Nishith Dhruva The concept of “Two-Tier Arbitration” or “Second Instance Arbitration” provides for an arbitration reference being made subsequent to the award of an arbitrator in the first instance. The reference can be made for a fresh hearing and resolution of the dispute and passing an award anew, irrespective of the first award, when either or all the parties are aggrieved by the arbitral award. For a Second Instance Arbitration, the arbitration clause must in express terms provide for the second/ additional level of arbitration, in order to enable the parties to adopt it. A second instance arbitration is also […]

Akshay Nagpal Did the question posed in the title cross your mind when you read the word “meditation”? For many of you, it might have. After all, meditation is generally understood to be an esoteric concept, or an activity apt for people not from the commercial world. But that notion has been busted by science, as well as by modern practitioners of meditation including top CEOs like Mike Milken, ad industry mogul Renetta McCann, NBA coach Phil Jackson, and Larry Brilliant, head of Google’s philanthropic efforts. Meditation is going to be the next big reform in public health and will be treated at […]

Payal Chawla The liberalization of the legal sector is now imminent, and on the anvil. The first phase is expected to begin as early as the end of the month, with a focus on giving impetus to the domestic legal sector in a bid to create a level playing field with foreign law firms. This phase shall also include the run up to phase three, where foreign law firms may be permitted to practice non-litigation Indian law and commercial arbitration. This window to get our house in order is expected to take approximately five years. Although measures are proposed for phase […]

Namit Oberoy The Bombay High Court’s recent decision in Kochi Cricket v. BCCI (see judgment below below) dwells on the so far unsettled question on the applicability of the Arbitration (Amendment) Act to post-award proceedings pending before the Courts. Especially in view of the procedural amendment in Section 36 of the Act, it has been uncertain which law applies to proceedings pending as on the date of the amendments. The conflicting viewpoints form the subject of this discussion, and are analysed through the course of this write-up. Background Three separate arbitral awards were passed in respect of arbitrations between (I) RSW […]

Sponsored Post It took me ten internships and six job changes in seven years (!) to reach the “Aha” moment. From working as an IP lawyer to transitioning into legal recruitment and working with a start-up (heading Legally India’s job portal) was really exciting and challenging as well and it gave me perspective to know myself a lot better. When I experienced what it was like to be on the other side of the table, I realised, I really enjoyed interacting with lawyers from different walks of life and coming from the same fraternity, an understanding towards fellow lawyers and […]

The Foreign Investment Promotion Board (FIPB) recently allowed Apple to set up retail stores in India. However, the US-based company’s request to waive off mandatory local sourcing norms was rejected. The decision made by the FIPB comes as a surprise inasmuch the Department of Industrial Policy and Promotion (DIPP) had green signalled the proposal in April. Background Setting up of retail stores by foreign entities in India is governed by the Foreign Direct Investment (FDI) Policy. FDI may be made in India either under the automatic route or approval route. The FIPB is the nodal agency for clearing proposals under the approval route. The […]

The Reserve Bank of India, earlier this month, issued the Draft Guidelines for ‘on tap’ Licensing of Universal Banks in Private Sector, which seek to put an end to the existing ‘Stop and Go’ licensing policy. What this means is, banks can now apply for a license (instead of waiting for a decade) at any time provided they meet the ‘fit and proper’ criteria. Manisha Shroff, Associate Partner at Khaitan & Co says, “The draft guidelines do evince the RBI’s intention to diversify the banking sector and introduce a transparent and competitive approach to licensing of private banks, the eligibility conditions […]

India’s insolvency and bankruptcy regime is rapidly shaping up to become one of the most comprehensive legislations in the recent past. But is there more to the Insolvency and Bankruptcy Bill of 2015 than meets the eye? Earlier this week, the Rajya Sabha passed the Insolvency and Bankruptcy Bill, 2015 (IBC) following Lok Sabha’s approval last week. The final draft comes after incorporating the recommendations made by the Joint Committee (Committee). All that is left is Presidential assent. The IBC seeks to create a unified framework for resolving insolvency and bankruptcy in India by implementing an insolvency resolution process which may be initiated by either the debtor or the […]

By Vaneesa Agrawal The Supreme Court’s order in the matter of SEBI Through its Chairman v. Roofit Industries [(2016) 1 Comp LJ 1 (SC)] has led to a cascading effect on various matters currently pending before SEBI as well as Securities Appellate Tribunal (SAT). SEBI’s Adjudicating Officers, under Chapter VIA of SEBI Act, 1992 are empowered to impose penalties for various violations such as penalty for failure to furnish information/return, penalty for default in case of stock brokers, penalty for insider trading, penalty for non-disclosure of acquisition of shares and takeovers and penalty for fraudulent and unfair trade practices etc. […]

Shardul Amarchand Mangaldas The Indian merger control regime under the Competition Act, 2002 (Competition Act) has been in force for nearly five years. The provisions of the Competition Act are to be read together with the notifications issued, from time to time, by the Ministry of Corporate Affairs, Government of India (Ministry) and  the  Competition  Commission of India (Procedure in regard to the transaction of business relating to combinations), Regulations, 2011 (Combination Regulations). Exercising its powers, the Ministry has previously enhanced the jurisdictional thresholds under the Competition Act and also introduced exemptions. On 5 March 2016, the Ministry has published […]