[Debarshi Chakraborty is a 3rd year B.A., LL.B. student at National Law University Odisha.] The doctrine of ‘reverse’ piercing, although relatively new, is a controversial area of corporate law. This doctrine could be problematic given the situations where a body corporate has multiple shareholders. Conversely, there have been times even in relation to companies with one shareholder where it has...
Territorial Scope under General Data Protection Regulation
[Kunal Garg is an associate at Alaya Legal Advocates, New Delhi] After years of discussion and debate, the European Union (“Union”/“EU”) adopted the General Data Protection Regulation (“Regulation”) on April 8, 2016 for personal data protection of natural persons. This Regulation came into effect on May 25, 2018 replacing the old Directive 95/46/EC (“Directive”) on data protection. All the...
The Battle against Non-Performing Assets
[Pranjal Doshi is an MCL Candidate, University of Cambridge] The foundation of an enduring banking industry lies in robustly crafted recovery mechanisms. It promotes the stable existence of the borrower-lender relationship. Incongruously, non-performing assets (“NPAs”) have grown substantially in India from 9.2% (September 2016) to 10.2% (September 2017)[1], amounting to ₹8,36,782 crores (October...
SEBI proposes wide powers for penal actions against auditors, company secretaries, valuers, etc.
SEBI has released a consultation paper on 13th July 2018 proposing amendments to 30+ of its Regulations. The amendments provide for duties and liabilities of Chartered Accountant/auditors, Company Secretaries, valuers, etc. This is in respect of the certification and reporting work they carry out for listed companies, various intermediaries and other persons associated with the capital market. In...
Can Liquidator’s Outreach Grab Guarantor’s Assets?
[Sikha Bansal is a Senior Associate at Vinod Kothari & Company and Shreya is a B.A., LL.B. (Hons.) student at Rajiv Gandhi National University of Law, Punjab. The authors can be reached at [email protected]] In Punjab National Bank v. Vindhya Vasini Industries Limited, [C.P. ( IB)-1170(MB)] the issue before the National Company Law Tribunal (“NCLT”), Mumbai Bench was whether a...
Corporatisation Prospects for Unregistered Entities: Amendment to Section 366 of the Companies Act, 2013
[Pammy Jaiswal is a Partner at Vinod Kothari and Company] Background By virtue of the enforcement notification of the Ministry of Corporate Affairs (‘MCA’) dated 5 July 2018, the proposed change under section 75 of the Companies (Amendment) Act, 2017 (‘Amendment Act’) relating to section 366 of the Companies Act, 2013 (‘Act, 2013’) has been notified with effect from 15 August 2018. Further, by...
‘Royalty’: a Tax? : An Analysis of the Judicial Uncertainty and its Service Tax Implications
[Velpula Audityaa and Devansh Mani are both 4th year, B.A.LL.B (Hons.) Students at Symbiosis Law School, Pune] Whether royalty payable on minerals extracted as provided for under section 9 of the Mines and Minerals (Development and Regulation) Act, 1957 is in the nature of tax is one of the questions pending before a nine-judge bench of the Supreme Court. Depending on the outcome, there will be...
The Risks of Common Ownership on Competition: Emerging Jurisprudence
[Suyash Bhamore is a 3rd Year B.A. LL.B. (Hons.) student, NLIU Bhopal] Background and Context The Competition Commission of India (CCI) in order dated 20 June 2018 in Case No. 25-28 of 2017(Meru Cabs Case) ignited a discourse on antitrust risks perpetuating from common ownership. The Meru Cabs Casedefined common ownership as “a situation where large institutional shareholders such as investment...
Scope of Settlement under the Insolvency and Bankruptcy Code, 2016
[Kanika Sood is a lawyer based in Delhi] Pre-Ordinance Position Under the Insolvency and Bankruptcy Code, 2016 (the “Code”) a settlement between the creditor and debtor could be carried out by making an application of withdrawal under Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority Rules), 2016 beforethe admission of the application by the Adjudicating Authority...
Call for Papers: The National Law School of India Review
[Announcement on Behalf of the National Law School of India Review] About NLSIR The National Law School of India Review (NLSIR) is now accepting submissions for its upcoming issue – Volume 31(1). The NLSIR is the flagship law review of the National Law School of India University, Bangalore, India. The NLSIR is a bi-annual, student edited, peer-reviewed law journal providing incisive legal...
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