[Meenal Maheshwari Shah is the legal counsel for Brand Capital, the investment arm of the Times of India Group] A vast population in India likes to engage in card games, especially rummy and poker. It naturally follows that with the advent of internet, they are fixated on the websites which host such games for stakes. Legal Framework Gaming with stakes falls within the purview of gambling...
Bombay High Court Upholds the Constitutional Validity of RERA
Bhushan Shah & Neha Laxman are with Mansukhlal Hiralal & Company. The Supreme Court of India had transferred a series of writ petitions filed by developers and builders challenging the constitutional validity of certain provisions of the Real Estate Regulation and Development Act, 2016 (RERA or Act) to the Bombay High Court. On 6 December 2017, a division bench of the Bombay High Court...
NCLAT Excludes Proceedings under the Constitution from Moratorium
[Guest post by Aayush Mitruka, a lawyer based in Delhi.] In an earlier post, I had discussed the moratorium provision (i.e., section 14) under the Insolvency and Bankruptcy Code, 2016 (the “Code”), the legislative intent behind the provision and its impact on proceedings for dishonor of cheques under the Negotiable Instruments Act, 1881. More recently, in Canara Bank v Deccan Chronicle Holdings...
Supreme Court Affirms Creditor-Friendly Nature of Insolvency Law
Background The Supreme Court yesterday delivered its first substantive ruling under the Insolvency and Bankruptcy Code, 2016 (the “Code”) in Innoventive Industries Limited v. ICICI Bank. Incidentally, this relates to the first corporate insolvency case to be admitted by the National Company Law Tribunal (“NCLT”) after the Code came into effect in December 2016. The Supreme Court rejected a...
Gujarat High Court Rules on RBI’s Powers Relating to Corporate Insolvency
[Guest post by Saurav Roy, IV B.A.LL.B, ILS Law College, Pune.] Introduction Last week, the Gujarat High Court ruled on some interesting issues under the Insolvency and Bankruptcy Code 2016 (“IB Code”) while adjudicating upon a writ petition filed by Essar Steel Ltd., (“Essar”) against the Reserve Bank of India’s (“RBI”) decision to initiate insolvency proceedings against Essar and 11 other...
The Supreme Court on the SAT’s jurisdiction over SEBI Circulars
[Guest post by Amitabh Robin Singh, who is a corporate lawyer practising in Mumbai] Last month, the Supreme Court of India (“SC“) in the case of National Securities Depository Limited v. Securities and Exchange Board of India ruled that the administrative and legislative orders made by the Securities and Exchange Board of India (“SEBI“) are not assailable before the...
PPPs: Public Law Matters, Doesn’t It?
[The following post is contributed by Santanu Sabhapandit, who is pursuing his doctoral studies at Monash University, Melbourne, Australia] The need for better infrastructure in India cannot be overemphasised. Availability of necessary funds, innovative skills and efficient implementation of projects are some of the key requirements if any of the targets for creating infrastructure facilities are...
Taxing E-Commerce through State entry tax laws – a short-term revenue maximisation strategy
[The following is an article published in Business Standard today on the recent trend of taxing E-Commerce through entry tax – authored by Sudipta Bhattacharjee, Principal – Tax Controversy Management, Advaita Legal (views are personal). The final concluding paragraph was not part of the published article, and has been added for the sake of completeness.] ; Taxing E-Commerce through State...
Supersession of Bond Terms by State Legislation Disallowed
In Kalyan Janta Sahakari Bank v. State of Gujarat, a division bench of the Gujarat High Court was concerned with whether a legislation passed by the Gujarat State Legislature can unilaterally alter the terms of an issue of bonds by the government company to the detriment of the bond investors. The Court answered in the negative by striking down the legislation on grounds of lack of legislative...
Competition Law: Analysis of the COMPAT Order in Surendra Prasad v. CCI
[The following guest post is contributed by Sarthak Raizada and Kartikey Kulshreshtha, who are 4th year students at Dr. Ram Manohar Lohiya National Law University, Lucknow.] Introduction The Competition Act, 2002 (the “Act”), while still in the early stages of its development in India, has witnessed immense litigation. The Competition Commission of India (“CCI”) has adjudicated and delivered...
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