[Kunal Kumar is a 4th year B.A., LL.B.(Hons.) student at NLU Jodhpur)] Introduction In Central Bank of India v. Shri Prakash Chand Jain (1969), the Supreme Court held that a fact which is sought to be proved must be supported by statements made in the presence of the person against whom enquiry is held and the statement made behind the back of the person charged are not to be treated as...
CCI’s Decision on Abuse of Dominant Position by Google
[Pallavi Panigrahi is a graduate of National Law School of India University, Bangalore and is currently working at a Corporate Law Firm in Mumbai. Another post on the topic is available here] The Competition Commission of India (“CCI”) last month imposed a fine of INR 135.86 crores on search engine giant Google (inclusive of Google LLC, Google India Private Limited and Google Ireland Limited) for...
Considerations of “Public Policy” for the Enforcement of Foreign Arbitral Awards in India
[Nandini Garg is a 4th year B.A. LL.B. (Hons.) student at National Law Institute University in Bhopal.] Recently the Delhi High Court in Daiichi Sankyo Company Limited v. Malvinder Mohan Singh and Ors. allowed the Japanese investor, Daiichi Sanyko, to enforce a foreign arbitral award against its Indian investee and recover Rs. 3500 crores from it. The erstwhile promoters of the investee company...
Winding-up and Liquidation: Demarcation by the Bombay High Court
[Shubham Sancheti and Prashamsha Tulachan are 4th Year B.A., LL.B. (Hons.) studentsat NALSAR University of Law, Hyderabad] The Insolvency and Bankruptcy Code, 2016 [“Code”] entailed various interpretation lacunae and, the Central Government is constantly seeking to bridge the emerging gaps. One of such lacuna pertained to the conflict between “Winding-up” under the Companies Act [“1956 Act” or...
New Amendments Proposed to Arbitration Law to Strengthen Institutions and Improve Previous Reforms
[Devina Srivastava is a 3rd Year, BBA LL.B. (Hons.), student at Symbiosis Law School, Pune] In July 2017, a committee chaired by retired Supreme Court judge, Justice B.N. Srikrishna, submitted its report suggesting measures for improving arbitration in India by strengthening institutional arbitration and amending the Arbitration and Conciliation Act, 1996 (‘the Act’) to remove ambiguities...
CCI’s Order against Google: What Constitutes the Relevant Market?
[Sanchit Varma is a 4th year BA.LL.B (Hons.) student at NALSAR University of Law, Hyderabad] Introduction In a recent order, the Competition Commission of India (‘CCI’) imposed a 136 crore fine on Google Inc. for unfair business practices in India. The order was passed pursuant to complaints filed against Google in 2012, wherein it was alleged that the company was abusing its dominant position...
11th Annual NLSIR Symposium on the Insolvency and Bankruptcy Code
[Announcement from the National Law School of India Review] The National Law School of India Review (NLSIR), the flagship journal of the National Law School of India University (NLSIU), Bangalore is pleased to announce the 11th Annual NLSIR Symposium on the Insolvency and Bankruptcy Code. It is scheduled to be held on the 24th and 25th of March, 2018 at the Allen and Overy Hall, National Law...
Preserving the Quintessential Value of the Arbitration and Conciliation Act, 1996: Analysing the Supreme Court’s Decision in Sundaram Finance Limited v. Abdul Samad
[Amrit Singh and Megha Tiwari are both 4th year B.A., LL.B. (Hons.) students at WBNUJS in Kolkata] Arbitration has evolved as an efficacious alternative to litigation for settlement of disputes, and is now considered an important tool in promoting investment in Indian businesses. The recent amendments to the Arbitration and Conciliation Act, 1996 (the “Act”) and the subsequent judicial...
Fighting Climate Change in a Climate of Regulatory Uncertainty
[Yogini Oke is an NUJS graduate currently pursuing the Young India Fellowship] Climate change has emerged as amongst the most significant challenges of the present times. The ubiquitous nature of this problem has prompted diverse responses from stakeholders across the world addressing its many strands. The United Nations Framework Convention on Climate Change (“UNFCCC”) is an attempt of the...
Form PAS-3 for Privately Placed Issuance
[Vinita Nair is a Partner at Vinod Kothari & Company, and can be reached at [email protected]] One of the major concerns arising from enforcement of Companies (Amendment) Act, 2017 is to ensure compliance of provisions of the substituted section 42. One of the clauses of section 42 restricts utilization of monies received from subscribers of a privately placed issue of securities...
Gun Jumping – The Antitrust Way
[Aditya Sinha is a 5th year B.B.A., L.L.B (Hons.) student at College of Legal Studies, University of Petroleum and Energy Studies, Dehradun] Introduction In the legal antitrust world, the practice of actualizing a transaction before receiving the statutory clearance from the competition authority, or unauthorized co-ordination between the merging parties prior to approval, is referred to as...
Where to File for Execution of an Arbitral Award? SC settles the Debate
[Saarthak Jain is a 2nd year B.A., LL.B. (Hons.) student at National Law School of India University (NLSIU), Bangalore with a deep interest in arbitration and corporate law.] In Sundaram Finance Ltd. v. Abdul Samad, the Supreme Court this month settled the debate on the question as to whether an arbitral award is required to be filed for execution in the court having jurisdiction over the...
