Tag: Securitisation
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Investment by FPIs in Securitised Debt Instruments
[Anita Baid is a Senior Manager at Vinod Kothari Consultants P. Ltd] Investments by foreign portfolio investors (FPIs) in unlisted debentures and securitised debt instruments (SDIs) issued by Indian companies was allowed pursuant to a notification dated 27 February, 2017 issued by the Securities and Exchange Board of India (SEBI). Earlier in November, 2016, the Reserve
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SARFAESI Amendment: The “Qualified Buyers” Confusion Remains
[Akhileshwari Anand Raj is a 3rd year B.Com LL.B (Hons.) student at Gujarat National Law University, Gandhinagar] The amendments last year to the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) were long overdue. They sought to ensure that the various banking and recovery laws were in consonance
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Application Under SARFAESI: Supreme Court’s Liberal Approach
[Guest post by Richa Saraf, Assistant Legal Advisor at Vinod Kothari & Co.] In the case of M.D. Frozen Foods Exports Pvt. Ltd. v. Hero Fincorp Ltd.,[1] the Supreme Court held that there was no illegality in a non-banking finance company (“NBFC”) invoking the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
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Restrictive Remedy under Section 14 of the SARFAESI Act
[Guest post by Richa Saraf, Assistant Legal Advisor, Vinod Kothari & Co.] In a recent ruling of the Calcutta High Court in Union Bank of India & Anr. v. State of West Bengal & Ors. (September 1, 2017), the object and intention behind section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement
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The Death of the “Absolute Interest”
Normal 0 false false false EN-US JA AR-SA /* 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:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:Verdana;} [The following guest post is contributed by Aditya Swarup, who is an Assistant Professor at the Jindal Global Law School] In the seemingly complex world of
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SARFAESI Amendment: A New Role for Debenture Trustees
[The following post is contributed by Vinod Kothari and Nidhi Bothra of Vinod Kothari & Co. The authors can be reached at vinod@vinodkothari.com and nidhi@vinodkothari.com respectively] Introduction The Enforcement of Security Interest and Recovery of Debt Laws and Miscellaneous Provisions (Amendment) Act, 2016[1] (Amendment Act) has introduced several amendments to the Securitisation and Reconstruction of
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Ushering a New Era for ARCs: Stamp Duty Exemption on Assignments
[The following post is contributed by Vinod Kothari and Nidhi Bothra of Vinod Kothari & Co. The authors may be reached at vinod@vinodkothari.com and nidhi@vinodkothari.com respectively] Introduction Assignment of actionable claims/ receivables is achieved by an instrument, and such an instrument requires stamp duty. The United Kingdom (UK), Hong Kong, Malaysia and India are examples
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Second Leg of SARFAESI: All Transactions to be Registered with CERSAI
[The following guest post is contributed by Niddhi Parmar of Vinod Kothari & Company. The author can be contacted at parmar@vinodkothari.com] Introduction The Central Government introduced the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) Amendment Rules, 2016 (hereinafter referred as ‘Amendment Rules, 2016’) on January 22, 2016 (being the
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Supreme Court Resolves Conflict Between SARFAESI Act and Companies Act
In Pegasus Asset Reconstruction P. Ltd. v. Haryana Concast Ltd., the Supreme Court was concerned with a conflict between the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for brevity ‘the SARFAESI Act’) on the one hand and the Companies Act, 1956 on the other. The specific conflict was identified
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Guest Post: Rights of MBS Bondholders Against the Company: Part 2
[The following post is contributed by Nidhi Bothra of Vinod Kothari & Company. The author may be contacted at nidhi@vinodkothari.com This is continuation of a previous post accessible here] Does a trust put complete cloak over the identity of beneficiaries? In the several rulings discussed in the preivous post, the privity of contract between the
