[Utsav Mitra is a 3rd year B.A. L.L.B student from The National Law Institute University, Bhopal] Strike Off is a method prescribed under sections 248-252 of the Companies Act, 2013 (the “Act”). These provisions have been notified by the Ministry of Corporate Affairs by way of a notification dated 26 December 2016. They provide an opportunity for defunct companies to get their names removed from...
Union Budget: Tax Policy Concerns for Capital Gains and Dividend Distribution on Mutual Funds
[Hardeep Singh Chawla is an Advocate practicing in the M&A & PE Tax Department of a Big4 in Gurgaon, Haryana. Views expressed are his own. The author may be reached at [email protected]] “The only difference between death and taxes is that death doesn’t get worse every time Congress meets” – Will Rogers Recently the Finance Minister tabled the Finance Bill, 2018 (‘Bill’)...
Supreme Court on Delay in Filing Appeal from Orders of the NCLT
[Maneck Mulla is the Proprietor of M Mulla Associates, Mumbai] In Bengal Chemists and Druggist Association Vs Kalyan Chowdhury, the Supreme Court discussed the provisions of section 421 of the Companies Act, 2013 (the Act) which provides for filing of an appeal from orders of the National Company Law Tribunal (NCLT) within a period of 45 days with a further grace period of 45 days, (i.e. 90...
Application of the Single Economic Entity Doctrine to Anticompetitive Agreements
[Oorvi Mehta is a III Year student of B.A. LL.B. (Hons.) at the NALSAR University of Law, Hyderabad] Section 3 of the Competition Act 2002 applies to cases of anti-competitive agreements between two or more enterprises. The usual route to examine an infringement of this provision was to determine firstly, whether there was an agreement between two or more enterprises, fulfilling which, secondly...
Resolving the Issues Arising from Emergency Arbitration
[Aanchal Jain is a 4th year B.A.L.L.B. (Hons.) student at Dr. Ram Manohar Lohiya National Law University, Lucknow, India] Introduction Foremost among the new developments in the field of arbitration stands the concept of emergency arbitration. Although emergency arbitration is a relatively new phenomenon, it has gained significant traction. This is reflected in both the number of institutional...
Impact of Assignment and Novation on Arbitration Agreements
[Kunal Kumar is 4th Year B.A., LL.B. student at National Law University, Jodhpur] Introduction In light of the judgment delivered by the Supreme Court in BALCO, Part I of the Indian Arbitration and Conciliation Act, 1996 (the “Act”) has no applicability to foreign-seated arbitration (except in case of agreements concluded prior to the judgment), and the parties shall be referred to arbitration...
Legality of Cryptocurrency in India
[Sannat Chandna is a 5th year B.A., LL.B. (Hons.) student at Amity Law School, Delhi] The year 2017 witnessed a tremendous growth in the stature and worth of cryptocurrencies. Such an increase has never earlier been witnessed in relation to trading in any currency or commodity of such a volatile nature. India’s finance minister, while presenting the budget 2018, expressly stated that the...
SEBI’s Order against PwC: A Questionable Approach towards Mens Rea
[Sanchit Varma is a 4th year BA.LL.B (Hons) student at NALSAR University of Law, Hyderabad] The nearly decade-old Satyam controversy has left a lasting impact on the Indian corporate sphere, raising dormant issues of corporate governance and the need for stricter regulatory control over listed entities. The fallout from the scam especially affected Satyam’s auditors, who were hauled up in equal...
Finance Bill 2018: Amendment to Securities Laws
[Sumit Agrawal is a regulatory lawyer and ex-SEBI official. Views are his own. Twitter: @sumit12agrawal] During his Budget Speech 2018, the Finance Minister spoke about amending the Securities and Exchange Board of India Act 1992 (“SEBI Act”), the Securities Contracts (Regulation) Act 1956 (“SCRA”), and the Depositories Act 1996, to streamline adjudication procedures and to provide for penalties...
The “May” and “Shall” Conundrum under the Insolvency and Bankruptcy Code
[Aayush Mitruka is a lawyer based in Delhi] The enactment of the Insolvency and Bankruptcy Code, 2016 (Code) was one of the most significant legal reforms in India in the recent past, aimed at solving the burgeoning problem of non-performing assets and bringing the insolvency law in tune with global standards. The Code incorporated recommendations made by various committees and went through a...
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