ArchiveJune 2018

Age-limit Criteria for Non-Executive Directors under Amended SEBI Listing Regulations: Prospective or Retrospective?

[Gaurav Pingle is a practising Company Secretary in Pune and can be reached at [email protected]] Introduction On June 2 2017, the Securities and Exchange Board of India (‘SEBI’) constituted a committee under the chairmanship of Mr. Uday Kotak for improving the standards of corporate governance of listed companies in India. On October 5, 2017, Kotak Committee submitted its report to SEBI...

Will the new Section 90 unravel benami holdings in companies? Or will it misfire?

Section 90 and related provisions of the Companies Act, 2013, have been brought into force on 13th June 2018 alongwith related Rules. I had discussed earlier here some issues on Section 90, at a time when the new provisions were made part of the Act through the Companies Amendment Act 2017 but were not yet brought into force. Now that they have been duly brought into force and require action...

IBC Amendment Ordinance 2018: At Crossroads With RERA

[Garima Mehra and D Sharma are both Advocates] The Insolvency and Bankruptcy Code (Amendment) Ordinance 2018 (the “Ordinance”) was recently promulgated by the President. It incorporates the key recommendations of the Insolvency Law Reform Committee’s (“ILRC”) report published on 3 April 2018 (Report). One of the significant recommendations is the inclusion of homebuyers within the ambit of...

Call for Submissions: NLUJ Law Review

[The following announcement is posted on behalf of the NLUJ Law Review] About the Review The NLUJ Law Reviewis the flagship journal of National Law University, Jodhpur, established with the objective of promoting academic research and fostering debate on contemporary legal issues in India. It is a bi-annual, double-blind student reviewed and edited journal focusing on an inter-disciplinary...

Analysis of a Competition Commission Order on Abuse of Dominant Position

[Apurva Singh is a third year student at the National Law School of India University, Bangalore] In this post, I claim that the Competition Commission of India’s (“CCI’s)order in Bijay Poddar v. Coal India Ltd. (2017) is (1) violative of the Competition Act, 2002 (the “Act”) and (2) inefficient as per principles of law and economics. I shall first detail the facts and order of the CCI and then...

Analysing the Change in Law Regarding Issuance of Sweat Equity Shares

[Vartika Tiwari is a 3rdYear student of National Law Institute University, Bhopal and is on the Editorial Board of NLIU Law Review] On 16 January 2016, the Government launched the “Startup India”campaign and ever since it has been making constant efforts to promote startups and make the country business friendly. There is no denying the fact that India has come a long way since then. In fact, it...

Bombay High Court on Arbitration Agreement in an Unstamped Instrument

[Mansi M Patel is an Associate at IndusLaw] The Bombay High Court in Coastal Marine Construction and Engineering Limited v Garware-Wall Ropes Limited (March 2018) observed that in accordance with the amended provisions of section 11 of the Arbitration & Conciliation Act, 1996 (the “Act”), the role of the court to refer a dispute to arbitration is narrow and is limited to examine the existence...

Resolving the Anti-Trust Concerns Raised by Insolvency Resolution Plans

[Priyadarsini T P is a 3rd year B.A LL.B (Hons) student at National University of Advanced Legal Studies, Kochi] Recently, Vedanta and JSW Steel received approval from the Competition Commission of India (“CCI”) for acquiring the insolvent entities Electrosteel Steels Ltd. and Monnet Ispat and Energy respectively. Although section 238 of Insolvency and Bankruptcy Code, 2016 contains a non...

Revisiting “Sham” as a Ground for Piercing the Corporate Veil

[Ashwin Murthy and Sathvik Chandrasekhar are 4th year students from NALSAR University of Law] The doctrine of piercing the corporate veil was clarified in India with the landmark case of Balwant Rai Saluja v Air India (2013), recognising that the veil should rarely be lifted. Balwant directly relied upon the UK case of Prest v Petrodel which similarly narrowed the scope of such piercing (read...

Demystifying ‘Board Inter-locks’ under SEBI’s Amended Listing Regulations

[Gaurav Pingle is a practising Company Secretary in Pune and can be reached at [email protected]] Introduction On June 2 2017, the Securities and Exchange Board of India (‘SEBI’) constituted a committee under the chairmanship of Mr. Uday Kotak for improving the standards of corporate governance of listed companies in India. On October 5, 2017, Kotak Committee submitted its report to SEBI. The...

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