[Guest post by Richa Saraf, Assistant Legal Advisor, Vinod Kothari & Co.] In a recent ruling of the Calcutta High Court in Union Bank of India & Anr. v. State of West Bengal & Ors. (September 1, 2017), the object and intention behind section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (the “Act”) was discussed. The...
International Business Law Essay Competition
[Announcement posted on behalf of Verus, a law firm] Verus presents the Inaugural Edition of the REEMA RAY PRIZE IN INTERNATIONAL BUSINESS LAW 2017. The prize is instituted in memory of Reema Ray (1982-2013), who was a brilliant young corporate lawyer in one of the leading law firms in India. Her friends, family and colleagues remember her as a rare person with exceptional qualities of heart and...
SEBI Refrains from Resolving Ambiguity on Permissible Investor Protection Rights
[The following post is contributed by Supreme Waskar, who is a corporate lawyer in Mumbai. An earlier post on this topic is available here.] The existing definition of control under regulation 2(1)(e) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (the “Takeover Regulations”), defines “control” in inclusive manner as a right to (a) appoint a majority of...
Interim Orders of an Arbitral Tribunal: Contempt, Execution and Beyond
[Guest Post by Swastika Chakravarti, a 5th year law student at National Law University Odisha] The Indian judiciary created a unique mechanism for the enforcement of interim orders passed by an arbitral tribunal by holding that a party that does not comply with such orders can be held liable for contempt of court. The Supreme Court in the judgment of Alka Chandewar v. Shamshul Ishrar Khan (July...
Conflicts and Gaps in Regulatory Aspects of Schemes of Arrangement
[Guest post by Purvi Khanna, a 4th year student at NALSAR University of Law, Hyderabad.] The Ministry of Corporate Affairs’ recent notifications formalise an overhaul in the procedure for Schemes of Arrangements (“SoA”). . This post attempts to shed light on certain commercial aspects, and the inconsistencies and overlaps in the provisions of the Companies Act 2013 (the “Act”), the...
SEBI’s Policy on Self-Trades
[Guest post by Jitesh Maheshwari, Associate at Mindspright Legal in Mumbai] Introduction Self-trades are trades executed on the stock market in which the same entity is both buyer and seller. These trades do not represent a real change in beneficial ownership of the security. Earlier, the position on self-trades was that they create artificial or fictitious volume in the market, and give a false...
The Tata Corporate Governance Episode: The ‘India-Specific’ Issues and Concerns
[Guest post by Priya Garg, a 4th year law-student at West Bengal National University of Juridical Sciences (WBNUJS)] Introduction The recent turf battle within the Tata Group is likely to become a subject matter of study for various disciplines, including the subject of corporate law and governance.[1] The Tata-Mistry dispute giving rise to corporate governance issues needs to be considered...
The Costs and Benefits of Creditor Control under Insolvency Law
[Guest post by Enakshi Jha, who is a graduate from NALSAR University of Law and is currently working at a corporate law firm in Mumbai] The principal benefit of a creditor controlled insolvency law is the efficiency it brings to the market and the advantages it holds for entrepreneurship. First, as a model spearheaded by the persons whose money is at stake (section 6 of the Insolvency and...
Call For Papers: NLUD Student Law Journal, Volume 5
The NLUD Student Law Journal is National Law University, Delhi’s flagship journal. It is an annual student edited, peer-reviewed law journal, which seeks to provide a forum for engaging in discussions on varied issues of contemporary importance in domestic and international law and policy. The aim of the journal is to provide a platform for discussion of matters relating to crucial developments...
The ITAT Ruling in the NDTV Case: Some Thoughts and Questions
[Post by Shreya Rao] The ruling of the Delhi Income Tax Appellate Tribunal (ITAT) in the case of NDTV presents a poor picture of all actors. NDTV’s transactions fail to pass the smell test. The framing of the revenue’s position fails to convince you that NDTV’s smelly transactions should trigger a tax under law. The ruling itself is a 385-page tome written in the stream of consciousness style. It...
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