[Anushka PS is a third-year student pursuing the BA/LLB (Hons.) course from the National Law School of India University, Bangalore] The imposition of tax in the gaming industry is an issue that has long plagued both stakeholders and academics alike. With the Parliament tabling an amendment to the Central Goods and Services Tax Act, 2017 (the ‘CGST Act’) to precipitate the levy of 28% goods and...
Decoding “Ordinary Course of Business” in M&A Transactions
[Rajat Sethi is a Partner and Oorja Chari an Associate at S&R Associates] In common parlance, transactions entered in the “ordinary course of business” include transactions carried out in the day-to-day course of business to further the company’s business, in line with its charter documents. Black’s Law Dictionary defines ordinary course of business as “normal routine in managing trade or...
Mediation Dreams, Legislative Realities: Analysing the Mediation Bill, 2023
[Akarshi Narain and Gayatri Kondapalli are 3rd-year B.A., LL.B. (Hons.) students at NALSAR University of Law, Hyderabad] Mediation, as a mode of alternative dispute resolution, has increasingly been gaining traction in the international sphere. The Singapore Convention on Mediation, adopted in 2018, envisages cross-border enforcement of settlement agreements similar to that of arbitral awards...
Harmonious Dispute Resolution: Unveiling India’s Mediation Bill 2023
[Esha Rathi is a final year B.B.A. LL.B. (Hons.) student at Jindal Global Law School.] In a significant leap towards modernizing the legal framework and expediting the resolution of civil and commercial disputes, the Rajya Sabha recently passed the Mediation Bill 2023. This pioneering legislation marks a crucial shift, elevating mediation as the primary avenue for dispute resolution, prior to...
‘Enabling’ Provisions of PMLA: Casting a Net Too Wide?
[Bhamini Tanwani and Vanshika Manglani are fourth-year B.A. LL.B. (Hons.) students at Hidayatullah National Law University, Raipur] The High Court of Delhi (‘the Court’) in case of PayPal Payments Private Limited v. Financial Intelligence Unit Indiaheld that payment platform PayPal is included in the definition of ‘payment system operator’ under the Prevention of Money Laundering Act, 2002...
SC Ruling in Paschimanchal Vidyut: Analyzing the Treatment of Statutory Dues as Secured Credit
[Rakshit Agarwal and Tarun Ashok are third-year B.A. LL.B. (Hons.) student at the National Law School of India University, Bangalore] The recent judgment by a division bench of the Supreme Court of India in Paschimanchal Vidyut Vitran Nigam Ltd v Raman Ispat Private Limited (‘PVVNL’) has, as we argue, settled the debate on whether statutory dues are to be considered as secured credit for the...
A Re-Examination of the First Principles of Sections 28 and 37 of the Income Tax Act: Part II
[Rucha A Vaidya is an Advocate, Bombay High Court. The author would like to thank Mr. Mihir Naniwadekar, Advocate Bombay High Court, for his comments on the earlier draft of this post. Part I is available here] Having considered the facts and the judgments of Shah and Sundresh JJ in PCIT v. Prakash Chand Lunia in the earlier part, this post will analyse the underlying issue concerning sections 28...
A Re-Examination of the First Principles of Sections 28 and 37 of the Income Tax Act: Part I
[Rucha A Vaidya is an Advocate, Bombay High Court. The author would like to thank Mr. Mihir Naniwadekar, Advocate Bombay High Court, for his comments on the earlier draft of this post] This is a two-part post on a judgment of the Supreme Court of India (SC) in PCIT v. Prakash Chand Lunia (24 April 2023), which provides an opportunity for closely examining some of the fundamental principles...
Snake Oil or Standards: A Critical Analysis of SEBI’s Index Provider Regulation
[Ritvij Ratn Tiwari is a 4th-year B.A., LL.B. (Hons.) student at the National Law School of India University, Bangalore] The Securities and Exchange Board of India’s (“SEBI”) recent decision to withhold its proposal for regulating index providers has placed the spotlight on a significant juncture in the regulatory landscape surrounding the financial markets in India. In December last year, SEBI...
NCLT Order in Zee-Sony Merger Reiterates High Onus on Objectors
The proposed merger of Zee Entertainment Enterprises Limited with Sony’s India operations (through its entity Culver Max Entertainment Private Limited) has attracted considerable attention. This is essentially due to some governance and financial circumstances surrounding the Zee group. Zee Entertainment was the subject matter of shareholder activism spearheaded by an institutional investor...
NCLAT’s Verdict Reshapes the Interplay Between Arbitration and Insolvency
[Mohammad Kaif is a final year student at Campus Law Centre, Faculty of Law, University of Delhi] The judgment of the National Company Law Appellate Tribunal (NCLAT) Chennai Bench in KK Ropeways Limited v. Billion Smiles Hospitality has significant implications for the interplay between arbitration and insolvency proceedings in India. The central question addressed by the NCLAT was whether a...
Reinforcing Secured Creditors’ Rights: Insights from the Ronak Industries Case
[Shruti Srivastava is a 4th year B.A., LL.B. (Hons.) student at National Law University and Judicial Academy, Assam] In the ever-evolving landscape of financial regulations, the concept of a secured creditor has assumed significant importance. A momentous shift occurred with the introduction of section 26-E in The Securitization and Reconstruction of Financial Assets and Enforcement of Security...
IBC Overrides Electricity Act: Capturing the Fallacy in Rainbow Papers
[Praveen Sharma is a 5th Year Student at MNLU Mumbai] Recently in Paschimanchal Vidyut Vitran Nigam Ltd. v. Raman Ispat Private Limited, the Supreme Court of India ruled that the Insolvency and Bankruptcy Code, 2016 (IBC) overrides the Electricity Act, 2003. While dismissing the appeal of Paschimanchal Vidyut Vitran Nigam Limited (PVVNL), the Court provided crucial clarification regarding the...
