Blog Posts
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Retrospective Taxation, the Four-Component Test, and What Gameskraft Left Unanswered – Part II
[Varun Soni is a recent graduate from the National Law School of India University, and an incoming associate at AZB and Partners] [Continued from Part I] The Group of Ministers Proceedings: An analogy to the Chief Commissioners’ Conference in Vatika The Group of Ministers (GoM) on Casinos, Race Courses and Online Gaming was constituted in 2021. The…
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Retrospective Taxation, the Four-Component Test, and What Gameskraft Left Unanswered – Part I
[Varun Soni is a recent graduate from the National Law School of India University, and an incoming associate at AZB and Partners] In Commissioner of Income Tax (Central)-I, New Delhi v. Vatika Township Private Limited, a Constitution Bench of the Supreme Court grounded the rule against retrospective tax liability in a simple proposition by making the following…
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The SC Amazon Verdict: Chalking Out the Four Corners of the Competition Act
[Kokila Kumar is a competition lawyer associated with ADP Law Offices and also practices independently with various chambers. Previously, she worked with the CCI as a researcher] “Being too far ahead of your time is indistinguishable from being wrong.” — Howard Marks- The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor Howard Marks’ observation resonates beyond…
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Judicial Self-Critique and Its Limits in Indian Arbitration
[Kshitij Saruparia is an Advocate and a graduate of NALSAR University of Law, Hyderabad, and Apeksha Kachhawaha is an Associate at ASV Legal LLP, Delhi and a graduate of MNLU, Nagpur] In May 2026, the Supreme Court of India directed a state-owned road corporation to pay up on a twelve-year-old arbitral award within three months. The tribunal had…
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SEBI’s 2026 InvIT Amendments: Fixed in Regulation, Broken in Documentation
[Prakhar Suryawanshi is an Associate with the Projects, Energy & Corporate Law team at AZB & Partners] An infrastructure investment trust (InvIT) is a SEBI-regulated pooled vehicle that channels capital into operating infrastructure assets through a layered structure: trust, holding company, and project-specific special purpose vehicles (SPVs). Each SPV holds a single government-awarded concession – a…
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Sounding the Warning Bell: Reverse Piercing in Execution After Alpha Corp
[Tanishq Desai is a third-year B.A., LL.B. (Hons.) student at National Law University Delhi] In a recent two–part piece on this forum, Prof. Varottil argued for a more principled approach to judicial veil piercing in insolvency, in the wake of the Supreme Court’s decision in Alpha Corp Development. This post examines a related but distinct question: what happens to the same…
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Disgorgement Under Section 11B of the SEBI Act: When Legitimate and Manipulative Trading Coexist
[Hardik is a graduate of the National Law School of India University, Bengaluru] Over a year ago, the Securities and Exchange Board of India (SEBI) passed an interim order against Jane Street Group, LLC and related entities (JS Group), directing them to disgorge Rs. 4,843 crores in alleged unlawful gains from index options profits and restraining JS Group…
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Are InvITs Bankruptcy-Remote or Bankruptcy-Orphaned?
[Aditya Kashyap is an associate at Argus Partners and Arnika Dwivedi is a Management Trainee at Vedanta] Infrastructure Investment Trusts (“InvITs”) stemmed as a prominent route to commercialise operational infrastructure assets, and attracting long term capital. They have a hybrid structure which combines trust-based ownerships, outright project level asset ownership, listed units with mandatory distribution and pass-through taxation. They…
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India’s Retreat from Arbitration: A Wake-Up Call for the Arbitration Community
[Manan Shukla is an Advocate specialising in complex commercial disputes and international arbitration] In June 2024, the Government of India (GoI) issued an Office Memorandum (OM) that marked a significant departure from its prior support for arbitration. The OM proposed removing arbitration clauses from contracts below INR 10 crore, citing concerns regarding costs, delay, arbitrator quality and lack…
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Greenwashing as Securities Fraud: Exploring Liability for Misstatements in Sustainability Reporting
[Kamal Nambiar is a 3rd year B.A., LL.B. (Hons.) student and Shruti Ghosh is a 2nd year B.A., LL.B. (Hons.) student at NALSAR University of Law, Hyderabad] The integration of Environmental, Social, and Governance (“ESG”) metrics into capital markets has made sustainability credentials a meaningful driver of investment decisions across several jurisdictions, including India. As ESG investment has…