Blog Posts
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The Reach of Indian Competition Law in Addressing No-Poach Agreements
[Varuni Jha is a fourth-year B.A. LL.B. (Hons.) student at Dr. Ram Manohar Lohiya National Law University, Lucknow] Competition enforcement in India follows a set script, concerning itself with price-fixing, bid-rigging, and abuse of dominance in product markets. Labour markets sit outside that script almost entirely, and no-poach agreements, or arrangements between competing employers not to…
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Rajesh Exports Case: Reassessing SEBI’s Jurisdiction Over Statutory Auditors
[Pakhi Jain is an Advocate practising in the areas of corporate law and financial regulatory matters] The interim ex-parte order passed by the Securities and Exchange Board of India (“SEBI“) in the matter of Rajesh Exports Limited (“REL Interim Order“) will be remembered not merely for the magnitude of REL’s alleged financial misstatements, but for the vexed regulatory…
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India’s Seat Primacy, or the Illusion of Transnational Issue Estoppel?
[Yash Sinha is an advocate practising before the courts in New Delhi] Article V of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the New York Convention, or “NYC”) confers upon enforcement courts an independent check on foreign awards, one that tests fairness case-by-case. Earlier this year, India’s Supreme Court delivered something else: a fairness…
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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…