ArchiveApril 2018

Home Buyers as Financial Creditors: Desperate Improvisation and its Ramifications

[Rishabh Sant Tiwari is a 4th year B.A. LL.B. (Business Law Honours) student at National Law University, Jodhpur, India] The recently released Report of the Insolvency Law Committee (“Committee Report”) has brought about seminal changes in the Insolvency and Bankruptcy Code, 2016 (“IBC”). The most remarkable highlight of the Committee Report is its recommendation to treat home buyers of under...

Exchange of Information under Double Taxation Avoidance Agreements

[Dheeresh Kumar Dwivedi is a lawyer at APJ SLG Law Offices New Delhi] With globalization, India has been entering into various double taxation avoidance agreements (“DTAAs”) with the countries across the globe. This is because of the inherent advantages that DTAAs provide insofar as avoidance of double taxation, facilitation of international trade and business, and curbing the menace of tax...

Being Facebook ‘friends’/’likes’ on each other’s photos deemed sufficient by SEBI to allege ‘connection’ for insider trading

In an earlier post, I had written about how being connected as ‘friends’ on Facebook was deemed by SEBI to be significant enough to allege that the parties were ‘connected’ for purposes of insider trading. In that case, however, there was other alleged connection too. SEBI has yet again examined Facebook profiles for to pass a similar interim order. It found that a businessman and his...

CSR Provisions in Operation

In the latest NSE quarterly briefing titled “Statutory CSR Under the Companies Act – Stylized Facts and the Way Forward”, Professor Subrata Sarkar examines the manner in which companies have complied with the provisions relating to corporate social responsibility (CSR) under the Companies Act, 2013. An executive summary of the briefing is as follows: – The legal provision mandating CSR...

Liquidation Sale as a Going Concern

[Vinod Kothari is an insolvency practitioner] ] The amendments introduced on 28 March 2018 to the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (the “Regulations”) have made a seemingly small change to regulation 33 of the Regulations, permitting the liquidator to sell the “corporate debtor as a going concern”. This seemingly minor amendment is obviously...

Disclosure Requirements Under the Insolvency and Bankruptcy Code: SEBI’s Proposed Amendments

[Mallika Sen is a 2nd year B.A. LL.B. (Hons.) student at the National Law School of India University, Bangalore and Rudresh Mandal is a 3rd year B.A. LL.B. (Hons.) student at the NALSAR University of Law, Hyderabad. Introduction On March 28, 2018, the Securities and Exchange Board of India (‘SEBI’) released a discussion paper on compliance with SEBI regulations by listed entities undergoing the...

Decoding the Electoral Bearer Bond Scheme 2018

[Sharanya Shivaraman is a student (Class of 2019) at ILS Law College, Pune] In his budget speech 2017-2018 in February last year, Finance Minister Arun Jaitley addressed the issue of transparency in political contributions. His announcement regarding the introduction of electoral bonds generated significant debate and speculation. The Electoral Bond Scheme, 2018 was subsequently launched on...

Implications of the Amendments to the Specific Relief Act, 1963

[Grishma Shah is a student of Government Law College, Mumbai presently studying in the 3rd Year of the 3-year law course. Earlier posts on specific aspects of the topic covered by this post are available here and here] Introduction On December 15, 2017, the Union Cabinet approved the recommended changes to the Specific Relief Act, 1963 (“Act”) after 54 years, with a view to facilitating simple...

The Quest for a Balanced Board Structure: Separating the Chair and CEO Roles

[Kirti Sharma is a Manager with Vinod Kothari Consultants] Background The Securities and Exchange Board of India in its board meeting held on 28 March 2018 accepted some of the recommendations of the Uday Kotak Committee on Corporate Governance. One such accepted recommendation related to the separation of the role of chairperson and managing director (MD)/ chief executive officer (CEO) for top...

The Specific Relief (Amendment) Bill, 2018: Shattering the Supremacy of Damages

[Aayush Mitruka is a lawyer based in New Delhi. An earlier post on the topic is available here] In the wake of India’s poor ranking in terms of enforcing contracts and ease of doing business, the Government decided to amend the 54 year old Specific Relief Act, 1963 (the “Act”). As a result, the Government constituted a six-member expert committee to examine the Act and suggest necessary changes...

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