[Anand Nandakumar is a final year BA LLB (Hons.) student at the National University of Advanced Legal Studies, Kochi] On May 31 2019, the US President signed the Presidential Proclamation that would terminate India from the list of beneficiary developing countries to the US Generalized System of Preferences (GSP). The Proclamation states that the termination was a result of India’s failure to...
Reassessment Proceedings under the Income Tax Act: Assessing Officer’s “Reason to Believe”
[Amrit Singh is a fourth-year B.A., LL.B. (Hons.) student at Institute of Law, Nirma University] According to section 2(9) of the Income Tax Act 1961, the term “assessment year” means the period of twelve months commencing on the 1st day of April every year. Reassessment means reopening the already completed assessment on fulfilment of certain conditions to reassess the total income of the...
Insider Trading: Will the Informant Mechanism be Effective?
[Sakshi Ajmera is a 2nd year B.A.LL.B. (Hons.) student at the National Law Institute University, Bhopal] The Securities and Exchange Board of India (SEBI) on 10 June 2019 proposed an ‘informant mechanism’ to safeguard the interests of the investors and limit insider trading. In light of the difficulty in tracking illegal transactions, SEBI has released a discussion paper, which could be...
SEBI’s Proposed Buyback Rules for Leverage Limits
[Pammy Jaiswal is a Partner at Vinod Kothari and Company, and can be reached at [email protected]] The Securities and Exchange Board of India (SEBI) has issued a discussion paper on 22 May 2019 on proposed changes to the conditions relating to a buyback. While one of the proposed changes in terms of computing the buy-back size is logical, the other change on taking the debt to equity...
Call for Papers: The National Law School of India Review
[Announcement from the National Law School of India Review] About NLSIR The National Law School of India Review (NLSIR) is now accepting submissions for its upcoming issue – Volume 32(1). The NLSIR is the flagship law review of the National Law School of India University, Bangalore, India. The NLSIR is a bi-annual, student edited, peer-reviewed law journal providing incisive legal scholarship on...
Obliterating Unnecessarys Delays: SEBI Proposes 10% Mandatory Deposits for Appeal
[Shubham Gupta is a 4th Year Student at the Institute of Law, Nirma University] The Indian judicial system is grossly afflicted with litigation, some of which tends to be frivolous. The Supreme Court, in its Sahara decision, stated that ‘ways and means need to be evolved to deter the litigants from their compulsive obsession toward senseless and ill-considered claims’. Therefore, with the aim of...
Battle for Claiming Secured Assets: Insolvency Code vs SARFAESI Act
[Jai Bajpai is a student at the School of Law, University of Petroleum and Energy Studies, Dehradun] The objective of the Insolvency and Bankruptcy Code 2016 is to determine solutions for non-performing assets. It is to provide a collective mechanism for resolving insolvency within a framework of equity and fairness to all stakeholders and to preserve economic value in the process. It prescribes...
Clipping the Powers of the CCI: Reflections from the Bharti Airtel Case
[Vrinda Aggarwal and Advik Rijul Jha are Fourth Year Law Students (BA-LLB) at Jindal Global Law School, Sonipat, Haryana] On 5 December 2018, the Supreme Court held that when there is a conflict between the jurisdiction of the Competition Commission of India (CCI) and the Telecom Regulatory Authority of India (TRAI), the latter is to prevail. Under section 18 of the Competition Act, 2002, the CCI...
The Need to Revisit Merger Control Thresholds in a Data Driven Economy
[Priyadarsini T P is a 4th year B.A LL.B (Hons) student at the National University of Advanced Legal Studies, Kochi] Implications of data on competition are manifold. One of the ways in which these manifest is when a horizontal merger takes place between two undertakings in a market where data are the input for delivery of a certain service. The adverse effects may be more serious when the market...
IBC and its Interface with Other Legislation: NCLT Clears the Air Again
[Rongeet Poddar is a final year BA LLB (Hons.) student at the West Bengal National University of Juridical Sciences, Kolkata and Yashika Gupta a fourth year BA LLB (Hons.) student at Hidayatullah National Law University] The Principal Bench of the National Company Law Tribunal (NCLT) has, in April this year, ordered the Securities and Exchange Board of India (SEBI) to de-attach the immovable...
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