The Securities Appellate Tribunal (SAT) has, while upholding two orders,  reversed a third order passed by the Insurance Regulatory and Development Authority of India (IRDAI) in the case of Sahara India Life Insurance Corporation Limited (Sahara). Sahara, the appellant before SAT, has been under the IRDA’s scanner ever since the then CEO, Subrata Roy, was detained by the Supreme Court in 2014 for failing to comply with Court’s orders. Prelude IRDAI . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to previous interviews, columns […]

The Securities and Exchange Board of India (SEBI) has barred global accountancy firm PwC and its network entities from issuing audit certificates to any listed company in India for two years. However, SEBI noted that this order would not impact audit assignments relating to the financial year 2017-18 undertaken by the firms forming part of the PwC network. The regulator has also asked PwC to pay Rs 13.09 crore, along with interest at 12% per annum from January 2009 (approximately Rs 14 crore) for wrongful gains. Two former PW partners, S Gopalakrishnan and Srinivas Talluri, have also been barred from issuing […]

The Rohini Court Bar Association has called for a one day strike on January 11 to protest against the assault of a lady lawyer in court premises on Tuesday afternoon. It is understood that the opposing parties in a custody battle entered into an altercation outside the courtroom. When the woman lawyer, who was representing one of the parties, tried to intervene and stop the squabble, she was assaulted by the other side, according to sources. The 46-year . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year […]

The Union Cabinet has liberalised the foreign direct investment (FDI) policy. Some of the key amendments are as follows: Single-Brand Retail Trading 100% FDI in single-brand retail trading (SBRT) via the automatic route is now permitted. Sourcing requirements have been liberalised as follows: after the SBRT entity opens its first store in India, it has the option to set-off its “incremental sourcing” of goods from India for global operations, against the mandatory requirement to source 30% of purchases from India. This option is available for the initial 5 years of the SBRT entity; incremental sourcing means the increase in value […]

After having cleared both houses of the Parliament, the Companies (Amendment) Bill, 2017 has now received the assent of the President to become the Companies (Amendment) Act, 2017 (Amendment Act). This is the second round of amendments made to the Companies Act, 2013, with the first one being made in 2015. The Amendment Act, now with over 40 revisions, was first introduced in 2016 and was then referred to the Standing Committee on Finance. After taking into consideration the recommendations of the panel, the Cabinet had cleared a revised bill in March this year. The Amendment Act broadly seeks to strengthen corporate […]

Four months after a 3:2 majority of the Supreme Court deemed it unconstitutional, Parliament has begun deliberations on the passing of a Bill that seeks to outlaw instant Triple Talaq. Today, The Muslim Women (Protection of Rights on Marriage) Bill, 2017, which had earlier received of the Union Cabinet, is being discussed in the Lok Sabha. Law Minister Ravishankar Prasad called the bill ‘historic’ as he presented the bill. https://twitter.com . . . Facebook Comment 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 […]

By Amit H Wadhwani The Maharashtra Real Estate Regulatory Authority (Regulatory Authority) has by its Circular No. 12/2017 dated 4 December 2017 read with Circular No. 13/2017 dated 4 December 2017 (collectively the Circular) replaced its earlier Order dated 11 May 2017 (the Co-promoter Order) wherein the Regulatory Authority had coined the definition of ‘Co-promoter’ of a real estate project that is registered with the Regulatory Authority. By virtue of the Circular, the Regulatory Authority has withdrawn the concept or definition of Co-promoter as defined in the Co-promoter Order and termed such Co-promoter as a ‘Promoter’ itself subject to the qualifications […]

NLU Delhi’s Centre on the Death Penalty on Saturday released a comprehensive and thought provoking report on capital punishment in India titled ‘Matters of Judgment‘. It is an opinion study on the criminal justice system and the death penalty featruing 60 former judges of the Supreme Court of India. These judges, which include the likes of Justices AK Ganguly, Santosh Hegde, Ruma Pal, BN Srikrishna and RC Lahoti, adjudicated 208 death penalty cases among them between 1975 and 2016. The Report records an overwhelming acknowledgment and widespread concern among former Supreme Court judges about the crisis in India’s criminal justice system […]

For the first time in the history of Lok Adalats, a transgender Neelmani Tiwari and an acid attack victim Kamar Jahan, sat as associate members at its New Delhi District benches. This achievement adds another feather to the already loaded cap of Acting Chief Justice of the Delhi High Court, Justice Gita Mittal, under whose guidance several such initiatives have been taken up in the subordinate as well as higher judiciary. In September this year, the Delhi High Court had offered jobs to five acid attack victims and a transgender person after their plight was brought to the notice of […]

