Tag: Fraud
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Vidya Drolia Case: Final Chapter in the Arbitrability of Fraud Saga?
[Sumit Chatterjee and Rajashri Seal are students at the National Law School of India University, Bangalore] On 14 December 2020, the Indian Supreme Court delivered its judgement in Vidya Drolia v. Durga Trading Corporation (‘Vidya Drolia’), addressing a host of issues pertaining to the domestic arbitration framework in India. By laying down a definitive checklist
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Arbitrability of Fraud and the ‘Public Flavour’ Standard
[Karan Kamath is a 2020 B.A. LL.B. (Hons.) graduate from Symbiosis Law School, Pune.] On August 19, 2020, a Division Bench of the Supreme Court decided Avitel Post Studioz Ltd. v. HSBC PI Holdings (Mauritius) Ltd., wherein the central question related to arbitrability of fraud, in an appeal arising out of the Bombay High Court’s
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Circumstances where Resolution Process can be Declared Void after Initiation
[Shreya Routh is an Executive at Vinod Kothari & Company] Gains through unjust fraud are never secured. The same goes for a company against which a process of corporate insolvency has been initiated. If the sole intent for initiation of a case is to defraud the creditors, there can be no possibility of revival of
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Arbitrability of Fraud: Is Every Fraud Arbitrable?
[The following guest post is contributed by Bhushan Shah & Jogan Punjabi from Mansukhlal Hiralal & Company. The views expressed in the post are personal] Arbitrability of fraud has been a highly contested issue in the field of alternative dispute resolution. The Supreme Court in N Radhakrishnan v Maestro Engineers and Ors (“Radhakrishnan Case“) held that
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Changes in the Fraud Reporting Mechanism Under the Companies (Amendment) Act, 2015
[The following guest post is contributed by Suprotik Das, a 4th year law student at the Jindal Global Law School, Sonepat, Haryana.] The Companies (Amendment) Act, 2015 is a harbinger of positive trends in the ease of doing business for Indian companies. This post is specifically with regard to Section 143 of the Companies Act, 2013 concerning
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Guest Post: Corporate Law Reforms and Whistleblowing
[The following post is contributed by Suprotik Das, a 3rd year law student at the Jindal Global Law School, Sonepat, Haryana] Last year, with the advent of the Companies Act, 2013 (the Act), the thrust has been toward fraud protection and having an effective corporate vigil mechanism. Companies in India are now required to have
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SEBI Order in the Satyam Case
Facts and Sanctions Yesterday, more than five years after the Satyam ex-chairman’s much talked about revelations, SEBI passed an order in the case against five individuals, being the ex-chairman, ex-managing director, ex-Chief Financial Officer, ex-Vice President Finance and ex-Head (Internal Audit). In the 65-page order, SEBI considers the various acts of these individuals in detail
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SEBI penalises front-running again, does not follow SAT’s order
0 0 1 721 4114 Jayant M. Thakur & Co., CAs 34 9 4826 14.0 Normal 0 false false false EN-US JA X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:”Table Normal”; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:””; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin-top:0cm; mso-para-margin-right:0cm; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0cm; mso-pagination:widow-orphan; font-size:12.0pt; font-family:Cambria; mso-ascii-font-family:Cambria; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Cambria; mso-hansi-theme-font:minor-latin; mso-fareast-language:JA;} There is yet another
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An Instance of Accounting Fraud
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Fraud and the amendment of a section 34 application
In an important fallout of the Satyam controversy, the Supreme Court, earlier this month, reiterated the law on the amendment of section 34 applications, and also clarified the kinds of fraud that would justify the setting aside of arbitral awards on grounds of public policy. After the fraud perpetrated Mr. Raju, Venture Global sought to
