[Vaishnavi Srinivasan and Philip Oommen are lawyers based in Mumbai, and graduates of the National Institute of Securities Markets] Rule 8(3)(f) of the Securities Contracts (Regulation) Rules, 1957, (“SCRR”) is one of the lesser-known, yet crucial provisions in securities regulation. From the placing of restrictions on loans and advances to the prohibition of digital gold sales, rule 8(3)(f) is...
Call for Submissions: National Law School of India Review (NLSIR)
[Announcement on behalf of the National Law School of India Review] The National Law School of India Review (NLSIR) is the flagship student-edited law review published by the National Law School of India University (NLSIU), Bengaluru. It is a bi-annual, peer reviewed journal and holds the unique distinction of being cited thrice by the Supreme Court of India. NLSIR has also been cited by courts...
Group of Companies Doctrine: Apex Court’s Landmark Ruling in Cox and Kings
[Manas Rohilla and Smruti Kulkarni are 3rd year B.A., LL.B. (Hons.) students at the Gujarat National Law University, Gandhinagar] In the era of complex and multi-party transactions, the issue of whether non-signatories to an arbitration agreement can be bound by it has been largely relevant and contentious. On 6 December 2023, a five-judge constitution bench of the Supreme Court of India, in Cox...
Pre-Deposit Clauses in Arbitration Contracts: Analyzing the LombardiEngineering Case
[Suyash Pandey is a third year B.A., LL.B. (Hons.) student at the National Law School of India University, Bangalore] Recently, the Supreme Court (‘SC’) in Lombardi Engineering Limited v. Uttarakhand Jal Vidyut Nigam Limited has invoked Article 14 of the Constitution of India to test the validity of the pre-deposit arbitration agreement between Lombardi Engineering (‘LE’) and Uttarakhand Project...
SEBI’s Proposal to Link Voluntary Delisting to a Fixed Price is Meritorious
[Aadya Conjeevaram is a third-year undergraduate student at the West Bengal National University of Juridical Sciences, Kolkata] The Securities and Exchange Board of India (“SEBI”) through a consultation paper (“Consultation Paper”) proposed significant changes to enhance the delisting process. A sub-group, led by Mr. Keki Mistry and comprising members from the Primary Market Advisory Committee...
Dematerialization Mandate for Private Companies: Navigating Transparency & Challenges
[Bhabesh Satapathy and Harsh Mittal are third year B.B.A. LL.B. (Hons.) students at National Law University, Odisha] On October 27, 2023, the Ministry of Corporate Affairs (“MCA”) ushered in a significant change with the introduction of rule 9B through the Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2023 (“PAS Rules”) The amendment is in harmony with the overarching...
Inside SEBI’s Consultation Paper: Reshaping SSFs in Indian Finance
[Harsh Mittal and Sidhanth M K Majoo are 3rd year B.B.A. LL.B. (Hons.) students at National Law University, Odisha] The Indian financial system has long been burdened by the prevalence of stressed assets, necessitating substantial capital infusions into banks, non-banking financial companies (“NBFCs”), and other financial institutions. These stressed assets have constrained the ability of...
Small and Medium REITs: Debunking Fractional Ownership and the Way Forward
[Aayush Ambasht and Rajdeep Bhattacharjee are 3rd Year BBA LLB (Hons.) students at Symbiosis Law School, Pune] In its board meeting on November 25, 2023, the Securities Exchange Board of India (‘SEBI’) approved amendments to the SEBI (Real Estate Investment Trusts, Regulations, 2014) for facilitating a regulatory framework for Small and Medium Real Estate Investment Trusts (‘SM REITs’). Through...
Green Competition: Adopting A Flexible Regulatory Framework
[Oorja Newatia is a second-year law school student at NLSIU, Bengaluru. An earlier version of this post was first published with the Centre for Business and Commercial Laws] Recently, on the sidelines of the BRICS Competition Conference, the Competition Commission of India’s (‘CCI’) chairperson has declared that the CCI is looking at ways to integrate sustainability dimensions into the...
Scope of Judicial Interference in the CIRP: Rethinking the Commercial Wisdom Doctrine
[Rohan Srivastava and Priyanshu Mishra are III Year B.A. LL.B.(Hons.) students at the National Law School Of India University Bengaluru] Ever since the enactment of the Insolvency and Bankruptcy Code of 2016 (IBC), the corporate insolvency resolution process (CIRP) has been at the heart of the ambitious legislation. This statutorily guided process, aimed at reviving the corporate debtor, entails...
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