New Delhi’s India Habitat Centre on Sunday, witnessed the coming together of India’s most prolific lawyers to celebrate the second edition of the Lawyers of India Day, wherein eminent members of the Bar were felicitated for their contributions to India’s legal system. The event, organised by the Bar Association of India, coincided with the birth anniversary of India’s first President and lawyer by training, Dr. Rajendra Prasad. Former Chief Justice of . . . Facebook Comment 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 […]

With the possibility of the US dismantling its net-neutrality regulations, the Telecom Regulatory Authority of India (TRAI) has come out with heightened standards of enforcing the principles of net-neutrality. The ‘recommendations on net-neutrality’ come close to three years after the first committee was established by the Department of . . . Facebook Comment 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

The launch of lawyer Satvik Varma’s much awaited book Yes I’m Opinionated – Musings of a Lawyer on Governance, Law and Policy took place on Friday at the India International Centre in New Delhi. The book, which is an anthology of Varma’s writings on various topics ranging from Gay Rights to Insider Trading, Legitimizing Lobbying to Regulating Gaming, Insider Trading to Holidays in the Judiciary, Juvenile Justice to Competition Regulations has received advance praise and positive reviews from legal luminaries like Justice Rohinton Nariman, Justice Gita Mittal and Senior Advocates Abhishek Manu Singhvi and KV Viswanathan. The event was attended by the who’s who of the legal fraternity, including […]

The widely reported amendments to the Insolvency and Bankruptcy Code, 2016 (IBC) moved by the way of an Ordinance received the President’s assent today and will need to be ratified in the upcoming Winter Session of Parliament. At the outset, the need for moving the IBC (Amendment) Ordinance, 2017 (Ordinance) is questionable in view of the close approaching Winter session and formation of the new Insolvency Law Committee which has been set up to review the Code. While the Ordinance makes a number of amendments, the theme of it is to (retrospectively) bar promoters of the erring corporate debtors from […]

With over 300 cases being admitted under the newly installed Insolvency and Bankruptcy Code (IBC), the Insolvency and Bankruptcy Board of India (IBBI) has constituted a 14-member committee to review the suggestions received from various stakeholders for improvements in the prescribed processes. The IBBI has an open option on its website which allows stakeholders to submit comments pertaining to various regulation which have been drafted under the IBC. The Committee’s mandate also requires it to take stock of the functioning and implementation of the IBC, identify issues that may impact the efficiency of the corporate insolvency resolution and liquidation framework. […]

Amid all the hype and popularity of taking over the management of the affairs of the Corporate Debtor under the Insolvency And Bankruptcy Code, 2016 (IBC), a NAVRATNA enterprise has become the first company in India to take over management of a debtor under provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI). Rural Electrification Corporation Ltd. (REC), a NAVRATNA Central Public Sector Enterprise established under the Ministry of Power of Government of India, has become the . . . Facebook Comment To read the entire article, get a premium account With […]

By Amit H Wadhwani At last, financial institutions and secured creditors of real estate projects in Maharashtra can breathe a sigh of relief. The Maharashtra Real Estate Regulatory Authority (Regulatory Authority) has provided much needed clarity on the implication of Section 15 of the Real Estate (Regulation and Development) Act, 2016 (Act). Section 15 (1) of the said Act states as follows: The promoter shall not transfer or assign his majority rights and liabilities in respect of a real estate project to a third party without obtaining prior written consent from two-third allottees, except the promoter, and without the prior written […]

The Supreme Court has for the second time allowed settlement to be recorded after admission of case under the Insolvency and Bankruptcy Code, 2016 (IBC). This power was invoked under Article 142 of the Constitution which allows the Supreme Court to “pass such decree or make such order as is necessary for doing complete justice in any cause or matter pending before it.” A

Last week, on November 6, 2017, a special seminar titled “The Changing Landscape of Arbitration” was held at the India Habitat Center in New Delhi as an introduction to the International Council for Commercial Arbitration (ICCA) conference, which is stated to be held in Sydney in 2018. The opening address was given by none other than Senior Advocate Fali Nariman, who is also a staunch proponent of making India a hub of international arbitration.

