[Shubham Gandhi is a 5th year student at NLU, Jabalpur and Hricha Gandhi is an Advocate at Rajasthan High Court] The concept of Attorney-Client privilege (“ACP’’) has become one of the quintessential principles across all global jurisdictions. It simply enunciates that the communication made by the client to its attorney during the course of employment or any document shared will be inadmissible...
The Constitutional Validity of Deeming Fictions Under the GST Law
[Prakruthi Jain is a 3rd year B.A., LL.B. (Hons.) student at NALSAR University of Law, Hyderabad] The Goods and Services Tax (“GST”) was introduced by the 101st Amendment Act in 2016. This was followed by the introduction of the four Acts, i.e., the Central Goods and Services Tax Act (“CGST”), the Integrated Goods and Services Act (“IGST”), the Union Territories Goods and Services Tax Act (UTGST)...
Rethinking Interest on TDS/ TCS Credit under GST Law in India: Part 2
[Manohar Samal is an Associate Advocate at Ratan Samal & Associates, Mumbai and a Panel Arbitrator at the Indian Institute of Arbitration and Mediation. This is continued from Part 1] Current Mechanism for Levy of Interest Now that the basic outline of the GST law in India has been discussed, the manner of levy of interest under the GST statutes can be discussed. The CGST Act, 2017 envisages...
Rethinking Interest on TDS/ TCS Credit under GST Law in India: Part 1
[Manohar Samal is an Associate Advocate at Ratan Samal & Associates, Mumbai and a Panel Arbitrator at the Indian Institute of Arbitration and Mediation] The concept of interest under tax law has been one of the most significant sources of compensating the Government treasury for non-compliance with tax statutes in India. The most common forms of non-compliance for which interest is levied on...
Identification of Related Parties of Subsidiaries
[Aisha Begum Ansari is a Manager at Vinod Kothari and Company] The provisions pertaining to related party transactions (RPT) under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the ‘LODR Regulations’) were substantially amended by the Securities and Exchange Board of India (SEBI) on November 9, 2021. Pursuant to the amendments, the definitions of a related party...
Bombay High Court Reiterates Distinction Between Forward Contracts and Options in Securities
The distinction between a forward contract for sale and purchase of securities in a company on the one hand and the creation of an option in relation to such securities on the other hand bears considerable relevance when it comes to their enforceability. While the Securities Contracts (Regulations) Act, 1956 (SCRA) and various notifications issued therein by the Central Government as well as the...
Liability of Company Secretary for Misstatements: SC Remits Case to SAT
In November 2022, we had discussed a somewhat curious ruling of the Securities Appellate Tribunal (SAT) in V. Shankar v. Securities and Exchange Board of India which exonerated the Company Secretary of Deccan Chronicle Holdings Limited (DHCL) from liability for certain misstatements and incorrect disclosures made by the company. We had noted that the SAT largely arrived at the ruling on first...
Necessity of Judicial Member in the CCI: NCLAT’S Perplexing Piece of the Puzzle
[Shourya Mitra is a penultimate year law student at Jindal Global Law School, Sonipat] Recently, the National Company Law Appellate Tribunal (NCLAT) dismissed the appeals filed by United Breweries and others against the order of the Competition Commission of India (CCI) (Beer Cartel Case). The CCI had held that the beer companies were in contravention of the provisions of the Competition Act 2002...
Imposition of an Interim Moratorium Prior to Corporate Insolvency Resolution Process
[Sumer Karekar is a lawyer and is presently undergoing the Graduate Insolvency Programme at the Indian Institute of Corporate Affairs, Gurgaon] The Insolvency and Bankruptcy Code, 2016 (“IBC”) has sought to implement a time-bound framework for resolution of stressed companies. For this purpose, it prescribes a timeline for the adjudicating authority (“AA”) to admit or reject an application for...
Derivative Action – Where Does the Jurisdiction Lie?
[Pratyush Singh is a third-year student at the National Law School of India University, Bangalore] Does the National Company Law Tribunal (NCLT) have exclusive jurisdiction over matters pertaining to derivative action? In November 2022, the Madras High Court in Valluvar Kuzhumam Pvt. Ltd. v. APC Drilling & Construction Pvt. Ltd. ruled in the affirmative. The argument to bar a civil court’s...
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