ArchiveAugust 2015

Guest Post: Arbitrability of Fraud in India

(The following guest post is contributed by Pulkit Sharma, Advocate, Bombay High Court) The 246th Law Commission Report observes that “The issue of arbitrability of fraud has arisen on numerous occasions and there exist conflicting decisions of the Apex Court on this issue”. The Law Commission has intended to remedy this by way of amendments to Section 16 of the Arbitration and Conciliation Act...

P&H High Court Upholds Mauritius Tax Residency Certificate

The issue of whether the grant of a tax residency certificate by the authorities in Mauritius would enable a company situated there to claim the benefit of the double taxation avoidance treaty between India and Mauritius was decided favourably by the Supreme Court in Union of India v. Azadi Bachao Andolan, (2004) 10 SCC 1. This issue resurfaced before the Punjab & Haryana High Court in Serco...

SEBI Consultation: Forfeiture of Shares and Impact on Takeover Regulations

SEBI has issued a Discussion Paper on “Review of policy relating to forfeiture of partly paid-up shares – Amendments to SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011”. The paper opens with references to partly-paid shares and forfeiture of unpaid capital as provided under the Companies Act, 2013. Essentially, in case of partly paid shares, the holder can exercise voting...

SEBI’s Guidance Note on Insider Trading Regulations

After the SEBI (Prohibition of Insider Trading) Regulations, 2015 (the “Regulations”) were issued that came into effect on May 15, 2015, SEBI received several requests from companies and their advisors on certain operational issues that came to the fore in the implementation of the Regulations. In order to address those, SEBI issued a Guidance Note earlier this week. One of the more prominent...

Supreme Court on Section 42 of the Arbitration and Conciliation Act, 1996

[The following guest post is contributed by Pulkit Sharma, Advocate, Bombay High Court] The Supreme Court has in the case of State of W.B. v Associated Contractors ((2015) 1 SCC 32) considered the applicability of Section 42 of the Arbitration and Conciliation Act, 1996 (“Act”) to applications not made before a “court” as defined under Section 2(1)(e) of the Act and has laid down the law in this...

NLUJ Law Review: Call for Submissions

[The following announcement is posted on behalf of the NLUJ Law Review] The NLUJ Law Review invites original and previously unpublished manuscripts for Volume 3, Issue 2 from academicians, practitioners and students. The remit of the Review is designed to include both short and long works to provide an opportunity for the members of the legal fraternity to keep abreast of new ideas and the...

Improving the Regulatory Framework Governing Masala Bonds

[The following post is contributed by Dhanush. M, a 5th year student at the Jindal Global Law School] “Masala bonds” refers to rupee denominated bonds issued in offshore capital markets which would be offered and settled in US dollars to raise Indian rupees from international investors for infrastructure financing in India. Masala bonds could prove to be a viable source of corporate finance as...

National Securities Law Moot Court Competition 2015: 25 -27 September 2015

[The following announcement is posted on behalf of NUALS, Kochi] The Centre for Law and Development, the National University of Advanced Legal Studies, Kochi, Kerala invites participation for the National Securities Law Moot Court Competition 2015 to be organized between September 25-27, 2015 at the NUALS Campus, Kalamassery, Kochi, Kerala. The Competition is open for students who are pursuing...

Dividend Waiver by Shareholders

[The following guest post is contributed by Pavit Singh Kochar, a legal associate (corporate) with KNM & Partners Law Offices, New Delhi] The term “dividend” has been defined under section 2(35) of the Companies Act, 2013 (“Act”),  and it includes interim dividend.    Dividend is a return on the investment of shareholders in companies payable for a financial year after the...

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