On 30 August 2016, the Securities and Exchange Board of India (SEBI) issued a press release titled “SEBI Cautions Investors”. It covers various matters pertaining to the stock markets. One issue pertains to the question of leagues/ schemes/ competitions that may involve distribution of prize monies, which has been the subject matter of an earlier post on this Blog. Another aspect of SEBI’s...
NBFC Master Directions 2016: An Analysis
[The following guest post is contributed by Surbhi Jaiswal of Vinod Kothari & Co. She can be reached at [email protected].] On 1 September, 2016, the Reserve Bank of India (RBI) issued two new sets of master directions, namely the Master Direction – Non-Banking Financial Company – Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016 and the Master...
SARFAESI Amendment: A New Role for Debenture Trustees
[The following post is contributed by Vinod Kothari and Nidhi Bothra of Vinod Kothari & Co. The authors can be reached at [email protected] and [email protected] respectively] Introduction The Enforcement of Security Interest and Recovery of Debt Laws and Miscellaneous Provisions (Amendment) Act, 2016[1] (Amendment Act) has introduced several amendments to the Securitisation and...
A Tricky Game: The Legality of Fantasy Trading in India
[In this post, Sumit Agrawal, Partner and Surbhi Purohit, Associate from Suvan Law Advisors write about the increasing trend of stock market virtual games, apps and websites and how regulators may look at it. They can be reached at [email protected].] Background In recent times, the online stock trading apps and games have stirred up some controversy in the otherwise efficiently regulated realm...
Ushering a New Era for ARCs: Stamp Duty Exemption on Assignments
[The following post is contributed by Vinod Kothari and Nidhi Bothra of Vinod Kothari & Co. The authors may be reached at [email protected] and [email protected] respectively] Introduction Assignment of actionable claims/ receivables is achieved by an instrument, and such an instrument requires stamp duty. The United Kingdom (UK), Hong Kong, Malaysia and India are examples of...
Ruling on Shareholder Rights to Inspect Company Records
[The following guest post is contributed by Dheeraj Kumar Sharma, who is a Manager at Vinod Kothari & Company] Introduction The Mumbai Bench of the Company Law Board (‘CLB’), through its order dated April 16, 2015 in the case of Mr. Anil Kumar Poddar v. Bonanza Industries Limited, dismissed the application of a shareholder who demanded copies of records of a company and sought inspection of...
Call for Papers: Indian Journal of International Economic Law
[The following announcement is posted on behalf of the Indian Journal of International Economic Law] The Board of Editors of the Indian Journal of International Economic Law (IJIEL) is pleased to invite original and unpublished manuscripts for publication in Volume 9. About the Journal The IJIEL is a student-edited and peer-reviewed law journal published annually by National Law School of...
Arbitrability of Securities Law in India
[The following guest post is contributed by Shreyangshi Gupta, who is a third year B.A., LL.B. student at the West Bengal National University of Juridical Sciences (WBNUJS). This post aims at identifying the nature of rights relating to securities law, i.e. if they are of such nature that they can be resolved by a private arbitral tribunal, or whether they are exclusively reserved for...
Call for Submissions – National Law School of India Review, Vol. 29(1)
[The following announcement is posted on behalf of the National Law School of India Review] The National Law School of India Review (NLSIR) is now accepting submissions for its upcoming issue – Volume 29(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 providing...
Paper on Directors’ Duties and Stakeholder Interests
Mihir Naniwadekar and I have a working paper on SSRN titled “The Stakeholder Approach Towards Directors’ Duties Under Indian Company Law: A Comparative Analysis”, the abstract of which is as follows: Recognizing that common law does not cast any general duty upon directors towards non-shareholder constituencies, legislatures have sought to formulate a tolerable solution to what they perceive as a...
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