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Anti-Dilution and Rights Issue: On the Right Side of the Law?

[Job Michael Mathew is a 4th year BA.LL.B (Hons) student at NALSAR University of Law. He may be reached at job.mathew94@gmail.com] This post examines whether the instrument of rights issue can be used by unlisted companies in enforcing anti-dilution provisions which may be one of terms in a shareholders’ agreement with a foreign...

Supreme Court Declines to Make Composite Reference to Arbitration from Interrelated Multiple Agreements

[Ritvik M. Kulkarni is an associate with Wadia Ghandy & Co., Mumbai. Views are strictly personal] In its order last month in Duro Fulgeura v. Gangavaram Port Ltd., the Supreme Court of India refused to make a composite reference and to appoint a single arbitral tribunal for disputes arising out of multiple agreements between the same parties (the “Order”). Factual Background A tender was...

The Status of MLM Companies in India

[Shubhi Goyal is a 4th Year Student at NALSAR University of Law, Hyderabad] Multi-level Marketing Companies (“MLM Companies”) sell their products and services directly to consumers, instead of following the traditional distribution channel of Manufacturer – Distributor – Wholesaler – Retailer – Consumer. They rely for their business on a non-salaried workforce, which sells products to...

The Ambiguous Treatment of Non-Compete Covenants in Joint Venture Agreements

[Anubhuti Maithani is a 2nd year B.A. LL.B. (Hons.) student at NALSAR University of Law in Hyderabad, India] A non-compete clause (NCC) is a restrictive covenant, frequently found in combination agreements like mergers and acquisitions (M&A) and joint venture agreements, that prohibits one party from competing with the other on terms stipulated therein. In other words, it restricts one party...

Undue Emphasis on Certificate from a Financial Institution under Insolvency Law

[Aayush Mitruka is a lawyer based in Delhi] The working of the Insolvency and Bankruptcy Code, 2016 (Code) has given rise to several challenges which need to be adequately addressed. The Code enables an operational creditor to initiate a corporate insolvency resolution process (CIRP) under section 9 provided it has complied with the requirement of sending a demand notice to the corporate debtor...

Settlement under the Insolvency and Bankruptcy Code, 2016: A Contrarian Perspective

[Shaleen Tiwari is an Advocate, Bombay High Court and a graduate of Hidayatullah National Law University, BA.LLB (Hons.), 2016] This post represents a contrarian view to the one adopted in a November 17, 2017 post titled ‘The Jeopardy of Settlements in Insolvency Cases’. Forming the cornerstone of the discussion here is the recent Supreme Court order in Uttara Foods and Feeds Private Limited v...

The Jeopardy of Settlements in Insolvency Cases

[Shreya Prakash is a BCL student at the University of Oxford. Earlier posts on the topic can be found here and here.] The Supreme Court in a recent order recommended that the Insolvency and Bankruptcy (Application to the Adjudicating Authority) Rules, 2016 be amended to allow for settlement between an individual debtor and creditor after an insolvency petition has been accepted. With respect...

Inconsistency between FDI policy and FCRA in the Media Sector

[Aditya Singh Rajput and Nelson Chaudhuri are researchers at the National Institute of Public Finance and Policy (NIPFP), New Delhi. The authors thank Radhika Pandey and Sumant Prashant from NIPFP for their valuable inputs] The post highlights an inconsistency which exists in the current Foreign Direct Investment (FDI) Policy and the Foreign Contribution (Regulation) Act, 2010 (FCRA) with respect...

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