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Party Autonomy vs. Judicial Oversight: The Arbitration Dilemma

[Rishab Chand Jain and Jitya Singh are in the 3rd year and 4th year respectively in B.A. LL.B. (Hons.) programme at the National Law School of India University, Bangalore (NLSIU)] Party autonomy, impartiality, and independence in appointing arbitrators have always been a tussling point in Indian arbitration jurisprudence. The Indian judiciary has juggled between two differing lines of reasoning...

India’s Cross-Border Insolvency Framework: Time to Honour Exclusive Jurisdiction Clauses

[Vishrut Kansal is a Principal Associate at the Delhi office of Shardul Amarchand Mangaldas, and Mohd Fahad Ansari is a 4th year B.A., LL.B. (Hons.) student at NUSRL Ranchi] In cross-border commercial transactions that involve parties from India and other jurisdictions, it is common to include a clause which specifies that any dispute arising shall be subject to the exclusive jurisdiction of the...

The Religare Takeover Saga: Competing Offers and SEBI’S Tightrope Walk

[Aayush Ambasht, Param Kailash and Sudiksha Moorthi are 4th Year BBA LLB (Hons.) students at Symbiosis Law School, Pune] The 16-month long takeover saga of Religare Enterprise Limited (REL) reached its much-awaited conclusion on 14 February 2025 by way of an order of the Securities and Exchange Board of India (SEBI) following Supreme Court directions.   The controversy unfolded in early 2024 when...

RPT Disclosure Standards: Regulator’s Ongoing Quest for Balance

[Bharat Vasani is Senior Advisor – Corporate laws at the Mumbai office of Cyril Amarchand Mangaldas. An earlier version of this post was published on the Cyril Amarchand Mangaldas Blog] The law on related party transactions (“RPTs”) has been evolving since its inclusion in the Companies Act, 2013 (“the Act”) and the introduction of stricter regulations for listed companies by the Securities and...

The SEBI-RBI Conflict: Regulatory Gridlock in NBFC Takeovers

[Akshay Dhekane is a 5th year B.A., LL.B. (Hons.) student at National Law University Delhi] In the Indian markets, hostile takeovers are a potent but rare strategy to gain control over companies. Recognizing their importance the Supreme Court in Pramod Jain v SEBI held: “A hostile takeover helps to unlock the hidden value of the shares and puts pressure on the management to work efficiently”...

Decoding CCI’s Integrationist Stance: Unpacking the WhatsApp Privacy Policy Saga

[Andaleeb Haider is a 2nd year B.A. LL.B (Hons.) student at National Academy of Legal Studies and Research (NALSAR) University of Law, Hyderabad] Recently, the National Company Law Appellate Tribunal (NCLAT) stayed the five-year ban imposed by the Competition Commission of India (CCI) on WhatsApp Inc. from sharing its users’ data with Meta Platforms for advertising purposes.  The CCI had imposed...

Share Application Money: Is it Financial Debt under the IBC?

[Tejas Venkatesh is a Final Year student at Jindal Global Law School] On 26 November 2025, the principal bench of the National Company Law Appellate Tribunal (NCLAT) in New Delhi dismissed an appeal arising from an order of the National Company Law Tribunal (NCLT). The order of the NCLT rejected an application by Muralidhar Vincom Pvt. Ltd. to initiate corporate insolvency resolution process...

The Doctrine of Vicarious Liability of Auditors: Delhi High Court in Deloitte v. Union of India

[Bharat Vasani is a Senior Advisor and Maharshi Shah and Ayush Lahoti are Associates, all at the Mumbai office of Cyril Amarchand Mangaldas. An earlier version of this post was published on the Cyril Amarchand Mangaldas Blog] India’s evolving financial reporting system has made robust corporate governance mechanisms indispensable. The need for heightened financial reporting mechanisms was first...

