By Dr. Amit George The recent judgment of the National Company Law Tribunal (‘NCLAT’) in Kirusa Software Private Ltd. v. Mobilox Innovations Private Ltd. [Judgment dated 24.05.2017 in Company Appeal (AT) (Insolvency) 6 of 2017] has been welcomed for having provided an authoritative pronouncement on the meaning of the terms ‘dispute’ and ‘existence of dispute’ as appearing in Sections 8 and 9 of the Insolvency & Bankruptcy Code, 2016 (‘Insolvency Code’). While the judgment provides some much needed definitional clarity on certain fundamental concepts that lie at the very heart of the Insolvency Code, it is relevant to take note […]

Satvik Varma & Vikrant Pachnanda The Director General of Civil Aviation (DGCA), India’s aviation watchdog, recently issued a Civil Aviation Requirement (CAR) regarding handling of unruly/disruptive passengers. Issued under the Aircraft Rules, 1937 and framed in pursuance of the Indian Aircraft Act, 1934, the CAR acknowledges that unruly behavior of any sort, on board an aircraft or during embarkation/disembarkation, interferes with the performance of crew members’ duties. It also notes that such disruptive behavior jeopardizes the safety of the aircraft, the persons on board and most importantly, affects good order and discipline on a plane. Recognizing the potential harm, any […]

by Puneet Shah A cross border merger refers to the merger of two or more companies in different countries for scaling economies, efficiency, competing and strategic objectives. The Reserve Bank of India (RBI) late last month has issued draft regulations [pdf . . . To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to previous interviews, columns and articles One year access to all archival material Access to all Bar & Bench reports Register Already a subscriber ? Login

By Kanika Satyan and Manas Ingle Technology has changed the way human beings lead their day-to-day life. The influence technology has had, especially on the gaming and entertainment sector, whether for the positive or for the negative, has changed the perspective of gaming and entertainment all across the world. From enabling us to play real life games and sports virtually, the innovations in this sector are now enabling us to play virtual games in real life environments. Such developments have been brought about by technological . . . To read the entire article, get a premium account With a premium account you […]

By Shashank Prabhakar The Finance Act, 2017 which has been passed by both the houses of Parliament and which was assented to by the President of India on April 3, 2017, has amended certain provisions of the SEBI Act, 1992 (“SEBI Act”) and the Securities Contracts (Regulation) Act, 1956 (“SCRA”). Here we are only concerned with the amendments carried out to Section 15J and Section 23J of the SEBI Act and the SCRA, respectively. The interpretation of Section 15J of the SEBI Act was a substantial question of law in two recent Supreme Court cases, namely, SEBI v. Roofit Industries […]

The recent push by the central government in making Aadhaar mandatory for several government schemes has met with widespread criticism from various sections of the society, including activists, lawyers, policy professionals and journalists. Just yesterday, amendments were introduced in the Finance Bill, 2017 to make Aadhaar mandatory for filing of income-tax returns as well for obtaining and retaining the permanent account number (PAN).

By Ankit Sinha and Harshit Dusad The world has witnessed recurrent instances of cyber attacks in the recent past. These cyber attacks have raised eyebrows on the reliability of the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) messaging network, as most of the cyber attacks occasioned from the infiltration of SWIFT by hackers. Although steps for improving cyber resilience have been taken by jurisdictions across the world, in wake of continuous technological advancement, the cases of cyber attacks are on the rise. Given . . . To read the entire article, get a premium account With a premium account you get: […]

by Shashank Prabhakar SEBI has issued yet another circular on March 10, 2017, for regulating schemes of arrangement by listed entities. This is the fourth circular on this subject that has been issued by SEBI in as many years. First, there was the circular dated February 4, 2013, which was substantially revised by another circular that was issued in quick succession on May 21, 2013. Then there was the circular dated November 30, 2015 (“Erstwhile Circular”) which . . . To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access […]

by Sumit Agrawal The Insolvency and Bankruptcy Board of India (IBBI) was established on October 1, 2016 in accordance with the provisions of The Insolvency and Bankruptcy Code, 2016. Within a short span of five months of its establishment, Dr. M S Sahoo, Chairman of IBBI has issued first regulatory order last week. The order has been issued in an application under regulation 6 of

