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 […]

by Trupti Kulkarni From the point of view of women lawyers seeking a change in job or wanting to move their careers in a different direction, motherhood is often quoted as the top reason for doing so. One of the first organizations I worked with was an American multinational conglomerate. They had a great work culture and wonderful, employee-friendly initiatives. Being one of the first people to join the process, I was doing well for myself and my clients were happy. But despite the fact that it was and continues to be a wonderful organization, there is one unpleasant instance […]

By Arthur Ma & Joanna Du In the fourth article under the HKIAC series, Arthur Ma & Joanna Du examine the interpretation of laws with respect to arbitral awards by Chinese courts. In a recent court ruling, a Chinese court enforced two awards issued by the Hong Kong International Arbitration Centre (“HKIAC”) despite claims that enforcing the awards would violate China’s public policy. The court ruling immediately attracted heated discussion because it is the first time a Chinese court has considered a variable interest entity (“VIE”), valuation adjustment mechanism (“VAM”) and the public policy exception in one ruling. This case is also […]

Aditya Kurian The Indian Government (“Government”) led by its Prime Minister Narendra Modi, has embarked on a mission to significantly enhance foreign investment in India and to greatly improve the ease of doing business in the country. To this end, the Government has promised judicial reforms and is considering amendments to India’s arbitration legislation. If the Government is keen on transforming India into a global arbitration hub, it can draw from the experience of Hong Kong, which is a successful model for arbitration in Asia Pacific. By establishing itself as Asia’s first international arbitration hub, Hong Kong has built a […]

Anuroop Omkar and Kritika Krishnamurthy End of 2014 onwards, the legal and business fraternity has been keenly following the dispute that split the largest law firm in India, Amarchand Mangaldas Suresh A. Shroff (AMSS). In 2014, upon death of Mrs. Bharati Shroff (Cyril Shroff and Shardul Shroff’s mother), the will of Late Mrs. Shroff was reported to bequeath her entire controlling stake in AMSS to Shardul Shroff instead of maintaining equality between the brothers as mandated by the Family Framework Agreement (FFA) executed by her. The entire Shroff family (including Late Mrs. Bharati Shroff, Shardul Shroff and Cyril Shroff) had […]

By Joe Liu In recent years, the mergers and acquisitions (M&A) market has shown steady signs of recovery from the effects of the global financial crisis. According to a survey of over 1,000 M&A professionals conducted by KPMG, 63% of the survey participants said they were planning acquisitions in 2014. Respondents cited large cash reserves, opportunities in emerging markets, and the availability of credit on favourable terms as the key drivers of deal activity. Research conducted by Deloitte suggests that a surge in deal activity is set to continue into 2015. 84% of 2,500 corporate and private equity respondents anticipated […]

On April 18 this year, campus recruitments at the National University of Juridical Sciences in Kolkata came to an end. By the end of that weekend, a total of six universities had completed their “day zero” recruitment drive; in all, one hundred and sixty-nine future lawyers had landed jobs across eight law firms. And not a single one of these one hundred and sixty-nine will actually start work this year; they will all graduate in 2016. By the looks of it, Indian law firms are betting big on the future, and more than willing to put their money where their […]

Amarchand Mangaldas Suresh A Shroff, once the country’s biggest law firm, has now been divided between the two Shroff brothers, Cyril and Shardul. Following the official dissolution earlier this month, AMSS has been carved into two, separate firms – Shardul Amarchand Mangaldas & Co and Cyril Amarchand Mangaldas. As expected, the division has created quite the stir in the legal market, with the two brothers embarking on an expansive, and aggressive hiring spree. In terms of numbers alone, Cyril Shroff has hired around 20 partners laterally for his Delhi office while Shardul Shroff has hired 6 for Mumbai. And there […]

When it comes to debates over legal education, recruitment figures continue to remain a constant. While the importance that these figures are attributed vary depending on whom you speak to, the fact of the matter is that recruitment trends are one of the more accessible ways in measuring a university’s performance. In October this year, we came out with an analysis on the recruitments at nine different law schools in 2014. While these statistics were interesting in more ways than one, we felt that it would be beneficial to analyse the recruitments across a broader time period. Hence, this piece brings […]

Time Sheets have been one of the most talked about aspects of a lawyer’s life. Both the young and old brigade of lawyers label time sheets as a source of pain to them. Law Firm Management, on the other hand, blames the lack of time sheet culture as a cause of lost revenue to the firm. In this article, we aim to discuss both perspectives to understand the utility of the Time Sheets and whether they are a measure of productivity and profitability or just a means to measure the same!   Understanding Perspectives of Lawyers & the Management  Lawyers […]

After two years of working in a law firm, a dream to study in Oxford grows within you. A dream that was never really there, but one that you are now convinced you must pursue. When I say “Oxford”, I’m only referring to any colonial or renowned western university. It appears that the Indian fascination with white skin and other things western extends to education as well. Though the lines before this are a dead giveaway about which way I’m leaning, I will, through this piece, attempt to dispassionately weigh the pros and cons of studying abroad.  Two years into […]

