Tag: Company Law
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A Purposive Approach to Membership in Oppression and Mismanagement Cases
[Ankur Singhal is an advocate practising before the Supreme Court of India] On 4 May 2026, the Supreme Court delivered its judgment in Dr. Bais Surgical and Medical Institute Pvt. Ltd. v. Dhananjay Pande (2026 INSC 447). The Court held that the expression “member” in the context of oppression and mismanagement cases should be construed with respect to…
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Judicial Veil Piercing in Insolvency Proceedings: More Questions Than Answers – Part 2
[Umakanth Varottil is a Professor of Corporate Law at the National University of Singapore. Thanks to Raghav Bhatia for alerting the author to the Supreme Court ruling that forms the basis for this post. This is continued from Part 1] The circumstances of the case and the ruling of the Supreme Court in Alpha Corp Development Private Limited…
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Judicial Veil Piercing in Insolvency Proceedings: More Questions Than Answers – Part 1
[Umakanth Varottil is a Professor of Corporate Law at the National University of Singapore. Thanks to Raghav Bhatia for alerting the author to the Supreme Court ruling that forms the basis for this post] Corporate groups, evidenced through a network of holding companies and subsidiaries, are commonplace in Indian business. Such a set up invokes significant…
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Unlocking Section 245: A New Chapter in Shareholder Class Actions
[Parth Birla and Runit Rathore are 5th year and 4th year BA.LL.B. students, respectively, at Hidayatullah National Law University, Raipur] Recently, the National Company Law Appellate Tribunal (“NCLAT”) in a much-anticipated appeal by the Jindal Poly Films Ltd (“JPF”) upheld the National Company Law Tribunal’s (“NCLT”) verdict admitting the class action suit by shareholders under section 245 of the Companies Act, 2013 (“the Act”). It marks a significant development…
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Artificial Intelligence in the Indian Corporate Boardroom: Preserving Fiduciary Accountability in an Algorithmic Age
[Mustafa Rajkotwala works on AI, Strategy and Legal Engineering at NYAI. He is a commercial and technology lawyer based in Mumbai, India.] Artificial Intelligence (AI) is no longer confined to operational functions. It is increasingly deployed in Indian corporate boardrooms to assess risk, monitor compliance, process financial data, and shape strategic decision-making, enabling companies to synthesise information…
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Illegality and the Limits of Shareholder Ratification
[Umakanth Varottil is a Professor of Corporate Law at the National University of Singapore] The legal structure of a company carries inherent checks and balances. This is because certain corporate actors, usually the board of directors, make decisions that have an impact on company (which is a separate legal personality) and its other constituencies such as…
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The Evasion Principle and Piercing the Corporate Veil in the Execution of Arbitral Awards
[Chiranth Mukunda is a 3nd Year B.A., LL.B. (Hons.) student at National Law School of India University, Bengaluru] In IMAX Corporation v. E-City Entertainment Pvt Ltd (‘IMAX’) (30 December 2025), a division bench of the Bombay High Court held that non-parties to an arbitration agreement may be impleaded at the stage of enforcement and execution of an arbitral award by piercing the corporate veil.…
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Investing in the IPL: The Legal Playbook for IPL Franchise Investments
[Rajat Sethi (Partner), Dhruv Nath (Partner), V Sreedharan (Associate) and Akshay Dhekane (Associate) are with S&R Associates, Advocates] Since its launch in 2008, the Indian Premier League (“IPL”) has grown into one of the world’s most successful sporting competitions. In recent years, franchise valuations have soared, media rights deals have hit record highs, and brand partnerships have expanded across sectors, drawing global…
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Uncovering Significant Beneficial Owners Through Publicly Available Information
[Pammy Jaiswal is a Partner and Darshan Rao is an Executive, both at Vinod Kothari and Company] The framework for significant beneficial owner (“SBO”) identification can be traced back to the recommendations of the Financial Action Task Force (“FATF”). Section 90 of the Companies Act, 2013 (“Act”) read with the Companies (Significant Beneficial Owners) Rules, 2018 (“SBO Rules”) translates the…
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India’s Reverse-Flip Wave: Regulatory Breakthroughs and Enabling Frameworks
[Dev Goyal and Manas Divetia are IV Year B.B.A. LL.B. (Hons.) students at Gujarat National Law University, Gandhinagar] India’s reverse‑flip moment is here, with major transactions demonstrating the practical benefits of its improved regulatory framework. Groww’s May 2024 return from Delaware coincided with impressive performance gains for the company, including a tripling of net profit to INR 1,819 crore and substantial…