Finance Minister Arun Jaitley’s Budget speech hinted at the reduction in the number of tribunals, and it has emerged that the Centre has done just that with the recent passing of the The Finance Amendment Bill, 2017. The Amendment Bill, which is longer than the original Finance Bill itself, has revealed, among other things, the list of tribunals that are sought to be eliminated and the absorption of their responsibilities. The ninth schedule of the amendment bill provides a list of the tribunals due to be replaced. Here is a list collated by PRS Legislative: What is the problem with the merging? There appear […]

While no stay has been granted on the promotional offers offered by Reliance Jio, the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) has, indicted Telecom Regulatory Authority of India (TRAI) for its inaction inasmuch as there are inconsistencies in the filings done. Airtel and Idea have been fighting a battle against Jio’s promotional offers, and TRAI’s lack of concern on the violations that these offers have triggered. Airtel had basically approached TDSAT on two grounds: That, TRAI has not been fair in its dealing with Jio to the extent that Jio has been (allegedly) violating various TRAI Tariff orders and the consumer protection […]

In a classic example of regulatory turf war, market watchdog Securities and Exchange Board of India (SEBI), in a recent letter to the banking regulator Reserve Bank of India (RBI), has expressed its displeasure over RBI’s intervention in trading of HDFC’s shares. Trading gone wrong As a preface, the FDI Policy sets the bar at 74% for foreign investment in private sector banks. As per RBI rules, RBI puts stocks which cross 72% threshold on its watchlist and opens up free trading as and when the shareholding falls below 72%. On 16th of February, conversion of some ESOPs in HDFC […]

Following its letter addressed to Cyrus Mistry on December 26 2016, Tata Sons has filed a ‘complaint’ with the Securities and Exchange Board of India (SEBI) against Cyrus Mistry for having violated Regulation 3(1) of the SEBI (Prohibition of Insider Trading) Regulations, 2015 (Insider Trading Regulations). Regulation 3(1) of the Insider Trading Regulations restricts insiders from communicating or providing any ‘unpublished price sensitive’ information to any other person, including other insiders ‘except in furtherance of legitimate purposes’. As per the ‘complaint’ filed with SEBI, Tata Sons has alleged that petition filed by Cyrus Mistry’s investment entities in the National Company […]

The High Court of Bombay has disposed of the writ petition filed by Innoventive Industries challenging the vires of the Insolvency & Bankruptcy Code, 2016 (Code). In December 2016, a petition at the Mumbai Bench of National Company Law Tribunal (NCLT) was filed by ICICI Bank in its capacity as a financial creditor under Section 7(1) of the Code against Innoventive Industries. The petition was for initiation of a insolvency resolution process against Innoventive, following an outstanding debt of ₹1,019,177,034. After the petition was filed by ICICI, the NCLT asked the ICICI’s counsel, Zal Andhyarujina if he was opposing the debtor’s right to be […]

This year’s budget made a short yet significant reference to amendments that will be introduced in the Arbitration Act, 1996 to ‘streamline institutional arrangements for resolution of disputes in infrastructure related construction contracts, public-private partnerships and public utility contracts’. This, however, is not the first time that such reforms were suggested in the budget speech. Last year’s budget speech, also, proposed a ‘Public Contracts (Resolution of Disputes) Bill’ which, inter alia, made provisions for institution of separate tribunals for resolution of such disputes. Last year also witnessed, the constitution of India’s first institutional arbitration centre, the MCIA, and a 3-day […]

In what could be a very significant initiative, the Central government is exploring the possibility of emphasising on pro-bono legal assistance as a criterion for appointment of lawyers as High Court judges. Towards this end, it is planning to create a database of lawyers who would be ready to provide pro-bono assistance to needy litigants. Secretary of Department of Justice, Snehlata Shrivastava has addressed a letter to Chairman of Bar Council of India (BCI) Manan Kumar Mishra on November 10, last year setting out this plan of the government “The government is exploring the possibility of laying emphasis on pro-bono […]

Senior Advocates Harish Salve and Darius Khambata will be part of the law panel at the India Conference to be organised at Harvard, USA. The conference will be held from February 11- February 12. The Harvard India Conference is a student-run conference at the Harvard Business School & Harvard Kennedy School. The conference this year is themed around “India: The Global Growth Engine”. The law panel will focus on international arbitration regime in India owing to the increasing need for faster and alternate methods of dispute resolution mechanisms. Apart from Salve and Khambata, the law panel will also include Dipen […]

The Securities and Exchange Board of India (SEBI) has passed an interim order ‘restraining’ Vijay Mallya, former Chairman of United Spirits Limited (USL), from holding position as a ‘Director’ or ‘Key Managerial Person’ (KMP) of any listed company or to deal in securities market, along with six others. Six others include: Ashok Capoor, Managing Director, who has also been barred from being a director or KMP in a listed company; P.A Murali, Executive Director & CFO; Swomiyanarayanan, Assistant VP – Accounts; S.N. Prasad, Senior VP- Finance and Accounts; Paramajit Singh Gill, President, All India Operations and; Ainapur S.R., Divisional VP- […]

The Telecom Regulatory Authority of India (TRAI), in its most recent consultation paper, has sought stakeholder’s views on governing Net Neutrality (NN) and allied issues. This ‘consultation paper’ comes based on the responses received on the ‘pre-consultation paper’, issued in May last year, which discussed issues of NN and traffic management. Among other things, the paper proposes a legislation for NN, and/or an umbrella regulation on NN. As far as the wider issue of NN is concerned, there have been several rounds of discussions, this being the fifth one, and also a regulation to ban discriminatory pricing. While the issue […]