[Meera Sreekumar is a corporate lawyer and a graduate of the National Law School of India University, Bangalore] Introduction In the backdrop of the Nirav Modi scam, the Union Cabinet has approved the Fugitive Economic Offenders Bill, 2018 (the “Bill”). The Government of India initially introduced the Bill in the budget session of 2017-2018, and re-introduced it in the Lok Sabha on March 12, 2018...
Event Announcement: Global Academy for Advocacy in Dispute Resolution (GAADR)
[Announcement from the Peacekeeping and Conflict Resolution Team] The Peacekeeping and Conflict Resolution Team (PACT) is launching the first batch of the Global Academy for Advocacy in Dispute Resolution (GAADR) which will take place from June 11 to 16, 2018 in Goa, India. The first two and a half days (11,12,13) will be dedicated to CDR – Consensual dispute resolution...
WhatsApp Leak Case: Powers of SEBI vs Privacy of Individuals
[Nandini Garg is a 4th year B.A., LL.B. (Hons.) student at National Law Institute University in Bhopal] In November, 2017, Reuters reported that the second quarter earnings of 12 companies, including popular blue chips such as Dr. Reddy’s, Cipla, Tata Steel etc., were being circulated on private WhatsApp groups. This prompted the Securities and Exchange Board of India (“SEBI”) to...
“Single-brand” Retail Trading Remains an Ambiguity in the Indian FDI Policy
[Dhanush Dinesh is a III Year, B.A. LL.B (Hons.) student at the National Law School of India University, Bangalore] Introduction Press Note 1 of 2018, amending the 2018 Indian FDI Policy, has been the cause for much celebration amongst foreign-owned entities engaging in single-brand retail trading (“SBRT”). With this press note, the entry route for foreign investment in SBRT has been simplified...
Supreme Court Rules on Mandatory Procedure under the SARFAESI Act
[Partha N. Mansukhani is a Fourth Year B.A. LL.B (Hons.) student at Symbiosis Law School, Pune] The Supreme Court last month in a decision in ITC Limited v. Blue Coast Hotels Ltd. & Ors clarified that section 13(3A) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 (the “Act”) is not merely directory, but in fact mandatory...
Breaking New Ground: The Impact of BCCI v. Kochi Cricket Pvt. Ltd. on the Arbitral Regime in India
[Soham Banerjee is a 4th year student in the B.L.S LLB Program at Government Law College, Mumbai] Introduction A Division Bench of the Supreme Court on March 15, 2018 held in the case of Board of Control for Cricket in India v. Kochi Cricket Pvt. Ltd. that the nature of the Arbitration and Conciliation (Amendment) Act, 2015 (the ‘Amendment Act’) is prospective in its operation and held that it...
CCI’s Order Against Cartel Activities of Airline Companies
[Ayushi Singh is a B.A. LL.B. (Hons.) student at National Law University, Jodhpur] Last month, the Competition Commission of India (“CCI”) passed an order in the matter of Express Industry Council of India vs. Jet Airways (India) Ltd. and Others upholding charges against Jet Airways, SpiceJet and IndiGo Airlines for cartelisation under the provisions of section 3(3)(a) read with section 3(1) of...
Effects of The Specific Relief (Amendment) Bill, 2017 on the Law of Remedies for Breach of Contract
[Radhika Indapurkar is a lawyer based in Mumbai] Section 10 of the Specific Relief Act, 1963 (the “Act”) provides the courts with a discretion to enforce specific performance of contracts (a) in which there exist no standards to ascertain the actual damage caused by non-performance of such contracts, or (b) wherein the act agreed to be done is such that monetary compensation for non-performance...
Insolvency under Section 29A: Pre-Pack Pools & Independent Review of Connected Party Sales
[Rudresh Mandal and Hardik Subedi are 3rd year students of NALSAR University of Law, Hyderabad] While the Insolvency and Bankruptcy Code, 2016 (“IBC”) in section 5(25) initially allowed ‘any person‘ to submit a resolution plan, the moral hazard posed by defaulting promoters buying back the assets of the corporate debtor at steep discounts soon prompted the Government to bar certain...
Supply of Essential Goods or Services under the IBC: Unresolved Issues
[Job Michael Mathew is a IV year student at NALSAR University of Law, Hyderabad] Under section 13(1)(a) of the Insolvency and Bankruptcy Code, 2016 (“Code”), the adjudicating authority is required to impose a moratorium for matters referred to in section 14. Section 14(2) of the Code...
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