ArchiveAugust 2013

Supreme Court on Novation and Arbitration clauses

A couple of days ago, we had pointed out a judgment of the Bombay High Court on separability. In that case, a MoU between the parties treated an earlier SPA as “null and void”. The SPA contained an arbitration clause, while the MoU did not. The Division Bench held, however, that the dispute between the parties (inter alia pertaining to validity of the MoU) was governed by the arbitration clause...

RBI releases discussion paper on banking structure in India

The RBI issued guidelines for licensing of new banks in the private sector, vide its press release dated February 22, 2013 (covered here). It was stated in the guidelines that there was a need for an explicit policy on banking structure in India, keeping in view the recommendations of the Narasimham Committee, Raghuram Rajan Committee and other viewpoints. Accordingly, it was announced in the...

No More Front Running Through The Back Door

[This post is contributed by Anjali R. Menon, who is a Senior Associate at a leading law firm in Mumbai. She also runs a blog at . She can be reached at anjali.r.m@gmail.com. It relates to the issue of front running, which has been previously discussed on this Blog in the context of cases decided by the Securities Appellate...

Guest Post: Abuse of Dominant Position by ESPN

(In the following post, Mr Sapan Parekh, a student at the National Law School of India University, Bangalore, considers whether the telecast policies of ESPN are consistent with competition law) Football fans in India received the shock of their lives when ESPN Star Sports (“ESS”) did not broadcast the opening English Premier League match between Liverpool and Stoke City on any of its regular...

The Indian Fiona Trust?

In an important judgment, the Bombay High Court has examined in depth the doctrine of separability in the law of arbitration. The judgment and its implications will be analysed in further detail subsequently; for the convenience of readers, however, some important principles laid down are extracted below. —-   …[A]n arbitration agreement can and does survive a termination, repudiation...

Guest Post: Swastik Gases v Indian Oil Corporation

(In the following post, Ms Renu Gupta, Advocate, analyses the recent judgment of the Supreme Court on exclusive jurisdiction clauses) The recent Supreme Court decision of Swastik Gases Private Limited v. Indian Oil Corporation Limited, relating to ouster of jurisdiction clauses has been discussed on this blog here. In this article I have discussed that this judgment does not provide any helpful...

RBI revises overseas investment norms

The RBI has just announced the following measures today: (i) It has reduced the limit for Overseas Direct Investment (ODI) under automatic route for all fresh ODI transactions, from 400% of the net worth of an Indian Party to 100% of its net worth. These provisions shall come into effect with immediate effect and would apply to all fresh Overseas Direct Investment proposals on a prospective basis...

Regime on Fraudulent Trade Practices Strengthened

We had earlier discussed two decisions of the Securities Appellate Tribunal (SAT) (here and here) and also an order of SEBI (here) on whether the front-running activities of persons other than “intermediaries” can be brought within the purview of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 2003 (the PFUTP Regulations). While the SAT...

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