostile takeover is a rare occurrence in the Indian market because of the stringent control of promoter-families over companies and concentrated shareholding patterns in India. L&T’s hostile takeoever of IT services firm Mindtree however is an exception to this general trend...

Statutory Licensing and Internet Broadcasting: A Legal Conundrum

[Ayushi Singh and Abhishek Jamalpur are 4th year students at National University of Advanced Legal Studies, Kochi] In May 2019 the Ministry of Commerce and Industry, in exercise of its powers conferred under section 78 of the Copyright Act, 1957, has proposed the Copyright Draft Amendment Rules, 2019 to amend some of the rules of the principal Copyright Rules, 2013. These Amendment Rules are...

Applicability of SARFAESI to Assignment of Loan by an NBFC

[Siddharth Tandon is a BB.A. LL.B student at National Law University, Jodhpur] The primary objective of enacting the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (or the SARFAESI Act) was to empower the financial institutions by identifying and remedying the problem of non-performing assets (NPA) by providing efficient solutions such as...

Dutch Order on Jet Airways: UNCITRAL Model Law the Need of the Hour?

[Syamantak Sen and Vivek Badkur are third-year law students at the National Law Institute University, Bhopal] The State Bank of India, Gaggar Enterprises and Shaman Wheels, a few of the many creditors of the grounded Jet Airways, i.e., the corporate debtor, filed petitions before the Mumbai bench of the National Company Law Tribunal (NCLT) under section 7 of the Insolvency and Bankruptcy Code...

Call for Papers: RMLNLU Law Review Volume X

[Announcement on behalf of RMLNLU Law Review] About the Journal The RMLNLU Law Review is an annual peer-reviewed Journal published by the Journal Committee of Dr. Ram Manohar Lohiya National Law University, Lucknow which seeks to provide numerous insights and views into contemporary legal issues and encourage conversation about the same. The RMLNLU Law Review runs parallel to the RMLNLU Law...

Supreme Court on Unstamped Arbitration Agreement: A Further Analysis

[Rahul Kanoujia and Venkata Supreeth K are student at Gujarat National Law University] The case of Garware Wall Ropes Ltd. v. Coastal Marine Constructions & Engineering Co. Ltd, decided by the Supreme Court in April 2019, involved an application made by Coastal Marine under section 11 of the Arbitration and Conciliation Act, for the appointment of a sole arbitrator in response to certain...

Computing Price Adjustment in Construction Contracts: The Limited Scope for Setting Aside an Arbitral Award

[Zacarias Kanjirath Joseph is a dispute resolution lawyer based in Bombay. He may be contacted at [email protected] The views expressed in this piece are personal] A division bench of the Supreme Court of India in its judgment dated 8 May 2019 in Ssangyong Engineering & Construction Co. Ltd. v. National Highways Authority of India set aside an award of an arbitral tribunal, which...

SAT Order: Stock Exchanges not to Follow SEBI’s Circulars and Directions Mechanically

[Anand Narayan is a corporate and securities lawyer currently working as an in-house counsel in Mumbai] One has lately witnessed a trend that the stock exchanges, such as NSE, BSE and NCDEX, are following the circulars and directions issued by the Securities and Exchange Board of India (SEBI) mechanically without application of mind, which has not gone down well with the market participants. Much...

Can the High Court Extend the Mandate of Arbitrator under International Commercial Arbitration?

[Suprabh Garg is a III Year BA LLB (Hons.) student at the National Law University Odisha] Provisions for Extension of Mandate of Arbitrator(s) Section 29-A-(1) of the Arbitration and Conciliation Act, 1996 provides that an arbitration award must be made by the arbitral tribunal within a period of twelve months from the date upon which the arbitral tribunal ‘enters upon reference’, i.e. the date...

Call for Papers: Indian Journal of International Economic Law

[Announcement on behalf of the Indian Journal of International Economic Law (IJIEL)] About the Journal The IJIEL is a student-edited and peer-reviewed law journal published annually by National Law School of India University, Bangalore (NLSIU). The previous volume of the journal featured contributions by Prof. Raj Bhala (Rice Distinguished Professor, Associate Dean for International and...

Competition Commission of India: Emerging Appellate Body for the Sectoral Regulators

[Bhaskar Simha L. N. and Sumit Jain are currently working with the Centre for Competition Law and Economics (CCLE)] The Competition Commission of India (CCI) was established by the Competition Act, 2002 to promote and sustain competition in the Indian market. The said piece of legislation drew no distinction for sectoral regulators and allowed the CCI to look into every domain, barring sovereign...

Call for Papers: NLIU Law Review

[Announcement on behalf of the NLIU Law Review] The NLIU Law Review is the flagship law journal of the National Law Institute University, Bhopal. It is a bi-annual, student-edited law journal with an aim to promote a culture of scholarly research and academic writing among students by publishing articles on subjects of interest to the legal profession and academia.  This year, the NLIU Law Review...

Position of Accredited Investors in India within SEBI’s Framework

[Shreshtha Mathur and Chahak Agarwal are fourth year law students at National Law University, Jodhpur] The Securities and Exchange Board of India (SEBI) on 22 May 2019 released the “Framework for the process of accreditation of investors for the purpose of Innovators Growth Platform”. It seeks to provide a boost to entities seeking to get listed on the Innovators Growth Platform (IGP), the stock...

