On November 15, 2016, the Supreme Court delivered an important judgment in IDBI Trusteeship Services Limited v. Hubtown Ltd [1] , a case involving investment in India by a foreign investor*.* While the main thrust of the judgment was on circumstances under which a defendant may be granted leave to d...
Corporate law
“ Raindrops on roses and whiskers on kittens Bright copper kettles and warm woollen mittens Brown paper packages tied up with strings These are a few of my favourite things…” Hearing my niece practice this iconic song made me introspect on the year gone by. So, here are select highlights of 2016 fro...
Introduction More than three years ago, the Companies Act, 2013 (“ 2013 Act ”) was passed by both Houses of Parliament and received assent of the President of India. The 2013 Act seeks to replace the Companies Act, 1956 (“ 1956 Act ”). The different provisions of the 2013 Act are being brought into ...
In March 2015, the Securities and Exchange Board of India ( SEBI ) constituted a standing Alternative Investment Policy Advisory Committee ( AIPAC ) under the chairmanship of Shri. N. R. Narayana Murthy. AIPAC submitted its first report in January 2016 and its second report was released by SEBI on D...
Author: Sandeep Dave Money oils the wheels of commerce. Since the 1970s, high denomination notes of Rs. 500 and Rs. 1000 had become the usual legal tender in India: inflation had virtually made the lower denomination notes “loose change”! The Reserve Bank of India Annual Report 2015-16, noted that a...
Alternative Investment Funds (AIF) industry in India has gained impetus with liberalization of foreign investments in AIFs, recent amendment to Indo-Mauritius Treaty and pro-business environment in the country. These pooling vehicles (i.e. AIFs) have the ability to provide for long term, and stable ...
The Indian merger control regime is a suspensory one which means that, any acquisition, merger or amalgamation that is notifiable to the Competition Commission of India (CCI) may be consummated only after the CCI grants approval, or until a certain waiting period has lapsed. Section 6(2) of the Comp...
A Memorandum Of Understanding (‘MOU’) is generally a preliminary understanding between the parties to a contract, prior to the execution of a formal agreement. It is a document highlighting the intention of the contracting parties and might also be known as a Letter of Intent (‘LoI’). MOU is general...
The Securities and Exchange Board of India (� SEBI �) issued a press release (PR No. 161/2016) of the quarterly board meeting held on November 23, 2016. The salient features of the decisions taken by SEBI regarding the AIF industry and investment in corporate debt by FPIs are as follows: 1) Amendmen...
“ Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world. ” – Franklin D. Roosevelt The real estate sector is the backbone of the Indian economy, as it largely c...
POST DIWALI CELEBRATIONS FOR STARTUPS… OVERVIEW: The Reserve Bank of India (RBI) announced in a statement (Fourth Bi-monthly Monetary Policy Statement for the year 2016-17 released on October 04, 2016) separate from the monetary policy review that it would allow start-ups to access foreign currency ...
In August of 2016, the Competition Commission of India ( CCI ) passed an order in the case of Builder’s Association of India ( 2016 Order ) predominantly re-affirming its earlier order of June 2012 in the same matter ( 2012 Order ). By way of a brief background, the case originated from a complaint ...
Author: Anshuman Sakle and Bharat Budholia The Office of the Director General ( DG ), being the investigative arm of the Competition Commission of India ( CCI ), has conducted two search and seizure operations thus far. The first of these, more popularly known as dawn raids, was on the offices of JC...
On 31 August 2016, the Competition Commission of India ( CCI ) dismissed an information under Section 26(2) filed against M/s ANI Technologies Private Limited ( Ola Cabs ) in the case of Mr. Vilakshan Kr. Yadav and Ors v. M/s ANI Technologies Private Limited [1] alleging abuse of dominance, in contr...
Through this short post, we seek to examine the current downtrend in oil prices, and what it means from an Indian context. As in any downtrend, the intent ought to be to maximise opportunities and isolate effects of any threats and the author accordingly seeks to analyse how these threats may be tur...
On August 11, 2016, the Government of India (GoI) introduced the Maternity Benefit (Amendment) Bill, 2016 ( Bill ) in the Parliament. The Bill was introduced to amend the Maternity Benefit Act, 1961 ( Act ) – the Act, as many may be aware, is the legislation to provide certain benefits to women in t...
Author: Gauri Rasgotra The power of judicial review enables the judiciary to determine the constitutional validity of legislative and/or executive actions, possibly making them subject to invalidation. The power of judicial review by Tribunals was examined and decided by the Supreme Court in S.P. Sa...
The Ministry of Corporate Affairs (“ MCA ”) has recently amended the Companies (Incorporation) Rules, 2014 (“ Incorporation Rules, 2014 ”) by way of Companies (Incorporation) Third Amendment Rules, 2016 (“ Amended Incorporation Rules, 2016” ), inter alia substituting existing Rule 3(2) of the Incorp...
The Companies (Share Capital and Debentures) Rules, 2014 have been amended vide the Companies (Share Capital and Debentures) Third Amendment Rules, 2016 dated 19 July 2016, to bring major changes with respect to issuance of equity shares with differential voting rights (DVRs), partly-paid up securit...
Ministry of Corporate Affairs has issued three notifications dated 01 June 2016 (attached) for setting up of National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) as well as notifying various sections of the Companies Act 2013 (which were not operational due to non...