[Shubham Gupta is a 4th law student at Institute of Law, Nirma University, Ahmedabad] The Securities and Exchange Board of India (SEBI) has elucidated its position with the respect to the extra-territorial application of its corporate governance norms. In a recent informal guidance in the matter of KCP Limited, SEBI interpreted regulation 24(1) of the SEBI (Listing Obligations and Disclosure...
Leniency Plus: A Potential Minus To The Indian Competition Framework?
[Vedantha Sai is a 4th year student at the National University of Advanced Legal Studies (NUALS) Kochi, India] Acting upon the Report of the Competition Law Review Committee, the Ministry of Corporate Affairs on 20 February 2020 introduced the Draft Competition (Amendment) Bill with the object of filling several gaps and revamping the competition law framework in India. It incorporates several...
Vivad se Vishwas Scheme: Will the Tax Payer Express Trust?
[Venkat Maithreya is a Counsel at the Telangana High Court] The Vivad Se Vishwas Scheme (now the Direct Tax Vivad Se Vishwas Act, 2020) (the “Scheme”) was introduced by the Finance Minister, Ms. Nirmala Sitaraman, in her Budget speech for the year 2020-21 in the Lok Sabha on 1 February 2020. The Scheme seems to be an equivalent of the Indirect Tax Sabka Vishwas (Legacy Dispute Resolution) Scheme...
Liability of Issuers for Misleading Advertisement in a Public Issue of Securities
[Neha Sinha is a 3rd Year B.A. LL.B. student at National University of Study and Research in Law (NUSRL), Ranchi] In an order dated February 26, 2020, the Securities and Exchange Board of India (SEBI) imposed penalty on Muthootu Mini Financiers Ltd. (MMFL) in a matter relating to misleading advertisement made to the public at large regarding the issue of debt securities. The matter was decided by...
Delhi High Court on Limitation Period under Section 8, Arbitration And Conciliation Act
[Piyush Agrawal and Radhika Agrawal are 3rd year students at the Hidayatullah National Law University, Raipur] Whether or not the limitation period is applicable to section 8 of the Arbitration and Conciliation Act, 1996 (“Arbitration Act”) is an unsettled principle. The peculiarity of the statute of limitation being enforceable in courts, but not in matters of arbitration, has long been debated...
Competition Law and the Deep Discounting Conundrum
[Akanshha Agrawal is a III year student at the National Law University, Delhi An earlier version of this post was published by the Kluwer Competition Law Blog] The changing market dynamics in the digital era have raised several concerns with competition regulators across the world, triggering a host of studies for a better understanding the issue. In doing its part, the Competition Commission of...
Supreme Court’s Enunciation of Insurance Law in India
[Kamakshi Puri is a final year student at Jindal Global Law School] In a series of cases last year, a Supreme Court bench comprising Justice Dhananjaya Chandrachud and Justice Hemant Mehta delivered judgments on important aspects of insurance law. Oriental Insurance Company v Mahindra Construction, Life Insurance Corporation of India v Manish Gupta and Reliance Life Insurance Company Limited v...
Position of Third Party Security after Jaypee Infratech
[Ankesh Kumar is a IV Year student at NLIU Bhopal] Anuj Jain v Axis Bank Limited witnessed the Supreme Court ruling on two important matter in Indian insolvency law. As summarized in this post, while the Court set aside the transactions in question as being preferential within the meaning of section 43 of Insolvency and Bankruptcy Code, 2016 (IBC), it went on to decide that creditors taking third...
Crypto-Trading’s Tryst with Destiny
[Megha Mittal is an Associate with Vinod Kothari & Co.] Amidst apprehensions of crypto-trading being a highly volatile and risk-concentric venture, the Supreme Court, in its order dated 4 March 2020 observed that the Reserve Bank of India (RBI), a staunch critic of cryptocurrencies, failed to present any empirical evidence substantiating cryptocurrency’s negative impact on the banking and...
IBC Ordinance, 2019: Impleadment of Allottees in a Pending Application
[Pareekshit Bishnoi is an advocate based in Delhi] The President of India on 28 December 2019 promulgated the Insolvency and Bankruptcy Amendment (Ordinance) Act, 2019 (the “Ordinance”) to amend several provisions of the Insolvency and Bankruptcy Code, 2016 (the “Code”). Pertinently, section 3 of the Ordinance amended section 7 of the Code by adding three provisos to it. The provisos have limited...
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