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...
Supreme Court Paves the Way for Company Law Tribunal
Readers may recall that the primary reason for the partial effectiveness of the Companies Act, 2013 (the “2013 Act”) has been the pending litigation surrounding the constitution of the National Company Law Tribunal (“NCLT”) and the National Company Law Appellate Tribunal (“NCLAT”). Hence, the provisions of the 2013 Act that relate to the NCLT[1] have been kept in abeyance pending the outcome of...
Delivering Private Sector Efficiency within Public Law Principles
[The following guest post is contributed by Santanu Sabhapandit, who works as a legal consultant. He can be reached at: [email protected]. This is an abridged version of author’s article “Application of Public Law Principles to Entities Implementing PPPs in India: The Current ‘State’ of Affairs” published in Public Procurement Law Review (Sweet and Maxwell). The article can be...
Financial Sector Legislation, Anti-terror Laws, Human Rights and the Indian Constitution
We all now know that the Supreme Court outlawed Section 66-A of the Information Technology Act in a recent order. I wrote about the court’s core findings in a column in the Mirror publications last Friday. I would have been remiss in not writing about the court’s rationale in the very same judgement, in refusing to strike down as unconstitutional, a different section of the...
Constitutionality of the Amended Definition of “Non-Performing Asset” Upheld
[The following post is contributed by Prachi Narayan of Vinod Kothari & Company. She can be contacted at [email protected].] The Supreme Court in its judgment dated January 28, 2015 in Keshavlal Khemchand & Sons Pvt Ltd & Ors v. Union of India disposed off seventy petitions challenging the validity of the amended definition of Non Performing Asset (“NPA”) provided under section...
Guest Post – The IPL vis-à-vis Article 226: Is it Time to Characterize the Event?
[The following post is contributed by Sujoy Chatterjee who is an Advocate in New Delhi and an alumnus of the National Law University Jodhpur (’13)] Cricket enthusiasts are lauding the tough stand taken by the Supreme Court of India (SC) against the Board of Control for Cricket in India (BCCI) regarding the recent spate of Indian Premier League (IPL) controversies (IPL case). The SC came to be...
Delhi High Court on Constitutionality of Court Fee Amendment
[The following post is contributed by Gunjan Chhabra, who is an associate with Singhania & Partners, LLP and a graduate of Amity Law School, GGSIPU] Background and Facts Recently, the Court Fees Act of 1870 (the 1870 Act) was amended by the Government of NCT of Delhi by the Court Fees (Delhi Amendment) Act, 2012 (the Amendment Act), which came into effect from 1 August 2013. By way of this...
Constitutional Validity of Regulatory Regime for CIS Upheld
Earlier this week, a single judge of the Calcutta High Court in Rose Valley Real Estate & Construction Ltd v. Union of India upheld the constitutional validity of certain sections of the SEBI Act (including section 11AA) and certain provisions of the SEBI (Collective Investment Scheme) Regulations, 1999 (the CIS Regulations). Specifically, a challenge was mounted to amendments to the SEBI Act...
Petition on Composition of the Securities Appellate Tribunal
(The following guest post is contributed by Amit Agrawal, Advocate, regarding a petition filed before the Delhi High Court. Amit is representing the petitioner, although the litigation and its outcome will likely have a broader impact) A public interest litigation (PIL) has recently been filed before the Delhi High Court inter alia questioning the functioning of the Securities Appellate Tribunal...
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