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FDI in the Aviation Sector

Jae Woon Lee and I have a working paper titled “Skies Half Open: Foreign Investment in India’s Airline Industry”, the abstract of which is as follows: The foreign investment regime governing the airline industry has been the subject matter of considerable debate. Our goal in this paper is to supplement the literature by embarking on an analysis of the foreign investment regime in India and...

The Curious Case of Homebuyers under the Insolvency and Bankruptcy Code, 2016

[Manaswi Agarwal is an advocate based in Mumbai and Aayush Mitruka is an advocate based in New Delhi] One of the crucial issues which has emerged and is widely talked about under the Insolvency and Bankruptcy Code, 2016 (Code) relates to the interest of homebuyers under the Code. The jurisprudence developing around the Code does not adequately address their concerns, and therefore the law...

The Risky Truth about Investments by Banks: The RBI’s Amendment To Financial Services Directions

[Utsav Gandhi is a corporate lawyer based in Bangalore] Introduction The Reserve Bank of India (“RBI”) last month amended the Master Direction – Reserve Bank of India (Financial Services provided by Banks) Directions, 2016 (“Directions”). This allows banks to invest in a multitude of entities such as Real Estate Investment Trusts (“REITs”), Infrastructure Investment Trusts (“InvITs”)...

The Supreme Court’s Liberal Interpretation of the SEBI Regulations on Fraudulent Trade Practices

[Jitesh Maheshwari is an Associate at Mindspright Legal in Mumbai] Introduction The Supreme Court last month passed a landmark judgment in SEBI v. Shri Kanaiyalal Baldevbhai Patel in which front running by a non-intermediary has been bought within  the prohibition of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (the “PFUTP...

On the Law of Constructive Trusts in India

[Niranjan Sankar Rao is a fourth year B.A. LL.B. (Hons) student at Jindal Global Law School, Sonepat, Haryana, India. The author is grateful to Mr Aditya Swarup, Professor, Jindal Global Law School and Mr Mihir Naniwadekar, Advocate, Bombay High Court, for their guidance.] This post explores what constitutes an equitable or constructive trust in English law and attempts to analyse it in light of...

Regulation of Equity Based Crowdfunding in India

[Priyanka Sunjay is a Fourth year student, B.A., LL.B.(Hons), National Law University, Jodhpur] Crowdfunding is a means by which an entrepreneur or business raises financing by way of small contributions from a large number of individuals using mass communication through the Internet. It is usually used to raise funds for films, art, business ventures or social causes.  There are various types of...

RBI Directions on Peer to Peer Lending

[Guest post by Samrudhi Chothani, an Associate at Bharucha and Partners, Mumbai and Saurav Roy, a IV B.A.LL.B student at the ILS Law College, Pune. Views are personal] Introduction The Peer to Peer (“P2P”) Lending sector is one with tremendous potential and requires robust regulation. P2P lending is similar to crowd-funding, where persons who want loans are connected with interested lenders. The...

Application Under SARFAESI: Supreme Court’s Liberal Approach

[Guest post by Richa Saraf, Assistant Legal Advisor at Vinod Kothari & Co.] In the case of M.D. Frozen Foods Exports Pvt. Ltd. v. Hero Fincorp Ltd.,[1] the Supreme Court held that there was no illegality in a non-banking finance company (“NBFC”) invoking the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“SARFAESI Act”) for recovery of...

Report of the SEBI-Appointed Committee on Corporate Governance

In June this year, the Securities and Exchange Board of India (SEBI) appointed a committee under the chairmanship of Mr. Uday Kotak to review corporate governance norms in India, and to make recommendations to enhance governance standards. The committee comprised members from diverse fields. It issued its report on 5 October 2017. The report contains several significant recommendations. SEBI has...

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