Category: Uncategorized
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Ministerial, Not Managerial: SAT Limits Compliance Officer Liability in V. Shankar
[Aadya Narain is a B.A. LL.B. (Hons.) student at Jindal Global Law School] On 5 May 2025, the Securities Appellate Tribunal (“SAT”) in V. Shankar v SEBI addressed a critical and controversial question: can a compliance officer be held personally liable for fraudulent disclosures and statutory violations committed by the board of directors of a listed company? The…
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Interpreting Post-Award Interest: Between Statutory Silence and Judicial Pragmatism
[Vriddhi Galada is a 3rd-year student at Hidayatullah National Law University, Raipur] Arbitration is an ever-evolving field, continually shaped by judicial interpretation and legislative amendments to meet the demand of modern dispute resolution. The Arbitration and Conciliation Act, 1996 (“the Act”) was enacted with the objective of determining and limiting the scope of judicial intervention in arbitration proceedings and…
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Breaking Down Break Fees: Regulatory Trends and Legal Perspectives on Deal Protections in M&A
[Arjim Jain and Shruti Asati are 5th Year B.A., LL.B. (Hons.) students at National Law University, Odisha] On May 5, 2025, Singapore’s Securities Industry Council (“SIC”) released a consultation paper proposing significant amendments to the Singapore Code on Takeovers and Mergers, with a sharp focus on regulating deal protection measures—especially break fees. The proposal seeks to generally prohibit break fees unless…
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Evolving Concept of Bailment in Digital Age: Indian Contract Law and Cloud Liens
[Tamanna Yadav is a student at NALSAR University of Law, Hyderabad] In March 2025, the Vuenow Group of Companies, a purported cloud service provider, sold cloud storage units, termed “cloud particles”, worth ₹3,558 crore, luring investors with promises of high returns through a lease-back model. However, the entire scheme was fraudulent. There was no actual cloud…
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Fixing the Co-Investment Puzzle: Is SEBI’s CIV Proposal the Perfect Solution?
[Alka Nanda Mahapatra is a student at the National Law University, Jodhpur] On May 9, 2025, the Securities & Exchange Board of India (“SEBI”) released a Consultation Paper on providing flexibility to AIFs to offer Co-Investment opportunities to investors within the AIF structure under SEBI (Alternative Investment Funds) Regulations, 2012. The Consultation Paper released by SEBI proposes…
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Settling Regulatory Settlements: A Taxing Tale
[Bhaskar Vishwajeet is a lawyer at a law firm in New Delhi] On April 23, 2025, the Central Board of Direct Taxes issued a Notification that any expenditure incurred in settlement proceedings concerning contraventions under certain laws will not be deemed deductible from the taxable income of a settlement-seeking entity. The Notification exclusively covers only the following legislations:…
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SEBI’s FPI Disclosure Shift Overhaul: Viability of the Trade-Off
[Deergha Meena is a fourth-year student at NALSAR University of Law, Hyderabad] In 2024, SEBI mandated FPIs that managed equity assets in India exceeding ₹25,000 crore to provide granular-level disclosures on their beneficial owners. In a recent circular, SEBI increased this threshold to ₹50,000 crore, reducing the number of FPIs required to disclose beneficial ownership details. The change,…
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Who Gets the Gains? The IBC Tug-Of-War over Fraudulent Transaction Recoveries under Section 66
[Harsh Bansal is a 4th year B.A., LL.B. (Hons.) student at Rajiv Gandhi National University of Law] On 1 April 2025, the Supreme Court (SC) in Piramal Capital & Housing Finance Ltd. v. 63 Moons Technologies Ltd.(PCHFL), albeit as an ancillary issue, answered the question of who benefits from recoveries in fraudulent or wrongful trading transactions under the…
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Recalibrating Compliance: Legal Implications of SEBI’s Revised Listing Regulations for HVDLEs
[Aparna Ravi and Kinnari Sanghvi are Partners and Manan Sheth an Associate at S&R Associates, Advocates] The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) provide for the various compliance actions and reporting requirements for entities who have listed equity shares or other specified securities and/or non-convertible securities on the stock exchange. The Securities and…