 – Sumit Agrawal & Vaneesa Agrawal The Union Budget 2017 has brought about some major changes for the capital markets. We look at the most important ones in this article. 1. Deepening of the Commodities Market In the Union Budget of 2015-16, the Government had announced the merger of the Securities & Exchange Board of India (SEBI) and the Forward Market . . . To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to previous interviews, columns and articles One year access to all archival material Access to all Bar […]

By Arunabh Choudhary, Nikita Chawla and Arjun Rastogi The taxation of indirect transfer of assets has been incessantly making headlines in the financial markets post the Supreme Court of India’s decision in the case of Vodafone International Holdings BV vs Union of India (2012) 6 SCC 613 (“Vodafone Case”). The Indian Government introduced the indirect transfer provision by way of the Finance Act 2012. Accordingly Section 9(1)(i) of the Income Tax Act . . . To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to previous interviews, columns and articles One […]

Harini Subramani & Adil Ladha In September this year, VP Joy, the Central PF Commissioner spoke about ongoing attempts to link the Aadhaar with the Universal Account Numbers (UAN) of all employees covered under the Employees’ Provident Funds and Miscellaneous Provisions Act of 1952 in order to facilitate “faster transactions” for . . . To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to previous interviews, columns and articles One year access to all archival material Access to all Bar & Bench reports Register Already a subscriber ? Login

It has been quite an active year when it comes to regulatory updates in the country. With a range of changes, right from cleaning up bank balance sheets and enhancing ease of doing business in India, to FDI in e-commerce, there have been a number of changes in the regulatory landscape. Here are the top ten  developments picked up from the Bar & Bench database: 1. Raising thresholds of reporting of combinations

The Vidhi Centre for Legal Policy recently released a briefing book titled Law in Numbers: Evidence-Based Approaches to Legal Reform. Through this publication, VCLP has put endeavoured to show how empirical data can be used to target specific areas of law which call for reform. To this end, they have put together statistics on five broad categories: The Judiciary, The Financial Sector, Crime and Society, The Legislature and Environment & Human Capabilities. Here we analyse five findings that . . . To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to previous interviews, […]

Returns that can can exceed one hundred percent of net investment, a healthy funding requirement that routinely runs into millions, and indications that this could well be the next big thing. Over the last decade or so, third party funding (TPF) has evolved into a highly profitable business. Yet, it is one that exists on the fringes of the legal industry. Till now. On September 15 this year, in the case of

Even as the political and financial implications of Prime Minister Modi’s surprise announcement that Rs 500 and Rs 1,000 notes will no longer be legal tender are being discussed threadbare, here is a brief summary of the laws and legal questions involved. 1. How was the change affected? As is the case with most deeply significant legal developments, through a notification published in the Indian Gazette on November 8, 2016. In fact, there are three notifications that . . . To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to […]

Rishabh Garg On the way back to work, I noticed this intriguing statement, “Be kind, you are being watched” below a CCTV camera at the entrance of my apartment. While I must have passed by a number of such statements and CCTV cameras around the city, none of these bothered me before. However, this time, the words “You are being watched” stayed with me for a while. I had an innate feeling that my personal . . . To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to previous […]

The right to privacy, and the debate over it, has never been more relevant. The Delhi High Court’s ruling over WhatsApp’s change in policy, the State’s deliberate push towards Aadhar-linked schemes, the imposition and subsequent overturning of prohibition in Bihar, and a host of legislative and policy changes have pushed privacy legislation into the limelight. This right, first enunciated by

