Blog Posts
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Section 100 revisited: In Re Organon
We have discussed the law on reduction of share capital under Section 100 of the Companies Act previously. A recent decision of a Single Judge of the Bombay High Court has an interesting observation in this regard. In Re Organon (India) Limited [2010] 101 SCL 270 (Bom), Kathawalla J. observes after discussing the previous cases…
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RBI: Regulatory Framework on Core Investment Companies
An earlier post had discussed a Reserve Bank of India (RBI) proposal on regulation of Core Investment Companies; and had discussed the draft guidelines which the RBI had proposed. The RBI has now released the ‘Regulatory Framework for Core Investment Companies’. A Core Investment Company (CIC) is defined as being an NBFC carrying on the…
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Unlawful Distribution of Capital: The Question of Intent
Five judges of the United Kingdom Supreme Court are scheduled to hear an exceedingly interesting case on October 5 and 6, 2010, on what the Court of Appeal describes in the impugned judgment as a “short, but quite basic company law point”. The judgment of the Court of Appeal in the case – Progress Property…
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Event Announcement: Mr. Soli Dastur’s Lecture on the DTC
Mr. S.E. Dastur, Senior Advocate, will be delivering the 1st K.A. Sathe Memorial Lecture at Symbiosis Institute of Management, Range Hills, Khadki, Pune on Sunday, August 22, 2010 at 9.45 a.m. Mr. Dastur, the country’s foremost tax expert, will be speaking on the Direct Taxes Code. The lecture is being organized by the Pune Income…
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NLSIR: Call for Submissions
I have received the following call for submissions from the National Law School of India Review, which may be of interest to readers. “The National Law School of India Review (NLSIR) is the flagship law journal of the National Law School of India University, Bangalore, India. The NLSIR is a bi-annual, peer-reviewed law journal providing…
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Bombay High Court Upholds Section 14A and Rule 8D – Part II
In a previous post, the outline of the propositions in Godrej & Boyce v. DCIT was provided, followed by a discussion of the first issue before the Court. The other two issues, and the Court’s conclusions are discussed below. Section 14A(2) and (3) and Rule 8D are Constitutionally valid The next question posed by the…
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Bombay High Court Upholds Section 14A and Rule 8D – Part I
Earlier posts discussed the decision of the Mumbai Special Bench of the ITAT in Daga Capital, and exceptions to the seemingly assessee-adverse ruling that had been carved by other tribunals and courts. The issue was then heard by the Bombay High Court, which finally pronounced judgment yesterday. The decision in Godrej & Boyce v. DCIT,…
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Entry of New Private Sector Banks
The Reserve Bank of India (RBI) has released a discussion paper on “Entry of New Banks in the Private Sector”, which paves the way for granting new banking licences. The discussion paper compares India’s position with international experience and then suggests possible approaches (listing both pros and cons) for the way forward. This analysis has…
