The Rajiv Gandhi National University of Law, Punjab (RGNUL) is an autonomous National Law University (NLU) established by the RGNUL Act (No. 12 of 2006) passed by the Legislature of the State of Punjab, under the second wave of reforms instituted by the Bar Council of India. Established in 2006, RGNUL has garnered a pan-India reputation as a stellar institution for legal research and education...
Debenture Holders’ Right to Object to Material Related Party Transactions
[Vinita Nair is a Senior Partner at Vinod Kothari & Company] The Securities and Exchange Board of India (‘SEBI’) continues to tighten the regulatory regime for debt-listed entities as it aims to promote the corporate bond market. After equating debt-listed entities with outstanding value of listed non-convertible debt securities of Rs. 500 crore and above with equity-listed entities for the...
Modification v. Partial Setting Aside – Whether Two Sides of the Same Coin?
[Pallavi Mishra and Drishti Rajain are advocates practicing in the Delhi High Court] While the law has been settled by the Supreme Court (“SC”) in The Project Director, National v. M Hakeem (“M. Hakeem”) and affirmed in NHAI v. P. Nagaraju (“P. Nagaraju”) with respect to the lack of court’s jurisdiction to “modify” an arbitral award, the recent line of judgements rendered by the High Courts...
Taking away the Attorney-Client Privilege: Competition Amendment Bill, 2022
[Shubham Gandhi is a 5th year student at NLU, Jabalpur and Hricha Gandhi is an Advocate at Rajasthan High Court] The concept of Attorney-Client privilege (“ACP’’) has become one of the quintessential principles across all global jurisdictions. It simply enunciates that the communication made by the client to its attorney during the course of employment or any document shared will be inadmissible...
The Constitutional Validity of Deeming Fictions Under the GST Law
[Prakruthi Jain is a 3rd year B.A., LL.B. (Hons.) student at NALSAR University of Law, Hyderabad] The Goods and Services Tax (“GST”) was introduced by the 101st Amendment Act in 2016. This was followed by the introduction of the four Acts, i.e., the Central Goods and Services Tax Act (“CGST”), the Integrated Goods and Services Act (“IGST”), the Union Territories Goods and Services Tax Act (UTGST)...
Rethinking Interest on TDS/ TCS Credit under GST Law in India: Part 2
[Manohar Samal is an Associate Advocate at Ratan Samal & Associates, Mumbai and a Panel Arbitrator at the Indian Institute of Arbitration and Mediation. This is continued from Part 1] Current Mechanism for Levy of Interest Now that the basic outline of the GST law in India has been discussed, the manner of levy of interest under the GST statutes can be discussed. The CGST Act, 2017 envisages...
Rethinking Interest on TDS/ TCS Credit under GST Law in India: Part 1
[Manohar Samal is an Associate Advocate at Ratan Samal & Associates, Mumbai and a Panel Arbitrator at the Indian Institute of Arbitration and Mediation] The concept of interest under tax law has been one of the most significant sources of compensating the Government treasury for non-compliance with tax statutes in India. The most common forms of non-compliance for which interest is levied on...
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...
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