[Kajal Singh and Nikunj Maheshwari are 4th year law students at the Institute of Law, Nirma University, Ahmedabad.] Credit rating is a mechanism to address the asymmetry of information in the debt investment market, where the independent credit rating agencies (‘CRA’) rate the debt instruments issued by the borrower company (‘client’). Clients, to get their instruments rated, enter into an...
Arbitrability of Fraud and the ‘Public Flavour’ Standard
[Karan Kamath is a 2020 B.A. LL.B. (Hons.) graduate from Symbiosis Law School, Pune.] On August 19, 2020, a Division Bench of the Supreme Court decided Avitel Post Studioz Ltd. v. HSBC PI Holdings (Mauritius) Ltd., wherein the central question related to arbitrability of fraud, in an appeal arising out of the Bombay High Court’s decision in a petition under section 9 of the Arbitration and...
Call for Submissions: 5th Gary B. Born Essay Competition on International Arbitration
[Announcement on behalf of CARTAL] The Centre for Advanced Training and Research in Arbitration Law (‘CARTAL’) provides a platform for academicians, professionals and students to interact and discuss contemporary issues in arbitration law. The mandate of the Centre is achieved by the organization of workshops, conferences and guest lectures to facilitate the understanding of such issues. ...
Banning Short-Selling During Financial Crises – An Optimal Approach?
[Talin Bhardwaj is a third-year student of B.A. LL.B (Hons.) at the Rajiv Gandhi National University of Law, Patiala] The unprecedented circumstances emanating from the Covid-19 pandemic have created major instability in the financial markets of various countries that has been detrimental to the confidence of investors. This economic crisis has forced financial regulators around the world to take...
Amendment to CIRP Regulations: Another Step towards a Creditor Friendly Code?
[Priyasha Goyal is a graduate of the Jindal Global Law School, Sonipat] The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (‘CIRP Regulations’) were amended vide a notification dated 7 August 2020. The Insolvency and Bankruptcy Code, 2016 (‘the Code’) has been formulated with the objective of reducing the time taken for resolution...
Analysing MCA’s Proposed Framework on Business Responsibility Reporting
[Yash More and Hitoishi Sarkar are III year students at Gujarat National Law University] On August 18, 2020, the Securities and Exchange Board of India (“SEBI”) released the Consultation Paper on the format for Business Responsibility and Sustainability Reporting in India. Interestingly, on August 11, 2020, the Ministry of Corporate Affairs (“MCA”) had also released the Report of the Committee...
End to the Confusion on Amended Timelines under Section 29A of the Arbitration Act
[Divyansha Agarwal and Kunwar Abhay Singh are practicing lawyers at the Delhi High Court, and are associate lawyers with Advani and Co.] On July 21,2020, the Delhi High Court, in the matter of ONGC Petro Additions v Fernas Constructions Co. Inc., finally brought an end to the long-drawn confusion on the applicability of the amended timelines under section 29A of the Arbitration and Conciliation...
UKSC Decision in Sevilleja: Reflective Loss, Creditors and Implications for India
[Rohan Deshpande practices as a Counsel at the Bombay High Court, and Karan Kamath is a 2020 B.A. LL.B. (Hons.) graduate from Symbiosis Law School, Pune. The authors would like to thank Mihir Naniwadekar for his comments on a draft version] The UK Supreme Court in its decision dated July 15, 2020 in Sevilleja v. Marex Financial Ltd. had to determine whether the rule against ‘reflective loss’...
The Future of Virtual Meetings under the Companies Act
[Gaurav Pingle is a Practising Company Secretary and Renucka Vaiddya a Research Associate at Gaurav Pingle & Associates] The Companies Act, 2013 has, at the outset, provided for conducting board meetings through video conferencing. In Achintya Kumar Barua v Ranjit Barthkur [2018] 91 taxmann.com 123, the National Company Law Appellate Tribunal (NCLAT) held section 173(2) of the Act read with...
E-Commerce Rules 2020: Protecting Consumer Welfare or Harming Individual Enterprise?
[Dhanush Dinesh is a graduate of the National Law School of India University, Bangalore] The Consumer Protection Act, 2019 has come into force on July 20, 2020. This statute supersedes the older Consumer Protection Act, 1986 and has been updated to reflect and incorporate modern forms of commerce, such as online shopping and tele-commerce. In furtherance of this, specific rules have been notified...
Recent Comments