Mandatory Arbitration Clauses: A Threat to Labour in India?
[Nankee Arora is a fourth-year law student at Jindal Global Law School] Mandatory arbitration clauses have become increasingly prevalent in employment contracts around the world. Employers seek to bind their employees to arbitration from the inception of their employment contract so in the event a claim arises they can take recourse to the speedier but more importantly confidential and largely...
PSUs and Competition Law in India: Balancing Public Interest and Market Efficiency
[Himanshi Yadav and Kartikey Baid are 4th Year B.A., LL.B. (Hons.) students at National Law University, Jodhpur] In the contemporary era of interconnected global trade and commerce, the principles of free and fair competition among not only private enterprises but also public and private sectors have become synonymous with a well-functioning free market. Consequently, the intersection of...
Unraveling SEBI’s Ex-parte Interim Orders: A Critical Analysis of the Zee Entertainment Case
[Tanuj Sharma is a 5th year B.B.A. LL.B. (Hons.) student and Vanshika Sharma is a 4th year B.B.A. LL.B. (Hons.) student at National Law University Odisha] The Securities Appellate Tribunal (“SAT”) on 10 July 2023 upheld the decision of the Securities and Exchange Board of India (“SEBI”) barring Subhash Chandra, the then Chairman of Zee Entertainment Enterprises Ltd. (“ZEEL”), and Puneet Goenka...
Evaluating SEBI’s Fit & Proper Test: Striking the Right Balance
[Dhaval Bothra and Akshat Jain are law students at Symbiosis Law School Pune and National Law University Delhi, respectively] Trust remains the cornerstone in matters of public money, and the Securities and Exchange Board of India (“SEBI”) is the watchdog of this trust. In furtherance of this aim, almost two years ago, the SEBI introduced amendments to the “fit and proper rule” under the...
Digital Personal Data Protection Bill: Balancing Privacy and Innovation
[Ananya Karnwal and Astha Agarwal are 5th year B.A. LL.B (Hons.) students at National Law University Odisha in Cuttack, Odisha] Recently, on 5 July 2023 the Digital Personal Data Protection Bill (“The Bill”) received approval from the Central Cabinet. This Bill has been finalized after multiple attempts of the government to create a holistic legislation to govern digital data of individuals that...
Adducing Additional Evidence under Section 34 of the Arbitration and Conciliation Act
[Raghav Bhatia is an Advocate practising at the Supreme Court and Delhi High Court. He can be contacted at [email protected].] Early this year, the Supreme Court of India in Alpine Housing Development Corporation Pvt. Ltd. v. Ashok S. Dhariwal reiterated that only in exceptional circumstances can a party adduce additional evidence under section 34 of the Arbitration and Conciliation Act...
Strengthening AIF Governance: SEBI’s Pro-Rata Proposal
[Sagun Modi is a 4th Year B.A. LL.B. (Hons.) student at National Law University, Odisha] Alternative investment funds (‘AIFs’) have emerged as vital investment vehicles in the global financial landscape. They provide investors with diversified investment opportunities beyond traditional asset classes. India witnessed a 30% increase in investment commitments into AIFs, from Rs. 6.41 trillion in...
Commercial Wisdom of the Committee of Creditors: An End to Excessive Deference?
[Mathanki Narayanan is a 4th year B.A. L.L.B. (Hons.) student at Jindal Global Law School] The conceptualization of the Insolvency and Bankruptcy Code, 2016 (IBC) was underpinned by the need to preserve economic value through expediency. However, its implementation has revealed asymmetries of power amongst the creditors. The Committee of Creditors (CoC) spearheads the Corporate Insolvency...
Game On, Taxes Doubled: Unraveling the Dual Taxation Conundrum in India’s Online Gaming Industry: Part II
[Rupam Dubey and Parth Kantak are 3rd-year B.A., LL.B. (Hons.) students at the National Law School of India University, Bangalore This is a continuation of Part I] The preceding segment of this post examined the taxation framework enforced upon the realm of online gaming in India and the dual taxation regime of the Union Government which leads to a situation of double taxation, imposing an unfair...
Game On, Taxes Doubled: Unraveling the Dual Taxation Conundrum in India’s Online Gaming Industry: Part I
[Rupam Dubey and Parth Kantak Mangrish are 3rd-year B.A., LL.B. (Hons.) students at the National Law School of India University, Bangalore] The emergence of affordable internet in India has had a profound impact on the country’s mobile gaming industry. With increased accessibility to the internet, more people have been able to engage in online gaming, resulting in India becoming one of the...
SEBI Circular on ESG Disclosures of Value Chains: A Double-Edged Sword
[Avani Hegde and Praneel Panchagavi are 3rd year B.A., LL.B. (Hons.) students at Symbiosis Law School, Pune] The Securities and Exchange Board of India (SEBI) issued a circular on July 12, 2023 notifying the mandate for environmental, social, and governance (ESG) disclosures and assurance requirements for value chains of the top 250 listed entities by market capitalization from the financial year...
Balancing Review and Recall: NCLAT on Correction of Procedural Errors
[Basil Gupta is a 4th year B.A., LL.B. (Hons.) student at National Law University, Jodhpur] The National Company Law Appellate Tribunal (NCLAT) has clarified that it possesses the power to recall its judgments, asserting its inherent authority under Rule 11 of the NCLAT Rules, 2016. In a significant decision, a five-member bench of the NCLAT in Union Bank of India (Erstwhile Corporation Bank) v...
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