Category: Uncategorized
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Companies (Amendment) Bill Resurrected in an Altered Shape
Readers will recall that early last year the Government introduced the Companies (Amendment) Bill, 2016 (the “Amendment Bill”) in Parliament. This was in response to the report of the Companies Law Committee (CLC) that sought to address some issues that arose in the implementation of the Companies Act, 2013 (the “Act”). The theme of the…
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Layering of Subsidiaries: The Phoenix Rises Again?
[The following guest post is contributed by Siddharth Raja, Senior Partner & National Executive Director, Argus Partners, Solicitors & Advocates. Monica Umesh and Divya Mirlay, Associates of the Firm, assisted in the preparation of the “Note on Objections” referred to below. Views are personal and do not reflect or incorporate the views or positions of…
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More on RBI’s Intervention in Matters of Corporate Insolvency
The Gujarat High Court judgment discussed in a post yesterday by a guest contributor, Saurav Roy, brings to the fore several tricky issues and questions relating to the extent to which the Reserve Bank of India (RBI) ought to be involved in matters relating to the resolution of corporate insolvency. While matters of insolvency are…
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Gujarat High Court Rules on RBI’s Powers Relating to Corporate Insolvency
[Guest post by Saurav Roy, IV B.A.LL.B, ILS Law College, Pune.] Introduction Last week, the Gujarat High Court ruled on some interesting issues under the Insolvency and Bankruptcy Code 2016 (“IB Code”) while adjudicating upon a writ petition filed by Essar Steel Ltd., (“Essar”) against the Reserve Bank of India’s (“RBI”) decision to initiate insolvency…
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Activism through Directors Elected by “Small Shareholders”
Recent news reports (here, here and here) have highlighted a shareholder proposal that has been initiated in preparation for the annual general meeting of Alembic Limited to be held on 28 July 2017. The shareholder in question is Unifi Capital Private Limited who is said (though not verified) to be holding 3% shares in Alembic.…
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Insolvency & Bankruptcy Code: Arbitral Proceedings and Bona Fide Dispute
[Guest post by Puneet Dinesh, is a IV year student at the National Law University, Delhi. He can be reached at puneetdin@gmail.com.] The Insolvency and Bankruptcy Code, 2016 (the ‘Code’) has given rise to some interesting legal questions. As previously discussed on this Blog (here and here), the interpretation of the term ‘dispute’ under section 5(6)…
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Section 26 of the Arbitration and Conciliation (Amendment) Act 2015: A Case of Misinterpretation
[Guest post by Aishwarya Singh, IV Year B.A., LL.B. (Hons.), Jindal Global Law School] A recent post on this Blog had discussed the conundrum surrounding the applicability of the Arbitration and Conciliation (Amendment) Act, 2015 (“Amendment Act”). The post discussed the conflicting judgements of High Courts regarding the applicability of the amendment to applications filed…
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Holding Period and Corporate Veil in a Takeover Offer
[Guest post by Vaneesa Agrawal, who is Partner, Suvan Law Advisors. She can be reached at info@suvanlaw.com.] Last week Supreme Court of India issued a significant judgement in the matter of Laurel Energetics Pvt. Ltd. v. SEBI, Civil Appeal No. 5675 of 2017 on the issue of the interpretation of Regulation 10 of the SEBI…
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Reprimand or Warning Orders by NCLT
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Supreme Court on Hardship vis-à-vis Frustration and Force Majeure
[This is a guest post contributed by Rishabh Raheja, a third year student at NALSAR University of Law, Hyderabad.] The Supreme Court was presented with the perfect opportunity to clarify the relationship between frustration, force majeure and hardship or commercial impracticability in its decision in Energy Watchdog v. Central Electricity Regulatory Authority. While it has already…