CIRP Amendment Regulations 2025: Streamlining Resolution Processes and Protecting Homebuyer Interests

[Aparna Ravi is a Partner and Manan Sheth an Associate at S&R Associates, Advocates] As of December 2024, insolvencies in the real estate sector accounted for approximately 22% of admitted cases under the Insolvency and Bankruptcy Code, 2016 (“IBC”), making it second only to the manufacturing sector that accounted for 37% of admitted cases, as noted in the Insolvency and Bankruptcy Board of...

SEBI’s New Consultation Procedure for Making Regulations

As the regulator of India’s capital markets, the Securities and Exchange Board of India (“SEBI”) performs the role of a mini-state in that it exercises the powers of the legislature, executive, and judiciary, all vested in a single authority. Over the last three decades of its existence, SEBI has enacted regulations on nearly every single aspect of India’s capital markets. Its regulation-making...

Tax or Contractual Payment: The Prospect of an ISDS Claim

[Kartikey Mahajan is a Partner, Jatan Artur Rodrigues a Senior Associate, and Keshav Somani an Associate, all part of the Dispute Resolution practice group of Khaitan and Co.  The authors would like to thank Rohan Sanjith (Paralegal at Khaitan & Co and a final-year student at Indian International University of Legal Education and Research) for his contribution] On 25 July 2024, a nine-judge...

Regulation vs. Reality: Is SEBI Pushing Category-II AIFs into Obsolescence?

[Khushi Patel and Kritika Jain are 3rd year BBA LLB (Hons.) students at Gujarat National Law University, Gandhinagar] Earlier this month, SEBI proposed amendments to regulation 17(a) of the SEBI (Alternative Investment Funds) Regulations, 2012 (the ‘AIF Regulations’), allowing category II alternative investment funds (AIFs) to meet their 50% unlisted investment requirement by including listed...

Streamlining Insolvency Resolutions: A Critical Look at New Proposals

[Yarabham Akshit Reddy and Chakkapalli Satya Kaushik are 3rd year BA.LLB (Hons) students at Hidayatullah National Law University, Raipur] On 4 February 2025, the Insolvency and Bankruptcy Board of India (IBBI) released a discussion paper proposing 11 significant changes to the regulations under the Insolvency and Bankruptcy Code (IBC). These amendments aim at resolving various operational...

Beyond the Judgement: Examining Mandatory Prior CCI Approval in Insolvency Through a Global Lens

[Purava Rathi and Disha Kothawade are 4th year B.A.LL.B. (Hons.) students at National Law Institute University, Bhopal (NLIU)] The recent Supreme Court ruling in Independent Sugar Corporation Ltd. v. Girish Sriram Juneja and Others (29 January 2025) has settled the legal position that approval from the Competition Commission of India (CCI) must be obtained prior to the approval from the Committee...

GoAir Insolvency: Grounded Fleet and Flying Questions

[Jatin Yadav and Pranav Jain are fourth year B.A. LL.B(Hons.) students at Hidayatullah National Law University, Raipur] On 20 January 2025,  the National Company Law Tribunal (NCLT) ordered the liquidation of Go Airlines India Limited (Corporate Debtor) after it filed for voluntary liquidation under section 10 of the Insolvency and Bankruptcy Code, 2016 back in 2023. The Corporate Debtor blamed...

Emergency Arbitration: Will the SIAC’s New Rules Face Judicial Resistance in India?

[Gayatri Kondapalli and Aditi Kanoongo are 4th year B.A., LL.B. (Hons.) students at NALSAR University of Law, Hyderabad] On January 1, 2025, the seventh edition of the Singapore International Arbitration Centre Rules (“SIAC Rules, 2025”) came into effect, introducing significant procedural changes, particularly in the context of emergency arbitration. Although the rules enhance expediency in...

