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Implications of SEBI (Intermediaries) (Amendment) Regulations, 2017

[Rishabh Chawla is a 5th year B.A., LL.B.(Hons.) Student, National Law Institute University in Bhopal] Introduction On May 26, 2008, the Securities and Exchange Board of India (SEBI) notified the SEBI (Intermediaries) Regulations, 2008 (Regulations). They provide for a comprehensive regulation over all intermediaries on various requirements such as registration, code of conduct, procedure for...

Highlights of the Insolvency Amendment Bill, 2017

[Aayush Mitruka is a lawyer based in Delhi] In an attempt to debar certain unscrupulous promoters from regaining control over a distressed company, the Insolvency and Bankruptcy Code, 2016 (Code) was amended by way of a presidential ordinance in November 2017 (Ordinance).  The new provision introduced rendered certain persons ineligible to be a resolution applicant. Much has been written and...

Public Depositors as Creditors under the Bankruptcy Code: A Matter Left Unsettled

[Shashank Chaddha and Deeksha Malik are fourth and fifth year students, respectively, at National Law Institute University, Bhopal. They can be reached at [email protected] or at [email protected]] Over the past few months, the orders of the adjudicating authorities under the Insolvency and Bankruptcy Code, 2016 (“Code”) have provided much needed jurisprudence on the new insolvency...

NCLT Kolkata Rules on Non-Defaulting Promoters

[Saurav Roy is a 4th-year student and Lisa Mishra a 3rd-year student at ILS Law College, Pune] The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017 (“the Ordinance”) was enacted to, among other things, override the actions of unscrupulous promoters who seek to buy back company assets at a throw-away price, as compared to what is actually owed to the lenders. However, the Ordinance did...

Exemptions to Wholly Owned Subsidiaries: Do they Call for a Revision?

[Shubham Sancheti is a 4th year B.A., LL.B. (Hons.) student at NALSAR University of Law in Hyderabad] The Securities and Exchange Board of India (“SEBI”) recently availed an opportunity to interpret regulation 37(6) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”). It provided an interesting yet contestable interpretation of the regulation...

Revisiting Arbitrability of Claims of Oppression and Mismanagement: A Singapore Perspective

[Aishwarya Singh is a 4th year student at Jindal Global Law School] The Bombay High Court (HC) in the case of Rakesh Malhotra v. Rajinder Kumar Malhotra (2014) had held that oppression and mismanagement claims are not arbitrable because the arbitral tribunal does not have the power to grant all the statutory reliefs available in a minority oppression claim. On the other hand, the Singapore Court...

Announcement: LL.M in Law & Development 2018 – Azim Premji University

[Announcement from Azim Premji University] Admissions for Azim Premji University’s one-year master’s programme in Law &  Development (LL.M. in Law & Development) for the academic year 2018-2019 are now open! The LL.M in Law & Development is a unique, inter-disciplinary programme taught by internationally trained, reputed faculty to a select group of highly talented students carefully...

Can a Company ‘Selectively’ Reduce its Capital?

[Shikha Rawal is an Associate at a law firm in Mumbai. The views in this post are personal.] Over the years, several companies have increasingly resorted to selective capital reduction as a means of share capital management. A reduction of capital often involves the reduction of the same proportion of the shares of the company on similar terms and conditions offered to each shareholder whose...

Compulsory Amalgamation: the Bombay High Court on the FTIL-NSEL case

In 63 Moons Technologies Ltd. v. Union of India (and connected petitions), the Bombay High Court considered important questions of law going to the heart of Indian corporate law. The case involved a challenge to an order of the Central Government under s. 396 of the Companies Act, 1956. Purporting to act under s. 396, the Central Government had amalgamated the National Spot Exchange Ltd. (“NSEL”)...

Our Tenth Anniversary

Today marks the tenth anniversary of the IndiaCorpLaw Blog. The first post appeared on December 26, 2007. The Blog was launched with very little, or almost no, expectations as to its future. Surprisingly though, it has survived this long. That can be attributed to a number of factors: we have been fortunate to be joined by a wonderful team of collaborators and guest contributors to keep up the...

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