Blog Posts
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Arbitration of Consumer Disputes in India: A Need for Reform
[Pavitra Naidu & Shreya Jain are 4th year B.B.A., LL.B. (Hons.) students from Jindal Global Law School, Sonipat] The case of Emaar MGF v Aftab Singh was a landmark in the issue of arbitrability of consumer disputes. However, with India striving towards a pro-arbitration regime, delving into the possibility of arbitration of consumer disputes in…
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The SPAC-tacular rise of Blank Check Companies in India?
[Poojita Saxena is a 4th year law student at the National Law Institute University, Bhopal] One of India’s leading renewable energy companies, ReNew Power, recently announced the execution of a definitive business combination agreement with RMG Acquisition Corporation II. The USD 8-billion transaction enables the combined power generation company to get listed on NASDAQ by…
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Fragmented Framework for Perfection of Security Interest: A Secured Creditor’s Nightmare?
[Sikha Bansal is a Partner and Siddharth Goel a Legal Advisor at Vinod Kothari & Company] An interesting question of law came up for consideration by way of appeal before National Company Law Appellate Tribunal (NCLAT) in Volkswagen Finance Private Limited v. Shree Balaji Printopack Pvt. Ltd . The brief facts of the case involved…
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Classification of Advance Payment Claims as Operational Debt: Intention Test
[Kartik Adlakha is a final year B.B.A., LL.B. (Hons.) student at Jindal Global Law School] Insolvency and Bankruptcy Code (‘the Code’) defines ‘operational debt’ as claims arising in respect of provision of goods or services. The term ‘claim’ under the Code refers to right to payment or right to remedy for breach of contract if…
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The Continued Influence of Foss v. Harbottle in India
[On 6 March 2021, the Jindal Global Law School (JGLS) organised a JGLS Virtual Discourse titled “Action by Minority Shareholders and the Rules in Foss v. Harbottle (1843) 2 Hare 461”. It was structured as a comparative discussion, with James d’Apice discussing the Australian position and me the Indian position. In this post, I summarise…
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FDI Limit Hiked to 74%: An Impetus for the Insurance Sector
[Ekta Janghu is an Associate at Wadia Ghandy & Co., Mumbai and Riya Gupta is an Associate at Algo Legal, Mumbai] On February 1, 2021, the Finance Minister announced a host of reforms vide its first paperless budget. Amongst these, was the proposal to increase the threshold for foreign investment in the Indian insurance sector…
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SEBI’s Consultation Paper Makes Minority-Shareholder Friendly Proposals on Independent Directors
The Securities and Exchange Board of India (“SEBI”) has released a consultation paper making minority-shareholder friendly proposals mainly relating to independent directors (“IDs”). The paper proposes a dual-approval process for appointment and removal of IDs, which includes a “majority of minority shareholders” approval. If this approval is not received, a special resolution would be required…
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FIU’s Penalty on PayPal: Should Payment Gateways be Subject to Anti-Money Laundering Law?
Recently, the Financial Intelligence Unit (FIU) penalized PayPal to the tune of Rs. 9 million for not registering itself as a ‘payment system operator’ under the Prevention of Money Laundering Act, 2002 (PMLA), India’s anti-money laundering (AML) law. PayPal appealed against the FIU’s order before the Delhi High Court. In January 2021, the Court directed…
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UK Supreme Court Rules Uber Drivers are Workers: Its Impact on India
[Paridhi Rastogi is a 4th year B.Com., LL.B. (Hons.) student at the Institute of Law, Nirma University, Ahmedabad] In a recent landmark ruling, on the 19 February 2021, the UK Supreme Court has ruled that Uber drivers are ‘workers’, and not ‘independent contractors’. The judgement in the case of Uber BV and others v. Aslam…
