ArchiveApril 2020

The Specific Relief (Amendment) Act 2018: Applicable to Pending Proceedings? – Part III

[Rahul Sibal is an advocate who graduated from NALSAR Hyderabad. The author thanks Purvi Khanna, Nishtha Gupta and Anirudh Ramakrishnan for their comments on the draft version. However, the views expressed are the author’s alone. The author can be contacted at [email protected]] [The first and second posts in the series can be accessed here and here] In the previous post, the author analysed...

The Specific Relief (Amendment) Act 2018: Applicable to Pending Proceedings? – Part II

[Rahul Sibal is an advocate who graduated from NALSAR Hyderabad. The author thanks Purvi Khanna, Nishtha Gupta and Anirudh Ramakrishnan for their comments on the draft version. However, the views expressed are the author’s alone. The author can be contacted at [email protected]] [The first post in the series can be accessed here.] As discussed in the previous post, some practitioners have...

Decoding the Judicial Logjam Surrounding the ‘Seat’ of Arbitration

[Soham Banerjee is an Associate (Dispute Resolution) in a law firm in Mumbai and Salona Mittal is an advocate at the Bombay High Court] There is no gainsaying the fact that determination of the ‘seat’ of arbitration is a vexed question in law, having undergone multiple (and often conflicting) judicial interpretation. Identifying the seat of arbitration is a crucial exercise, since the...

SEBI’s Consultation Paper on Pricing of Preferential Issues and Open Offer Exemption

[Rongeet Poddar is a 5th Year student at West Bengal National University of Juridical Sciences] The Securities and Exchange Board of India (“SEBI”) on 22 April 2020 issued a consultation paper for easing pricing norms for preferential issues in companies having stressed assets. It aims to provide objective criteria for classifying a company as ‘stressed’. The document issued by the securities...

Banking on Force Majeure: Honouring Bank Guarantees in Times of a Pandemic

[Abhilash Agrawal is a legal officer at a private bank. In this post, he writes about the conflicting opinions given by the Bombay and Delhi High Courts on whether banks can be restrained from honouring bank guarantees and letters of credit by citing Covid-19 and subsequent disruptions caused due to it as force majeure. While the Bombay High Court has categorically denied such relief to...

The Dramatic Return of Virtual Currencies to India

[Meenal Maheshwari Shah is the lead transactional counsel of the Essar Group. The post was first published on In-House Community] A virtual currency (VC) is type of digital currency which is a representation of value, issued by private developers and denominated in their own unit of account. The concept of VC covers a wider array of “currencies,” ranging from simple IOUs of issuers (such as...

The Specific Relief (Amendment) Act 2018: Applicable to Pending Proceedings? – Part I

[Rahul Sibal is an advocate who graduated from NALSAR Hyderabad. The author thanks Nilima Bhadbhade, and Varun Malik for their comments on the draft. However, the views expressed are the author’s alone.] An Expert Committee was constituted on 28 January 2016 with the purpose of reviewing the Specific Relief Act, 1963. The Committee recommended several substantive changes to the Act, with one of...

Delhi High Court on Amended Timelines under the Arbitration and Conciliation Act

[Divyansha Agrawal and Kanwar Abhay Singh are practicing lawyers at the Delhi High Court and are associate lawyers with Advani and Co.] Section 29A of the Arbitration and Conciliation Act, 1996 deals with the time limit for passing an arbitral award. Currently, the Act provides a time limit of 12 months after the pleadings are complete for the tribunal to complete the arbitration proceeding and...

New CSR Amendment Brings New Challenges for Implementing Agencies

[Tanya Nair is a 4th year B.A.LLB.(Hons.) student at NLIU, Bhopal] On 13 March 2020 the Ministry of Corporate Affairs (MCA) invited comments from the public concerning the draft Companies (Corporate Social Responsibility Policy) Amendment Rules, 2020. The draft amendment, once notified, will make significant changes to the corporate social responsibility policies of various companies. The MCA has...

Debarment of Company Auditor: A Cursory Death Note

[Shubham Nahata is a 3rd year student of Hidayatullah National Law University] Chapter X of the Companies Act, 2013 contains provisions for regulating audit and auditors of the companies. Among other things, the chapter deals with the appointment, removal, disqualifications, and resignation of company auditors. Recently, the Bombay High Court in N. Sampath Ganesh v. Union of India dealt with the...

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