ArchiveJanuary 2018

Cryptocurrency Investment Vehicles in India: Possibilities and Challenges – Part 2

[Job Michael Mathew is a 4th year BA.LL.B (Hons) student at NALSAR University of Law. The first part is available here.] Commodity Mutual Funds and Exchange Traded Funds? In light of the above discussion, an investment vehicle like a mutual fund tat invests in cryptocurrency and issues units of the fund in return for investing in the fund can be termed a commodity mutual fund since the underlying...

Cryptocurrency Investment Vehicles in India: Possibilities and Challenges – Part 1

[Job Michael Mathew is a 4th year BA.LL.B (Hons) student at NALSAR University of Law] Introduction In October 2009, for every dollar one could purchase 1309 bitcoins. At the beginning of 2017, the price of one bitcoin was close to $1000. It attained $5000 in October and nearly doubled in November. In December it rose to $20000 in some exchanges. This post does not attempt to document the reasons...

Side-pocketing: A plausible liquidity management tool for the Indian mutual fund industry

[Param Pandya is a Research Fellow in the Corporate Law and Financial Regulation vertical at Vidhi Centre for Legal Policy. The author is thankful to Prof. Jayanth R Varma, Indian Institute of Management, Ahmedabad for his valuable comments. Views are personal. This post was first published in the Oxford Business Law Blog] An illiquid asset may lead to reduced returns and increased redemptions in...

Fork in the Road – Nissan’s Arbitration Against India

[Utsav Prashar is a 2014 graduate of NALSAR University of Law] The legal maxim Ubi jus ibi remedium expresses that there is no wrong without a remedy.[1] In the landmark case of Ashby v. White,[2] the House of Lords observed: “When the law clothes a man with a right he must have means to vindicate and maintain it……and it is a vain thing to imagine a right without a remedy”.[3] The...

More on SEBI’s Order in the Price Waterhouse Case

In an earlier post, Jayant Thakur had discussed the order of the Securities and Exchange Board of India (SEBI) passed against Price Waterhouse last week. In addition, readers may find the following two further pieces on the legalities of the SEBI order of relevance: In a column titled “SEBI’s ban onPwC:Learnings for an auditor” in Bar & Bench, Kanwardeep Singh examines SEBI’s...

Educoncours’ 1st International Essay Writing Competition on Corporate Law, 2018

[Announcement on behalf of Educoncours] About the Competition The competition aims at allowing law students to express their opinions with the world, which includes some suggestions, critical analysis of the present corporate world, their innovative ideas which might lead to some widespread contribution in this area of law. This is an opportunity for every law student to discover this wide ambit...

Freezing Injunctions in Commercial Disputes

[Niranjan Sankar Rao is a fourth year B.A., LL.B. (Hons.) student at Jindal Global Law School, Sonipat] In this post, I attempt to differentiate between the approaches taken by the Bombay and Delhi High Courts on freezing injunctions. This subject has not received much certainty in commercial disputes despite its popularity in intellectual property rights infringement cases. I attempt to...

SEBI’s order against Price Waterhouse firms/partners

SEBI passed an order on 10th January 2018 against CA firms practicing under the brand/banner of Price Waterhouse and two of its partners. The Order debars them from issuing, for two years, audit certificates of listed companies, compliance certificates under specific securities laws of listed companies & SEBI registered intermediaries, etc. It has also required the auditor firm, jointly with...

Scope of Moratorium under Section 14 of the Insolvency & Bankruptcy Code, 2016 – An Analysis

[Maneck Mulla is the Proprietor of M Mulla Associates, Mumbai] The prohibition contained in section 14 of the Insolvency and Bankruptcy Code 2016, (“the Code”) against the initiation and continuation of legal proceedings has recently been a topic of discussion in rulings of the National Company Law Appellate Tribunal (“NCLAT”) and the High Court of Allahabad and has now become an open question of...

New Section 90 in Companies Amendment Act 2017 – aims at benami shareholders, shoots everyone else but them

‘Shell companies’ have been in the news recently. On how monies are laundered, laws are avoided/evaded, benami properties are held, etc. through such companies. Curious is that even shares of these companies may be held benami, making it difficult to catch true culprits. There are laws to deal with benami holdings including the most prominent Prohibition of Benami Property Transactions Act, 1988...

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