Amidst the relatively peaceful past few weeks, news reports connected to the recently concluded Oxford University India Moot stood out for more reasons than one. What initially started off as grumblings about the arbitrary evaluation of memorials slowly rose to allegations of poor organisation and rude behavior before finally snowballing into a case of physical assault requiring police intervention. The events that took place found mention on this blog post on Lawctopus as well as this Facebook post. Barring a terse four-line e-mail from the moot organizers claiming that these reports were defamatory, no serious questions have been raised about […]

“The Indian Law Institute was founded in 1956 primarily with the objective of promoting and conducting legal research. The objectives of the Institute as laid down in its Memorandum of Association are to cultivate the science of law, to promote advanced studies and research in law so as to meet the social, economic and other needs of the Indian people, to promote systematization of law, to encourage and conduct investigations in legal and allied fields, to improve legal education, to impart instructions in law, and to publish studies, books, periodicals, etc.” The above are excerpts from the website of Indian […]

Sidharth Chauhan A few weeks ago, the network of National Law Universities (NLUs) welcomed incoming students who have secured their places in these institutions after clearing the formidable hurdle of entrance tests. At present, there are sixteen institutions located all over India that form part of the experiment that was initiated with the establishment of the National Law School of India University (NLSIU) in Bangalore in the late 1980s. A few more states have announced plans to establish institutions of a comparable design in the near future. The emergence of these considerably autonomous institutions dedicated to legal studies has been […]

A recent announcement by Nalsar University of Law, Hyderabad to offer MBA Course in Court Management has sparked some discussions in the academic circles. While part of the discussions arise from the discomfort of having a “business” graduate to deal with the court management, the other area of concern is that MBA in Court Management as a course is available not to law graduates alone, but to “graduate of any discipline”. The genesis of ‘court managers’ is in the recommendation of Thirteenth Finance Commission, which provides,“The department [of Justice] has also proposed creation of the post of Court Managers  in […]

Bar & Bench recognizes DSK Legal’s Anand Desai and Raksha Kothari as Dealmakers for their role in the sale of drug maker Strides Arcolab’s injectables division Agila Specialties in India and Singapore to Mylan Inc. This deal has been ranked in the top ten Asia Deals (Excluding Japan) for the first quarter of 2013 by Thomson Reuters. We understand that the transaction was complex with multiple legal and commercial issues involving several jurisdictions with the parent seller in India. Both Desai and Kothari, apart from advising their client on the Indian aspect of the transaction, also worked with International advisors […]

The indirect tax proposals in the budget seem to be well orchestrated towards the ensuing general elections. The general rates of service tax, customs and central excise have not been tinkered by the finance minister. Srinivas Kotni, Managing Partner at Lexport discusses certain key indirect tax proposals announced in the Union Budget 2013-14.   The indirect tax proposals in the budget seem to be well orchestrated towards the ensuing general elections. The general rates of service tax, customs and central excise have not been tinkered by the finance minister.   Apartment owners going for high end dwelling units will have […]

Acknowledging fiscal deficit, inflation and current account deficit as the stumbling blocks to economic growth, Finance Minister described the goal of budget 2013 to be ‘higher growth leading to inclusive and sustainable development’.     MPC Legal Partner Aseem Chawla and his team share certain key proposals brought forth in the Union Budget 2013-14.     Acknowledging fiscal deficit, inflation and current account deficit as the stumbling blocks to economic growth, the Finance Minister described the goal of budget 2013 to be ‘higher growth leading to inclusive and sustainable development’.   Resisting the temptation of a populist budget before elections, […]

Bar & Bench brings to you the fourth column of the India-China Education Series written by DH Law Associates Partner and Head of China Practice, Santosh Pai on how the Indian companies can establish business presence in China. Bar & Bench brings to you the fourth column of the India-China Education Series written by DH Law Associates Partner and Head of China Practice, Santosh Pai on how the Indian companies can establish business presence in China.     There are more than 250 Indian companies which have invested in establishing a physical presence for their business in China. This means […]

Bar & Bench brings to you the third column of the India-China Education Series written by DH Law Associates Partner and Head of China Practice, Santosh Pai on the biggest mistake (of not executing formal contracts or execution of improper contracts) made by Indian Companies in China. Bar & Bench brings to you the third column of the India-China Education Series written by DH Law Associates Partner and Head of China Practice, Santosh Pai on the biggest mistake (of not executing formal contracts or execution of improper contracts) made by Indian Companies in China.   In 2011, Indian companies imported goods worth […]

Bar & Bench brings to you the second column of the India-China Education Series written by DH Law Associates Partner and Head of China Practice, Santosh Pai on Trademark Registration in China. Bar & Bench brings to you the second column of the India-China Education Series written by DH Law Associates Partner and Head of China Practice, Santosh Pai on Trademark Registration in China.     Why every Indian company must think about registering its trademarks in China?    The Chinese legal system employs the “first to file” principle in relation to registration of trademarks. Article 3 of the Trademark […]