Category: Uncategorized
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Subsistence Allowance during Adjudication
[Posted by V. Niranjan] The Industrial Disputes Act, 1947 [“IDA”], provides for an elaborate system of adjudication of disputes between employers and workmen, and litigation over “subsistence allowance” is by no means uncommon, not only for tactical reasons, but also because it is often the only means of survival for an employee facing disciplinary proceedings.…
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Supreme Court on Tainted Securities
[Posted by Shantanu Naravane] In Varghese Joseph v The Custodian, the Supreme Court was called on to clarify the approach to be adopted in relation to tainted securities under the Special Court (Trial of Offences relating to Transactions in Securities) Act, 1992. Although there is not much by way of company law principles of even…
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MCA grants exemption from attaching subsidiary accounts
[Posted by Satyajit Gupta] Section 212 of the Companies Act, 1956 requires holding companies to attach with its balance sheet, a copy of the balance sheet, profit and loss account etc., of each of its subsidiaries. In recent years, with the globalization of the Indian economy, there has been a large increase in the number…
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Supreme Court on Section 394: Sesa v. Krishna Bajaj
[Posted by Mihir Naniwadekar] The Supreme Court of India recently revisited the law on schemes of amalgamation under Sections 391-394 of the Companies Act, 1956 in Sesa Industries v. Krishna Bajaj. The Supreme Court was concerned with a set of appeals by special leave from the judgment of a Division Bench of the Bombay High…
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Managerial Remuneration in Unlisted Companies: Process Eased
[Posted by Umakanth Varottil] When the rest of the world is tightening the screws on payment of managerial remuneration in the wake of the financial crisis, the Ministry of Corporate Affairs (MCA) in India has eased the process for such payments in the case of unlisted companies. However, this is certainly understandable. The erstwhile process…
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The Concept of an “Interested” Shareholder
[Posted by Umakanth Varottil] Yesterday’s board meeting at SEBI was not expected to generate any substantial decision owing to the impending change of guard at the regulatory institution. True to expectations, key matters such as amendment to the Takeover Regulations and implementation of the Jalan committee report on stock exchanges and other market infrastructure institutions…
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Literature on Takeover Regulations
[Posted by Umakanth Varottil] I recently came across two papers dealing with the SEBI Takeover Regulations and other related legislation in India, and a discussion of issues that arise in takeovers of Indian companies. 1. The Emerging Market for Corporate Control in India: Assessing (and Devising) Shark Repellants for India’s Regulatory Environment by Abhinav Chandrachud.…
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Islamic Finance and the Indian Constitution
[Posted by Umakanth Varottil] The concepts of Islamic banking and Islamic finance are yet to gain significant ground in India and attain the popularity they have witnessed in other countries. While there has been a debate about the need for a separate legal framework in India to promote the form of finance recognized under principles…
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The 1st Annual SLR – Sage Essay Competition
[Posted by Umakanth Varottil] Socio-Legal Review (SLR), the inter-disciplinary, peer-reviewed and student edited journal published by the National Law School of India University (NLSIU) and Sage Publications, the independent international publisher of books, journal and international media have announced the 1st Annual SLR – Sage Essay Competition. TOPICS Participants have to write the essay on…
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Lobbying: An Indispensable Part of Pluralistic Democracy or the Evil That Needs to Be Shunned?
[Posted by Umakanth Varottil] [The role of lobbying in the legislative and regulatory process in India has been the subject matter of great debate lately. In particular, the role of lobbyists in proving an interface between the corporate sector and various arms of Government is at the forefront. Lobbying has thus far been carried on…