ArchiveMay 2011

An Instance of Accounting Fraud

The New York Times analyzes an instance of possible accounting fraud at a Chinese company, Longtop Financial Technologies that has close similarities with India’s own Satyam scandal (i.e. improper confirmation of bank balances). While the Satyam scandal came into the public domain through a confession letter of the Chairman, in this case the auditor blew the whistle. Here is an extract: Deloitte...

Further Views on Merger Regulations

Our guest contributor Rahul Singh had earlier discussed the key features of the Competition Commission of India (Procedure in regard to the transaction of business relating to combination) Regulations, 2011 that will come into effect on June 1, 2011. In addition, the following columns carry an interesting discussion about the impact of these regulations on business: Merging Business with...

Formalism under Section 8 of Arbitration Act wins the day in Delhi High Court

(The following post is contributed by Sumit Rai, who is an associate with Economic Laws Practice, Mumbai since 2007 and has been on a long study leave pursuing his LLM, Masters in International Dispute Settlement at Geneva) In Arti Jethani v. Daeshan Trading (India) Pvt. Ltd. (decision dated 16.05.2011), the Delhi High Court held that a Section 8 application under the Arbitration &...

Guest Post: Supreme Court’s View on Substantive and Curial Law in Arbitration

(In the following post, Mr Vijay Kumar, Advocate, Madras High Court and Associate, Iyer & Thomas, discusses the law on implied exclusion) This post analyses few of the significant decisions of the Supreme Court (SC) with reference to the essential difference between the law governing the contract (substantive law) and the law governing the arbitration proceedings between the parties to the...

MAT: Some Legal Issues

One of the changes sought to be introduced through the Budget this year was the imposition of alternate minimum tax on Limited Liability Partnerships. This is sought to be achieved by the introduction of Section 115JC into the Income Tax Act, 1961. Section 115JC provides: 115JC. Special provisions for payment of tax by certain limited liability partnerships.—(1) Notwithstanding anything contained...

Electronic Communication and Meetings under the Companies Act

Over the last month or so, the Ministry of Corporate Affairs (MCA), Government of India has announced a series of “Green initiatives” to convert various processes under the Companies Act from paper to electronic form. This comes more than a decade after the Information Technology Act, 2000 was enacted, and will be welcomed as Indian industry and practitioners have been seeking these changes for a...

The Bhopal Case: Supreme Court’s order on CBI’s Curative Petition

We had previously highlighted discussions on the Law and Other Things blog pertaining to the decision of the Chief Judicial Magistrate in the Bhopal gas leak case. The CJM had purported to follow a 1996 judgment of the Supreme Court; in which, the Supreme Court had quashed charges under Section 304 (Part II) of the Indian Penal Code. Last week, a Constitution Bench of the Supreme...

The 3/4 Formula to Determine Implied Exclusion

(In the following post, Mr Adithya Reddy, Advocate, Madras High Court, considers the law on implied exclusion of Part I of the Arbitration Act) “…we hold that the provisions of Part I would apply to all arbitrations and to all proceedings relating thereto. Where such arbitration is held in India the provisions of Part I would compulsory apply and parties are free to deviate only to the extent...

Regulation of Foreign Contributions: New FCR Act in Force

The Foreign Contribution (Regulation) Act, 2010 has been notified by the Central Government to come into effect from 1st May, 2011. The Act replaces the Foreign Contribution (Regulation) Act, 1976. The FCRA 2010 extends to the whole of India and also applies to citizens of India outside India, and to foreign associate branches or foreign subsidiaries of Indian companies/bodies. The FCRA prohibits...

The Combination of Arbitration Agreements

Around a month ago, the Supreme Court addressed yet another interesting question dealing with third parties and arbitration proceedings, an issue discussed earlier here. The facts of Deutsche Post Bank Home Finance Ltd v Taduri Sridhar are more tedious than complex, and need elaboration. The case involved four agreements between different combinations of parties, all but three of which contained...

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