[The following guest post is contributed by Siddharth Raja, Senior Partner & National Executive Director, Argus Partners, Solicitors & Advocates. Monica Umesh and Divya Mirlay, Associates of the Firm, assisted in the preparation of the post. Views are personal and do not reflect or incorporate the views or positions of the Firm. Comments are welcome.] This...
Layering of Subsidiaries: The Phoenix Rises Again?
[The following guest post is contributed by Siddharth Raja, Senior Partner & National Executive Director, Argus Partners, Solicitors & Advocates. Monica Umesh and Divya Mirlay, Associates of the Firm, assisted in the preparation of the “Note on Objections” referred to below. Views are personal and do not reflect or incorporate the views or positions of the Firm. Comments are...
Applicability of the Doctrine of Corporate Veil to Societies
[Post by Munmi Phukon and Sagar Batra of Vinod Kothari & Company] Meaning of Corporation or Body Corporate Pursuant to Section 2(11) of the Companies Act, 2013 (CA, 2013), “body corporate” or “corporation” includes a company incorporated outside India, but does not include— (i) a co-operative society registered under any law relating to co-operative...
Arbitration Agreement and Piercing the Corporate Veil
When a company is a party to an agreement that is subject to arbitration, can the arbitration award be passed against a significant shareholder of such company? That would generally be possible only if either the shareholder has expressly or impliedly consented to be bound by the arbitration agreement, or if the corporate veil of the company can be pierced to impose liability on the shareholder...
Geotagging: A New Way to Track Charged Assets
[Post by Rohit Sharma, who is an Executive at Vinod Kothari & Co. He can be reached at [email protected].] Notification The Ministry of Corporate Affairs (MCA) issued a notification dated 7 April 2017 introducing a new way to track down tangible assets on which charge has been created and registered with the Registrar of Companies (RoC). This is to be accomplished by geotagging the...
DoCoMo v. TATA: Unanswered Questions Regarding Powers of the RBI
[The following post is contributed by Ambarish, who is a corporate lawyer. Views are personal. A related post on the topic can be found here.] The decision of the Delhi High Court in NTT Docomo Inc v. Tata Sons Limited has received a lot of media attention, specifically the part where the Court rejected an intervention application by the Reserve Bank of India (RBI).[1] In arriving at its...
The MCA’s Drive Against Non-Operative Companies
[Guest post by Dheeraj Kumar Sharma, who is an Associate at Vinod Kothari & Co.] Introduction The discussion on the existence of non-operative companies is garnering the attention of the corporate sector with special emphasis from various regulatory arms in addressing issues pertaining to such companies. The Government had clearly indicated that actions will be initiated against companies...
Ascertaining Legal Ramifications of Compensation Agreements- Part II (Statutory Approach)
[The following post, the second in a series, is contributed by Rahul Sibal, a third year student of NALSAR Hyderabad. In the series, he analyzes possible liabilities that may arise with respect to compensation agreements from different perspectives. He can be contacted at [email protected]. In this second post, he attempts to ascertain the liability of directors that have entered into...
Ascertaining Legal Ramifications of Compensation Agreements – Part I (Common Law Approach)
[The following post, the first in a series, is contributed by Rahul Sibal, a third year student of NALSAR Hyderabad. He analyzes possible liabilities that may arise with respect to compensation agreements from different perspectives. He can be contacted at [email protected]. In the following post, he attempts to ascertain the liability of directors, who have entered into compensation...
Incorrect Prefixes to Company Names
A longstanding misconception is finally sought to be rectified by the Bombay High Court in a Circular issued on 3 April 2017 (via LiveLaw), the extracts of which are as follows: IT IS OBSERVED by the Hon’ble Shri Justice G. S. Patel while hearing Chamber Summons No. 89 of 2017 in Execution Application (L) No. 198 of 2017 in Arbitration Case No. 1 of 2014, on 8th March, 2017, that for...
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