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[By Aditya Maheshwari and Vedman Lokesh] The authors are students at the Gujarat National Law University, Gandhinagar. Introduction In India, the quantum of indirect taxes to be imposed on sectors like lottery, casinos, betting and online gaming have always been a matter of contention, and the same issue has become a tough nut to crack in the Goods and Services Tax (“GST”) era. The major issues are (I) whether online gaming…
[By Ankita Raghunath] The author is a student at the Gujarat National Law University, Gandhinagar. Recently, an inquiry has been directed to BookMyShow under section 26(1) of the Competition Act, 2002 (referred to as “Act”) on the grounds that BookMyShow has entered into anti-competitive agreements with multiplexes and theatres under the provisions of section 3 read with section 4 of the Act which deals with abuse of dominant position.…
[By Viplav Agrawal] The author is an Associate at AP & Partners. Introduction to the combination thresholds Competition law governs the combination which has the potential to hamper the competition in a relevant market. The combination, as per the Competition Act, 2002 (“the Act”), is referred to as the acquisition of one or more enterprises or merger or amalgamation of enterprises. The combinations taking place are subject to certain thresholds…
[By Arjun Makuny] The author is an Insolvency and restructuring lawyer. Introduction The rights of creditors have been severely weakened due to a recent order of the Debts Recovery Tribunal at Ahmedabad (DRT) in State Bank of India v. Prashant Ruia.[i] The DRT ruled that a creditor cannot sue the guarantor if the principal debt is assigned by the creditor for consideration. Further, it was also held that…
[By Pritika Negi and Delphina Shinglai] The authors are students at the Gujarat National Law University. Alternative Investment Funds (hereinafter AIFs) have shifted the traditional market functioning from indirect to direct, active to passive, and from public to private[i]. The availability and accessibility of alternative investment assets make it a viable option attracting investors. Significant development in securities markets has aided in the explosive growth of private markets. More…
[By Harshit Joshi] The author is a student at the Vivekananda Institute of Professional Studies. Introduction According to common law principles, a breach of duty by a director can be ratified if the shareholders pass a resolution exonerating the director from the liability arising from such breach. It is an expansion of the common law concept that states people who owe duties may be relieved from the legal obligations resulting from…
[By Aditya Maheshwari and Dhruv Gupta] The authors are students at the Gujarat National Law University. Introduction Both global and domestic markets witnessed continuous growth post-1991’s globalization policy. One of the outcomes of this policy was Foreign Direct Investment (“FDI”). It can be understood as financial transactions between a foreign and a domestic entity where the former has a significant say in the management of the latter. Over the years,…
[By Aman Sadiwala] The author is an associate at Rashmikant and Partners. The contract enforcement mechanism of India has been subject to criticism for being inefficient. This was reflected in the World Bank’s Ease of Doing Business Report 2016 where India ranked 130th overall and 178th on contract enforcement (out of 189 countries).[1] This spurred the Government of India to constitute an Expert Committee to propose reforms to the…