Nishant Nigam and Anjali Dwivedi In a dispute concerning legal rights, a delayed remedy may render the aggrieved party unaided and consequently, in a situation which is irreparable especially in a procedure like Arbitration where procedures are determined by the parties to the dispute. Thus, the aspect of emergency Arbitration has become critically important in the past few years. In a scenario, wherein the arbitral tribunal is not constituted and enough time will be wasted in constituting a tribunal the parties may exercise only two options to avail an instantaneous relief. The parties can either apply for interim measures in […]

How the resolution of any conflict between the (English) Arbitration Act 1996 and the Companies Act 2006 can assist in the application of section 8 of the (Indian) Arbitration and Conciliation Act 1996 as amended. Lawrence Jacobson In broad terms, s8 of the (Indian) Arbitration and Conciliation Act 1996, as amended, appears to have a similar mandatory effect to that of s9 (read together with s4[1]) of the Arbitration Act 1996 (the “Act”)[2] Act. Accordingly, it is hoped that the methods and analysis briefly mentioned below, may be of some assistance to our Indian colleagues. In a relatively recent decision […]

Nandini Gore The practice of combining the mediation and arbitration processes is known as both Med-Arb and Arb-Med, depending on which process was initiated first. This process involves the same person acting both as a mediator in seeking to facilitate a settlement between the parties, and as an arbitrator to determine the issues in dispute and issue a final and binding award. Mediation and Arbitration are used in conjunction with one another and, in the truest form of Med-Arb, the same third-party neutral plays the role of both mediator and arbitrator. Our judicial system is burdened with a large number […]

As Season 7 of Game of Thrones recently came to an end, a fresh flush of memes took over the internet, yet again. The memes inspired by the epic saga have been a worldwide phenomenon since 2011. These memes, while mainly used for personal humor and entertainment, have nevertheless gained commercial importance as well. Sections of the entertainment industry like the popular comic group All India Bakchod (AIB), have used these memes as their own content, to promote themselves and their economic interests. Game of Thrones memes have also been used in advertisements and on unofficial merchandise. The images used in the […]

Kartik Mittal In the past decade International sanctions have become a common feature in world politics. They are often considered as an alternative to war. There are a few recent examples of sanctions being used by a group of countries to compel another sovereign nation to re-consider or re-formulate its policies. The effectiveness of International sanctions as a political tool was recently recognised when the International community was able to agree a deal with Iran whereby Iran agreed to work with the international community, on its nuclear programme, in return for some relief from crippling economic sanctions. The growing prominence […]

Introduction The Insolvency and Bankruptcy Code, 2016 (IBC) has consolidated and amended the laws relating to reorganization and insolvency of corporate persons, partnership firms and individual firms. The sole intention of this legislation is to facilitate resolution of corporate bankruptcy in a time bound manner. The IBC has introduced new and distinct concepts of ‘Financial Creditor’ and ‘Operational Creditor‘ as opposed to the Companies Act, 2013 which merely introduced the term ‘creditor’, without any classification thereof. The maintainability of applications for initiating corporate insolvency resolution process chiefly depends on the applicant first satisfying the Tribunal that it falls either within the definition […]

Education technology start-up Byju’s has acquired TutorVista and Edurite business of Pearson India for an undisclosed amount. With this acquisition, Byju’s is expanding its global reach as well as offerings for students, reported Mint. Obhan & Associates advised Pearson with a team led by Partner Ashima Obhan along with Associate . . . 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

by Satyajit Gupta   Introduction It is not uncommon for parties to a commercial dispute in India to initiate criminal action to pressurize the other side to reach a favourable settlement. The motivation to do so could be due to many reasons – including speedier remedies from a criminal court and of course the threat and nuisance value of a criminal action vis-à-vis a civil one. Sometimes a case may apparently look to be of civil nature or may involve a commercial transaction but such disputes may also contain ingredients of criminal offences and such disputes have to be entertained notwithstanding […]

by Arijit Chakravarty and Gohan Raj Background As early as in 2014, in the case of PMP Auto Components (P) Limited TS-263-AT-2014 (Mum) the tax authorities had made a secondary adjustment on account of interest chargeable on loan transaction with Associated Enterprise (AE) as the tax payer assessee had not realized any amount of interest from additional capital investment made to its AE. The same was deleted by the Dispute . . . 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 Nilesh Chandra and Abhinav Mishra INTRODUCTION With the volume of stressed assets in India almost doubling in last five years, Asset Reconstruction Companies (ARCs), which act as intermediaries between the borrower and the lender, have been bestowed with the imperative responsibility to clean-up stressed assets by adopting effective resolution and recovery mechanisms and relieve lenders from the mountainous burden. Backed strongly by the RBI, ARCs are a creation of the Securitization . . . 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, […]

