[Anshuman Chowdhury is a 5th year BBA, LL.B.(Hons.) Student of National Law University Odisha] In a recent judgment in Inox Wind Ltd v Thermocables Ltd (“Inox Wind”) judgement, the Supreme Court held that “a general reference to a standard form of contract of one party will be enough for incorporation of arbitration clause”. This was apparently an expansion of the scope of reference for...
Press Note 1 of 2018: Revision of the FDI Regime
[Amitabh Robin Singh is a corporate lawyer practising in Mumbai] The Department of Industrial Policy and Promotion has issued Press Note 1 of 2018 dated January 23, 2018 (“PN 1”), which liberalizes the foreign direct investment (“FDI”) regime across various sectors. However, I would like to open this post by not discussing a particular sector, but with the language that concludes PN 1. There has...
A Curious Case of ‘Public Interest’ in Indian Corporate Law
[Abhijeet Singh Rawaley is a Bar Council of India Trust Scholar and a III Year B.A., LL.B. (Hons.) Candidate at NALSAR, Hyderabad With inputs from Shreenath A. Khemka, a King’s Law Scholar pursuing an LLM at the University of Cambridge] This post comments on section 396 of the [Indian] Companies Act, 1956 (carried forward as section 237 in the Companies Act, 2013). The comment critiques the...
Harmonization of Insider Trading Norms and the Companies Act
[Ankit Handa and Arunima Vijay are 3rd year (VI Semester) B.A., LL.B. (Hons.) students at National Law University in Jodhpur] The Companies Amendment Act 2017 (“CAA ‘17”) has been notified by the Ministry of Corporate Affairs (“MCA”) on 3 January 2018. One of the major aims of harmonisation with the Securities and Exchange Board of India Act 1992 (“SEBI Act”) and regulations made thereunder is...
NCLAT on Public Interest in an Amalgamation Scheme
[Jai Bajpai is a 3rd year student at School of Legal Studies, University of Petroleum and Energy Studies, Dehradun] Introduction The element of public interest in amalgamation schemes has remained a fairly unexplored territory in the Indian corporate law regime. In essence, an amalgamation scheme ought to be beneficial to each and every class of shareholders and creditors and also in public...
Interpretation of Essential Goods and Services under the Insolvency and Bankruptcy Code 2016
[Archis Choudhary is a 4th year B.A., LL.B. (Hons.) student at Hidayatullah National Law University in Raipur] Section 14(2) of the Insolvency and Bankruptcy Code 2016 (Code) restricts the termination of supply of essential goods or services to the corporate debtor during moratorium period. In the case of Innoventive Industries Limited v. ICICI Bank Limited (2017), the Supreme Court observed that...
Companies (Amendment) Act, 2017: Loans to Directors
[Utsav Mitra is a 3rd year, B.A. LLB Hons student at The National Law Institute University, Bhopal] The granting of loans to, and security and guarantees provided on behalf of, directors and other interested parties of the directors is governed by section 185 of the Companies Act, 2013. However, this is a widely criticised section, being too prohibitive in nature as compared to the corresponding...
Disclosures by Professionals under the Insolvency and Bankruptcy Code
[Himanshu Mene is an L.L.M Candidate (Specialization in Corporate Law) at Maharashtra National Law University, Nagpur] Introduction In the interest of transparency, Insolvency and Bankruptcy Board of India (“IBBI”) by way of a notification dated January 16, 2018 has issued a circular mandating that Insolvency Professionals (IPs) and all other professionals that are appointed by the IPs for the...
Condonation of Delay Scheme, 2018: A Relief to Defaulting Directors and Companies
[Tanaya Desai is a 4th-year student at ILS Law College, Pune] In a bid to constrict and prevent illicit fund flows and black money by shell companies, the Ministry of Corporate Affairs (“MCA”) last year disqualified over 300,000 directors for default in filing company annual returns and financial statements with the Registrar of Companies (“RoC”), a statutory mandate prescribed by the Companies...
Vouchers under GST: Navigating a Grey Area
[Siddhant Bhasin is a third year B.A., LL.B. (Hons.) student at Jindal Global Law School, Sonipat] The use of vouchers has been on the rise, and a large number of transactions today are done through them. They are used in different contexts as – employee incentives, sales schemes and as discount offers. In most cases, there is an issuing party, the party that accepts the coupon for the said...
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