[Kaustav Saha is a Lecturer at Jindal Global Law School. His research interests include private law and legal theory.] The doctrine of promissory estoppel has had a somewhat unprincipled evolution in Indian law, particularly in its relation to the doctrine of consideration and, more pertinently to this post, in its role and character as a public law remedy. In this context, the case of State of...
Analyzing Directors’ Duty of Care under the Companies Act, 2013
[Rishabh Mohnot is a lawyer working in Mumbai and Hrithik Merchant a law student at the National Law School of India University, Bangalore] With the increasing proliferation of companies and their influence, there is a growing need to understand the responsibilities vested on their decision-makers. The Companies Act, 2013 (“2013 Act”) places a duty of care on the key decision-makers in a company...
How Will Courts Decide in Bond Holders versus Central Banks?
[Bhargavi Zaveri Shah a doctoral researcher at the Faculty of Law, National University of Singapore and an editor of IndiaCorpLaw Blog and Harsh Vardhan is a management consultant] The Supreme Court is currently hearing an appeal against a Bombay High Court judgement on Yes Bank’s restructuring plan. The question at hand in this appeal is this: whether, as part of Yes Bank’s restructuring...
Breaking the Rules: When Crowdfunding Platforms Cross the Line in Raising Capital
[Mohammad Kaif is a penultimate year student at Campus Law Centre, Faculty of Law, University of Delhi] Crowdfunding has become increasingly popular as a way to raise funds, where numerous individuals invest in a project or a company, usually via an internet-based platform. Some companies have used crowdfunding platforms to issue securities in violation of the provisions of Private Placement...
Dilemma Surrounding Assignment of Not Readily Realisable Assets (‘NRRA’) under the IBC
[Rohit Sharma is a Partner at Mamta Binani & Associates, Mumbai] By way of a notification dated 13 November 2020, the Insolvency and Bankruptcy Board of India (‘IBBI’) inserted regulation 37A to the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (‘Liquidation Process Regulations’), which states as follows: “37A. Assignment of not readily realisable assets. A...
Reassessing the Validity of Dawn Raid in Light of French Supermarket Judgment
[Shubham Gandhi and Sreeya Sengupta are students at NLU Jabalpur & Nirma Law Institute respectively.] The Competition Act, 2002 (“Act”) vide section 41 grants the power to the Director General (“DG”) to carry out dawn raids, i.e., a sudden, unannounced raid on the company’s offices to seize relevant documents to corroborate the investigation. This power has been largely unguided and...
Call for Papers: 3rd RGNUL-SAM Conclave on Emerging Trends in Banking & Finance in India, 2023
The Rajiv Gandhi National University of Law, Punjab (RGNUL) is an autonomous National Law University (NLU) established by the RGNUL Act (No. 12 of 2006) passed by the Legislature of the State of Punjab, under the second wave of reforms instituted by the Bar Council of India. Established in 2006, RGNUL has garnered a pan-India reputation as a stellar institution for legal research and education...
SEBI’s Proposals to Enhance Corporate Governance by Empowering Shareholders
Over the last decade and, in particular, following the enactment of the Companies Act, 2013, the Securities and Exchange Board of India (SEBI) has been gradually and consistently strengthening the governance norms pertaining to listed companies. Among other measures, SEBI has sought to focus on two specific matters, viz., (i) enhancing transparency in corporate matters; and (ii) empowering...
Debenture Holders’ Right to Object to Material Related Party Transactions
[Vinita Nair is a Senior Partner at Vinod Kothari & Company] The Securities and Exchange Board of India (‘SEBI’) continues to tighten the regulatory regime for debt-listed entities as it aims to promote the corporate bond market. After equating debt-listed entities with outstanding value of listed non-convertible debt securities of Rs. 500 crore and above with equity-listed entities for the...
Modification v. Partial Setting Aside – Whether Two Sides of the Same Coin?
[Pallavi Mishra and Drishti Rajain are advocates practicing in the Delhi High Court] While the law has been settled by the Supreme Court (“SC”) in The Project Director, National v. M Hakeem (“M. Hakeem”) and affirmed in NHAI v. P. Nagaraju (“P. Nagaraju”) with respect to the lack of court’s jurisdiction to “modify” an arbitral award, the recent line of judgements rendered by the High Courts...
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