[Rongeet Poddar is a graduate of West Bengal National University of Juridical Sciences & Vishal Hablani is a final year student at West Bengal National University of Juridical Sciences] The Securities and Exchange Board of India (“SEBI”) has released a ‘Report on the Measures for Strengthening the Enforcement Mechanism of the Board and Incidental Issues’ on 16 June 2020. The Report has...
The Troubled Waters of CCI’s Penalty Regime
[Akanshha Agrawal is a III year student at the National Law University, Delhi] The recent Competition Commission of India (CCI) order finding SKF India, Schaeffler India and Tata Steel guilty of forming an anti-competitive cartel has received much attention due to the regulator’s curious decision not to impose any penalty on the offenders. The CCI had taken a suo moto cognisance of the issue...
Investment Adviser Regulations: Settling the Dust between Advisory and Distribution Services
[Aditya Bhayal and Prachi Tripathi are 4th Year, B.A.LLB (Hons.) students at NALSAR University of Law, Hyderabad] In February 2020, the Securities and Exchange Board of India (“SEBI”) approved proposals on some regulatory changes to the SEBI (Investment Advisers) Regulations, 2013 (the “Regulations”). These changes come in the backdrop of four consultation papers which were released in 2016...
Obtaining Emergency Arbitral Relief in India for Foreign Seated Arbitrations: Judicial Innovation
[Ragini Agarwal and Aditya Singh Chauhan are B.A. LL.B. (Hons.) students at National Law University Jodhpur] The concept of emergency arbitration, though useful for the protection of assets or evidence, has not gained much traction legislatively in India. Despite recommendations of the 246th Report of the Law Commission of India and the Srikrishna Committee Report, the provisions to recognise the...
Demystifying the Interface between Securities Law and the IBC
[Hitoishi Sarkar and Yash More are II year students at Gujarat National Law University, Gandhinagar] On June 16, 2020, a high-level committee constituted by the Securities and Exchange Board of India (“SEBI”) under the chairmanship of Justice Anil R. Dave released its report titled Measures for Strengthening the Enforcement Mechanism of the Board and Incidental Issues (“SEBI...
IBC v. Arbitration: A Case for Prevalence of the IBC over the Arbitration and Conciliation Act
[Mayank Udhwani is a 5th year law student at National Law University, Jodhpur] The decision of the Mumbai Bench of the National Company Law Tribunal (NCLT) in Indus Biotech Private Limited v. Kotak India Venture Fund-I has recently made the headlines for allowing the Arbitration and Conciliation Act, 1996 [“Arbitration Act”] to prevail over the Insolvency and Bankruptcy Code, 2016 [“IBC”]. The...
Tax Avoidance under India-Mauritius Treaty: Shift towards a More Contextual Approach?
[Rajarshi Singh and Rakesh Sahu are penultimate year BA.LLB students at National University of Study and Research in Law, Ranchi] The Authority for Advance Ruling, New Delhi (AAR), in its order dated 26 March 2020 in Re Tiger Global International II Holdings, Mauritius denied the benefits claimed by the applicants under the India-Mauritius Double Tax Avoidance Agreement (DTAA) on the ground that...
Decriminalization of Minor Economic Offences: A Step in the Right Direction?
[Pratik Sahai and Manjri Singh are IV year students at NALSAR University of Law, Hyderabad] Amidst the economic slowdown as a consequence of the Covid-19 pandemic, there is an intention on the part of the Government to bring about much-awaited reforms to the corporate regulatory regime. The Ministry of Finance released a proposal on decriminalization of minor economic offences on 8 June 2020, and...
Third Party Funding of Disputes: Easing the Burden on Stressed Litigants
[Soham Banerjee is an Associate in the Dispute Resolution team of a law firm in Mumbai] With the outbreak of the of the Covid–19 virus, litigants are under immense stress owing to the non-functioning of the courts, except only for urgent matters. The judiciary, which is, in any event, overburdened with backlog and pendency of cases has been functioning in an extremely restricted manner...
How Banking Business Works: A Banking Lawyer’ Perspective
[Pramod Rao is Group General Counsel, ICICI Bank. He sets out a simplified explanation of a very complex system, broken down to basics. This post represents his personal views] Banks take deposits and pay interest on them. Banks lend money and receive interest on them. The difference between the two is margin. The margin pays for costs, such as employees’ salaries, branch rent and infrastructure...
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