ArchiveSeptember 2012

Paper on “Peel-Off” Law Firms in India

Professor Jayanth Krishnan at the Indiana University Maurer School of Law has posted a paper titled Peel-Off Lawyers: Legal Professionals in India’s Corporate Law Firm Sector, which studies the phenomenon of lawyers leaving big law firms to set up their own practices. The paper is available on SSRN. The abstract of the paper is as follows: This study is about hierarchy within the legal...

Indian Journal of Arbitration Law

[The following announcement is posted on behalf of the Indian Journal of Arbitration Law] The inaugural edition of the Indian Journal of Arbitration Law (IJAL) () had been recently launched by Hon’ble Mr. Justice N.N. Mathur, Vice Chancellor, NLU Jodhpur & Chief Patron, IJAL on Thursday, September 27, 2012. The IJAL is a biannual peer reviewed student run journal, under the aegis of the...

VTB Capital: The Consequences of Lifting the Corporate Veil

The Court of Appeal earlier this year gave judgment on an important issue of corporate law: the consequence of lifting the corporate veil, and, in particular, whether the puppet is deemed to have become a party to contracts entered into in the puppeteer’s name (VTB Capital v Nutritek). The issue is of practical importance because an affirmative answer to this question would allow claims to be...

Erroneous Legal Opinions and Criminal Liability

The Supreme Court has recently decided on the nature and extent of criminal liability that may be imposed on a lawyer who issues a legal opinion that is found to be erroneous. In what might be a matter of some relief to the legal fraternity, the court has set very high standards to be satisfied by the prosecution to charge a lawyer for the crime of conspiracy in defrauding a bank. In Central...

FDI Reforms Take Effect

We had earlier discussed the key aspects of the FDI reforms proposed by the Government. Unlike the previous occasion where the Government had to keep the FDI reforms in the retail sector in suspended animation, this time it was quick to notify the reforms that have now taken legal effect, as follows: Press Note No. 4 (2012 series): FDI in single-brand product retail trading; Press Note No. 5...

A Comment on the New FDI Reforms

The Government has attempted to stem the trend of economic policy paralysis by announcing a slew of measures yesterday with a view to enhancing foreign direct investment (FDI), including in some sensitive sectors which had witnessed political deadlock over the last year or so. The new measures relate to multi-brand retail, single-brand retail, civil aviation, power trading exchanges and...

IICA’s Legal Compliance Manual

I just came across a Legal Compliance Manual put together by the Indian Institute of Corporate Affairs (IICA). It contains a list of compliances required to be carried out on the part of businesses that arise under various central and state legislation. Areas addressed include corporate law, environmental law, labour law, tax law and other general laws. It is indeed a useful tool for...

Some highlights of Supreme Court’s decision in Sahara Companies’ matter

As has been widely reported, the Supreme Court rejected all the contentions of the two Sahara companies (“Saharas”) against the order of SAT which in turn was against the order of SEBI. The matter of course is far more complex than being a linear sequence of orders and appeals and has several detours to Allahabad and other courts but, in essence, it is sufficient to consider this series of Orders...

Call for Papers – Journal on Governance

[The following announcement comes from the Centre for Governance, National Law University, Jodhpur] Ever since its inception, the Journal on Governance has highlighted and debated upon the changing face of Corporate Governance in India while keeping pace with the world. The journal aims to serve as a platform for analyzing the evolution of the governance scenario in our country. In keeping with...

The Supreme Court overrules Bhatia International and Venture Global

The Supreme Court has overruled Bhatia International, and has once and for all held that the supposed omission of the word “only” from section 2(2) has no significance (see below). Importantly, it has also held that a party cannot file a civil suit in relation to the subject matter of the arbitration agreement in order to obtain interim relief. The Court has overruled these decisions...

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