ArchiveMay 2014

Announcement: 7th Nani Palkhivala Foundation Taxation Law Essay Competition, 2014

(The following announcement comes from the National Law School of India Review) The National Law School of India Review (NLSIR), the flagship journal of the National Law School of India University (NLSIU), Bangalore, in association with the Nani Palkhivala Memorial Trust is pleased to announce the release of topics for the 7th Nani Palkhivala Foundation Taxation Law Essay Competition. The...

The Supreme Court on Frustration and Statutory Contracts

In its recent judgment in Mary v State of Kerala, the Supreme Court has considered the scope of section 56 of the Contract Act, 1872, and its relationship with statutory contracts. The appellant responded to an invitation to tender for the right to vend arrack in certain shops in Kalady in Kerala. Her bid of approximately Rs. 25.6 lakhs was successful and she deposited 30 percent (Rs. 7.68 lakhs)...

Court-Convened Meetings and Postal Ballot

Background In one of the first few cases interpreting the provisions of the Companies Act, 2013 (the 2013 Act), the Bombay High Court last week issued its judgment on the use of postal ballot facility at a court-convened meeting to consider a scheme of arrangement. In re Godrej Industries Limited, the court was concerned with a scheme of amalgamation of Wadala Commodities Limited into Godrej...

Supreme Court on the Sanctity of a Takeover Offer

Background and Facts Last month, the Supreme Court had the occasion in SEBI v. Akshya Infrastructure Pvt. Ltd. to consider the narrow question of the whether “an open offer voluntarily made through a Public Announcement for purchase of shares of the target company can be permitted to be withdrawn at a time when the voluntary open offer has become uneconomical to be performed”, which it answered...

The Meaning of ‘Inability to Pay Debts’ for the Purpose of Winding-up

The test for statutory winding-up in Indian company law has a long history. Section 434(1)(a) and 434(1)(c) of the Companies Act, 1956 was based on section 223 of the English Companies Act, 1948, and the new Companies Act, 2013, retains this language (see section 271), although the language has been slightly modified in later British legislation (sections 89 and 123 of the Insolvency Act, 1986)...

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