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[By Aastha Bhandari] The author is a student at the O.P Jindal Global University. Introduction This article intends to address that while India is joining the race to becoming an attractive destination for the listing of Special Purpose Acquisition Companies (hereinafter referred to as “SPACs”) through the proposed International Financial Services Centres Authorities (Issuance and Listing of Securities) Regulations of 2021 (hereinafter referred to as “IFSCA Regulations”), Indian regulators…
[By Yash Sinha] The author is an Advocate based out of Delhi. The Insolvency and Bankruptcy Code, 2016 (‘IBC’) contains a residuary jurisdiction clause under Sec. 60(5)(c). The Supreme Court has attempted to put in words the inferable scope of the same twice in 2021: once in Gujarat Urja Vikas v. Amit Gupta(‘Amit Gupta’), followed by the very recent judgment in the case of TATA Consultancy Services Limited…
[By Soumyodeep Halder] The author is a student at Government Law College, Mumbai. The Insolvency and Bankruptcy Code, 2016 (“IBC” or “Code”) was envisioned as a means to rescue businesses from financial distress. The Code sought to consolidate the extant legal framework into a single piece of legislation. As a result, the IBC repealed two Victorian legislation – i.e. the Presidency Towns Insolvency Act, 1909 and Provincial Insolvency…
[By Mehek Wadhwani & Rishi Raj] The authors are students at MNLU Aurangabad. Introduction The globally revered tenet of good corporate governance combined with the incessantly increasing importance of Shareholders’ rights has ignited ‘Shareholder activism’ as a primary phenomenon in several developed markets such as the United States of America (“USA), the United Kingdom (“UK”), etc. This activism in the Asian markets is faced with cultural resistance and…
[By Sanskriti Shrivastava] The author is a student at UPES, Dehradun. Introduction The Reserve Bank of India (hereinafter referred to as “RBI”) has lately issued new draft rules on 9th August 2021, namely, Draft Foreign Exchange Management (Non-debt Instruments- Overseas Investment) Rules, 2021 (hereinafter referred to as “Non-debt Instruments Rules”) and Draft Foreign Exchange Management (Overseas Investment) Regulations, 2021 (hereinafter referred as “Overseas Investment Regulations”)[i]. These regulations are an…
[By Aayush Mishra] The author is a student at the Himachal Pradesh National Law University, Shimla. Introduction Recently, on the 22nd of October 2021, the Supreme Court in the case of V. Nagarajan v. SKS Ispat and Power Limited shed light on the period of limitation to file an appeal against an Order under Section 61 of the Insolvency and Bankruptcy Code of 2016 (IBC, hereinafter). The Court…
[By Raghav Sengupta] The author is a student at Jindal Global Law School. Introduction In June 2020, an unprecedented series of events was triggered by Reliance Industries Ltd (hereinafter “RIL”) that conducted India’s largest ever rights issue for the subscription of shareholders.[i] The industry giant finalised a Rs. 53,124 crore ($ 7 billion) rights issue that was condensed into 3-stage deferred payment offer. This rights issue was in…
[By Aishwarya Mehta & Kaustubh Bajpayee] The authors are students at the Maharashtra National Law University, Nagpur. INTRODUCTION Over and Over again, income tax officials find it difficult to ascertain whether a specific receipt is capital in nature and thus exempted from tax liability, or is a revenue receipt and thus, taxable. This imbroglio can be imputed to the fact that the Income Tax Act, 1961 does not…