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Navigating the Choppy Waters of Anti-trust Regulation in the Maritime Industry

[Aditya Trivedi is an Associate with the Competition Advisory Services (India) LLP, New Delhi and an LL.M. student in Competition Law & Economics at the Brussels School of Competition and Vanshika Arora is a 4th Year B.A.LL.B. student at the Army Institute of Law, Mohali] In the vast tapestry of India’s economic landscape, the maritime sector stands as a pivotal contributor, shaping the...

Will Insolvency Drown Under the Crown’s Weight? Addressing Differential Debt Treatment under the IBC

[Deep Dighe is an Advocate practicing in the Bombay High Court] The question of statutory dues or crown debts (as they were previously known under the colonial regime) and their interplay with the corporate insolvency law in India has been an issue that has drawn the attention of all stakeholders to it. Much ink has been spilled about the contrasting Supreme Court judgments on the treatment of...

Electoral Bonds Deemed Unconstitutional: Granular Electoral Finance Reforms Needed?

[Bhaskar Vishwajeet and Abhinav Shankarraman are final year law students at Jindal Global Law School] The recent judgement of the Supreme Court in Association for Democratic Reforms v. Union of India has stirred the hornet’s nest on electoral financing in India. At the heart of this judgement lay the controversy surrounding unlimited corporate funding of political parties. The judgment of the...

SEBI Greenlights Pledging of Equity Investments by Alternative Investment Funds

[Prachya J. Bhattacharya and Sahsransh Pandey are 3rd year students at Gujarat National Law University, Gandhinagar] In an effort to foster the consistent growth of alternative investment funds (AIFs), the Securities & Exchange Board of India (SEBI) introduced a consultation paper on 2 February 2024. The paper aims to allow AIFs to create encumbrance on their equity holdings in infrastructure...

Disclosure Dilemma: Streamlining Disclosures for Smoother FPI Flow

[Isha Sharma is a 4th year B.A., LL.B. (Hons.) student from Gujarat National Law University, Gandhinagar] The Securities and Exchange Board of India (“SEBI”), as the primary authority overseeing the Indian securities market, regularly reviews and updates regulatory frameworks to harmonize the evolving market dynamics with the best global practices. In 2023, SEBI introduced significant amendments...

Whether a “Sale of Shares” Amounts to a “Sale of an Undertaking”: Has the Conundrum Been Resolved?

[Bharat Vasani is Senior Advisor – Corporate Laws and Varun Kannan an Associate in the General Corporate Practice, both at the Mumbai office of Cyril Amarchand Mangaldas. An earlier version of this post was published on the Cyril Amarchand Mangaldas Blog] “What would constitute an ‘undertaking’ of a company” has been among the most hotly debated topics in the history of India’s company law regime...

Personal Data Breach Notifications as UPSI(?): A Safe Haven for Insider Trading

[Fathima Rena Abdulla is a 3rd-year B.A., LL.B. (Hons.) student at NUALS, Kochi] Stock market responses to cybersecurity breaches have consistently triggered negative outcomes and, consequently, opportunistic insider trading. Through timely selling before public breach announcements, insiders employ various tactics, including buying put options, making profits, or avoiding losses from the...

Geopolitical and National Security Considerations in Outbound Foreign Investment

[Rajat Sethi is a Partner and Deborshi Barat a Counsel at S&R Associates, Advocates] In a world characterized by geopolitical shifts and heightened national security concerns, the realm of foreign investments is undergoing a profound transformation. Disruptive events, evolving alliances and strategic recalibrations are increasingly influencing how nations perceive the risks and opportunities...

Interpretation of Section 30(2) of the IBC: Rights over Prudence?

[Saksham Chaturvedi is a 5th year law student at National Law University, Odisha] A division bench of the Supreme Court in DBS Bank v. Ruchi Soya has referred an issue concerning the interpretation of the amended section 30(2)(b) of the Insolvency and Bankruptcy Code, 2016 (IBC) to a larger bench. The question before the bench in DBS Bank was whether, as per the amended section 30(2)(b)(ii) of...

Business Judgment Rule: The Indian Context

[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 business judgment rule is a legal presumption evolved by Delaware courts. The presumption is that while making business decisions, directors of a company act in good faith, on an informed basis and in the...

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