The Securities and Exchange Board of India (SEBI) has come out with a report on Settlement Mechanisms under securities laws, and is now seeking public comments on the same. A High Level Committee was set up under the Chairmanship of Justice Anil R Dave, former judge of the Supreme Court of India. The committee comprised advocate Pratap Venugopal (Member) and the core team of SEBI consisting of Ananta Barua (Whole Time Member), Babitha Rayadu (Chief General Manager), G Vijayakrishnan (General Manager), L Kajio Mao (Assistant General Manager) and Chaudhary Suraj (Manager). Settlement for securities laws violations was introduced in India […]

The Serious Fraud Investigation Office (SFIO) has arrested Neeraj Singhal, erstwhile promotor of Bhushan Steel Ltd in relation to siphoning of funds. Neeraj Singhal is accused of siphoning off more than ₹ 2,000 crores of funds from loans availed by Bhushan Steel via the use of more than 80 companies, the Finance Ministry says. Singhal was produced before the court of Competent Jurisdiction yesterday and will remain in Judicial Custody till August 14, 2018. This is the . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year of […]

The Union Ministry of Law and Justice yesterday published its response to queries posed by Member of Parliament, Shashi Tharoor concerning judicial appointments. As per the response statement issued by the Law Ministry, Tharoor’s queries were posed under four heads. The first two concerned the actual number of pending recommendations for appointments to the Higher Judiciary i.e. Supreme Court Collegium recommendations pending before the government since May 2014 Collegium recommendations sent back by the government to . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year of unrestrcited […]

The much-awaited report of the Committee on Data Protection was released yesterday, along with the The Personal Data Protection Bill, 2018. The Committee was chaired by Former Supreme Court Judge, Justice B N Srikrishna. Most of the principles and findings in the report have also been hardcoded in the draft legislation. The entire Parliamentary process, to convert this bill into a legislation, is still left. The proposed data protection framework will be replacing Section 43A of the Information Technology Act . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: […]

The Mumbai Bench of the NCLT has (orally) approved the resolution plan submitted by a consortium of AION Investments Private II Limited and JSW Steel Limited for Monnet Ispat & Energy Limited. However, the plan was approved with a modification that the coal mine Gare Palma IV/7 will not be included in the liquidation . . . 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 […]

In June this year, the Union Government’s Ministry of Human Resource Development prepared a Draft Bill to repeal the University Grants Commission Act. The Higher Education (Repeal of University Grants Commission Act) Act 2018 aims to promote uniform development of instruction in higher educational institutions. To this end, the Centre has mooted the formation of a Higher Education Commission of India (HECI), which will oversee higher education in universities across India. In effect, this move could change the way law universities in India are . . . Facebook Comment To read the entire article, get a premium account With a […]

The Central government is considering increasing the retirement age of Supreme Court and High Court judges, reports News18. However, Union Law Minister Ravi Shankar Prasad has clarified that no such plan is in the works. According to The Print, when asked about the possibility of such a Bill being introduced, Law Minister Prasad said, “No, with a . . . 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 Corporate Affairs (MCA) has constituted a 10 Member Committee,  for reviewing the penal provisions under the Companies Act, 2013. All offences under the Companies Act are criminal offences. The review will involve an examination for the ‘de-criminalisation’ of certain offences. The Committee will be headed by the Secretary of MCA, Injeti Srinivas. It also consists of members of the legal community including Shardul Shroff of Shardul Amarchand Mangaldas, Ajay Bahl from AZB &amp . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to […]

The 276th report of the Law Commission of India (LCI) has proposed that India move towards the legalisation and regulation of betting and gambling. The report, titled Legal Framework: Gambling and Sports Betting including Cricket in India, was prepared pursuant to a reference made in 2017 by the Supreme Court, in the case of Board of Control for Cricket in India v Cricket Association of Bihar & Ors (BCCI case). Genesis of the 276th . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to […]

BJP leader and lawyer, Ashwini Kumar Upadhyay has written a letter to the Prime Minister of India, Narendra Modi requesting for a direction to be given to the Law Ministry to raise the age of retirement of judges in India to 70 years. Upadhyay, in his letter, says that out of the many problems that are “plaguing the judiciary”, the most important one is backlog of cases and accessibility to justice for a common man. He delves into the . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year of unrestrcited […]

