[Sagun Modi is a 4th Year B.A. LL.B. (Hons.) student at National Law University, Odisha] Alternative investment funds (‘AIFs’) have emerged as vital investment vehicles in the global financial landscape. They provide investors with diversified investment opportunities beyond traditional asset classes. India witnessed a 30% increase in investment commitments into AIFs, from Rs. 6.41 trillion in...
Commercial Wisdom of the Committee of Creditors: An End to Excessive Deference?
[Mathanki Narayanan is a 4th year B.A. L.L.B. (Hons.) student at Jindal Global Law School] The conceptualization of the Insolvency and Bankruptcy Code, 2016 (IBC) was underpinned by the need to preserve economic value through expediency. However, its implementation has revealed asymmetries of power amongst the creditors. The Committee of Creditors (CoC) spearheads the Corporate Insolvency...
Game On, Taxes Doubled: Unraveling the Dual Taxation Conundrum in India’s Online Gaming Industry: Part II
[Rupam Dubey and Parth Kantak are 3rd-year B.A., LL.B. (Hons.) students at the National Law School of India University, Bangalore This is a continuation of Part I] The preceding segment of this post examined the taxation framework enforced upon the realm of online gaming in India and the dual taxation regime of the Union Government which leads to a situation of double taxation, imposing an unfair...
Game On, Taxes Doubled: Unraveling the Dual Taxation Conundrum in India’s Online Gaming Industry: Part I
[Rupam Dubey and Parth Kantak Mangrish are 3rd-year B.A., LL.B. (Hons.) students at the National Law School of India University, Bangalore] The emergence of affordable internet in India has had a profound impact on the country’s mobile gaming industry. With increased accessibility to the internet, more people have been able to engage in online gaming, resulting in India becoming one of the...
SEBI Circular on ESG Disclosures of Value Chains: A Double-Edged Sword
[Avani Hegde and Praneel Panchagavi are 3rd year B.A., LL.B. (Hons.) students at Symbiosis Law School, Pune] The Securities and Exchange Board of India (SEBI) issued a circular on July 12, 2023 notifying the mandate for environmental, social, and governance (ESG) disclosures and assurance requirements for value chains of the top 250 listed entities by market capitalization from the financial year...
Balancing Review and Recall: NCLAT on Correction of Procedural Errors
[Basil Gupta is a 4th year B.A., LL.B. (Hons.) student at National Law University, Jodhpur] The National Company Law Appellate Tribunal (NCLAT) has clarified that it possesses the power to recall its judgments, asserting its inherent authority under Rule 11 of the NCLAT Rules, 2016. In a significant decision, a five-member bench of the NCLAT in Union Bank of India (Erstwhile Corporation Bank) v...
SEBI’s Sponsorship Shake-Up: Unravelling the Implications for Mutual Funds
[RS Sanjanaa is a third-year BA LLB (Hons.) student at Symbiosis Law School, Pune] A sponsor of a mutual fund refers to any bank, financial institution or a corporate who acts as the promoter of the mutual fund. The entity establishes the fund, obtains necessary approvals and funding, and incorporates an asset management company (“AMC”). On June 27, 2023, the Securities and Exchange Board of...
Identifying Senior Managers: Revisions to Listing Rules
[Pammy Jaiswal and Mahak Agarwal are with Vinod Kothari & Co] The concepts of senior management (‘SM’) and senior managerial person or personnel (‘SMP’ or ‘SMPs’) was not present under the regime established by the Companies Act, 1956, and it was first introduced in section 178 of the Companies Act, 2013 (the ‘Act, 2013’). The law requires the nomination and remuneration committee to...
Revival of Time-Barred Debts
[Mihir Modi is an Associate with PSL Advocates and Solicitors in Mumbai] According to the Limitation Act 1963 (‘the Limitation Act’), there is a set time limit for filing appeals and instituting lawsuits in various courts. The Limitation Act is based on the idea that there must be a strict time limit for bringing appropriate actions in the courts. In doing so, it protects only the diligent...
Corporate Climate Litigation: Comparing ClientEarth-Shell with the Indian Regulatory Framework
[Dhanshitha Ravi and Santosh S are third and final year law students respectively at Symbiosis Law School, Pune] The United Kingdom High Court (“UKHC”) on the 12 May 2023 delivered a landmark judgment in the realm of corporate jurisprudence in a first of its kind climate-change based derivative action in ClientEarth v. Shell plc. This action was brought by ClientEarth, a minority shareholder in...
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