ArchiveJune 2020

Relief Defendants in Recovery Proceedings: Implications of the Dave Committee’s Suggestion

[Pranav Mihir Kandada and Anuraag Bukkapatnam are 3rd year law students at NALSAR University of Law, Hyderabad] On June 16, 2020, SEBI notified the report of the High Level Committee under the chairmanship of Justice (Retd.) Anil R. Dave on the “Measures for Strengthening the Enforcement Mechanism of the Board and Incidental Issues”. The Committee examined the present securities laws and noted...

German Court’s Antitrust Decision Rules against Data Collection by Facebook

[Ridhi Arora and Hitoishi Sarkar are II Year B.A. LL.B (Hons.) students at Gujarat National Law University] On 23 June 2020, the Federal Court of Justice (Germany) provisionally confirmed charges of abuse of dominant position against Facebook. The judgment comes a year after the Federal Cartel Office (Germany) found Facebook guilty of exploiting its dominance to force users to share data from...

Decoding the Myths of Asset Value Maximisation in Insolvency

[Mudit Jain is a penultimate year B.A. LL.B. (Hons.) student at the National University of Advanced Legal Studies, Kochi] The Insolvency and Bankruptcy Code, 2016 (“IBC”) envisages ‘asset value maximisation’ under the long title of the statute. This has been amply litigated before being settled that the role of the committee of creditors (“CoC”) in a corporate insolvency resolution process...

A Banker’s Tax: Accepting the Inevitability of Bailouts and Enhancing Government Response

[Karan Kamath is a 2020 B.A. LL.B. (Hons.) graduate from Symbiosis Law School, Pune] Since the 2008 financial crisis, regulators around the world have made regulations more stringent to prevent, inter alia,bank collapses and resultant bailouts. Governments maintain that bailouts are not something they wish to repeat. However, bailouts have been resorted to rather commonly. A 2016 economics...

Disgorgement by SEBI under Section 32A of IBC: Death-Knell for Insolvency Resolution?

[Rongeet Poddar is a graduate of West Bengal National University of Juridical Sciences & Vishal Hablani is a final year student at West Bengal National University of Juridical Sciences]  The Securities and Exchange Board of India (“SEBI”) has released a ‘Report on the Measures for Strengthening the Enforcement Mechanism of the Board and Incidental Issues’ on 16 June 2020. The Report has...

The Troubled Waters of CCI’s Penalty Regime

[Akanshha Agrawal is a III year student at the National Law University, Delhi] The recent Competition Commission of India (CCI) order finding SKF India, Schaeffler India and Tata Steel guilty of forming an anti-competitive cartel has received much attention due to the regulator’s curious decision not to impose any penalty on the offenders. The CCI had taken a suo moto cognisance of the issue...

Investment Adviser Regulations: Settling the Dust between Advisory and Distribution Services

[Aditya Bhayal and Prachi Tripathi are 4th Year, B.A.LLB (Hons.) students at NALSAR University of Law, Hyderabad] In February 2020, the Securities and Exchange Board of India (“SEBI”) approved proposals on some regulatory changes to the SEBI (Investment Advisers) Regulations, 2013 (the “Regulations”). These changes come in the backdrop of four consultation papers which were released in 2016...

Obtaining Emergency Arbitral Relief in India for Foreign Seated Arbitrations: Judicial Innovation

[Ragini Agarwal and Aditya Singh Chauhan are B.A. LL.B. (Hons.) students at National Law University Jodhpur] The concept of emergency arbitration, though useful for the protection of assets or evidence, has not gained much traction legislatively in India. Despite recommendations of the 246th Report of the Law Commission of India and the Srikrishna Committee Report, the provisions to recognise the...

Demystifying the Interface between Securities Law and the IBC

[Hitoishi Sarkar and Yash More are II year students at Gujarat National Law University, Gandhinagar] On June 16, 2020, a high-level committee constituted by the Securities and Exchange Board of India (“SEBI”) under the chairmanship of Justice Anil R. Dave released its report titled Measures for Strengthening the Enforcement Mechanism of the Board and Incidental Issues (“SEBI...

IBC v. Arbitration: A Case for Prevalence of the IBC over the Arbitration and Conciliation Act

[Mayank Udhwani is a 5th year law student at National Law University, Jodhpur] The decision of the Mumbai Bench of the National Company Law Tribunal (NCLT) in Indus Biotech Private Limited v. Kotak India Venture Fund-I has recently made the headlines for allowing the Arbitration and Conciliation Act, 1996 [“Arbitration Act”] to prevail over the Insolvency and Bankruptcy Code, 2016 [“IBC”]. The...

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