[Bharat Vasani is Senior Advisor – Corporate Laws and Ayush Lahoti an Associate in the General Corporate Practice, both at the Mumbai office of Cyril Amarchand Mangaldas. An earlier version of this post was published on the Cyril Amarchand Mangaldas Blog] Shareholder meetings form the bedrock of shareholder democracy in a corporate institution. They provide shareholders with the opportunity to...
Perkins to YSL: Analysing the Lack of Equality in India-Seated Multi-Party Arbitration
The landmark decision of the Supreme Court of India in Perkins Eastman Architects DPC & v. HSCC (India) Ltd. has often been praised for putting an end to the rampant practice of unilateral appointments of arbitrators and upholding the principles of impartiality and neutrality in arbitral proceedings (see here and here). The decision was also one of the first instances in Indian arbitration...
Supreme Court Clarifies the Scope of Section 11 of the Arbitration and Conciliation Act, 1996
[Kuberinder Bajaj is a Judicial Law Clerk at the Delhi High Court] The Supreme Court, in its recent judgment in SBI General Insurance Co. Ltd. v. Krish Spinning, has comprehensively explained the scope and standard of judicial scrutiny while adjudicating an application under section 11 of the Arbitration and Conciliation Act, 1996 (“the Act”). The Court retraced the existing jurisprudence on the...
Evaluating GST Compliance Rating in India: Addressing Gaps & Shaping the Future
[Sri Janani Seenivasan and Krishna Ravishankar are 4th year B.A., LL.B. (Hons.) students at National Law University, Jodhpur] The Goods & Services Tax (GST) Compliance Rating is a system introduced by the Indian government under section 149 of the Central Goods and Services Tax Act, 2017 (‘CGST Act’), to assess the compliance behavior of the taxpayers. This system assigns a rating or score to...
Unpacking NCLT Kolkata’s Reversal on Capital Reduction in the Philips India Case
[Shalin Ghosh is a 3rd year B.A., LL.B. (Hons.) student at Maharashtra National Law University, Mumbai] Capital reduction is a common mode of financial restructuring for a company. It is a useful tool for companies to reduce accumulated losses and achieve an optimal capital structure. Organizationally, it is a popular route to provide an exit to minority or dissenting shareholders from a company...
Timeline of filing Application under Section 29A for Extension of Time
[Megha Shaw is an advocate practising in the Supreme Court of India and Sachdev Sharma is a law graduate of NUJS, Kolkata] In Rohan Builders (India) Private Limited v. Berger Paints India Limited (12 September 2024), a division bench of the Supreme Court of India decided on whether an application for extension of time under section 29A of the Arbitration and Conciliation Act, 1996 (the “A & C...
NCLT’s Shift: A Deeper Dive into Merger Schemes and Public Interest
[Arjim Jain and Shruti Asati are 4th Year B.A., LL.B. (Hons.) students at National Law University, Odisha] In a ruling in July, the National Company Law Tribunal (‘NCLT/Tribunal’) rejected a proposed merger scheme involving three interconnected entities, citing concerns that the scheme was not in the public interest. Unlike other cases where the NCLT typically focused on ensuring compliance with...
Are OLA Drivers Employees or Contractors? Karnataka High Court Weighs In
[Aparna Ravi is a Partner and Manan Sheth an Associate at S&R Associates] In its judgement dated September 30, 2024 in Ms. X v. Internal Complaints Committee, ANI Technologies Private Limited (Writ Petition No. 8127 of 2019), the Karnataka High Court held that the relationship between ANI Technologies Private Limited (“OLA”) and its driver subscribers was an employer-employee relationship...
Identifying the Real SBO: A critique of the LinkedIn and Samsung Orders
[Chirag Motwani and Ananya Badaya are 4th year law students at Hidayatullah National Law University, Raipur] A “significant beneficial owner” (“SBO”) is an individual who directly or indirectly controls a company or substantially holds beneficial interest in the company and whose name is not registered as a holder of shares in the books of the company. Section 90 of the Companies Act, 2013...
Protection against Self-incrimination and Section 217 of the Companies Act, 2013: Navigating Constitutional Waters
[Shriya Chakravarthy and Mrigank Pathak are alumni of Gujarat National Law University, Gandhinagar, and have previously served as Law Clerks at the Supreme Court of India. They are presently practising at the High Court of Karnataka and the Supreme Court of India respectively] Under the Companies Act, 2013 (“the Act”), the procedures for inspection, inquiry, and investigation have been laid down...
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