TagCompany Law

UKSC Decision in Sevilleja: Reflective Loss, Creditors and Implications for India

[Rohan Deshpande practices as a Counsel at the Bombay High Court, and Karan Kamath is a 2020 B.A. LL.B. (Hons.) graduate from Symbiosis Law School, Pune. The authors would like to thank Mihir Naniwadekar for his comments on a draft version] The UK Supreme Court in its decision dated July 15, 2020 in Sevilleja v. Marex Financial Ltd. had to determine whether the rule against ‘reflective loss’...

Tug of War between Nominee and Legal Heir: The Debate Continues

[Abolee Vilas Vaidya is a Legal Analyst at Landryt and Priyanka Pillai an Associate at IC Universal Legal, Mumbai] The tussle between nominees and legal heirs in respect of shares of a company has always been a cause of sizeable confusion. The solution may seem to be a simple determination of whether the rights of the nominee under section 72 of the Companies Act, 2013 can override the rights of...

Paper on Shareholder Remedies: Oppression, Prejudice and Mismanagement

Under company law, shareholders (particularly the minority) can resort to various remedies prescribed thereunder, such as oppression, prejudice and mismanagement. While Indian company law has incorporated versions of shareholder remedies since the mid-20th century, the design of the remedies as they currently operate finds place in sections 241 and 242 of the Companies Act, 2013 (the “2013 Act”)...

Foray into Global Capital Markets: Is India Inc. Ready for It?

[Eshvar Girish is a 5th year BBA LLB student at Christ University] Recently, the Union Cabinet approved a proposal to allow the listing of Indian companies overseas directly, without being listed on the domestic stock exchanges. India Inc. has perceived this approval as a much-needed move. Keeping this in mind, this post aims to analyze the implications of direct listing of Indian companies...

Decriminalization of Minor Economic Offences: A Step in the Right Direction?

[Pratik Sahai and Manjri Singh are IV year students at NALSAR University of Law, Hyderabad] Amidst the economic slowdown as a consequence of the Covid-19 pandemic, there is an intention on the part of the Government to bring about much-awaited reforms to the corporate regulatory regime. The Ministry of Finance released a proposal on decriminalization of minor economic offences on 8 June 2020, and...

The Draft Valuers Bill, 2020: Catapulting Valuation as a Profession

[Amogh Sharma is a B.A L.L.B (Hons.) student at HNLU Raipur] On 30 August 2019, the Ministry of Corporate Affairs (MCA) had constituted a Committee of Experts to examine the need for an institutional framework to regulate and develop valuation as a profession. On the basis of the Committee’s recommendation, a Draft Valuers Bill, 2020 has been drafted to establish a National Institute of Valuers...

Buyback during COVID – 19: A Solution to Salvage Stock Prices?

[Aditya Bhayal and Prachi Tripathi are 4th year B.A.LLB (Hons.) students at NALSAR University of Law, Hyderabad] Amidst the growing uncertainties surrounding the COVID-19 pandemic, the stock markets across the world have taken a beating in the past couple of months. Both of India’s benchmark indices, NIFTY and SENSEX, have registered lowest drops in over four years, as the market has slowly...

The Prospect of AI in the ‘Virtual’ Corporate Boardroom

[Rongeet Poddar is a 5th Year student at West Bengal National University of Juridical Sciences] The Covid-19 pandemic has had a detrimental impact on businesses around the world. The crisis has forced regulators to come up with prompt responses to maintain social distancing norms in companies. The Ministry of Corporate Affairs has allowed companies to conduct virtual meetings. The Securities and...

MCA Allows EGMs to be Conducted Virtually

[Aditi Nagpal is a 4th year BALLB student at Jindal Global Law School] The Ministry of Corporate Affairs (MCA) released a clarification through its General Circular 14/2020 dated 8 April 2020 which allows for extraordinary general meetings (EGMs) of companies to be conducted virtually. The Circular provides a welcome relief in light of the Covid-19 pandemic, and follows naturally in line...

The (Active) Involvement of Directors during Insolvency Proceedings

[Kushagra Srivastava is a 3rd year B.A.L.L.B. (Hons.) student at National Law Institute University, Bhopal] Section 17(1)(a) of the Insolvency and Bankruptcy Code, 2016 (the “Code”) vests the management of the affairs of a corporate debtor in the interim resolution professional (“IRP”) on the insolvency commencement date in accordance with section 16 of the Code. This implies the imposition of...

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