AuthorUmakanth Varottil

SAT Rejects Appeals in the United Spirits Case

We had earlier this year discussed SEBI’s ad-interim ex parte order in the United Spirits Limited (USL) case by which several persons (including Mr. Vijay Mallya) were prohibited from buying, selling or otherwise dealing in any securities, with some of them being restrained from holding positions as directors or key managerial personnel of any listed company. Against this, some of the persons...

SAT Order on “Shell” Companies

The issue of “shell” companies has captured the attention of the regulators over the last couple of years. There is a pervading sense of regulatory fear that, left unchecked, shell companies may be utilized for various illegal purposes, including money laundering. The Government has been taking steps at various levels to deal with what it visualizes as a menace of shell companies. One instance...

We’ve Moved! Launch of Our New Website

We are pleased to announce the launch of our new website: , which is now live. This is intended to improve the experience of readers. Do explore the navigation button on the top right hand side for more content. Given the tremendous increase in guest contributions, we will shortly be devising a Submissions Policy, which will be available on the website. I would like to thank all our contributors...

The Companies Amendment Bill, 2017: Proposed Changes to Section 185

[Guest post by Amitabh Robin Singh, who is a corporate lawyer practising in Mumbai] With the Companies Amendment Bill, 2017 (“Amendment“) being passed by the Lok Sabha and sent to the Rajya Sabha, it would be pertinent to discuss one of the major changes proposed by the Amendment. The Amendment proposes to completely replace Section 185 of the Companies Act, 2013 (“2013...

SEBI Requires Disclosure of Loan Defaults

Over the last couple of years, there has been a steady regulatory move to create some connections between the banking system and the capital markets in order to address cases of loan defaults by companies, especially those listed on the stock exchanges. Take the case of wilful defaulters, who are effectively now kept out of the capital markets (as discussed here on this Blog). Another mechanism...

NCLT Order Admitting Essar Steel Insolvency

In one of the first high profile cases under the Insolvency and Bankruptcy Code, 2016 (the “Code”), the Ahmedabad Bench of the National Company Law Tribunal (“NCLT”) yesterday issued its order admitting the insolvency petition brought by the State Bank of India (“SBI”) and Standard Chartered Bank (“SCB”) as financial creditors of Essar Steel Limited. The insolvency of Essar Steel had earlier...

Supreme Court’s Centrotrade Judgement: An Uncertain Celebration?

[Guest post by Shashank Chaddha, IV Year | B.A.LL.B (Hons.) student at the National Law Institute University, Bhopal] Last year, with the Supreme Court of India upholding the validity of a two-tier arbitration clause in Centrotrade Minerals & Metal Inc. v. Hindustan Copper Ltd., 2017 (2) SCC 228 (the ‘Centrotrade’), there has been much celebration about India’s recent ‘pro-arbitration’ stance...

Call for Papers: Indian Competition Law Review

[The following announcement is posted on behalf of the Indian Competition Law Review] The Indian Competition Law Review (“ICLR”) is the flagship annual journal of the Centre for Competition Law & Policy (CCLP), published under the aegis of National Law University Jodhpur, (India). ICLR strives to achieve scholarly excellence with the aid of an eminent advisory board and an institution known...

Call for Papers: The National Law School of India Review

[The following announcement is posted on behalf of the National Law School of India Review (NLSIR)] About NLSIR The National Law School of India Review (NLSIR) is now accepting submissions for its upcoming issue – Volume 30(1). The NLSIR is the flagship law review of the National Law School of India University, Bangalore, India. The NLSIR is a bi-annual, student edited, peer-reviewed law journal...

What Should the Insolvency and Bankruptcy Code for SMEs be Like?

[Guest post by Rishi A, who is a Legal Analyst at Spotdraft.com] The Insolvency and the Bankruptcy Code (“IBC”), 2016 was a much-needed legislation in India for hastening the process of bankruptcy filing and to provide for a framework that would incorporate globally recognised standards for both creditors as well as debtors. However, right from its inception, there has been some discussionabout...

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