The Governor of Maharashtra C Vidyasagar Rao has signed off on the promulgation of an ordinance deleting Section 9A from the Code of Civil Procedure (CPC) in its application to the State. With both the Houses of the State Legislature not in Session, the Governor of Maharashtra exercised his power to promulgate an Ordinance. The Ordinance came into force on May 27. Section 9A of the CPC deal with summons given to the plaintiff for service. The Ordinance also . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One […]

Chhattisgarh High Court will get four new judges. The Central government has cleared the names of advocate Parth Prateem Sahu and judicial officers Gautam Chourdiya, Vimla Singh Kapoor and Rajani Dubey for appointment as Additional Judges. Notification to that effect was published on June 15. The Supreme Court Collegium had recommended the names of these four persons on April 19. Names of four advocates and three judicial officers were considered by the Collegium in total. Whereas all the three judicial officers went through, only one advocate made the cut. Advocate Parth Prateem Sahu was recommended for elevation despite not meeting the prescribed income criterion. The […]

Lack of independence, absence of uniformity in administration, high case pendency and vacancies constitute the major issues plaguing the working of tribunals in India, as per a report by the Vidhi Centre for Legal Policy. Titled Reforming the Tribunals Framework in India: An Interim Report, the report attempts to trace the origins of tribunals, critically analyse precedent and reports, and provide an exhaustive assessment of problems in India’s tribunals framework. It can be noted that this . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access […]

The Ministry of Corporate Affairs (MCA) on June 4 sent separate letters to the National Company Law Appellate Tribunal (NCLAT) and the National Company Law Tribunals (NCLTs) seeking to cancel their vacations, reports ET. The move was sparked by the NCLAT posting a notice on its website announcing a break from June 1 to July 1. The NCLTs planned to have a . . . 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 […]

In 2017 we notice a new and significant trend for Fundamental Rights protection in India. The Supreme Court constitutes 5 judge benches more readily to decide significant fundamental rights cases. The fourth edition of the Rights in Review report, published annually by the Centre for Law and Policy Research (CLPR), begins on this optimistic note. The report analyses Supreme Court decisions on fundamental rights, which have in some way extended or . . . 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 […]

Even as the Supreme Court’s attempt to introduce a central selection mechanism remains shelved for almost a year, Union Law Minister Ravi Shankar Prasad yesterday mooted a national-level entrance exam for judges of the subordinate judiciary, PTI reports. Speaking at the launch of a new Law Ministry website and app, Prasad however made it clear that attempts were not being made to revive the idea of the All India Judicial Services (AIJS) for appointing lower court judges. Aimed at . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One […]

By Prachi Johri 1. This amendment ordinance makes the Limitation Act applicable to insolvency proceedings – section 238A introduced This clarifies a large confusion brought up again and again in various orders including Black Pearl Hotels Pvt. Ld. v. Planet M Retail Limited. A lot of time-barred claims were being filed since the Hon’ble NCLAT had opined that limitation would apply only from 2016 when the Code came into force. The practice was discouraged by the Principal Bench, NCLT but the decision of the NCLAT was regularly cited leading to conflict. The issue is now resolved. 2. Amount raised from […]

By Deepak Joshi The Press Information Bureau vide its press release informed that the President today gave assent to promulgate the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 (Ordinance). It notes that the Ordinance is expected to further strengthen the Insolvency Resolution Framework in the country and produce better outcomes in terms of resolution as opposed to liquidation, time, the cost incurred and recovery rate. It may be noted that this is the second time that the Insolvency and Bankruptcy Code, 2016 (IBC) has been sought to be amended by means of an ordinance. The only other time an ordinance […]

The Securities Appellate Tribunal (SAT) has, while partially upholding orders passed by the Securities and Exchange Board of India (SEBI), ruled on the certain transactions that took place under provisions of the erstwhile Takeover Code. While clubbing several appeals, two questions pertaining to Regulation 11(2) of the SEBI (Substantial Acquisitions of Shares and Takeovers) Regulations, 1997 have been answered in this order. Regulation 11(2) of the 1997 Regulations prohibits any acquisition of shares by persons who already hold between . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One […]