The Securities and Exchange Board of India has appointed Sanjeev Kaushik as Whole Time Member, for a period of three years or till the age of 65 years or until further orders. Sanjeev Kaushik, an IAS officer of the Kerala cadre, is the Chairman & Managing director at India Infrastructure Finance Company Limited (IIFCL). An MBA in Finance from London Business School, Kaushik has 25-year experience spanning senior policy/regulatory and Board level positions in the financial sector. Kaushik had exposure in financial markets in the Department of Economic Affairs (DEA), where he handled policy and regulatory matters relating to capital markets, foreign institutional investment, […]

The Digitization Centre of the Madras High Court was formally inaugurated today by Justice Madan B Lokur, Chairman of the Supreme Court E-Committee. Also present were Chief Justice of the Madras High Court Indira Banerjee, Chairman of the Madras High Court Digitization Committee Justice Rajiv Shakdher, and other judges of the High Court. Speaking to Bar & Bench, the Registrar of IT, Madras High Court, remarked that the centre will be the . . . Facebook Comment 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 […]

The Law Commission of India has released its 272nd report on Assessment of Statutory frameworks of Tribunals in India. The Commission has made a slew of recommendations in its report and has also made an interesting departure from its previous stance on certain important issues. Some of the important conclusions made by the commission are as follows. Appeal to High Courts The Commission, in a marked departure from its earlier stance, has concluded that the power of judicial review to high courts is a basic feature of the Constitution and cannot be tinkered with. The Commission has also gone so […]

The Delhi High Court has notified that eight Labour Courts, two Central Government Industrial Tribunals (CGIT) and an Industrial Tribunal functioning in the Karkardooma Court will be shifted to the Dwarka Court Complex. The notification issued by the Registrar General of the High Court stated that the new courts shall be made functional with effect from November 6, 2017. The Registrar General also requested the District and Sessions Judges of both Karkardooma and Dwarka Courts to intimate lawyers, litigants, labour departments and other stake holders of this change and ensure that no inconvenience is caused. This change is in line […]

The state government of Rajasthan last month promulgated an ordinance with a view to preventing investigations into the affairs of serving and retired judges and public servants – and the reporting of the same by the media – without sanction. The Criminal Laws (Rajasthan Amendment) Ordinance, 2017, was passed after it received gubernatorial assent on September 7. It seeks to amend provisions of the Code of Criminal Procedure as well as the Indian Penal Code to the aforementioned effect. Firstly, the Ordinance seeks to add a proviso to Section 156(3) of the CrPC. “Provided that, under the said sub-section, no […]

The Supreme Court in this judgment has ruled on an interesting question – whether SEBI can recover interest on orders of penalty and/or orders of disgorgement, when the said amounts have remained unpaid. While clubbing the two cases, SEBI was the appellant in the penalty cases,  whereas in the disgorgement case, it was the private individuals. The Bench, comprising Justices Rohinton Nariman and Sanjay Kishan Kaul drew a comparison between provisions of the Interest Act of . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year of unrestrcited […]

The Reserve Bank of India (RBI) has finally published the final set of rules governing peer-to-peer (P2P) lending platforms, following its recent notification classifying such platforms as Non-Banking Financial Companies (NBFC). The Master Directions – Non-Banking Financial Company – Peer to Peer Lending (Reserve Bank) Directions, 2017 (Directions) are 22-page long, and contain 20 sections and . . . Facebook Comment 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 […]

The Ministry of Finance, through its corrigendum dated September 25, has expounded on the definition of legal services provided by advocates including senior advocates, for the purposes of imposition of GST on such services. The corrigendum states that for the purposes of taxation, such services should  be read as “services provided by an individual advocate including a senior advocate or firm of advocates by way of legal services, directly or indirectly”. It further states that,

Justice Bawa Singh Walia of the Jammu and Kashmir High Court has been transferred  back to the Punjab and Haryana High Court. The President, in exercise of his powers under clause (1) of article 222 and after consultation with the Governor of Jammu and Kashmir and the Chief Justice of India, has directed Justice Walia to assume charge of his office at the Punjab and Haryana High Court by October 13, 2017. Born in Jalandhar (Punjab), Justice Walia was first elevated to the Bench as an additional judge of the Punjab and Haryana High Court in 2014. In February 2015, […]

In a first, the National e-Governance Services Ltd (NeSL), a Union Government company, has now received final registration to become first Information Utility (IU) of India. Yesterday, the Insolvency and Bankruptcy Board of India (IBBI) granted it a renewal registration from September 25, 2017 to September 24, 2022. Provisions relating to IUs are contained in Chapter 5 of the Insolvency and Bankruptcy Code, 2016. This institution of the IU seeks to cure one of . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to […]

The Supreme Court has widened the scope of front-running and ruled that ‘non-intermediary front-running’ in the securities market will be brought under the prohibition prescribed for fraudulent/ unfair trade practices. The 60 page judgment by a bench of Justice Ramana and Justice Gogoi observed that “unfair trade practice” is not an expression clearly defined. The court clubbed four petitions, two filed by the Securities and Exchange Board of India (SEBI) and two . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to previous interviews, […]