[Deergha Meena is a fourth year student at NALSAR University of Law] India’s framework for monitoring post-acquisition control remains largely reactive, leaving a critical gap in tracking the evolution of control after transactions close. Although the Securities and Exchange Board of India’s (SEBI’s) Takeover Regulations and SEBI’s Listing and Disclosure Requirements...
Appointing Arbitrators Following the Approval of Resolution Plans: Adopting A Pro-IBC Stance
[Udai Yashvir Singh and Aditi Gupta are 5th year students at National Law University Delhi] The principle of clean slate was propounded by the Supreme Court in the seminal case of CoC of Essar Steel India Limited v. Satish Gupta. The principle essentially entails that any claim which is pending before a court or arbitral tribunal or any claim which has not been...
To Register or Not to Register ? – MSMEs and Arbitration Act
[Anirudh Goyal is a practicing advocate at the Calcutta High Court, and Jaspreet Singh is a final year undergraduate student at the WBNUJS, Kolkata] On multiple occasions, the Supreme Court, followed by various High Courts, has emphasised upon registration being a prerequisite for availing benefits under the Micro, Small and Medium Enterprises Development Act, 2006 (“MSMED Act...
Restricting Carry-Forward of Losses: Analysing Reforms to the Income Tax Act
[Megha Porwal and Manav Pamnani are 3rd year B.A., LL.B. (Hons.) students at the NALSAR University of Law, Hyderabad] The Union Budget presented on 1 February 2025 marks a significant development in the jurisprudence pertaining to direct taxes in India. This is because it introduces a substantial amendment to sections 72a and 72AA of the Income...
Compulsorily Convertible Debentures: Debt or Equity? Analysing NCLAT’s Ruling
[Raghav Bhatia is an Advocate practising at the Supreme Court of India and High Court of Delhi and Lishika Sahni is a 4th year law student at Dr. RMLNLU, Lucknow]. In December last year, in Indian Renewable Energy Development Agency Limited v. Waaree Energies Limited, the National Company Law Appellate Tribunal (“NCLAT”) observed that compulsorily convertible...
Navigating SEBI’s Merchant Banker Reforms: Challenges and Solutions
[Manit Sharma and Priyal Singh are 4th year students at Gujarat National Law University, Gandhinagar and SVKM’s NMIMS School of Law, Navi Mumbai respectively] The Securities and Exchange Board of India (SEBI) late last year reviewed and approved amendments to the SEBI (Merchant Bankers) Regulations, 1992 (Regulations). These regulations have acted as the cornerstone for the elibility of...
Margin Call on Misinformation: SEBI’s Crackdown on Finfluencers
[Srashti Talreja is a fourth-year BBA LLB (Hons.) student at Symbiosis Law School, Pune, and Kartik Mehta a fourth-year BA LLB (Hons.) student at Hidayatullah National Law University, Raipur] The recent crackdown by Securities and Exchange Board of India (SEBI) on ‘Asmita Patel’ —also known as the ‘she-wolf of the Stock Market’ — following the issuance of the new circular, (Circular) has sent...
Party Autonomy vs. Judicial Oversight: The Arbitration Dilemma
[Rishab Chand Jain and Jitya Singh are in the 3rd year and 4th year respectively in B.A. LL.B. (Hons.) programme at the National Law School of India University, Bangalore (NLSIU)] Party autonomy, impartiality, and independence in appointing arbitrators have always been a tussling point in Indian arbitration jurisprudence. The Indian judiciary has juggled between two differing lines of reasoning...
India’s Cross-Border Insolvency Framework: Time to Honour Exclusive Jurisdiction Clauses
[Vishrut Kansal is a Principal Associate at the Delhi office of Shardul Amarchand Mangaldas, and Mohd Fahad Ansari is a 4th year B.A., LL.B. (Hons.) student at NUSRL Ranchi] In cross-border commercial transactions that involve parties from India and other jurisdictions, it is common to include a clause which specifies that any dispute arising shall be subject to the exclusive jurisdiction of the...
The Religare Takeover Saga: Competing Offers and SEBI’S Tightrope Walk
[Aayush Ambasht, Param Kailash and Sudiksha Moorthi are 4th Year BBA LLB (Hons.) students at Symbiosis Law School, Pune] The 16-month long takeover saga of Religare Enterprise Limited (REL) reached its much-awaited conclusion on 14 February 2025 by way of an order of the Securities and Exchange Board of India (SEBI) following Supreme Court directions. The controversy unfolded in early 2024 when...
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