[Gaurav Pingle is a practising company secretary and can be reached at [email protected]] Considering the importance of independent directors on the boards of listed entities, the Securities and Exchange Board of India (“SEBI”) has been amending the provisions relating to their appointment, re-appointment, appointment process, remuneration, and the like under the SEBI (Listing Obligations and...
Preserving the IBC’s rationale: The Tussle with the Benami Act
[Rohan Srivastava and Rupam Dubey are currently B.A., LL.B. (Hons.) students at the National Law School of India University, Bengaluru] Presently, the Supreme Court is considering an appeal in the C Ramasubramaniam Liquidator v. Deputy Commssioner of Income Tax (Benami Prohibition) , which will potentially establish the extent to which the Insolvency and Bankruptcy Code (‘IBC’), [year] is given...
Liability of Authorized Signatory of a Company to Pay Interim Compensation Under the Negotiable Instruments Act, 1881
[Khush Bhachawat is a III year B.A., LL.B. (Hons.) student at NALSAR University of Law, Hyderabad] The Bombay High Court (“HC”) recently held that authorised signatory of a company who signs a cheque on its behalf is not a ‘drawer’ of the cheque and hence is not liable to pay interim compensation under section 143A of the Negotiable Instruments Act, 1881 (“NI Act”) in a case of...
Reassessing the Validity of Dawn Raid in Light of French Supermarket Judgment
[Shubham Gandhi and Sreeya Sengupta are students at NLU Jabalpur & Nirma Law Institute respectively.] The Competition Act, 2002 (“Act”) vide section 41 grants the power to the Director General (“DG”) to carry out dawn raids, i.e., a sudden, unannounced raid on the company’s offices to seize relevant documents to corroborate the investigation. This power has been largely unguided and...
Taking away the Attorney-Client Privilege: Competition Amendment Bill, 2022
[Shubham Gandhi is a 5th year student at NLU, Jabalpur and Hricha Gandhi is an Advocate at Rajasthan High Court] The concept of Attorney-Client privilege (“ACP’’) has become one of the quintessential principles across all global jurisdictions. It simply enunciates that the communication made by the client to its attorney during the course of employment or any document shared will be inadmissible...
Rethinking Interest on TDS/ TCS Credit under GST Law in India: Part 2
[Manohar Samal is an Associate Advocate at Ratan Samal & Associates, Mumbai and a Panel Arbitrator at the Indian Institute of Arbitration and Mediation. This is continued from Part 1] Current Mechanism for Levy of Interest Now that the basic outline of the GST law in India has been discussed, the manner of levy of interest under the GST statutes can be discussed. The CGST Act, 2017 envisages...
Rethinking Interest on TDS/ TCS Credit under GST Law in India: Part 1
[Manohar Samal is an Associate Advocate at Ratan Samal & Associates, Mumbai and a Panel Arbitrator at the Indian Institute of Arbitration and Mediation] The concept of interest under tax law has been one of the most significant sources of compensating the Government treasury for non-compliance with tax statutes in India. The most common forms of non-compliance for which interest is levied on...
Resolving the Conundrum Surrounding Applicability of Moratorium under Section(14)(1)(a) of IBC
[Kanishka Aswal and Ritik Jhanwar are III year students at the Gujarat National Law University, Gandhinagar. This post was first published here] One of the ultimate goals of the Insolvency and Bankruptcy Code, 2016 (“IBC”) is to provide a mechanism for the timely resolution of a corporate debtor’s insolvency in order to maximize the value of its assets, to facilitate credit facility and to...
Enforcement of Security Interest Against Borrower is Non-Arbitrable
[Suradhish Vats is an Associate at OliveLaw] In the recent case of Bell Finvest India Limited v. AU Small Finance Bank Limited, the Delhi High Court had the opportunity to resolve and clarify the position concerning section 11 of the Arbitration and Conciliation Act, 1996 (‘A&C Act’) and section 11 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security...
‘Beneficial Owner’ is not a ‘Related Party’ under the IBC
[Tejas A. Jha is an Advocate, practicing in New Delhi] Recently, a major cause of concern has been highlighted by legal experts in regard to financial creditors seeking to invoke pledged shares in the corporate debtor. The concern is that when the said pledged shares are invoked, the financial creditor’s seat in the committee of creditors of the corporate debtor (“CoC”) may be put to challenge on...
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