[Announcement from the Kirit P. Mehta School of Law] The Indian financial regulatory landscape has seen rapid change in the last decade. From the merger of two financial sector regulators to the evolution of an entirely new ‘fintech’ space, the enactment of the Insolvency and Bankruptcy Code, 2016 which affects firms in the business of lending, the growing sophistication of rules on insider...
Bombay High Court on the Fate of Digital Music Streaming and Downloading Applications
[Tanya Varshney is a 4th year B.A. LLB. (Hons) student at Jindal Global Law School] The Bombay High Court pronounces another judgement changing the fate of online music streaming and downloading services. In Tips Industries Ltd. v. Wynk Music Ltd., Justice Kathawalla provides an interpretation of the provisions of the Copyright Act in the context of digital streaming and downloading of music...
SAT on Selective Disclosure of Information and Model Code of Conduct
The insider trading regime creates two types of offences in respect of insider trading, i.e., the “trading offence” whereby a person buys or sells securities while in possession of unpublished price sensitive information (UPSI) relating to such company and the “communication offence” which involves an inappropriate disclosure of UPSI on a selective basis. A vast number cases relating to insider...
Income Tax Act: Appeals from the Dispute Resolution Panel
[Nishant Pande is a 4th year BA LLB (Hons.) student at NALSAR University of Law] The Dispute Resolution Panel (‘DRP’) is one of several bodies established in under the Income Tax Act, 1961 (the ‘IT Act’) to allow settlement of disputes with the help of an alternative dispute resolution (‘ADR’) mechanism. Section 253(2A) of the Act empowered the Revenue to prefer an appeal before the Income Tax...
Side letter vs Fiduciary Duty: Conflict in Private Equity Firms
[Kaustub N. S. Bhati is a 4th year student at NALSAR University of Law] A private equity (PE) firm generally consists of two types of partners, limited partners (LPs) and general partners (GPs). As the name suggests, LPs are outside investors (like companies, endowments, foundations, and the like) whose liability is commensurate with the extent of their investment, while the GPs are professional...
Concerns on Going Concern: Proposed Amendments to Liquidation Regulations Need a Relook
[Vinod Kothari is an insolvency practitioner at Vinod Kothari & Co and can be reached at [email protected]] The possibility of going concern sales in liquidations, visualised by adjudicating authorities in several early cases, received regulatory recognition by way of the Insolvency and Bankruptcy Board of India (IBBI) (Liquidation Process) (Second Amendment) Regulations, 2018...
Electoral Bond Scheme, 2018: A Company Law Perspective
[Abhinav Sankaranarayanan and Saurav Rajurkar are IV year students at the West Bengal National University of Juridical Sciences, Kolkata] Background The Electoral Bond Scheme, 2018 made headlines recently after the Supreme Court of India finally began hearing the matter and passed an interim order requiring political parties to submit the details of funds procured through electoral bonds to the...
The Frustrated Resolution Applicant
[Aayush Mitruka is a lawyer based in Delhi and can be reached at [email protected]] The Insolvency and Bankruptcy Code, 2016 has replaced the erstwhile debtor friendly model where the defaulting debtors could secure moratoriums, retain control and yet write off loans with the ‘debtor-in-possession’ model. The new creditor driven process has instilled fear amongst delinquent borrowers...
Announcement: The NLSIU IPR-Technology Law Essay Competition
[Announcement on behalf of the Law and Technology Society, National Law School of India University, Bangalore] The Law and Technology Society and the Centre for Intellectual Property Research and Advocacy (CIPRA), National Law School of India University, Bangalore are pleased to announce the ‘The NLSIU IPR-Technology Law Essay Competition’. This is open to all undergraduate students...
Objective Justification in Abuse of Dominance Cases in India
[Basu Chandola is a BBA LLB graduate (batch of 2018) from the National Law University Odisha. The concept of objective justification provides that a dominant enterprise will not be abusing its dominant position if it can provide a justification for its conduct. Though the concept is well-accepted in the European Union, its position in Indian competition law is ambiguous. This post seeks to...
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