By Rashmi Raman The International Law Commission (ILC) was set up under the UN Charter as a reflection of a long-standing historical commitment, dating back to international peace conferences in the late 19th century, towards creating an independent body of the most highly qualified experts, drawn from around the world, who would be tasked with the ‘progressive development of international law and its codification’. In realising this mandate over the decades, it has produced some of the most seminal texts that have . . . To read the entire article, get a premium account With a premium account you get: […]

Last month, this article in the Economic Times indicated that American law firms specialising in whistleblower laws are scouting for potential Indian clients. The firms are seeking out individuals who will come forward and report frauds under various American laws, such as the False Claims Act, or under the whistleblowing programmes of the Securities Exchange Commission (SEC).

In the fast changing, and complex, world of corporate law, it is important to stay on top of changes in laws, policy and regulations. In addition, increasing levels of specialisation, means that practice-specific lawyers need a very specific set of information. This need for information has been, for the most part, unmet within the domestic market. While globally, law firms regularly invest time and resources to produce reports and newsletters, this practice is slowly garnering acceptance in India. Furthermore, publicly available updates, such as those on  Mondaq and Internal Law Office, are far and few between. Which is where the India Law Connect […]

In a recent letter written by the Cellular Operators Association Of India (COAI) to the Department of Telecommunications (DoT), it has been alleged that Reliance Jio Infocomm Limited (RJIL) has been providing full-fledged services under the garb of ‘tests’, thus causing a financial blow to the incumbent operators. Why is COAI aggrieved? The COAI . . . To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to previous interviews, columns and articles One year access to all archival material Access to all Bar & Bench reports Register Already a […]

Earlier this month, a national conference on cyber security- (Cyberix 2016) was held under aegis of PHD Chamber of Commerce and Industry. At the conference, RK Sudhanshu, joint secretary cyber laws and e-security, announced that India will be overhauling the existing cyber law framework to bring in new encryption and privacy policies. India is . . . To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to previous interviews, columns and articles One year access to all archival material Access to all Bar & Bench reports Register Already a subscriber ? […]

Late last month, the United Nations Human Rights Council (UNHRC) passed a resolution affirming that, among other things, rights which are available to people offline must also be protected online, in particular- the right to freedom of expression. However, this is not the first time that the UNHCR has adopted a resolution on online rights. Previous resolutions, which were adopted by consensus in June 2012 . . . To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to previous interviews, columns and articles One year access to all archival […]

Nikhil Narayanan of Khaitan & Co Introduction The United Kingdom has voted to leave the European Union (EU) in its recent referendum on continued EU membership (Brexit). This has significant implications for trade between India and the UK as well as for Indian businesses with operations located in the UK. The immediate market shock is still being felt, but in this briefing note, we assess the emerging considerations for Indian businesses with exposure to the UK and the EU.

On 12 June 2016, a gruesome act of terror took place in a nightclub in Orlando. Omar Mateen went on a killing rampage by taking fifty lives and leaving dozens injured, using a ‘licensed’ assault rifle. The shooting would be, by far, the deadliest in the past 34 years. Expectedly, the horrific . . . To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to previous interviews, columns and articles One year access to all archival material Access to all Bar & Bench reports Register Already a subscriber ? Login

by Vikas Pahwa The debate to criminalize marital rape was given a fresh boost when Maneka Gandhi, Women & Child Development Minister, replied to a parliament question in Rajya Sabha in March this year. She said, “Marital Rape as understood internationally cannot be suitably applied in the Indian context . . . To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to previous interviews, columns and articles One year access to all archival material Access to all Bar & Bench reports Register Already a subscriber ? Login

Starting today, the Karnataka High Court will begin hearing the matter on which taxi aggregator Uber’s existence in the state hinges upon. Uber has challenged the state government’s competence to introduce the recently notified Karnataka On-demand Transportation Technology Rules, 2016. The Rules introduce sweeping changes to the functioning of app-based operators like Uber. Over the past few weeks, governmental authorities have been