[Shikha Rawal is an Associate at Shardul Amarchand Mangaldas & Co.] “Demonetization” is a topic that has evoked considerable interest and strong opinions across the board since it was announced a year ago, i.e. on November 8, 2016. The goal of demonetization was to eliminate the unaccounted cash transactions, and thereby strengthen the economy. Differences of opinion abound on whether...
Reviewing Arbitrability at the Interim Relief Stage
[Agnish Aditya is a 4th Year B.B.A LL.B student at NLU Odisha] In a judgment rendered last month, the Madras High Court considered the impact of non-arbitrability on granting an interim relief. In Lifestyle Equities Cv v. QDSeatoman Designs Pvt. Ltd (“Lifestyle”), the Court was called upon to decide the arbitrability of certain disputes pertaining to intellectual property rights in an application...
Scope of Exemptions from Open Offer in case of Foreign Merger Transactions
[Supreme Waskar & Sumit Agrawal are lawyers from Suvan Law Advisors. Views are personal.] The Securities and Exchange Board of India (“SEBI”) in its recent informal guidance dated October 30, 2017 in the matter of Linde India Limited (“LIL”) has held that ‘review of merger process’ by ‘competent authorities’ will not exempt the proposed merger from the obligation to make an open offer under...
The ITAT Ruling in the NDTV Case: Some Final Thoughts
[Post by Shreya Rao. The earlier posts in this series can be found here and here] A quick recap This is the third in a three-part series of posts about the ruling of the Delhi ITAT in the NDTV case. As readers may recall, part 1 commented on how the NDTV tax case paints a poor picture of all actors: The facts as described by the tribunal portray NDTV in a poor light (note that NDTV disputes...
Categorization of Pledge Under SEBI’s Insider Trading Regulations, 1992: Arguments against the Tide
[Parth Dixit is a 4th Year, BA/LLB (Hons.) student at Symbiosis Law School, Pune.] By way of its order dated August 11, 2017 in the case of SRSR Holdings Private Limited v. Securities and Exchange Board of India, the Securities Appellate Tribunal (SAT) has provided a degree of finality to an important question raised in the aftermath of the infamous Satyam scam of 2009-2010. The question was...
Deconstructing the Delhi High Court’s Anti-Arbitration Injunction against Vodafone UK’s BIT Arbitration
[Ritvik M. Kulkarni is Associate, Wadia Ghandy & Co., Mumbai. Views are strictly personal] The Delhi High Court (the Court) in its order dated 22nd August 2017 has passed an ex-parte interim injunction restraining Vodafone UK entities (Defendants) from initiating investment arbitration against the Union of India (UOI) under the India-UK Bilateral Investment Treaty (BIT) (the Order). Amidst...
The ITAT Ruling in the NDTV Case: Piercing the Corporate Veil in Tax Matters
[Post by Shreya Rao. An earlier post in this series can be found here.] There is a coyness surrounding the term “lifting of the corporate veil”. It conveys a fragility of form and suggests that the legal personality of a company isn’t as robust as we assume it to be. Common law is most dismissive of such suggestions; over the 120 years since the ruling of the House of Lords in Salomon v. Salomon...
Real Estate Regulatory Act and PPP Projects
[Deepak K. Thakur is a projects partner at a law firm and is based in Mumbai] The Real Estate (Regulation and Development Act 2016) (“RERA Act”) that took effect from May 1, 2017 seeks to provide a solution to many of the practical issues faced by the concerned stakeholders in the real estate industry. The RERA Act also contains consumer oriented provisions to protect their interests, with...
SEBI Circular on Minimum Public Shareholding
[Sarthak Karol is an associate at a law firm in Mumbai] By way of a Circular dated October 10, 2017, (“Circular”), the Securities and Exchange Board of India (“SEBI”) issued directions to stock exchanges to come down heavily on listed entities, their promoters and directors who are in breach of the 25% minimum public shareholding (“MPS”) norms mandated under regulation 38 of the SEBI (Listing...
Call for submissions for the 10th volume of the Indian Journal of International Economic Law
[Announcement on behalf of the Indian Journal of International Economic Law] The Board of Editors of the Indian Journal of International Economic Law (IJIEL) is pleased to invite original and unpublished manuscripts for publication in Volume 10. About the Journal The IJIEL is a student-edited and peer-reviewed law journal published annually by National Law School of India University, Bangalore...
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