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Understanding the SEBI Order in the Matter of PwC. [Udyan Arya] The author is a fourth-year student at National Law Institute University, Bhopal. On January 10, 2018, the Securities and Exchange Board of India (“SEBI”) passed an order against accounting firms practicing under the brand Price Waterhouse (“PwC”). The order bars PwC from issuing audit and compliance certificates to listed companies for a period of two years and...
Looking Through the Prism of the Bombay High Court Judgment in Chief Controlling Authority v. RIL: An Analysis of the Issue of Stamp Duty. [Gauri Nagar] The author is a third-year student at Ram Manohar Lohiya National Law University, Lucknow. A recent celebrated decision of the Bombay High Court in Chief Controlling Revenue Authority v. Reliance Industries Limited (“RIL“) (judgment dated 31st March, 2016) has essentially ignited a debate among...
The Insolvency and Bankruptcy Code (Amendment) Bill, 2017: Key Highlights and Implications. [Mudit Nigam] The author is a third-year student of National Law Institute University, Bhopal. The President of India, in exercise his power under Article 123 of the Constitution of India, promulgated the ordinance titled the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017 (“Ordinance”). The purpose of the Ordinance was to strengthen the insolvency resolution process by disqualifying certain...
Condonation of Delay Scheme: Testing the Utility. [Tushar Behl and Priyanka Sharma] The authors are third-year students of School of Law, University of Petroleum and Energy Studies, Dehradun. They may be reached at behl.tushar96@gmail.com. The Companies Act, 2013 (‘‘Act’’) has been in need of a substantial revamp for some time now, to make it more contemporary and relevant to the corporate world. The changes in the Act have long...
Discordant Notes in IBC Jurisprudence: The Sanjeev Shriya Case. [Riddhi Joshi] The author is a second-year student at Symbiosis Law School, Pune. The author may be reached at riddhi.dhananjay@symlaw.ac.in. On 6th September, 2017, the Allahabad High Court passed a judgment in the case ofSanjeev Shriya v. SBI, extending the moratorium provided for under section 14 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) to personal guarantors in respect...
[Vishakha Srivastava and Ashutosh Kashyap] The authors are fourth-year students at Chanakya National Law University, Patna. In the case of Macquarie Bank Ltd. v. Shilpi Cable Technologies Ltd., the Supreme Court was confronted with two pertinent questions in relation to the Insolvency and Bankruptcy Code, 2016 (“Code“): firstly, whether, in relation to an operational debt, the provision contained in Section 9(3)(c)[1] of the Code is mandatory; secondly, whether a demand notice of...
Financial Resolution and Deposit Insurance Bill, 2017: An Analysis. [Shajal Sarda] The author is a fourth-year student at National Law Institute University, Bhopal. The Financial Resolution and Deposit Insurance Bill, 2017 (hereinafter referred to as the “Bill“) proposed by the government attempts at providing for a comprehensive law for the resolution and restoration of financial/covered service providers who are classified under certain heads of risk to viability with...
Subsequent Effect of Moratorium: Jeopardising the Rights of an Innocent Litigant. [Kunal Kumar] The author is a fourth-year student at National Law University, Jodhpur. Introduction The Reserve Bank of India (“RBI”) vide notification No. FEMA 20(R)/ 2017-RB dated November 7, 2017 issued the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017 (“FEMA 20”), which supersedes previous regulations namely the Foreign...