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Identification of Related Parties of Subsidiaries

[Aisha Begum Ansari is a Manager at Vinod Kothari and Company] The provisions pertaining to related party transactions (RPT) under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the ‘LODR Regulations’) were substantially amended by the Securities and Exchange Board of India (SEBI) on November 9, 2021. Pursuant to the amendments, the definitions of a related party...

Necessity of Judicial Member in the CCI: NCLAT’S Perplexing Piece of the Puzzle

[Shourya Mitra is a penultimate year law student at Jindal Global Law School, Sonipat] Recently, the National Company Law Appellate Tribunal (NCLAT) dismissed the appeals filed by United Breweries and others against the order of the Competition Commission of India (CCI) (Beer Cartel Case). The CCI had held that the beer companies were in contravention of the provisions of the Competition Act 2002...

Imposition of an Interim Moratorium Prior to Corporate Insolvency Resolution Process

[Sumer Karekar is a lawyer and is presently undergoing the Graduate Insolvency Programme at the Indian Institute of Corporate Affairs, Gurgaon] The Insolvency and Bankruptcy Code, 2016 (“IBC”) has sought to implement a time-bound framework for resolution of stressed companies. For this purpose, it prescribes a timeline for the adjudicating authority (“AA”) to admit or reject an application for...

Derivative Action – Where Does the Jurisdiction Lie?

[Pratyush Singh is a third-year student at the National Law School of India University, Bangalore] Does the National Company Law Tribunal (NCLT) have exclusive jurisdiction over matters pertaining to derivative action? In November 2022, the Madras High Court in Valluvar Kuzhumam Pvt. Ltd. v. APC Drilling & Construction Pvt. Ltd. ruled in the affirmative. The argument to bar a civil court’s...

Bombay High Court’s ASREC Ruling: Form v. Substance in SARFAESI Proceedings

[Sharanya Shivaraman  is an Advocate practicing in Mumbai and a graduate of ILS Law College, Pune] The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 was enacted over two decades ago to facilitate loan recovery and the securitisation of financial assets of banks and financial institutions. Under the framework of the Act, section 13 is a key...

Resolving the Conundrum Surrounding Applicability of Moratorium under Section(14)(1)(a) of IBC

[Kanishka Aswal and Ritik Jhanwar are III year students at the Gujarat National Law University, Gandhinagar. This post was first published here] One of the ultimate goals of the Insolvency and Bankruptcy Code, 2016 (“IBC”) is to provide a mechanism for the timely resolution of a corporate debtor’s insolvency in order to maximize the value of its assets, to facilitate credit facility and to...

NCLAT’s Pronouncement in the DLF Case: An Unwarranted Restriction on the Commission’s Powers

[Shourya Mitra is a penultimate year law student at Jindal Global Law School, Sonipat] Recently, the National Company Law Appellate Tribunal (NCLAT) in the case of Amit Mittal v. DLF Ltd Competition Appeal (AT) No.82 of 2018 (DLF case),  passed an order remitting a case against DLF, back to the Competition Commission of India (CCI) on account of the Commission’s order being void. The reason was...

Supreme Court Reiterates Rectificatory Jurisdiction Under Companies Act: A Conundrum Involving NCLT and SEBI

[Anshita Dave and Abhyudaya Yadav are 5th year B.A., LL.B. (Hons.) students at Dharmashastra National Law University, Jabalpur] Recently, the Supreme Court in IFB Agro Industries Limited v. SICGIL India Limited held that the National Company Law Tribunal (“NCLT”) cannot exercise its rectificatory jurisdiction under section 59 of the Companies Act, 2013 (“the Act”) to...

The Bombay High Court’s Yes Bank Judgement: Falling Short on Fairness

[Harsh Vardhan is a management consultant and Bhargavi Zaveri Shah a doctoral researcher at the Faculty of Law, National University of Singapore and an editor of IndiaCorpLaw Blog] Last week, the Bombay High Court set aside the Reserve Bank of India (RBI)-appointed administrator’s decision to write off the additional tier (AT1) bonds issued by Yes Bank in 2016 and 2017. In 2020, when a...

Mutual Funds, Insider Trading and the Myth of Sisyphus

[Shruti Rajan is a partner at Trilegal] In Greek mythology, the gods condemned Sisyphus to an endless cycle of rolling a boulder up a hill, have it roll down and then start again. A parable of the interminable, eternal human struggle against the diktat of the gods, the fate of Sisyphus has long served as a metaphor for the repetitive and dogged demands of modern life and business. Introducing a...

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