[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...
Incorporation of Arbitration Clause by Reference
[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...
Recent Comments