[Suneha Kasal and Swini Khara are III year law students at NALSAR University of Law, Hyderabad] Considering the ongoing evolution and internationalization of capital markets across the globe and change in the complexion of Indian companies, the Securities and Exchange Board of India (SEBI) recently acknowledged that the current regulatory framework on ‘direct overseas listing of equity shares’...
Real Estate Intermediaries: A Missed Opportunity in the Recent ECB Framework?
[Bhavin Gada, Soumya Shanker and Sharan Sanil are with M/s Economic Laws Practice, Advocates and Solicitors. The views of the authors are personal] Recently, the Reserve Bank of India (“RBI”), through the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018, consolidated all the erstwhile foreign exchange regulations governing the borrowing and lending in foreign currency or...
Amendment to Insider Trading Regulations: An Incentive for Insiders?
[Bhavin Gada, Soumya Shanker and Mehak Gupta are with M/s Economic Laws Practice, Advocates and Solicitors. The views of the authors are personal] On 31 December 2018, the Securities and Exchange Board of India (“SEBI”) issued an amendment to the SEBI (Prohibition of Insider Trading) Regulations, 2015 (“PIT Regulations”). The amendment was pursuant to the recommendations made in the...
NCLAT Interprets the Definition of “Financial Debt” under Insolvency Law
[Medhashree Verma and Kavya Lalchandani are 3rd year B.B.A, LL.B. students at National Law University Odisha, Cuttack] In a recent judgment in Jignesh Shah v. IL&FS Financial Services Limited & Anr., the National Company Law Appellate Tribunal (NCLAT) dealt with the interpretation of the term ‘financial debt’ under the Insolvency and Bankruptcy Code, 2016. It is only when the debt...
Venue vs. Seat: A Curious Case for the Indian Judiciary’s Self-Restraint
[Divpriya Chawla is an associate with a law firm in Delhi] The crucial importance of the choice of the ‘seat’ in an international arbitration is universally accepted and cannot be overstated due to its impact on the questions of applicable law, nature of supervisory jurisdiction, post-award challenge proceedings, and enforceability (2015 International Arbitration Survey). Despite the profound...
CCI’s Order in the Snapdeal – KAFF Case
[Gokul Plaha is a fifth year year B.A., LL.B. (Hons.) student at the National Law University, Delhi] By way of an order dated 15 January 2019 passed under section 26(6) of the Competition Act, 2002 (the Act) in Jasper lnfotech Private Limited (Snapdeal) and KAFF Appliances (India) Pvt. Ltd. (KAFF) (15 January 2019), the Competition Commission of India (CCI) clarified that section 3(4)(e) of the...
Negating Negative Covenants: A Deterrence to Private Equity Investment in India?
[Shuchita Goel is a V year B.A., LL.B. (Hons.) student at National Law University Delhi] The Indian corporate landscape is dominated by firms with concentrated ownership, where the controlling shareholders (also known as promoters) play an all-pervasive role in corporate governance.[1] Parties in control of a corporation are in a position to extract private benefits of control that do not accrue...
Supreme Court Enhances Information Rights of Directors in Insolvency Process
In Vijay Kumar Jain v. Standard Chartered Bank (decided on 31 January 2019), the Supreme Court was concerned with the question whether under the Insolvency and Bankruptcy Code, 2016 the resolution professional is obligated to provide to members of the suspended board of directors all relevant documents pertaining to the corporate insolvency resolution process, including the resolution plan. The...
Announcement: Researchers in Corporate and Financial Laws
[Announcement from the National Institute of Public Finance and Policy] The National Institute of Public Finance and Policy is looking to hire two researchers (1 legal researcher and 1 economics/public policy researcher) on a full-time basis in the field of corporate and financial laws. The positions are based out of Delhi. Our work is inter-disciplinary, bringing together knowledge of public...
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