Category: Uncategorized
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Bombay High Court on the Permissibility of Shareholder Representative Suits
Bar & Bench yesterday reported that the Bombay High Court denied leave to certain shareholders of various Tata group companies to bring a representative suit that made certain legal claims in the aftermath of the ouster of Mr. Cyrus Mistry from the board of Tata Sons as well as other Tata group companies. The order…
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A Misturning on section 12(5) of the Arbitration Act?
A few days ago we had highlighted a decision of the Bombay High Court in DBM Geotechnics v. BPCL where the High Court had drawn a distinction between the power to nominate an arbitrator and the choice of the nominee. The arbitration clause allowed an employee of a company to nominate another employee as an…
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Non-Disposal Undertaking and its Reporting in the Indian Securities Market
[Guest post by Divyajyot Verma, a student at the Jindal Global Law School] Non-Disposal Undertakings (or agreements) (“NDUs”) are signed usually by the debtor in favour of the lender in relation to any loan obligation undertaken by the debtor. An NDU helps in ensuring that the debtor does not transfer the shares held by it…
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Guest Post: The McDermott Perplexity – the Scope of Interference under Section 34 of the Arbitration Act
[Guest post by Gursharan H Virk, who is an advocate practising in the Gujarat High Court. Views expressed are the author’s own.] There is a cleavage of opinion amongst various High Courts in relation to the scope and ambit of interference with an…
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Minimizing the Liability of Directors: SEBI’s Order in the Zylog Case
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Consolidation of Promoter Holdings: Exemptions from Takeover Offer
Normal 0 false false false EN-US JA X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:”Table Normal”; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:””; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:”Times New Roman”;} The SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (the “Takeover Regulations”) provide for a series of exemptions involving consolidation of promoter shareholdings…
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The amended Arbitration Act: The Power to Nominate and the Choice of the Nominee
The Bombay High Court in DBM Geotechnics v. Bharat Petroleum Corporation Ltd. recently decided a short but important point arising out of the recent Amendments to the Arbitration & Conciliation Act, 1996. In particular, the Court had to consider how the bar on a party’s employees serving as arbitrators had to be construed. The relevant arbitration clause between…
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Promoter Exits in India: Reined by the Market Watchdog?
[Guest post by Malek Shipchandler, who practices law with a firm in Mumbai. Views are personal and do not necessarily represent those of the firm.] It was reported last week that the Securities and Exchange Board of India (SEBI) is likely to relax rules pertaining to promoter reclassification in listed companies. An article co-authored by…
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Frustration in Indian Law
On this blog, we had previously looked at the judgment of the Supreme Court of India in Energy Watchdog v. CERC and connected appeals. An earlier post had examined the decision, and had concluded that the Court “arguably misstated the law when it found that the mere existence of a force majeure clause would prevent the parties…
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Applicability of the Doctrine of Corporate Veil to Societies
[Post by Munmi Phukon and Sagar Batra of Vinod Kothari & Company] Meaning of Corporation or Body Corporate Pursuant to Section 2(11) of the Companies Act, 2013 (CA, 2013), “body corporate” or “corporation” includes a company incorporated outside India, but does not include— (i) a co-operative society registered under any law relating to co-operative…
