[Shannon Khalkho is a IV year B.A. LL.B. (Hons.) student at the National Law School of India University, Bangalore] Introduction The issue of advertisement, marketing and promotion (AMP) expenses incurred by a domestic entity for its foreign associate entity (foreign AE) has been mired in controversy since its entry into the realm of transfer pricing, essentially because of a lack of statutory...
The Importance of Determination of Seat under Indian Arbitration Law
[Saumitra Shrivastava is a IV year B.A. LLB (Hons,) student at HNLU, Raipur] Introduction In international commercial arbitration the concepts of place, seat and venue are of tremendous importance as they determine which law and whose jurisdiction would be applied in a case. The courts of a country could interfere in any arbitral proceedings only if they have jurisdiction to do so. For instance...
FAQs on Borrowing by Large Corporates: Unveiling the Perplexity
[Pammy Jaiswal is a Partner at Vinod Kothari and Company and can be reached at [email protected]] Background The untiring efforts of the Securities and Exchange Board of India (SEBI) as well as the Government in uplifting the bond market is quite commendable. SEBI has started taking major steps towards the accomplishment of the budget announcement by the Government for the year 2018-19...
Better Safe than Sorry: The Importance of Registering Lease Deeds
[Huzefa Tavawalla is a Leader, Aishwarya H a Senior Member and Anusha Reddy a Member, all at Nishith Desai Associates] The legal provisions which mandate registration of lease deeds are rarely explored. As a result, the law on registration of lease deeds is often misunderstood. While parties spend much time negotiating terms of a lease deed (lock-in period, security deposit, termination...
Increasing the Ambit of Rights Available to Voting by Proxy
[Vishal Hablani and Anirudh Goyal are 3rd & 4th Year B.A.L.L.B. (Hons.) students respectively at the West Bengal National University of Juridical Sciences, Kolkata] Under the proxy system of voting, a shareholder delegates his rights to attend and vote at a meeting to another person as his representative. This representative is known as the proxy. The system of proxy voting has statutory...
Corporate Insolvency and the Admission of a Debt under the Negotiable Instruments Act
[Siddharth Kumar is a III year BBA LLB (Hons.) student at Vivekananda School of Law and Legal Studies, New Delhi and can be reached at [email protected]] The National Company Law Appellate Tribunal (“NCLAT”) in Sudhi Sachdev v. M/s APPL Industries Ltd. held that the pendency of a case under sections 138 and141 of the Negotiable Instruments Act, 1881 (“NI Act”) amounts to an admission of...
Role of the Adjudicating Authority in Considering a Resolution Plan
[Richa Saraf and Ananya Raghavendra are with Vinod Kothari Consultants Pvt Ltd] The insolvency resolution process of Binani Cements has been through various twists and turns. On 19 November 2018, the Supreme Court in Rajputana Properties Pvt. Ltd. v. UltraTech Cement Ltd. & Ors. dismissed Dalmia Bharat’s plea to seek a stay on Ultratech’s bid for Binani Cement, thereby upholding the UltraTech...
Where We Stand On Shell Companies
[Tishya Saran and Aayush Grover are both 5th year students of Government Law College, Mumbai] Background Continuing its crackdown on shell companies, the Government has promulgated the Companies (Amendment) Ordinance, 2018 (the “Ordinance”), with effect from 2 November 2018. The Ordinance, amongst other things, seeks to enhance accountability for non-filing of charges, maintenance of documents...
Non-Dominant Enterprises’ Offers and Schemes: Predatory Pricing or Not?
[Muskan Agarwal is a 3rd-year B.A. LL.B. (Hons.) student of National Law Institute University, Bhopal] The Competition Act of 2002 [the “Act”] defines predatory pricing as the sale of goods or provision of services at a price which is below the cost of production, with a view to reduce competition or eliminate competitors. Predatory pricing is seen as abuse of dominant position under section 4 of...
Doctrine of Good Faith and Fair Dealing: Lacuna in Indian Contract Law
[Angad Singh Makkar is a 4th year BA LLB (Hons.) student at Jindal Global Law School in Sonipat, Haryana] Parties enjoying ample discretion to decide the ways of performance and enforceability of their mutual obligations is an inevitability within the realm of contract law.[1] And where there is discretion, there is an appreciable risk of it being exercised in a self-interested or opportunistic...
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