TagBanking

Merger of Public Sector Banks and Competition Concerns

[Kruthika Venkatesh is a 4th year B.B.A., LL.B. (Hons.) student at School of Law, Christ (Deemed-to-be) University in Bangalore] Background The media has reported that the Government of India is all set to ask the Reserve Bank of India (“RBI”) to prepare a list of candidates for merger among the 21 government controlled lenders with the primary agenda of overcoming bad debts. It all began two...

Fast Track Debt Resolution Programme – Achilles Heel Of The Insolvency And Bankruptcy Code

[Tushar Kumar is a 4th Year BA LLB (Hons.) student at Dr. Ram Manohar Lohiya National Law University, Lucknow] The Ministry of Finance, in July 2018, accepted the recommendations of a committee constituted for review on Non-Performing Assets of Public Sector Banks, headed by Sunil Mehta (Non-Executive Chairman of Punjab National Bank) proposing “Project Sashakt”, calling for a five-tier approach...

The Rise and Fall of the Financial Resolution and Deposit Insurance Bill

[Apoorv Madan and Rushil Anand are fourth year B.B.A. LL.B. (Hons.) students at Jindal Global Law School in Sonipat] Background It may be considered common knowledge, at this time, that failure of some financial institutions can have far-reaching implications on economies, sometimes resulting in full-blown financial crises. Further, because of the increasingly interconnected and globalised world...

The Curious Case of Cryptocurrencies: Part II

[Pranav Tolani is associated with a corporate law firm in Mumbai and can be reached at [email protected]] The first post in this series is available here] The Indian Position While India has active cryptocurrency traders as well as cryptocurrency exchanges, there has been no serious development on the regulatory front, except, of course, the repeated warnings by Reserve Bank of India and the...

The Curious Case of Cryptocurrencies: Part I

[Pranav Tolani is associated with a corporate law firm in Mumbai and can be reached [email protected]] Cryptocurrencies have made waves in financial markets around the globe. According to leading cryptocurrency exchanges, the August 2018 global cryptocurrency market capitalisation is somewhere short of USD 400 billion – less than half of what it was in December 2017 (on the back of...

Corporate Insolvency Proceedings: Can Interest be Claimed as a Part of Debt?

[Lyssa Maria Brito is a 4thyear B.B.A.L.L.B. (Hons.) student at School of Law Christ (Deemed to be University), Bengaluru] Introduction Earlier, in section 433(e) of the Companies Act, 1956, there was no distinction provided between a financial and an operational debt. Section 433(e) only provided that a company may be wound up by the court if it is unable to pay its debts. Therefore, the issue...

Promoter’s Stake in Private Banks and Kotak Mahindra Bank’s Preference Share Issue

[Anirudh Goyal and Vishal Hablani are 4thand 3rdYear B.A.L.L.B. (Hons.) students respectively at West Bengal National University of Juridical Sciences, Kolkata] The Reserve Bank of India (“RBI”) on 14 August 2018 took the view that the recent issue of preference shares by Kotak Mahindra Bank to dilute the stake of Uday Kotak, the promoter of bank, does not meet the regulatory norms. The bank on 2...

Prospects of Regulation of Initial Coin Offerings by SEBI

[Aishwarya Singh is a 5th year law student at Jindal Global Law School, Sonipat] The Reserve Bank of India (RBI) had, by way of a circular, ring-fenced banks from dealing with cryptocurrencies. However, the status of cryptocurrencies in India is far from decided. The RBI circular has been recently challenged in the Supreme Court. On the other hand, the Government had also constituted an Inter...

Cryptocurrency on the Path to Legalisation?

[Vineet Ojha is a Manager at Vinod Kothari Consultants Pvt Ltd] From conservative investors to cryptocurrency enthusiasts, cryptocurrency has been the hot button issue. In the tech world, a common phrase is “that’s so crazy it just might work”, and hence, an open-source, unregulated, P2P currency has been thriving for the better part of the last decade. The Indian regulators have not taken...

Concept of Related Party: Interpretation by Letter or Spirit of the IBC?

[Richa Saraf is a Legal Advisor at Vinod Kothari & Co.] In J.R. Agro Industries P. Limited v. Swadisht Oils P. Ltd. (decided on 24 July 2018), the National Company Law Tribunal (NCLT) Allahabad observed that“if claim of related party is given priority over operational creditors, it would not be just to operational creditor”. In the instant matter, the related party and the corporate debtor...

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