[The following post is contributed by Vinod Kothari of Vinod Kothari & Co. The author may be contacted at [email protected]] Voluntary winding up under the Companies Act, 1956 has been segregated into two different types, i.e. members’ voluntary winding up and creditors’ voluntary winding up. But the Companies Act, 2013 eliminated distinction between members’ voluntary winding up and...
The Compliance Conundrum under the Start-up India Action Plan
[The following guest post is contributed by Suprotik Das, a 5th year law student at the Jindal Global Law School, Sonepat, Haryana.] Introduction The Government’s efforts to enhance the ease of doing business through the Start-Up India Action Plan (the “Action Plan”) is a positive step toward an element of certainty and stability to the start-up ecosystem in India. It is known that...
Guest Post: Mere Choice of Foreign Seat can exclude Part I of Arbitration Act 1996- Pre-BALCO Arbitrations?
(The following guest post is contributed by RV Prabhat, who is a practising advocate in the Delhi High Court) The question of applicability of the provisions of Part I of the Arbitration and Conciliation Act 1996 (hereinafter referred as 1996 Act) to the Foreign Seated Arbitrations has time and again come up before the Supreme Court of India (“Supreme Court”) and various High Courts...
Easy-commerce?
[The following guest post is contributed by Arup Pereira, who is a Principal Associate at J. Sagar Associates, Mumbai] The Government’s foreign direct investment (“FDI”) policy on retail trading in India encourages foreign companies and Indian companies with foreign investment to “Make in India”. At present, FDI is not permitted in an Indian company engaging in business to consumer (“B2C”) e...
The Quest for Liquidity – Recent Measures to Curb Discretionary Restrictions on Redemptions of Mutual Fund Units
[The following guest post is contributed by Arka Saha, who is a 4th Year B.A.LL.B. (Hons) & Executive Student in CS (ICSI) at National Law University Odisha (NLU-O)] One of the key objectives of mutual fund investments, along with returns and security, is liquidity – the ability to liquidate holdings and withdraw investments in units as per the needs of the holder. Even closed-ended...
National Company Law Tribunal Constituted: A Phased Induction
Although the Companies Act, 2013 was enacted nearly three years ago, significant parts of the legislation were not brought into force. These related to the role of the National Company Law Tribunal (NCLT). Although the NCLT was conferred legislative status as early as 2002 (under the Companies Act, 1956), it did not see the light of day as it was mired in litigation. After two judgments of the...
Recent Measures to Curb ODI Abuse – Do They Represent an Equilibrium Point?
[The following guest post is contributed by Arka Saha, who is a 4th Year B.A.LL.B. (Hons) & Executive Student in CS (ICSI) at National Law University Odisha (NLU-O)] Offshore Derivative Instruments (ODIs) such as Participatory Notes (P-Notes) and equity linked notes constitute a significant chunk of total investments by Foreign Portfolio Investors in India, thus posing an imminent threat...
Imposition of Penalty by the CCI: Is it Justified?
[The following guest post is contributed by Tarun Mathur, who is a Manager at Ernst & Young, LLP (Mumbai) and has earlier worked with the Competition Commission of India in its Combination Division. Views are personal.] Recently in an order (Notice given by Piramal Enterprises Limited (PEL) (C-2015/02/249)) dated May 2, 2016, the Competition Commission of India (CCI) imposed a penalty of INR...
SEBI’s Regime on Wilful Defaulters
Earlier this year, the Securities and Exchange Board of India (SEBI) had issued a discussion paper that proposed tight curbs against wilful defaulters from accessing the capital markets. We had commented on the discussion paper in previous posts (here and here). Pursuant to the consultation process, SEBI last week issued amendments to various regulations in order to operationalize such curbs...
RBI Permits Deferment of Consideration and Escrow Mechanism Under Automatic Route
[The following post is contributed by Abhishek Dubey who is a Managing Associate with BMR Legal, Delhi. The views expressed here are personal.] In continuation of its policy to rationalize the existing regime under the Foreign Exchange Management Act and to promote the ease of doing business, the Reserve Bank of India (RBI) has amended the Foreign Exchange Management (Transfer or Issue of...
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