ArchiveMarch 2018

Qualified Institutional Placements: SEBI Settles the Dust

[Shubham Sancheti is a 4th Year B.A., LL.B. (Hons.) student at NALSAR University of Law, Hyderabad] The Securities and Exchange Board of India [“SEBI”] omitted clause (c) under Regulation 82 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 [“Regulations”] by way of a recent amendment [“Amendment”]. The provision falls in Chapter VIII of the Regulations which deals with...

Transferability of Winding-up Proceedings from High Court to NCLT

[Dheeresh Kumar Dwivedi is a lawyer at APJ SLG Law Offices New Delhi] The Companies Act, 2013 (“Act of 2013”) was passed with the object of consolidating and amending the law of corporations in India. Before the passage of the Act, the winding-up of a corporate debtor on the ground of ‘inability to pay debts’ was governed by the provisions of sections 433(e) and 434 of Companies Act, 1956 (“Act...

Call for Papers: NALSAR Student Law Review

[The following is an announcement from NALSAR Student Law Review] We are pleased to announce that the NALSAR Student Law Review is now accepting submissions for its upcoming Volume XIII. NSLR is an annual, student-edited, peer-reviewed law journal that is the flagship publication of NALSAR University of Law, Hyderabad, India. We are committed to encouraging and enhancing the quality of legal...

Making Arbitration More Consumer Friendly – The Way Forward in India

[Chandni Ghatak is a 4th year student at National Law University-Jodhpur. A related post on the topic is available here.] The Supreme Court of India has finally clarified  as to what prevails in the battle between statutory remedy and arbitration in relation to resolving consumer disputes by upholding the decision earlier rendered by the National Consumer Disputes Redressal Commission (“NCDRC”)...

No Arbitration in Consumer and Real Estate Disputes

[Ajar Rab is a Partner at Rab & Rab Associates LLP, Dehradun] In an earlier post, I had discussed the decision of the National Consumer Disputes Redressal Commission (“NCDRC”) in Aftab Singh v. Emaar MGF Land Limited & Anr, which had held that consumers disputes are not arbitrable under section 2(3) of the Arbitration and Conciliation Act, 1996. The post had referred to the possibility of...

Board meetings by video-conferencing – whether available only if company allows, or whether director can insist on it?

The NCLAT has held recently (in Achintya Kumar Barua vs. Ranjit Barthkur ([2018] 91 taxmann.com 123 (NCL-AT)) that if any director desires to attend board meetings by video conferencing, the company is bound to allow attendance in this manner. In other words, it is not up to the company or at the discretion of the Chairman/Company Secretary whether or not to allow attendance by video conferencing...

Treatment of Extreme Results and Multiple-Year Data in Indian Transfer Pricing Law

[Ayush Chaturvedi and Chandni Bhatia are 4th Year B.A.LLB (Hons) students at Dr. Ram Manohar Lohiya National Law University, Lucknow] Introduction Arm’s length price is obtained by conducting a detailed “comparability analysis” as per the rules laid down in the Income-tax Act, 1961 (“Act”), the Income-tax Rules, 1962 (“Rules”) and the OECD Transfer Pricing Guidelines for Multinational Enterprises...

Why the FDI Policy’s Price Influence Restrictions on E-Commerce Marketplaces Have Failed

[Mark Papang and Sanchit Varma, 4th year students at NALSAR University of Law] Introduction The FDI Policy of India contains a number of provisions to ensure that the employment of foreign capital does not militate against healthy competition in the e-commerce sector. However in practice, many of these provisions have not had a significant impact on the manner in which e-commerce entities operate...

The Insolvency and Bankruptcy Code: Moratorium and Personal Guarantors

[Aayush Mitruka is a lawyer based in Delhi] The latest ruling of the National Company Law Appellate Tribunal (Appellate Tribunal) in the case of State Bank of India (SBI) v V Ramakrishnan and another has evoked another controversy touching upon the Insolvency and Bankruptcy Code, 2016 (Code) that serves as a major setback to creditors. The moot question was whether a financial creditor can...

Rationalisation of Competition Appeals: A Way Forward?

[Abhimanyu Singh Yadav and Anubha Singhal are 3rd year BA LLB (Hons) students at Dr. Ram Manohar Lohiya National Law University, Lucknow] The purpose of a Finance Act has generally been to lay down the tax proposals framed by the Central Government. However, apart from laying down tax proposals, the Finance Act 2017 brought about some noticeable structural changes in the functioning of appellate...

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