ArchiveMarch 2019

Bombay High Court on the Rights Available under the Arbitration and Conciliation Act if the Seat of Arbitration is London

[Gourav Mohanty is a lawyer in Mumbai]  The judgment of Bombay High Court earlier this year in Prysmian Cavi E Sisteni S.r.l v Viiay Karia may have struck a death knell to the prospects of choosing London as a seat of arbitration for Indian parties. This post will examine whether pursuing a London-seated arbitration would deprive an award debtor of its right to resist an award on jurisdictional...

Delimiting the Boundaries: Settlement Plan under the Insolvency Regime

[Varsha Gupta and Tushar Behl are 4th year students at the School of Law, UPES, Dehradun] The Insolvency and Bankruptcy Code, 2016 was enacted with the objective of facilitating time-bound resolution of corporate persons, among others, for maximizing the value of assets of such persons. Considering the resolution objective of the Code, section 12A was introduced through the Insolvency and...

India’s Draft Privacy Law: Can Blockchain Forget?

[Jishnu M Nair is an Attorney at IBM India/South Asia. The opinions are personal views of the author and do not necessarily represent IBM’s positions, strategies or opinions.] The right to be forgotten is one of the key requirements of the recently released draft of India’s personal data protection law. Can blockchain adapt to this key concept? In Mario Costeja Gonzalez[i], the Court...

Successful Bidder, Failed Resolution: Analyzing the Lacuna in the Insolvency and Bankruptcy Code, 2016

[Siddharth Kumar is a student at Vivekananda School of Law and Legal Studies, New Delhi and Aditya Prasad at Jindal Global Law School, Sonepat. They are also Editor and Associate Editor respectively of the CorpLexia Blawg] The Insolvency and Bankruptcy Code, 2016 has arguably been one of the foremost developments in the Indian financial laws in recent times. While the Code has proven to be (or...

Claims in Quantum Meruit vis-à-vis Damages in Breach of Contract

[Pulkit Khare and Vaidehi Soni are 4th Year B.A., LL.B. (Hons.) students of the National University of Advanced Legal Studies, Kochi] The Supreme Court recently in Mahanagar Telephone Nigam Ltd. (MTNL) v. Tata Communications Ltd. raised a question whether quasi-contractual obligations can be imported into a contract which already stipulates a sum for its breach. The case was brought about to...

SEBI Consults on Shares with Differential Voting Rights

Dual class share (DCS) structures are becoming more popular around the world. While they have been existent in several companies in the United States (US) for some decades now, they were accompanied sometimes by a sense of unease among investors and regulators due to the disparity they create between economic rights (level of ownership) of shareholders and their control rights (voting). Since the...

Entity versus Enterprise: Dealing with Insolvency of Corporate Groups

[Vinod Kothari and Sikha Bansal are with Vinod Kothari & Company. The can be reached at [email protected]] Present-day businesses sweep across multiple entities, such that the “enterprise” consisting of multiple entities, often in multiple jurisdictions, is referred to as a “group”. While accounting standards and securities market regulators have moved on to the concept of “business...

Supreme Court on Relevance of Section 15J of SEBI Act

[Rakshita Poddar and Jitesh Maheshwari are associates at Mindspright Legal] The Supreme Court of India has recently passed a landmark judgment in Adjudicating Officer (“AO”), SEBI v. Bhavesh Pabari by which it has overruled its previous judgment in SEBI v. Roofit Industries Ltd. and explained the relevance of section 15J of the Securities and Exchange Board of India Act, 1992. The Securities and...

Dissecting the L&T-Mindtree Takeover Battle

Hostile takeovers are rare in India; there have been only a handful of occurrences over the last few decades. Hence, the announcement by Larsen & Toubro (L&T) yesterday that it intends to launch a takeover of Mindtree set the Indian corporate scene abuzz because the promoters and management of Mindtree have sought to aggressively resist L&T’s attempts. It is billed as the first...

5th GNLU Moot on Securities and Investment Law

[Announcement on behalf of the Gujarat National Law University, Gandhinagar] Since its establishment in 2015, the GNLU Moot on Securities and Investment Law (GNLUMSIL) has garnered praise for providing a platform to students to be able to simulate challenges faced by the Indian capital markets and, at the same time, offering them a stimulating opportunity for research and learning in the domain...

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