By Arijit Chakravarty Outbound investments by Indian Companies have grown over the years. These investments are made in jurisdictions having benefits by way of low tax rate, simple regulatory regime, strategic location and business advantage and other beneficial criteria. Often the investments are structured as SPVs. In the context of such outbound investments by Indian entities, the concept of POEM becomes relevant, which would go to determine the residential status in India of such SPVs. In this context, while the draft guidelines . . . Facebook Comment To read the entire article, get a premium account With a premium account […]

By Satyajit Gupta & Rodrigo Ferraz de Camargo Background Brazil is the world’s fifth largest country and with an estimated population of 200 million, it is also the world’s fifth most populous country after China, India, USA and Indonesia. Brazil is a member of BRICS[1], an association of five major emerging national economies. Generally speaking, Brazil was a relatively closed economy in the 1970s and 1980s. However, similar . . . 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 […]

The Union Budget 2017-18 (“Budget”), presented by the FM for the banking and financial service sector has been a departure from the conventional practice. Yet, this was not entirely unexpected considering several other startling policy/regulatory initiatives and reforms, such as the ground breaking reforms in restructuring, long-pending implementation of the Insolvency and Bankruptcy Code, amendments in the SARFAESI and Debt Recovery Tribunal Acts and of course the demonetization that the sector has already witnessed in the year 2016-17. The statement of the FM . . . Facebook Comment To read the entire article, get a premium account With a premium […]

By Rahul Arora & Abhinav Mishra The EPC market size in India has witnessed continued expansion over the past lustrum. Much akin to other financially stable countries requiring substantial infrastructure development, the Indian sub-continent has always provided a host of investment and participation opportunities to engineering, construction and supply-side players across the globe, especially with the government’s growing interest in the development of renewable energy. Under the budget of 2017-18, a rather voluminous inflow of investments has . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year of […]

Aniket Prasoon & Abhishek Kumar The Central Electricity Regulatory Commission by its order dated October 14, 2016 has rejected NTPC’s prayer to grant a separate trading licence. However, it has allowed NTPC to utilize the trading licence already granted to its wholly owned subsidiary – NTPC Vidyut Vyapar Nigam Limited. Set out below is a summary of the order, our analysis and observations on the same. Brief Background NTPC Vidyut Vyapar Nigam Limited . . . 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, […]

 – Shradha Sachdev (With inputs from Satyajit Gupta) Introduction Traditionally, India has had a bank-dominated financial services sector. However, the importance of non-banking financial companies (NBFCs) has been recognized, not only as a supplement to mainstream banking in meeting the increasing financial needs of the corporate sector but also for delivering credit to the unorganized sector and to small local borrowers. The RBI Act broadly defines a NBFC as a financial institution . . . 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 Sharath Chandrasekhar The peer to peer (“P2P”) lending sector, which currently remains largely unregulated, has undergone substantial growth and has eased the process of financing by facilitating borrowers and lenders (primarily individuals) to connect with each other conveniently on virtual platforms (“P2P Platforms”). P2P Platforms offer an avenue for financing which is distinct from conventional methods like bank financing, by doing away with snags such as complicated application and appraisal processes. However, this sector is presently . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year of […]

In this edition of The Viewpoint, the team from Advaita Legal shares their thoughts on the demand and recovery provisions contemplated under the Goods and Services Bill of 2016.  Introduction: This note focuses on the provisions dealing with the demands and recovery provisions which are encapsulated under Chapter XIV. We have dealt with the relevant sections in the aforesaid chapter and compared the same with the corresponding provisions (if any) stipulated under the Finance Act, 1994 (“Finance Act”) and a sample VAT legislation [we have used the Delhi Value Added Tax . . . Facebook Comment To read the entire […]

Promoters of Indian listed companies have generally been viewed with a jaundiced eye, if and when a material decision is taken at their behest, with respect to their company. The recent notification of provisions in relation to dissenting shareholders, by way of insertion of chapter VI-A in the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 appear to further and, in a way, institutionalize this perception. These provisions require the promoters or persons in control of the listed company . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: […]

Introduction When a Court restrains a party to a suit or proceeding before it from instituting or prosecuting a case in another Court including a foreign Court, it is known as an anti-suit injunction. Anti-suit injunction is specie of injunctions and is governed by the principles governing grant of injunction, an equitable relief, by a Court. Of the various forms of provisional relief in the context of international litigation, none has sparked as much interest and controversy as the international anti . . . Facebook Comment To read the entire article, get a premium account With a premium account you […]

