[Ashu Bhargav is a student at the Faculty of Law, University of Delhi and Yavipriya Gupta at the Hidayatullah National Law University] The Indian competition law regime has witnessed significant developments in the past decade, as a consequence of which the Ministry of Corporate Affairs (MCA) has proposed a set of amendments to the existing Competition Act 2002 (the Act), in its Draft Competition...
The BGS Case: Cleared The Air Or Muddied The Settling Waters?
[Prince Todi is a 3rd year student at Hidayatullah National Law University, Raipur and Shruti Khanijow an Advocate at the Supreme Court of India] In the past decade, there has been an exponential growth of arbitration in India. The fundamentals of party autonomy, neutrality and speedy disposal of disputes have not only attracted private parties but also states to prefer arbitration over...
Covid 19: Consequences on Contractual Obligations
[Meenal Maheshwari is the lead transactional counsel at Essar Group] With the pandemic that has subsumed the world, a common question that corporates are dealing with is the impact of the coronavirus epidemic on already contracted obligations. The most relevant question raise is: at what point does Covid-19 pandemic allow a party to delay performance, not perform, renegotiate the existing terms...
SEBI’s Proposed Framework for Corporate Bonds and Debenture Trustees
[Rashmi Birmole is a III year B.A., LL.B. student at ILS Law College, Pune] Infrastructure Leasing & Financial Services (“IL&FS”), a non-banking finance company (“NBFC”) belonging to a sub-category of systemically important non-deposit accepting core investment companies was, at the time, engaged in financing and developing infrastructure projects. In June 2018, the collapse of IL&FS...
Examining the Legal Nature of Commercial Papers: Securities or Money Market Instruments?
[Priyanka Sunjay is an associate at L&L Partners Law Offices. The author thanks Jay Parikh and Varun Kumar for their inputs] On 22 October 2019, the Securities Exchange Board of India (“SEBI”) issued a circular titled ‘Framework for Listing of Commercial Paper’ (“SEBI Circular”) in order to enable listing and trading of commercial papers on stock exchanges. This poses certain important...
IBC Threshold Raised: Analysis and Implications
[Megha Mittal and Shreya Jain are Associates at Vinod Kothari & Co.] The seemingly low threshold of Rs. 1,00,000 for the initiation of insolvency proceedings has been a persistent concern given the possibility of its exploitation by frivolous actions. While rumours about raising the threshold limit for initiating insolvency process have long been swirling, the recent outbreak of Covid-19 came...
Extraterritorial Compliance with Corporate Governance Norms
[Shubham Gupta is a 4th law student at Institute of Law, Nirma University, Ahmedabad] The Securities and Exchange Board of India (SEBI) has elucidated its position with the respect to the extra-territorial application of its corporate governance norms. In a recent informal guidance in the matter of KCP Limited, SEBI interpreted regulation 24(1) of the SEBI (Listing Obligations and Disclosure...
Leniency Plus: A Potential Minus To The Indian Competition Framework?
[Vedantha Sai is a 4th year student at the National University of Advanced Legal Studies (NUALS) Kochi, India] Acting upon the Report of the Competition Law Review Committee, the Ministry of Corporate Affairs on 20 February 2020 introduced the Draft Competition (Amendment) Bill with the object of filling several gaps and revamping the competition law framework in India. It incorporates several...
Vivad se Vishwas Scheme: Will the Tax Payer Express Trust?
[Venkat Maithreya is a Counsel at the Telangana High Court] The Vivad Se Vishwas Scheme (now the Direct Tax Vivad Se Vishwas Act, 2020) (the “Scheme”) was introduced by the Finance Minister, Ms. Nirmala Sitaraman, in her Budget speech for the year 2020-21 in the Lok Sabha on 1 February 2020. The Scheme seems to be an equivalent of the Indirect Tax Sabka Vishwas (Legacy Dispute Resolution) Scheme...
Liability of Issuers for Misleading Advertisement in a Public Issue of Securities
[Neha Sinha is a 3rd Year B.A. LL.B. student at National University of Study and Research in Law (NUSRL), Ranchi] In an order dated February 26, 2020, the Securities and Exchange Board of India (SEBI) imposed penalty on Muthootu Mini Financiers Ltd. (MMFL) in a matter relating to misleading advertisement made to the public at large regarding the issue of debt securities. The matter was decided by...
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