ArchiveJanuary 2018

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...

Implications of SEBI (Intermediaries) (Amendment) Regulations, 2017

[Rishabh Chawla is a 5th year B.A., LL.B.(Hons.) Student, National Law Institute University in Bhopal] Introduction On May 26, 2008, the Securities and Exchange Board of India (SEBI) notified the SEBI (Intermediaries) Regulations, 2008 (Regulations). They provide for a comprehensive regulation over all intermediaries on various requirements such as registration, code of conduct, procedure for...

Highlights of the Insolvency Amendment Bill, 2017

[Aayush Mitruka is a lawyer based in Delhi] In an attempt to debar certain unscrupulous promoters from regaining control over a distressed company, the Insolvency and Bankruptcy Code, 2016 (Code) was amended by way of a presidential ordinance in November 2017 (Ordinance).  The new provision introduced rendered certain persons ineligible to be a resolution applicant. Much has been written and...

NCLT Kolkata Rules on Non-Defaulting Promoters

[Saurav Roy is a 4th-year student and Lisa Mishra a 3rd-year student at ILS Law College, Pune] The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017 (“the Ordinance”) was enacted to, among other things, override the actions of unscrupulous promoters who seek to buy back company assets at a throw-away price, as compared to what is actually owed to the lenders. However, the Ordinance did...

Exemptions to Wholly Owned Subsidiaries: Do they Call for a Revision?

[Shubham Sancheti is a 4th year B.A., LL.B. (Hons.) student at NALSAR University of Law in Hyderabad] The Securities and Exchange Board of India (“SEBI”) recently availed an opportunity to interpret regulation 37(6) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”). It provided an interesting yet contestable interpretation of the regulation...

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