Chapter XVII of the Negotiable Instruments Act, 1881 (“Act”), including Sections 138 142, was introduced by the Parliament of India in 1988 in order to improve the acceptability of cheques by criminalizing the issuance of cheques by a person without sufficient funds in his bank account. Position of law before and after the decision of the Apex Court in Dashrath Rupsingh Rathod v. State of Maharashtra and Anr. In the landmark case of Dashrath Rupsingh Rathod v. State of Maharashtra and Anr. (“Dashrath . . . Facebook Comment To read the entire article, get a premium account With a premium […]

The long awaited Companies Act, 2013 (Act) was notified by the Ministry of Corporate Affairs (MCA) on August 29, 2013 with certain sections coming into force from September 12, 2013 and majority of the sections coming into force from April 1, 2014. While the Act introduced significant changes in the provisions related to governance, disclosure norms, auditors and mergers & amalgamation and introduced new concepts, inter-alia, such as one person company, class action suits and corporate social responsibility, it also faced criticism from various stakeholders due to the . . . Facebook Comment To read the entire article, get a […]

Modern commercial transactions often lead to complex legal questions. Usually, the shareholders of a company enter into a shareholders agreement setting out in detail the rights and obligations. These agreements, more often than not, contain an arbitration clause. In view of the judgment of V B Rangaraj v. V B Gopalakrishnan,[1] the company concerned is also made a party to such an agreement and the relevant provisions of the shareholders agreement are reflected in the Articles of Association. This has led . . . Facebook Comment To read the entire article, get a premium account With a premium account you […]

Minority Squeeze Outs – reduction of share capital of Cadbury India Limited In a matter involving the reduction of share capital of Cadbury India Limited (“Cadbury India”), a recent judgment of the Bombay High Court has addressed important issues relating to the squeeze out of minority shareholders. As part of a Group policy to operate only though branches or wholly-owned subsidiaries, Cadbury India undertook a series of buy-backs and open offers from its shareholders. The current judgment was . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year […]

Plea Bargaining in India Plea bargaining was viewed conservatively by the Indian courts prior to 2005.[1] The principle justification for this conservative approach was that a crime is a wrong committed against the society at large[2] and a system, such as plea bargaining, which allows the accused to “bargain” away his guilt should not be allowed. Earlier, the courts in India permitted leniency to be shown in the form of lighter . . . 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 […]

There is no doubt that one of the key challenges for the new government would be kick starting investment in infrastructure, which is currently estimated at INR 40.9 trillion. Most new infrastructure projects are proposed to be based on Public Private Partnership (PPP) model and funded by the private sector. However, India has consistently fallen short of meeting such targets in the last few years. Implementation issues are faced by developers at all stages, from development stage (such as securing consents and approvals, land etc.), to securing financing . . . Facebook Comment To read the entire article, get a […]

INTRODUCTION The recent decision of the Supreme Court of India in Swastik Gas v. Indian Oil Corporation Limited[1] (“Swastik Gas”) has brought a degree of clarity to the vexed question of the interpretation of jurisdiction clauses in commercial contracts. The judgement, rendered by a three judge bench of the Supreme Court, finally laid to rest the controversy with regard to the specific wording of exclusive jurisdiction clauses.

Introduction After numerous drafts, delays and parliamentary debates, a new company law – the Companies Act, 2013 (‘2013 Act’) was finally enacted on 29 August 2013. The 2013 Act has been lauded by the corporates and lawyers alike for providing business friendly corporate regulations, enhanced disclosure norms, investor protection and better corporate governance amongst other things. While the 2013 Act is being appreciated by many; it also poses some practical difficulties for companies while structuring their transactions. Since only 98 . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: […]

By Chakrapani Misra and Sukanya Bhaumik The termination of arbitration proceedings is envisaged by Section 32 of the Arbitration and Conciliation Act, 1996 (“Act”). The Section provides that the arbitral proceedings will be terminated by the final arbitral tribunal or by an order of the arbitral tribunal as provided in Section 32(2) of the Act. Under Section 32(2) of the Act, the arbitral tribunal will issue an order for the termination of the arbitral proceedings . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access […]

The Indian infrastructure sector is in a transitory phase. While the growth rate of India’s economy averaged 8% in the Eleventh Five Year Plan, it did not meet the target of 9% due to a global economic slowdown. The Twelfth Five Year Plan by the Planning Commission has identified revival of investments as the immediate policy challenge for the Government of India to reverse the deceleration in growth. The Twelfth Five Year Plan has further predicted that the infrastructure sector will need investments of over one trillion US . . . Facebook Comment To read the entire article, get a […]