The Liquidation Value- ‘Erstwhile’ Benchmark for Prospective Investors
[Rohit Sharma is a Company Secretary in Kolkata, and can be reached at [email protected]] Introduction In accordance with the provisions of the Insolvency and Bankruptcy Code, 2016 (‘Code’), the interim resolution professional was required to appoint two registered valuers for the valuation of the assets of the corporate debtor. The registered valuers were appointed for the valuation of...
Supreme Court’s Stand on Market Impact for Synchronised Trades
[Jitesh Maheshwari is an associate at Mindspright Legal and Rakshita Poddar is a lawyer based in Mumbai] Introduction The Supreme Court of India in its recent landmark judgement of SEBI v. Rakhi Trading Pvt. Ltd., delivered by Justice Kurian and Justice Banumathi, has overruled several orders of the Securities Appellate Tribunal which had held that synchronised trades are illegal only when they...
Implications of Granting Infrastructure Status to the Logistics Sector
[Harini Sutaria is a final year student at ILS Law College, Pune] Introduction In a bid to boost the logistics sector in the country, the Government has granted it an infrastructure status. This grant of status is a positive move by the Government and is an acknowledgement of the growing dependency of the success of other industries on logistics. A notification was issued by the Department of...
Why SEBI is Failing at Regulating Insider Trading in India
[Bhavya Bhandari is currently pursuing an LLM. in Corporation Law at NYU School of Law. She can be reached at [email protected]. The Indian securities market regulator has been criticized in the last two decades for its failure to investigate and prosecute perpetrators of insider trading. Even when the perpetrators are caught and punished, the penalty is often so low that the regulations have lost...
Crossholding in Credit Rating Agencies: An Insight into the SEBI Consultation Paper
[Kashish Jain is a 4th year B.B.A L.L.B (Hons.) student at Jindal Global Law School in Sonipat, Haryana] A credit rating agency (CRA) is a service provider that assesses the creditworthiness of an entity (issuer) or a debt instrument (e.g., asset-backed securities). Typically, it expresses an opinion that is based on processing information and conducting research. CRAs seek to reduce the...
Market Dominance: The Inadequacy of Section 4 of the Competition Act, 2002
[Gokul Plaha is a 4th year B.A., LL.B. (Hons.) student at the National Law University, Delhi] Introduction Section 4 of the Competition Act, 2002 prohibits the abuse of a “dominant position” in the market but does not penalise “dominance” per se. This means that any firm or enterprise is well within its right to acquire a dominating position in the market, even by way of indulging in anti...
Assignment of Debts under the Insolvency and Bankruptcy Code
[Aayush Mitruka is a lawyer based in Delhi] Synergies Dooray Automotive, the first corporate entity to be resolved under the new Insolvency and Bankruptcy Code (Code) posed a few very interesting questions and highlighted some grey areas in Code. In the present post I intend to discuss one important issue that came up in the context of assignment of debts. To put things in perspective, the Code...
Latecomers in Liquidation – Entitlements and Penalties
[Sikha Bansal is an Associate at Vinod Kothari & Company and can be reached at [email protected]] The Insolvency and Bankruptcy Code (the “Code”) provides for corporate insolvency resolution in respect of corporate debtors, and then liquidation where the insolvency proceedings fail. In case of liquidation of insolvent entities, the competing stakeholders stake their claims on...
Analysis of the Strike-Off Provisions under the Companies Act, 2013
[Utsav Mitra is a 3rd year B.A. L.L.B student from The National Law Institute University, Bhopal] Strike Off is a method prescribed under sections 248-252 of the Companies Act, 2013 (the “Act”). These provisions have been notified by the Ministry of Corporate Affairs by way of a notification dated 26 December 2016. They provide an opportunity for defunct companies to get their names removed from...
Union Budget: Tax Policy Concerns for Capital Gains and Dividend Distribution on Mutual Funds
[Hardeep Singh Chawla is an Advocate practicing in the M&A & PE Tax Department of a Big4 in Gurgaon, Haryana. Views expressed are his own. The author may be reached at [email protected]] “The only difference between death and taxes is that death doesn’t get worse every time Congress meets” – Will Rogers Recently the Finance Minister tabled the Finance Bill, 2018 (‘Bill’)...
Supreme Court on Delay in Filing Appeal from Orders of the NCLT
[Maneck Mulla is the Proprietor of M Mulla Associates, Mumbai] In Bengal Chemists and Druggist Association Vs Kalyan Chowdhury, the Supreme Court discussed the provisions of section 421 of the Companies Act, 2013 (the Act) which provides for filing of an appeal from orders of the National Company Law Tribunal (NCLT) within a period of 45 days with a further grace period of 45 days, (i.e. 90...
Application of the Single Economic Entity Doctrine to Anticompetitive Agreements
[Oorvi Mehta is a III Year student of B.A. LL.B. (Hons.) at the NALSAR University of Law, Hyderabad] Section 3 of the Competition Act 2002 applies to cases of anti-competitive agreements between two or more enterprises. The usual route to examine an infringement of this provision was to determine firstly, whether there was an agreement between two or more enterprises, fulfilling which, secondly...
Resolving the Issues Arising from Emergency Arbitration
[Aanchal Jain is a 4th year B.A.L.L.B. (Hons.) student at Dr. Ram Manohar Lohiya National Law University, Lucknow, India] Introduction Foremost among the new developments in the field of arbitration stands the concept of emergency arbitration. Although emergency arbitration is a relatively new phenomenon, it has gained significant traction. This is reflected in both the number of institutional...
Recent Comments