TagCovid-19

Stamp Duty Amendments on Securities Transactions: The Impact of Covid-19

[Bhavna Hemrajani is a 4th year student at Amity Law School Delhi (affiliated to Guru Gobind Singh Indraprastha University Delhi)] The Finance Act, 2019 amended the Indian Stamp Act, 1899 to insert section 9A, which deals with ‘Instruments chargeable with duty for transactions in stock exchange and depositaries’, and section 9B, which relates to instruments ‘chargeable with duty for transactions...

Promoter-Friendly Amendments to the SEBI Takeover Regulations

Cash-starved companies are presently considering raising funds through various means during the economic downturn. When it comes to equity funding, the natural option would be to rely on their promoters to infuse more capital. Towards this end, the Securities and Exchange Board of India (SEBI) on 16 June 2020 issued amendments to the SEBI (Substantial Acquisition of Shares and Takeovers)...

Modifying an Approved Resolution Plan Due To Covid-19

[Shebani Bhargava is a 4th year student at the Maharashtra National Law University Mumbai (MNLU Mumbai)] The novel coronavirus and the unprecedented nationwide lockdown have disrupted the country’s economy. As a consequence, multiple businesses may face the threat of insolvency. In order to soften the setback and ease the financial stress, the Government, along with the Insolvency and Bankruptcy...

The IBC (Amendment) Ordinance, 2020: Need to Iron Out the Creases

[Rongeet Poddar is a graduate of West Bengal National University of Juridical Sciences and Sayak Banerjee a 3rd year student at National Law University, Jodhpur] The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 was promulgated on June 5, 2020 and came into force immediately. The amendment acknowledges that the Covid-19 pandemic has harmed businesses around the world following a...

Tax Implications of the COVID-19 Response: Corporate Residency and POEM

[Manjri Singh and Vijayaditya Reddy are IV year students at NALSAR University of Law] The public health emergency caused by the corona virus pandemic has plunged the world into uncertain times. In order to ensure continuation of business in such an environment, video conferencing and other remote options are the only possibilities for conducting corporate meetings. For example, the Ministry of...

Applicability of Force Majeure in Commercial Lease Agreements Amid Covid-19

[Sumit Kumar Gupta is a 4th year student at the West Bengal National University of Juridical Sciences, Kolkata] Covid-19 has unleashed an unprecedented economic crisis, and has brought with it a plethora of issues surrounding commercial lease agreements, as tenant associations increasingly seek waivers. The question whether the lockdown would entitle tenants a guarantee of waiver or claim...

Post COVID-19 Mergers and the ‘Failing Firm Defence’ : A Need for CCI’s Proactive Role

[Parina Muchhala is a 3rd year student and Ira Pandya a 4th year student, both at the Maharashtra National Law University Mumbai] The effects of the COVID-19 outbreak has led to interruption of supply chains, reduction in consumer demand and disruption of economies.  It has also led many companies to file for bankruptcy worldwide. This indicates that while COVID-19 has also negatively impacted...

SEBI Circular on COVID-19 Disclosures

That the impact of the COVID-19 pandemic on a company’s business, operations and finances is “material” is undisputed. A question, however, arises whether listed companies ought to make clear and full disclosures of such impact and, if so, under what regime. One option would be to rely on existing securities regulation that requires listed companies to make episodic as well as periodic...

Buyback during COVID – 19: A Solution to Salvage Stock Prices?

[Aditya Bhayal and Prachi Tripathi are 4th year B.A.LLB (Hons.) students at NALSAR University of Law, Hyderabad] Amidst the growing uncertainties surrounding the COVID-19 pandemic, the stock markets across the world have taken a beating in the past couple of months. Both of India’s benchmark indices, NIFTY and SENSEX, have registered lowest drops in over four years, as the market has slowly...

COVID-19: A Material Adverse Change?

[Gaurang Mansinghka is a 4th year student at the Government Law College, Mumbai] The COVID-19 pandemic has disrupted human life across the globe. Stalled economies, dwindling stock valuations, supply chain disruptions and projections by various organisations indicating a gloomy economic future show that the economic contagion is spreading as fast as the virus itself. This post attempts to answer...

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