TagInternational Developments

UKSC Decision in Sevilleja: Reflective Loss, Creditors and Implications for India

[Rohan Deshpande practices as a Counsel at the Bombay High Court, and Karan Kamath is a 2020 B.A. LL.B. (Hons.) graduate from Symbiosis Law School, Pune. The authors would like to thank Mihir Naniwadekar for his comments on a draft version] The UK Supreme Court in its decision dated July 15, 2020 in Sevilleja v. Marex Financial Ltd. had to determine whether the rule against ‘reflective loss’...

Disgorgement in India: Takeaways from a Recent US Supreme Court Ruling

[Shaivi Shah is a 3rd year student and Palash Moolchandani a 4th year student, both at National Law University, Odisha] The Black’s Law Dictionary defines disgorgement as “the act of giving up something (such as profits illegally obtained) on demand or by legal compulsion”. In India, since the enactment of the Securities and Exchange Board of India Act, 1992, the tool of disgorgement has been...

Gender and Ethnic Diversity in Arbitral Institutions: Where Do We Stand?

[Dhriti Mehta is a 2nd year LLB student at Campus Law Centre, Faculty of Law, University of Delhi] Over the past few decades, concomitant with the rise of international arbitration, institutional arbitration has increasingly become a preferred option for dispute resolution. The arbitral institutions wield significant influence concerning the arbitrator appointments. In cases where the parties...

Corporate Restructuring in India: The Cross-Class Cramdown Provision

[Aastha Agarwalla is a final year law student at Campus Law Centre. Faculty of Law, University of Delhi] The United Kingdom (UK) recently enacted a much-awaited economic legislation, the Corporate Insolvency and Governance Act 2020 (CIGA). The CIGA introduces sweeping reforms, including a cross-class cramdown provision (CCDP), in the restructuring legal framework. The cramdown mechanism, inspired...

Uber v Heller: Analysing How Indian Courts Have Interpreted “Unconscionable” Arbitration Agreements

[Yash More and Hitoishi Sarkar are II year students at Gujarat National Law University] On 26 June 2020, the Supreme Court of Canada in Uber Technologies Inc. v. Heller ruled on the validity of unconscionable arbitration clauses. The Court found two elements to determine the arbitration clauses’ unconscionability – inequality of bargaining power and improvidence of the arbitration...

Hub and Spoke Cartels: A Perspective on Future Investigations

[Aditya Goyal and Shreya Chandhok are students at National Law Institute University, Bhopal] Amidst the ever-increasing anti-competitive concerns and the inadequacy of the present competition regime to tackle the emerging issues, the Indian Government introduced the draft Competition (Amendment) Bill, 2020 in March this year. One of the proposed amendments in the Bill widens the scope of...

Equalisation Levy in India: The Impediments of Extra-Territoriality

[Vedangini Bisht and Shubham Chaudhary are third year students at National Law University, Delhi] India recently passed its Finance Act 2020 to expand the scope of equalisation levy, a type of digital service tax, charged to non-residential e-commerce businesses. However, the Act (passed on March 27, 2020) has extra-territorial application, since it attempts to tax the income earned from...

Corporate Activism: Once Again Questioning the Purpose of a Company

[Rajat Maloo is a III year B.A., LL.B. (Hons.) student at the National Law School of India University, Bangalore] Recently, large corporations such as Unilever, Johnson & Johnson, and Facebook amongst several others have been expected to fulfil a different kind of social responsibility. Unilever and Johnson & Johnson were some of the few companies who have either discontinued or altered...

Relief Defendants in Recovery Proceedings: Implications of the Dave Committee’s Suggestion

[Pranav Mihir Kandada and Anuraag Bukkapatnam are 3rd year law students at NALSAR University of Law, Hyderabad] On June 16, 2020, SEBI notified the report of the High Level Committee under the chairmanship of Justice (Retd.) Anil R. Dave on the “Measures for Strengthening the Enforcement Mechanism of the Board and Incidental Issues”. The Committee examined the present securities laws and noted...

German Court’s Antitrust Decision Rules against Data Collection by Facebook

[Ridhi Arora and Hitoishi Sarkar are II Year B.A. LL.B (Hons.) students at Gujarat National Law University] On 23 June 2020, the Federal Court of Justice (Germany) provisionally confirmed charges of abuse of dominant position against Facebook. The judgment comes a year after the Federal Cartel Office (Germany) found Facebook guilty of exploiting its dominance to force users to share data from...

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