Category: Uncategorized
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Disgorgement in India: Takeaways from a Recent US Supreme Court Ruling
[Shaivi Shah is a 3rd year student and Palash Moolchandani a 4th year student, both at National Law University, Odisha] The Black’s Law Dictionary defines disgorgement as “the act of giving up something (such as profits illegally obtained) on demand or by legal compulsion”. In India, since the enactment of the Securities and Exchange Board…
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SEBI Tightens Reins over the Proxy Advisory Industry
[Posted by Umakanth Varottil] Proxy advisory firms have acquired the status of an important corporate governance intermediary. This is not just globally, but also in India. They play a crucial role of providing voting advice to shareholders (particularly of the institutional variety). In India, the advent of the proxy advisory industry over the last year…
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Gender and Ethnic Diversity in Arbitral Institutions: Where Do We Stand?
[Dhriti Mehta is a 2nd year LLB student at Campus Law Centre, Faculty of Law, University of Delhi] Over the past few decades, concomitant with the rise of international arbitration, institutional arbitration has increasingly become a preferred option for dispute resolution. The arbitral institutions wield significant influence concerning the arbitrator appointments. In cases where the…
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Corporate Restructuring in India: The Cross-Class Cramdown Provision
[Aastha Agarwalla is a final year law student at Campus Law Centre. Faculty of Law, University of Delhi] The United Kingdom (UK) recently enacted a much-awaited economic legislation, the Corporate Insolvency and Governance Act 2020 (CIGA). The CIGA introduces sweeping reforms, including a cross-class cramdown provision (CCDP), in the restructuring legal framework. The cramdown mechanism,…
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Paper on Shareholder Remedies: Oppression, Prejudice and Mismanagement
[Posted by Umakanth Varottil] Under company law, shareholders (particularly the minority) can resort to various remedies prescribed thereunder, such as oppression, prejudice and mismanagement. While Indian company law has incorporated versions of shareholder remedies since the mid-20th century, the design of the remedies as they currently operate finds place in sections 241 and 242 of…
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The Quick Heal Judgment: Optional versus Mandatory Reference to Arbitration
[Rohan Deshpande practices as a Counsel at the Bombay High Court, and Karan Kamath is a 2020 B.A. LL.B. (Hons.) graduate from Symbiosis Law School, Pune] The Bombay High Court in its judgment dated June 5, 2020 in Quick Heal Technologies Ltd. v. NCS Computech Pvt. Ltd. was concerned with an application for appointment of…
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Suspension of CIRP during Covid-19: A Boon or a Bane?
[Megha Khandelwal and Ananya Ghosh are 4th Year B.A. LL.B. (Hons.) students at the National Law School of India University, Bangalore.] The Covid-19 pandemic and its consequential lockdown has resulted in an economic ripple effect on businesses all across the globe. To mitigate its impact, governments of various countries have amended their respective insolvency laws…
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NCLAT’s Ruling in the Surana Liquidation Case: An Analysis
[Shreya Dagar is a 3rd year B.A. LL.B. (Hons.) student at National Law University Jodhpur] The National Company Law Appellate Tribunal (“NCLAT”) on 18 June 2020 decided in favour of the liquidator in Srikanth Dwarakanath v. Bharat Heavy Electricals Limited (BHEL). The case dealt with the liquidation of Surana Power Limited (“SPL”). The tribunal imported…
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Uber v Heller: Analysing How Indian Courts Have Interpreted “Unconscionable” Arbitration Agreements
[Yash More and Hitoishi Sarkar are II year students at Gujarat National Law University] On 26 June 2020, the Supreme Court of Canada in Uber Technologies Inc. v. Heller ruled on the validity of unconscionable arbitration clauses. The Court found two elements to determine the arbitration clauses’ unconscionability – inequality of bargaining power and improvidence of…
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The Dilemma of Jurisdiction under Arbitration and Insolvency: Another Trolley Problem? – Part II
[Kartikey Sanjeev Bhalotia and Arshit Kapoor are 2nd year students at National Law University Odisha] In lieu of the conclusion in the previous post, the authors opine that in a case where there exists an arbitrable dispute between the parties, the admission of an application under section 7 of the IBC can undermine the sanctity…