TagCorporate Litigation

Obliterating Unnecessarys Delays: SEBI Proposes 10% Mandatory Deposits for Appeal

[Shubham Gupta is a 4th Year Student at the Institute of Law, Nirma University] The Indian judicial system is grossly afflicted with litigation, some of which tends to be frivolous. The Supreme Court, in its Sahara decision, stated that ‘ways and means need to be evolved to deter the litigants from their compulsive obsession toward senseless and ill-considered claims’.  Therefore, with the aim of...

NCLAT Ruling on Maintainability in the Tata Sons Case

Earlier this week, the National Company Law Tribunal (“NCLAT”) issued its ruling in Cyrus Investments Pvt Ltd v. Tata Sons Ltd on whether the Mistry group’s action for oppression and mismanagement in respect of Tata Sons is maintainable. Although the NCLAT ruled that the Mistry group’s petition did not meet the requirements of maintainability under section 244 of the Companies Act, 2013 (the...

Conversion of Tata Sons into a Private Limited Company: In Whose Interest?

The proposed conversion of Tata Sons Limited from a public limited company to a private limited company has reignited the corporate governance issues that the Tata Group has faced over the last year or so. Menaka Doshi has an interesting piece (and an accompanying interview with two corporate lawyers) in BloombergQuint that sets out some of the background to why Tata Sons proposes (and that too...

Bombay High Court on the Permissibility of Shareholder Representative Suits

Bar & Bench yesterday reported that the Bombay High Court denied leave to certain shareholders of various Tata group companies to bring a representative suit that made certain legal claims in the aftermath of the ouster of Mr. Cyrus Mistry from the board of Tata Sons as well as other Tata group companies. The order of the court in Pramod Premchand Shah v. Rata Tata is now available. Facts and...

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...

Shareholding Thresholds for Oppression and Class Actions

The Tata-Mistry episode has brought into focus the minimum shareholding threshold required for a minority shareholder to bring an action for oppression and mismanagement under sections 241 to 244 of the Companies Act, 2013. In a piece in Bloomberg Quint titled Minority Shareholder Protection as a Numbers Game, I examine the implications of such shareholding thresholds that operate as a filter...

Companies Mediation and Conciliation Rules: An Update

[The following post is contributed by Bhushan Shah and Neha Lakshman from Mansukhlal Hiralal & Company. The views expressed are personal] Section 442 of the Companies Act, 2013 (‘Act’) empowers the Central Government to constitute a panel of experts to mediate and settle disputes pending before the National Company Law Tribunal (‘NCLT’), National Company Law Appellate Tribunal...

NCLT: Revolutionizing the Realm of Corporate Litigation

[The following post is contributed by Shruti Khetan, who is a student at the West Bengal National University of Juridical Sciences] After a decade-long wait, the National Company Law Tribunal (‘NCLT’) and its appellate body, the National Company Law Appellate Tribunal (‘NCLAT’) have finally been constituted under sections 408 and 410 of the Companies Act, 2013 (‘Act’) with effect from June 1...

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