[Siddharth S. Aatreya is a V Year B.A., LL.B. (Hons.) Candidate, National Law School of India University, Bangalore] In May 2018, the Delhi High Court issued its judgment in Union of India v Vodafone Group plc. The judgment vacated an interim order that had been passed in August 2017, by which the Court had temporarily restrained Vodafone from commencing arbitration proceedings under the India-UK...
Impact Analysis of Committee Recommendations on Offences under the Companies Act
[Gaurav Pingle is a practising Company Secretary in Pune and can be reached at [email protected]] The Government of India had constituted a Committee to review the existing framework dealing with offences under the Companies Act, 2013 (‘Act’) and related matters. The Committee was also required to make recommendations to promote better corporate compliance. The Committee submitted its final...
The Rise and Fall of the Financial Resolution and Deposit Insurance Bill
[Apoorv Madan and Rushil Anand are fourth year B.B.A. LL.B. (Hons.) students at Jindal Global Law School in Sonipat] Background It may be considered common knowledge, at this time, that failure of some financial institutions can have far-reaching implications on economies, sometimes resulting in full-blown financial crises. Further, because of the increasingly interconnected and globalised world...
Juristic Persons and the Embargo under Section 29A(d) of the Insolvency and Bankruptcy Code, 2016
[Rishabh Sinha is a 4th year B.A. LL.B. (Business Law Hons.) student at National Law University, Jodhpur] Introduction The National Company Law Appellate Tribunal (NCLAT) recently interpreted section 29A(d) of the Insolvency and Bankruptcy Code, 2016 (the Code) in Renaissance Steel India Pvt. Ltd. v. Electrosteels Steel India Ltd(10 August 2018). In this case the appellant had challenged the...
Resolution of Disputes in the Insolvency Code: Need for Appellate Review
[Shubham Jain and Vishvesh Vikram are BA.LLB (Hons.) students at National Law University Delhi] The limits of the discretion which can be exercised by a resolution professional with regard to adjudication of claims of creditors under the Insolvency Code remain to be tested. The National Company Law Appellate Tribunal (‘NCLAT’) in Saraogi Udyog v Vedanta Ltd (20 August 2018) refused to interfere...
Venture Global v. Tech Mahindra – Complicating the Public Policy Debate under Indian Arbitration Law
[Siddharth S. Aatreya is a V Year B.A., LL.B. (Hons.) Candidate at the National Law School of India University, Bangalore] Introduction The public policy ground for challenging an arbitral award has been the subject of much controversy in India. In the Supreme Court’s decision in Venture Global v. Tech Mahindra (2017) two issues within this broad area entered the spotlight – the applicability of...
Implications of India Adopting the UNCITRAL Model Law on Cross-Border Insolvency
[Aastha Kaushal (B.A.,LLB (Hons.)) and Saurav Gurjer (BB.A.,LLB (Hons.)) are 4thyear students from School of Law, Christ(Deemed to be University), Bengaluru] The management of international insolvencies are aimed to be resolved through a formal cross- border approach through the UNCITRAL Model Law on Cross-Border Insolvency (Model Law) which was approved by the United Nations General Assembly...
Ultratech Cements: Understanding Trends in the Economics of Market Power
[Lianne Lucia D’Souza is a 4thyear B.A. LL.B. student at School of Law, Christ (Deemed to be University, Bengaluru] Introduction Since the enforcement of merger control provisions in the Competition Act, 2002, the Competition Commission of India (“CCI”) has played an active role by assessing over 500 combinations in a short span of seven years. All transactions meeting the jurisdictional...
Supreme Court on the Scope of “Dispute” under the Insolvency and Bankruptcy Code
[Shourya Bari is an associate at a law firm in Mumbai having graduated from Jindal Global Law School, Sonipat (JGLS) in 2018 and Aditi Singh Kashyap is a 4th year B.A., LL.B. (Hons.) student at JGLS] The Insolvency & Bankruptcy Code (“IBC”) stipulates that the adjudicating authority (i.e. the National Company Law Tribunal or NCLT) would not admit an application by an operational creditor to...
Taxation of Bonus Shares: Deciphering the Law
[Unnati Ghia is a 4th year BA LLB (Hons.) student at National Law School of India University, Bangalore] There is no steadfast rule or statutory provision governing the taxation of bonus shares, save for its statutory exclusion from the category of ‘dividends’. This category of shares has presented a dilemma to both the Revenue and the judiciary in multiple instances, given that determining...
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