Despite the progressive opening up of the Indian economy to foreign investment in 1991, there has been tight control over the entry and exit prices for foreign investors into and from investments in Indian companies through the foreign direct investment route (FDI). While the initial approach was to benchmark the transaction prices to the erstwhile formula prescribed by the Controller of Capital...
Guest Post: Insider Trading and “Price Sensitive Information”
[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 a recent order passed by the Adjudicating Officer of SEBI, an aggregate penalty of INR 2.50 million was imposed on five noticees consisting of Chairman, Vice-Chairman & Managing Director, Executive Directors and the Company...
The Criminalization of Commercial Disputes
News reports indicate that the Supreme Court of India has ordered the chairman of Samsung Electronics to appear before a Ghaziabad court in relation to charges filed by a party in a contractual dispute. This is pursuant to an earlier judgment of the Supreme Court rendered on February 1, 2012 that delves into the various substantive issues involved in the dispute, including the jurisdiction of the...
Guest Post: MCA Takes Lawmaking Into Its Own Hands
[The following is a guest post from Vinod Kothari of Vinod Kothari & Co. He can be contacted at [email protected]] If the Ministry of Corporate Affairs’ (MCA) recent rules, that came a bit too many over a day too less, to replace the nearly 60-year old Companies Act 1956 by the Companies Act, 2013, ultimately survive challenge on constitutional grounds, then we may permanently...
Guest Post – The IPL vis-à-vis Article 226: Is it Time to Characterize the Event?
[The following post is contributed by Sujoy Chatterjee who is an Advocate in New Delhi and an alumnus of the National Law University Jodhpur (’13)] Cricket enthusiasts are lauding the tough stand taken by the Supreme Court of India (SC) against the Board of Control for Cricket in India (BCCI) regarding the recent spate of Indian Premier League (IPL) controversies (IPL case). The SC came to be...
Announcement – NALSAR Air and Space Law Courses: Admission Information
[The following announcement is posted on behalf of NALSAR’s Centre for Air and Space Law (CASL)] One of the contemporary but neglected areas in the Indian legal realm is Air and Space laws. To fill this gap and to promote further studies and research in the aerospace law, the NALSAR University of Law established the advanced Centre for Air and Space Law (CASL) in 2005 with the objective of...
Double Actionability, Substance and Procedure in Indian Law
The UK Supreme Court (Lord Sumption; Lord Mance concurring) today gave judgment in an important case, Cox v Ergo Versicherung AG (‘Cox’), involving three questions of private international law and some ancillary points relating to the doctrine of mitigation. The Indian courts, faced with similar (even identical) questions, have had to apply old common law rules that have been legislatively...
Electoral contributions by companies having more than 50% foreign holding – Delhi High Court decision
The Delhi High Court decision in case of Association for Democratic Reforms vs. UOI ([2014] 43 Taxmann.com 443 (Del.)) is a reminder of certain very widely framed provisions of law originally of FERA times that continue to have impact. It is very timely too in this election season when many companies have or may still be giving electoral contributions. Even more so considering that the new...
Securities Laws (Amendment) Ordinance Re-promulgated
Last year, the Securities Laws (Amendment) Ordinance was promulgated (twice in sequence) to grant SEBI additional powers of enforcement on various matters and to expand its regime to regulate Ponzi schemes. After the second Ordinance lapsed, there was concern that the situation would result in disruption of SEBI’s enforcement process. After some dithering, the Securities Laws (Amendment)...
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