The Centre on the Death Penalty operating under the National Law University, Delhi has undergone a few changes, to be re-branded as Project 39A. The inspiration for the name comes from Article 39A of the Constitution of India, which urges the state to provide its citizens justice on the basis of equal opportunity, by removing social and economic barriers. While continuing to do research on the death penalty and its implications in India, the project will now also focus on . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: […]

The seminar on ‘Independence of Judiciary – A Nationalist Perspective’ was conducted today by Global Jurists, at Delhi’s India International Centre. The seminar was attended by several eminent jurists including former Chief Justice of India TS Thakur, former Delhi High Court Judge Justice Kailash Gambhir, former Chief Justice of Punjab and Haryana High Court Justice Vijender Jain along with journalist HK Dua and renowned professor Dr. Mool Chand Sharma.

Asia’s first stock exchange, the Bombay Stock Exchange (BSE) has become the first stock exchange in India to have received recognition as a ‘Designated Offshore Securities Market’ (DOSM) from the United States Securities and Exchange Commission (SEC). Finsec Law Advisors acted as the sole counsel for BSE in securing the DOSM status and represented BSE before the SEC. The recognition is received under Rule 902 (b) of Regulation S under the U.S. Securities . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to previous […]

NLSIU 2005 graduate and former partner at AZB & Partners Aparna Mittal has started a gender advisory and advocacy organization called Samāna Centre for Gender, Policy and Law. Launched with a view to promoting gender mainstreaming in CSR and philanthropic activities, attaining the goal of gender equality at the workplace and across other fields, and taking up strategic legal and policy interventions in this area, Samāna offers an array of services. Speaking to Bar &amp . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access […]

The Coordination Committee of All-District Court Bar Associations of Delhi has again called for a strike tomorrow i.e. May 11. As per the intimation by the Coordination Committee, the members are requested to reach the Supreme Court at 10 am where further decisions shall be taken. The committee yesterday, had called off the strike which

The Justice Rajesh Bindal Committee has come out with a comprehensive report touching upon the possible way forward for India in tackling issues of disputed inter-country parental child removal and retention. The Committee was tasked last year to examine, inter alia, whether India should accede to the International Convention on Civil Aspects of International Child Abduction, 1980 i.e. the Hague Convention. The Hague Convention was intended to address cases where children . . . 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 […]

The Vidhi Centre for Legal Policy has published a report on the status of physical infrastructure of the lower judiciary in Delhi and the National Capital Region (NCR). The report focuses on the extent to which litigants have physical access to the lower courts under study. In preparing the report, the litigant’s perspective was prioritized by asking three questions i.e. Can the litigant locate where he must go? Is the litigant able to access . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to […]

Taking cognizance of the crises in the judiciary, the Bar Association of India today passed a resolution for ensuring greater transparency in the judiciary and made certain recommendations. The resolution passed by Bar Association of India focuses on the following aspects: That the Justices of the Supreme Court should collectively establish an institutional structure for the judiciary’s internal governance. To create an environment of collegiality, the Judges are recommended to attend a . . . 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, […]

The Delhi Bar Association has called for a strike today to protest against a decision of the Delhi High Court regarding redevelopment of Tis Hazari Courts. The executive committee of the Delhi Bar Association has alleged that the Building Management Committee of the Delhi High Court has taken an arbitrary decision by not granting transfer rights to the existing chamber allottees. It is also alleged that the Building Management Committee has only provided 2800 chambers instead of 4000 chambers as demanded . . . Facebook Comment To read the entire article, get a premium account With a premium account you […]

The National Company Law Appellate Tribunal (NCLAT) today stayed the Rs. 135 crore penalty imposed on Google by the Competition Commission of India (CCI) for indulging in unfair trade practices, subject to the deposit of 10% of the penalty amount. A bench of Chairman Justice SJ Mukhopadhaya and Justice Bansi Lal Bhatt passed the order in a plea by Google seeking a stay on the operation of the CCI order. Although the Bench did not grant a . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year of […]