[Kosha Thaker is a corporate lawyer with a law firm in Mumbai] Background Earlier, registered foreign portfolio investors (“FPIs”) were permitted to invest only in listed non-convertible debentures (“NCDs”) or to-be listed non-convertible debentures (i.e. if the NCDs were listed within a period of 15 days from such investment). There was, however, a special carve out for FPIs investing in...
Fallacy of the Inverse: CCI’s Application of Leniency Provisions
[Mrinali Komandur is a third year student at the National Law School of India University, Bangalore and is an editor of the National Law School Business Law Review] On April 19, 2018, the Competition Commission of India (“CCI”) granted, for the first time since the inception of the leniency provisions, a 100% reduction in penalty to Panasonic India in the Zinc-carbon dry cell manufacturers...
Adherence to Timelines in the Insolvency Resolution Process
[Medhashree Verma is a 2nd year B.B.A, LL.B. student at National Law University Odisha, Cuttack] One of the main objectives behind the enactment of the Insolvency and Bankruptcy Code, 2016 (the “Code”) was to provide for a speedy system for resolution of stressed companies. A healthy insolvency regime requires fast insolvency resolution for minimising creditors’ losses and maximising the asset...
Additional Payment for Work Done Outside the Scope of Construction Contracts
[Saksham Gahoi is a 4th Year Student of National Law Institute University, Bhopal] Introduction What can be constituted as a work within or outside the scope of work under a construction contract has been a point of dispute amongst parties resulting in numerous commercial arbitrations. This leads to another question whether such work which is outside the scope of contract entitles a party to...
SEBI Order in the USL Case: Lessons on Tunneling
In countries that are replete with corporate group structures (as in India), it is common to find transactions between a company on the one hand and a counterparty that has some relationship with it on the other. Referred to as a related party transaction (RPT), this could generate benefits if carried out on an arm’s length basis. At the same time, RPTs can be used to divert wealth from listed...
Status of Homebuyers in Corporate Insolvency: Will Ordinance Assure Relief and Returns?
[Swaha Sinha is a 3rd year B.A. LL.B. (Hons.) student at Symbiosis Law School, Pune] The Insolvency and Bankruptcy Code (the Code) has been subject to endless scrutiny and suggested changes, with some being implemented through recent amendments. Most strikingly, the Ministry of Corporate Affairs constituted an expert panel to recommend amendments to this ground-breaking statute, resulting in the...
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