ArchiveFebruary 2016

Lalman v Gauri Dutt: Legend and Reality

(The following guest post is contributed by Shivprasad Swaminathan, who is Associate Professor at the Jindal Global Law School) “As has often happened, in the law the case [becomes] more important not for what the judges said but for what the legal profession came to believe the case stood for.” P. Atiyah, Rise and Fall of the Freedom of Contract p. 414 The Stuff of Legends There are...

Whether two Indian parties can derogate from domestic law in the context of arbitration

[The following guest post is contributed by Abhik Chakraborty, Fourth Year, NUJS, Kolkata] In September 2015, the Madhya Pradesh High Court in Sasan Power Ltd. v North American Coal Corporation held that two Indian parties can opt out of domestic law in the context of arbitration. On the contrary, in June 2015, the Bombay High Court in Adhar Mercantile Pvt. Ltd. v Shree Jagdamb,[1] followed the...

Summary: Recommendations of the Companies Law Committee

[The following post is contributed by Bhushan Shah and Labdhi Shah from Mansukhlal Hiralal & Company] The Companies Act, 2013 (2013 Act) was enacted with a view to bring Indian company law in tune with global standards. However, as is the case with every new legislation, the enactment of this Act also led to ambiguity and confusion within the industry. The Government continued to...

Cashless Employee Stock Option Scheme and Insider Trading Regulations

Last year, the Securities and Exchange Board of India (“SEBI”) issued a guidance note clarifying certain matters regarding employee stock option plans (ESOPs) and their implications under the SEBI (Prohibition of Insider Trading) Regulations, 2015 (the “Insider Trading Regulations”). Specifically, it stated that the “contra-trade” restrictions do not apply to the exercise of stock options by...

Adoption of Indian Accounting Standards (Ind AS) by Banks, Insurance Companies and NBFCs – Effects of Transition and Potential Hurdles

[The following guest post is contributed by Arka Saha, who is a 4th Year B.A.LL.B. (Hons) & Executive Student in CS (ICSI) at National Law University Odisha (NLU-O)] To bring about systemic convergence of financial reporting standards in vogue in the case of Indian banking companies, Insurance companies and Non-banking Financial Companies with those recognised and accepted globally, the...

Retrospective Amendments to the Payment Of Bonus Act

[The following post is contributed by Bhushan Shah  from Mansukhlal Hiralal & Company] The Payment of Bonus Act, 1965 (“Bonus Act”) requires the payment of compulsory bonus to certain employees of an establishment which employs 20 or more persons. The erstwhile provisions of the Bonus Act provided for payment of bonus to the employees drawing a salary not exceeding Rs 10,000/- per...

FDI in Marketplace Model – New Proposal for E-commerce

[The following guest post is contributed by Ananya Banerjee, a 5th Year Student of University of Calcutta, Department of Law] Press Trust of India has reported on February 9, 2016 that the government is considering permitting 100% FDI in the marketplace model of e-commerce to attract more foreign investments. It was already expected that the Government would soon come up with a proper definition...

Proposed Changes in Corporate Tax – A Brief Overview

[The following guest post is contributed by Ananya Banerjee, a 5th Year Student of University of Calcutta, Department of Law] After the Budget Speech, 2015 of the Finance Minister, the Income Tax Department has come out with a phasing out plan under the Income Tax Act. In the Speech, the Minister indicated that the corporate tax burden will be reduced from 30% to 25% in the next four years. But...

Penny Wise : A Crowdfunding Critique

[The following guest post is contributed by Anantha Krishnan Iyer, a graduate of National Law University Lucknow (batch of 2008-2013) currently working with a leading law firm in Mumbai] Introduction Pooling as a concept that has existed for a while now, as it is considered a useful solution to generate certain efficiencies. The advent of pooling of funds by multiple persons to fund a project...

Is it time to abolish the memorandum of association?

[The following guest post is contributed by Suprotik Das, a 4th year law student at the Jindal Global Law School, Sonepat, Haryana.] With the advent of the recent Start-up India Action Plan, the focus for start-ups seems to be on simplification of convoluted legal procedures, efficiency and speed of incorporation. In this regard, the Government has proposed that incorporation and...

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