RBI’s Endeavor to Regulate Grey Areas: FOCCs’ Overhaul in Consonance with FDI

[Kartik Mehta and Pranav Jain are fourth-year B.A.,LL.B(Hons.) students at HNLU, Raipur] The Reserve Bank of India (RBI) on 20 January 2025 released the updated master directions for foreign direct investment (FDI) in India, leading to a significant overhaul in the framework for investment through foreign-owned and controlled companies (FOCCs). In summary, a foreign investor can invest in an...

Redefining Oversight: SEBI’s Crackdown on ODIs and the Pursuit of Financial Transparency

[Kashvi is a second-year law student at National Law University Odisha and Divyansh is a third-year law student at National Law School of India University] Offshore derivative instruments (ODIs) have been a point of contention in India’s regulatory landscape for over 15 years. These instruments allow foreign investors to trade Indian securities without the need for registration with the...

Interim Relief under the Arbitration and Conciliation Act, 1996: The Dilemma that Wasn’t

[Saranya Ravindran is a 4th year law B.A., LL.B. (Hons.) student at NALSAR University of Law in Hyderabad] Interim reliefs are crucial to ensure the enforcement of an arbitral award, as the opposing party may no longer possess sufficient assets post-award, rendering enforcement ineffective. Section 9 of the Arbitration and Conciliation Act, 1996, which allows a party to seek interim relief from a...

SAT’s Order in Pegasus: Dispensing with Valuations in Indirect Acquisitions?

[Shalin Ghosh is a 3rd year B.A., LL.B. (Hons.) student at Maharashtra National Law University, Mumbai] Indirect acquisitions involve an acquirer obtaining control in the target company by taking over an intermediary entity which already holds a controlling stake in the target. This transaction structure does not result in any change in the target’s public shareholding. However, such acquisitions...

Beyond the Group of Companies Doctrine: Rethinking Joinder of Non-Signatories

[Shyamal Anand is a Principal Associate at Shardul Amarchand Mangaldas and Co and Divyansh Morolia a IV year student, National Law Institute University, Bhopal] As commentators have observed, arbitration is essentially a private process, having party autonomy and consent at its core. The arbitration tribunal derives its jurisdiction from the agreement of the parties. However, under some limited...

Casting a Wider Net: SEBI’s Expanded Definition of “Connected Person” and “Relatives”

[Priyanshi Jain is a 5th year student at Institute of Law, Nirma University and Akhand Singh is a 3rd year student at Institute of Law, Nirma University] The Securities and Exchange Board of India [“SEBI”] on December 4, 2024 notified an amendment to the SEBI (Prohibition of Insider Trading) Regulation, 2015 [“PIT Regulations, 2015”] by way of the SEBI (Prohibition of Insider Trading) (Third...

Revisiting Standard Chartered Bank: Clarifying the ‘Special Equities’ Exception to Unconditional Bank Guarantees

[Chiranth Mukunda and Vikram Raj Nanda are 2nd Year BA.LLB (Hons.) Students at the National Law School of India University, Bengaluru] In a recent decision, the Delhi High Court in Director General Project Varsha v. Navayugavanoordjv, dealt at length with the ‘special equities’ exception to the invocation of unconditional bank guarantees. Though the law in this regard is generally...

Determining the Date of Conversion for Foreign Award Denominated in Foreign Currency

[Ankur Mishra is an advocate practising in the Delhi High Court] In cases of enforcement of awards denominated in foreign currency, what should be the date of conversion of currency for the purpose of enforcement? Should it be the date of breach or should it be the date when decree is made against the judgment debtor? In case of foreign award, should the date of conversion be the date when the...

Weighing SEBI’s Approaches to Diversify the Ownership of Clearing Corporations 

[Vaibhav Gautam is a third year student at NALSAR University of Law, Hyderabad] Clearing corporations (“CCs”) are integral to the securities ecosystem, as they serve as central counterparties for the trades executed on exchanges. Their primary role involves guaranteeing the settlement of trade by managing risks and providing finality to the settlements. Their nature as risk managers comes along...

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