Anti-trust and E-commerce: Impact of the 2018 FDI Policy Review

[Anand Nandakumar is a final year BA LLB (Hons.) student at the National University of Advanced Legal Studies, Kochi] On May 31 2019, the US President signed the Presidential Proclamation that would terminate India from the list of beneficiary developing countries to the US Generalized System of Preferences (GSP).  The Proclamation states that the termination was a result of India’s failure to...

Reassessment Proceedings under the Income Tax Act: Assessing Officer’s “Reason to Believe”

[Amrit Singh is a fourth-year B.A., LL.B. (Hons.) student at Institute of Law, Nirma University] According to section 2(9) of the Income Tax Act 1961, the term “assessment year” means the period of twelve months commencing on the 1st day of April every year. Reassessment means reopening the already completed assessment on fulfilment of certain conditions to reassess the total income of the...

Insider Trading: Will the Informant Mechanism be Effective?

[Sakshi Ajmera is a 2nd year B.A.LL.B. (Hons.) student at the National Law Institute University, Bhopal] The Securities and Exchange Board of India (SEBI) on 10 June 2019 proposed an ‘informant mechanism’ to safeguard the interests of the investors and limit insider trading. In light of the difficulty in tracking illegal transactions, SEBI has released a discussion paper, which could be...

SEBI’s Proposed Buyback Rules for Leverage Limits

[Pammy Jaiswal is a Partner at Vinod Kothari and Company, and can be reached at [email protected]] The Securities and Exchange Board of India (SEBI) has issued a discussion paper on 22 May 2019 on proposed changes to the conditions relating to a buyback.  While one of the proposed changes in terms of computing the buy-back size is logical, the other change on taking the debt to equity...

Call for Papers: The National Law School of India Review

[Announcement from the National Law School of India Review] About NLSIR The National Law School of India Review (NLSIR) is now accepting submissions for its upcoming issue – Volume 32(1). The NLSIR is the flagship law review of the National Law School of India University, Bangalore, India. The NLSIR is a bi-annual, student edited, peer-reviewed law journal providing incisive legal scholarship on...

Obliterating Unnecessarys Delays: SEBI Proposes 10% Mandatory Deposits for Appeal

[Shubham Gupta is a 4th Year Student at the Institute of Law, Nirma University] The Indian judicial system is grossly afflicted with litigation, some of which tends to be frivolous. The Supreme Court, in its Sahara decision, stated that ‘ways and means need to be evolved to deter the litigants from their compulsive obsession toward senseless and ill-considered claims’.  Therefore, with the aim of...

Battle for Claiming Secured Assets: Insolvency Code vs SARFAESI Act

[Jai Bajpai is a student at the School of Law, University of Petroleum and Energy Studies, Dehradun] The objective of the Insolvency and Bankruptcy Code 2016 is to determine solutions for non-performing assets. It is to provide a collective mechanism for resolving insolvency within a framework of equity and fairness to all stakeholders and to preserve economic value in the process. It prescribes...

Clipping the Powers of the CCI: Reflections from the Bharti Airtel Case

[Vrinda Aggarwal and Advik Rijul Jha are Fourth Year Law Students (BA-LLB) at Jindal Global Law School, Sonipat, Haryana] On 5 December 2018, the Supreme Court held that when there is a conflict between the jurisdiction of the Competition Commission of India (CCI) and the Telecom Regulatory Authority of India (TRAI), the latter is to prevail. Under section 18 of the Competition Act, 2002, the CCI...

The Need to Revisit Merger Control Thresholds in a Data Driven Economy

[Priyadarsini T P is a 4th year B.A LL.B (Hons) student at the National University of Advanced Legal Studies, Kochi] Implications of data on competition are manifold. One of the ways in which these manifest is when a horizontal merger takes place between two undertakings in a market where data are the input for delivery of a certain service. The adverse effects may be more serious when the market...

IBC and its Interface with Other Legislation: NCLT Clears the Air Again

[Rongeet Poddar is a final year BA LLB (Hons.) student at the West Bengal National University of Juridical Sciences, Kolkata and Yashika Gupta a fourth year BA LLB (Hons.) student at Hidayatullah National Law University] The Principal Bench of the National Company Law Tribunal (NCLT) has, in April this year, ordered the Securities and Exchange Board of India (SEBI) to de-attach the immovable...

Complexities in Regulating Artificial Intelligence & Machine Learning in the Indian Financial Market

[Rishabh Sharma is a IV Year student at NALSAR University of Law, Hyderabad] The Algorithmic Trading Market: Global Industry Analysis, Trends, Market Size, and Forecasts up to 2025 Report forecasts the global algorithmic market in trading to expand at a compound annual growth rate of 11.8 percent between the period from 2019 to 2025. In the backdrop of such a rapidly booming global trading...

RBI’s Revised Circular on Resolution of Stressed Assets

[Aayush Mitruka and Vividh Tandon graduated from ILS Law College, Pune and are currently working with law firms in Delhi and Mumbai respectively. They can be reached at [email protected] and [email protected]] The Reserve Bank of India (RBI) announced the much-awaited revised circular on resolution of stressed assets on 7 June 2019. It may be recalled that the Supreme Court had...

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Recent Posts

Topics

Recent Comments

Archives

web analytics