Month: March 2014
-
Rajat Gupta Insider Trading Case: Appellate Decision
[Posted by Umakanth Varottil] Last week, the United States Court of Appeals for the Second Circuit issued its opinion in United States of America v. Rajat K. Gupta, in which it upheld all the findings of the district court convicting Rajat Gupta on various counts of securities fraud. Although several questions were raised in the…
-
Scope of a “Debenture”
[Posted by Umakanth Varottil] The England and Wales Court of Appeal recently had occasion to consider the meaning and scope of the expression “debenture” in the context of a charge document. Consistent with some previous rulings of English Courts, the Court of Appeal provided a somewhat expansive definition of the expression “debenture” so as include…
-
Guest Post: Regulations by SEBI under the Companies Act, 2013 for Promoter Acquisitions
[Posted by Umakanth Varottil] [The following post is contributed by Yogesh Chande, who is a Consultant with Economic Laws Practice, Advocates & Solicitors. Views of the author are personal] In terms of section 13(8) of the Companies Act, 2013 (Act), a company, which has raised money from public through prospectus and has any unutilised amount…
-
Further Provisions of Companies Act, 2013 Notified
[Posted by Umakanth Varottil] The Ministry of Corporate Affairs today issued a notification that brings into effect several provisions of the Companies Act, 2013 with effect from April 1, 2014. These include several substantive provisions that would affect the manner in which companies are managed. Normal 0 false false false EN-US JA X-NONE /* Style…
-
Guest Post: Directorship in a Company: Cap of Thorns
[Posted by Umakanth Varottil] [The following post is contributed by Nidhi Bothra and Abhirup Ghosh at Vinod Kothari & Co. They can be contacted at nidhi@vinodkothari.com and abhirup@vinodkothari.com respectively] The Companies Act, 2013 (CA, 2013) brings about a sea change in the way the charter guiding corporate India will look like. The existing Act of…
-
Section 55 of the Indian Sale of Goods Act: Exhaustive or Illustrative?
[Posted by V. Niranjan] There are often practical advantages in being able to sue for an agreed sum instead of damages, because the amount the claimant recovers in an action for the sum is usually not reduced by the application of legal rules such as mitigation and remoteness. For example, suppose an advertiser signs a…
-
The Aliakmon and Title to Sue: a recent Bombay decision
[Posted by Mihir Naniwadekar] Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:”Table Normal”; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:””; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:”Calibri”,”sans-serif”; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:”Times New Roman”; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:”Times New Roman”; mso-bidi-theme-font:minor-bidi;} In a recent judgment, Dreymoor…
-
Does section 185 apply to holding-subsidiary transactions?
[Posted by Umakanth Varottil] The following post is contributed by Vinod Kothari of Vinod Kothari & Co. He may be contacted at vinod@vinodkothari.com This follows a previous post on this topic by Jayant Thakur] Does section 185 apply to transactions of loans, guarantees or provision of security, in holding-subsidiary financial transactions? This question is evidently…
-
Arbitrability of fraud in India – a postscript
[Posted by Shantanu Naravane] Following a post last month regarding the Supreme Court’s decision in World Sport, it is interesting to note that the question of the arbitrability of fraud has also been considered in great detail by the Bombay High Court in HSBC v Avitel Post Studios, in a judgement delivered just two days…