Bar&Bench News Network
Justice Dilip Rao Sahib Deshmukh yesterday assumed charge as the new Chairman of the Company Law Board, after his predecessor, acting chairman, R. Vasudevan was arrested and remanded to judicial custody on Tuesday, on charges of accepting a bribe.
The ardent tennis and billiards player has been in the judicial services since 1970, and retired as a judge of the Chattisgarh High Court in September this year. He was slated to join on December 1, but the date was brought forward by the Ministry of Corporate Affairs after Vasudevan's arrest.
Minister for Corporate Affairs, Salman Khurshid, also announced at a press conference that the Ministry was planning to fill the remaining seven vacant seats on the CLB. He also dismissed the suggestion that the Ministry was going to revisit the cases decided by Vasudevan.
Justice Deshmukh starts his stint at the CLB during difficult times and has his task cut out. Given that the credentials of the quasi judicial body is now under the intense glare of the public and the media eye after the Vasudevan incident. The CLB currently has three members, including the newly-appointed Chairman. As of March 2009, the CLB had 2,870 pending cases.
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- 1. "Company Law Board has abundant roles to play though a quasi-judicial body. As companies are emerging increasingly from time to time in the markets so also the company litigations are on the hike. The complicacies that arise as respects inter-company and intra-company areas inclusive of stock, stake, competition and merger and acquisition etc by themselves ask for a seasoned person to address there to. What the other members do is not so much a matter to be taken note of as what, why and how the Chairman acts. Turning a blind eye to Justice Deshmukh's record of past performances let us re-establish our faith in the conduct of the CLB and hope that justice in all its fairness rains on us. ". Pradeepta Mishra, HC Of Orissa, Cuttack
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The Viewpoint: Indemnification Provisions - Is the fight on the indemnity clause worth the effort?
May 17, 2012 | Bar & Bench brings to you the twentieth article on 'The Viewpoint' series with its Knowledge Partner AZB & Partners. AZB Senior Associate Nandish Vyas and Associate Pranati Ishwar in this article seek to examine the context in which indemnification rights are relevant for acquisition transactions, and also seek to explore if there are areas where they are potentially not worth the comments (4)
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