ArchiveOctober 2017

Categorization of Pledge Under SEBI’s Insider Trading Regulations, 1992: Arguments against the Tide

[Parth Dixit is a 4th Year, BA/LLB (Hons.) student at Symbiosis Law School, Pune.] By way of its order dated August 11, 2017 in the case of SRSR Holdings Private Limited v. Securities and Exchange Board of India, the Securities Appellate Tribunal (SAT) has provided a degree of finality to an important question raised in the aftermath of the infamous Satyam scam of 2009-2010. The question was...

Deconstructing the Delhi High Court’s Anti-Arbitration Injunction against Vodafone UK’s BIT Arbitration

[Ritvik M. Kulkarni  is Associate, Wadia Ghandy & Co., Mumbai. Views are strictly personal] The Delhi High Court (the Court) in its order dated 22nd August 2017 has passed an ex-parte interim injunction restraining Vodafone UK entities (Defendants) from initiating investment arbitration against the Union of India (UOI) under the India-UK Bilateral Investment Treaty (BIT) (the Order). Amidst...

The ITAT Ruling in the NDTV Case: Piercing the Corporate Veil in Tax Matters

[Post by Shreya Rao. An earlier post in this series can be found here.] There is a coyness surrounding the term “lifting of the corporate veil”. It conveys a fragility of form and suggests that the legal personality of a company isn’t as robust as we assume it to be. Common law is most dismissive of such suggestions; over the 120 years since the ruling of the House of Lords in Salomon v. Salomon...

The (Negligible) Role of Shareholders in Corporate Insolvency

The Ministry of Corporate Affairs (MCA) yesterday issued a clarification stating that no resolution or approval of the shareholders of a debtor company will be required in order to give effect to a resolution plan under the Insolvency and Bankruptcy Code, 2016 (IBC). It appears that stakeholders sought the MCA clarification on account of section 30(2)(e) of the IBC, which requires the resolution...

Real Estate Regulatory Act and PPP Projects

[Deepak K. Thakur is a projects partner at a law firm and is based in Mumbai] The Real Estate (Regulation and Development Act 2016) (“RERA Act”) that took effect from May 1, 2017 seeks to provide a solution to many of the practical issues faced by the concerned stakeholders in the real estate industry. The RERA Act also contains consumer oriented provisions to protect their interests, with...

SEBI: Rules on Profit Sharing Arrangements Apply to Unlisted Subsidiaries

The rules introduced earlier this year by the Securities and Exchange Board of India (“SEBI”) that impose restrictions on profit sharing arrangements in respect of listed companies have already provoked interpretational controversies. In an earlier informal guidance (relating to Accelya Kale Solutions Limited), SEBI clarified profit sharing arrangements that involved employees being provided...

SEBI Circular on Minimum Public Shareholding

[Sarthak Karol is an associate at a law firm in Mumbai] By way of a Circular dated October 10, 2017, (“Circular”), the Securities and Exchange Board of India (“SEBI”) issued directions to stock exchanges to come down heavily on listed entities, their promoters and directors who are in breach of the 25% minimum public shareholding (“MPS”) norms mandated under regulation 38 of the SEBI (Listing...

Call for submissions for the 10th volume of the Indian Journal of International Economic Law

[Announcement on behalf of the Indian Journal of International Economic Law] The Board of Editors of the Indian Journal of International Economic Law (IJIEL) is pleased to invite original and unpublished manuscripts for publication in Volume 10.  About the Journal The IJIEL is a student-edited and peer-reviewed law journal published annually by National Law School of India University, Bangalore...

FDI in the Aviation Sector

Jae Woon Lee and I have a working paper titled “Skies Half Open: Foreign Investment in India’s Airline Industry”, the abstract of which is as follows: The foreign investment regime governing the airline industry has been the subject matter of considerable debate. Our goal in this paper is to supplement the literature by embarking on an analysis of the foreign investment regime in India and...

The Curious Case of Homebuyers under the Insolvency and Bankruptcy Code, 2016

[Manaswi Agarwal is an advocate based in Mumbai and Aayush Mitruka is an advocate based in New Delhi] One of the crucial issues which has emerged and is widely talked about under the Insolvency and Bankruptcy Code, 2016 (Code) relates to the interest of homebuyers under the Code. The jurisprudence developing around the Code does not adequately address their concerns, and therefore the law...

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