ArchiveDecember 2018

Consumer Protection Bill, 2018: A Paradigm Shift?

[Chirali Jain is a BBA LLB (Hons) student at National Law University, Jodhpur] On 20 December 2018, the Lok Sabha passed the Consumer Protection Bill, 2018 (the “Bill”) which is an attempt to replace the entire Consumer Protection Act, 1986 (the “1986 Act”). The question is whether there was a need to replace the entire legislation? What were the insurmountable obstacles that led to a three...

The (Ambiguous) Position of Chairman Emeritus in Corporate Governance

[Priya Garg is a 5th year student at West Bengal National University of Juridical Sciences (WBNUJS), Kolkata] When Ratan Tata, the then Chairman Emeritus of the Tata Group of companies, allegedly exercised his influence over the Group’s directors to dethrone its then Chairman, Cyrus Mistry, because of the former’s dissatisfaction with the latter’s functioning,[1] a new corporate governance issue...

Anti-arbitration Injunctions in International Investment Arbitration: An Indian Overview

[Anujay Shrivastava and Anubhav Khamroi are both 4th Year B.A., LL.B. (Hons.) Students at Jindal Global Law School, Sonipat] Introduction The jurisprudence concerning anti-arbitration injunctions is yet to fully develop in India. Anti-arbitration injunctions must be distinguished from the more well-known anti-suit injunctions. While the latter is in the nature of injunction orders passed by a...

Insider Trading in Commodity Derivatives

[Peeyush Agarwal and Zarnaab Aswad are both 5th year law students at Dr. Ram Manohar Lohiya National Law University, Lucknow] Introduction Consider this: X is an employee of Y Corporation, which is a leading steel manufacturing company whose scrips are listed on stock exchanges. X, being an employee gets to know that Y Corporation has just discovered huge deposits of iron ore that, if extracted...

Invocation of Unmatured Corporate Guarantee during Moratorium under Bankruptcy Law

[Himanshu Handa is an Associate with UKCA and Partners, a Law Firm in New Delhi] Introduction In Axis Bank Limited v Edu Smart Services Private Limited, the National Company Law Tribunal (“NCLT”), Delhi had rejected a plea from the financial creditor i.e. “Axis Bank” against the corporate guarantor i.e. Edu Smart in respect of its claim pertaining to a corporate guarantee in the insolvency...

RBI’s Amendment to the Hedging Policy for ECBs: Reasoning and Impact

[Saher Fatima and Siddharth Tandon are III year students at the National Law University, Jodhpur] Introduction Over the years, external commercial borrowings (“ECB”) have become a preferred source of finance for Indian entities. ECBs refer to commercial loans in the form of bank loans, securitized instruments, buyers’ credit or suppliers’ credit availed of from non-resident lenders with a minimum...

SEBI Revisits the Settlement Mechanism

[Ambika Mehrotra is a Manager in the Corporate Law Services Division of Vinod Kothari & Company] Background to the SEBI Settlement Mechanism The settlement mechanism for violation of laws related to securities had been introduced in India in 2007. Further, in order to factor in various issues and aspects relating to its enforcement mechanism, the Securities and Exchange Board of India...

Creation and Operation of Tenancy Rights over Secured Assets under SARFAESI

[Samarth Saxena is a final year student at ILS Law College, Pune] The advent of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interests Act, 2002 (“SARFAESI”) ushered in a new era of reforms for the Indian banking regime. These reforms were primarily aimed at facilitating the speedy recovery of defaulting loans and thereby controlling the rising levels of non...

The Threat of Unconstitutionality to Explanation II to Section 37 of the Income Tax Act

[Priya Garg is a 5th year student at West Bengal National University of Juridical Sciences (WBNUJS), Kolkata] Explanation II added to Section 37 of the Income Tax Act, 1961 (“IT Act”), which became effective from 1 April 2014, runs the risk of violating Articles 14 and 19 of the Constitution of India. This post explains the reason behind this proposition. Explanation II states that any...

Disclosure Regarding Significant Beneficial Owners: Another Stride from SEBI

[Ambika Mehrotra is a Manager at Vinod Kothari & Company in its Corporate Law Services Division] In the interest of investors in the securities market and with a view towards better corporate governance, the Securities and Exchange Board of India (“SEBI”) has taken steps to widen the scope of compliances for listed entities. Accordingly, to bring in more transparency for investors, SEBI has...

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