[Dhaval Bothra is a law student at Symbiosis Law School, Pune] As the chief regulator of financial institutions, the Reserve Bank of India (“RBI”) oversees varied entities from commercial banks to non-banking financial companies, ensuring prudent behaviour and protecting the interests of investors. Among the plethora of financial instruments under its purview, alternative investment funds...
Unravelling the Rights of Successors vis-à-vis Nominees to the Shares of a Company
[Snigdha is a 3rd year B.A., LL.B. student at Gujarat National Law University, Gandhinagar] The Supreme Court on 14 December 2023 in Shakti Yezdani v. Jayanand Jayant Salgaonkar settled the position of conflict between the rights of a nominee under section 109A of the Companies Act, 1956 (the “Act”) and that of a successor to the shares/securities of a company. The Court clarified the...
A Faster Track for Debt Financing: Examining India’s Proposed Public Issuance Framework
[Dhaval Bothra and Rajdeep Bhattacharjee are students at Symbiosis Law School, Pune] The Indian corporate debt market, while exhibiting notable dynamism, grapples with a critical challenge: the stark predominance of private placements. This overreliance on opaque transactions significantly restricts public participation and impedes overall market development. Recognizing this constraint, the...
Dodging Criminal Liability Through Mergers & Amalgamations
[Suraj Chaudhary and Ravishekhar Pandey are practising advocates at the Bombay High Court, and specialise in commercial disputes] Netflix’s Railway Men this November has refreshed the public memory of the Bhopal Gas Tragedy in 1984. In March this year, given its limited curative jurisdiction, the Supreme Court had no choice but to reject the application for enhancement of compensation to the...
Replacement of a Liquidator under the IBC: The End of Independence?
[Sannah Mudbidri is a 3rd year BA LLB (Hons.) student at National Law School of India University, Bangalore] The landscape of liquidator replacements under the Insolvency and Bankruptcy Code, 2016 (IBC) has witnessed a transformative journey, marked by the historical authority vested in the adjudicating authority and amendments to the Insolvency and Bankruptcy Board of India (IBBI) regulations...
Group of Companies Doctrine: Judgments Implicitly Overruled in Cox & Kings
[Varun Srinivasan is an advocate practising in New Delhi and is a junior in the chambers of Mr. Gaurav Pachnanda SA] The five-judge decision of the Supreme Court in Cox & Kings Ltd v. SAP India Pvt Ltd 2023 INSC 1051 has already been well summarized here and some of its implications are discussed here. The focus of this post is to recognize some of Cox & Kings’ more subtle contributions...
Smaller Ticket Sizes: Decoding SEBI’s Corporate Bond Market Reform
[Shalin Ghosh is a 2nd year B.A.,LL.B. (Hons.) student at Maharashtra National Law University, Mumbai] The Securities and Exchange Board of India (“SEBI”), through a consultation paper released on 9 December 2023, proposed a slew of reforms to spur the growth of the Indian corporate bond market. One of those reforms concerns permitting companies to issue non-convertible debentures (“NCDs”) and...
Navigating the Waters of Change: SEBI’s Instant Settlement Plan and Foreign Investor Concerns
[Arihant Sethia is a student at the Gujarat National Law University] In the fast-paced world of financial markets, where time is often equated with value, the Securities and Exchange Board of India (SEBI) has set the stage for a groundbreaking transformation. The proposed shift from the T+1 settlement system to an instantaneous settlement framework represents a bold leap into the future...
Navigating the Labyrinth: Landowners’ Rights in Real Estate Insolvency
[Dhaval Bothra and Rajdeep Bhattacharjee are law students at Symbiosis Law School, Pune] The intricate realm of real estate development is governed by meticulous development agreements, fostering a collaborative relationship between landowners and developers. In this partnership, landowners contribute valuable land, while developers undertake construction responsibilities, potentially leading to...
Addressing Unstamped Arbitration Agreements: Novel Ways to Reinforce Arbitral Autonomy
[Akash Kumar Surya is a 3rd year B.A., LL.B. (Hons.) student at the National Law School of India University, Bengaluru] In the case of In Re: Interplay the Supreme Court recently delivered its verdict on the legal position of unstamped arbitration agreement in India. The judgement has settled the issue, bringing clarity on a matter whose jurisprudence has otherwise been marked by chequered...
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