[Saurav Roy is a 4th-year student and Lisa Mishra a 3rd-year student at ILS Law College, Pune] The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017 (“the Ordinance”) was enacted to, among other things, override the actions of unscrupulous promoters who seek to buy back company assets at a throw-away price, as compared to what is actually owed to the lenders. However, the Ordinance did...
Exemptions to Wholly Owned Subsidiaries: Do they Call for a Revision?
[Shubham Sancheti is a 4th year B.A., LL.B. (Hons.) student at NALSAR University of Law in Hyderabad] The Securities and Exchange Board of India (“SEBI”) recently availed an opportunity to interpret regulation 37(6) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”). It provided an interesting yet contestable interpretation of the regulation...
Revisiting Arbitrability of Claims of Oppression and Mismanagement: A Singapore Perspective
[Aishwarya Singh is a 4th year student at Jindal Global Law School] The Bombay High Court (HC) in the case of Rakesh Malhotra v. Rajinder Kumar Malhotra (2014) had held that oppression and mismanagement claims are not arbitrable because the arbitral tribunal does not have the power to grant all the statutory reliefs available in a minority oppression claim. On the other hand, the Singapore Court...
Announcement: LL.M in Law & Development 2018 – Azim Premji University
[Announcement from Azim Premji University] Admissions for Azim Premji University’s one-year master’s programme in Law & Development (LL.M. in Law & Development) for the academic year 2018-2019 are now open! The LL.M in Law & Development is a unique, inter-disciplinary programme taught by internationally trained, reputed faculty to a select group of highly talented students carefully...
Can a Company ‘Selectively’ Reduce its Capital?
[Shikha Rawal is an Associate at a law firm in Mumbai. The views in this post are personal.] Over the years, several companies have increasingly resorted to selective capital reduction as a means of share capital management. A reduction of capital often involves the reduction of the same proportion of the shares of the company on similar terms and conditions offered to each shareholder whose...
Call for Papers: NLS Business Law Review
[Announcement from the NLS Business Law Review] The NLS Business Law Review is an initiative by the National Law School of India University to recognise and foster academic research and scholarship in corporate and commercial law. The law review intends to examine the interface between the myriad regulatory frameworks that impact doing business in India, particularly in light of comparative...
Arbitrability of Fraud in India – Is Ayyasamy only about “Seriousness”?
[Shubham Jain and Prakshal Jain are V Year B.A., LL.B. (Hons.) students at National Law School of India University, Bangalore] Introduction The question of arbitrability of fraud in case of domestic seated arbitration in India was addressed by the Supreme Court in A. Ayyasamy v. A. Paramasivam (“Ayyasamy”). Ayyasamy has been subjected to much discussion and criticism here, here, here and here...
Bombay High Court Upholds the Constitutional Validity of RERA
Bhushan Shah & Neha Laxman are with Mansukhlal Hiralal & Company. The Supreme Court of India had transferred a series of writ petitions filed by developers and builders challenging the constitutional validity of certain provisions of the Real Estate Regulation and Development Act, 2016 (RERA or Act) to the Bombay High Court. On 6 December 2017, a division bench of the Bombay High Court...
Insolvency Code: Beneficial Proceedings Relating to Corporate Debtor outside the Scope of Moratorium
[Aayush Mitruka is a lawyer based in Delhi] The Delhi High Court’s ruling in the case of Power Grid Corporation of India Limited Jyoti Structures Limited (11 December 2017) assumes importance because it is one of the very few decisions interpreting section 14 of the Insolvency and Bankruptcy Code, 2016 (Code) that deals with moratorium. In a significant outcome, the Court travelled beyond the...
Some Problems with Equalisation Levy
[Shantanu Lakhotia is a 4th year B.A., LL.B. (Hons.) student at Jindal Global Law School in Sonipat] A notification issued by the Government of India on 27 May 2016 provides for a 6% equalization levy to be withheld by Indian residents, as well as a foreign company having a permanent establishments in India, from business-to-business payments to a non-resident service provider for specified...
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