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[By Samridhi] The author is a student at Law Centre-1, Faculty of Law, University of Delhi. Status Quo On 24 November 2020, the Allahabad High Court delivered a judgment on an issue involving the revocation of the registration certificate by the Assistant Commissioner because the assessee had failed to file the returns for a period of six months. The Court while ruling in favour of the assessee noted…
[By Digvijay Ravindar Singh] The author is a student at the National Law School of India University, Bangalore. The concept of CSR differs between developing countries and developed countries with respect to its definition as well as implementation. Additionally, there is no comprehensive, “one size fits all” global corporate governance or CSR system based on western codes and regulations that can be implemented in emerging markets. As per…
[By Raj Shekhar and Krati GuptaI] Raj is a student at the National University of Study and Research in Law, Ranchi and Krati is a student at the Rajiv Gandhi National University of Law, Punjab. The US District Court in the Southern District of New York on 16th February 2021 declared that In the Re Citibank Wire Transfers case, the “discharge-for-value” principle stands applicable and the defendants (the…
[By Sourav Kumar and Jyotshna YashaswiI] Sourav is a student at the National Law School of India University, Bangalore and Jyotshna is a student at the Chanakya National Law University, Patna. Introduction In the previous few years, the country has witnessed several banks facing an extreme crisis due to the ballooning Non-Performing Assets (NPAs). In 2018, a fraud of almost $2 billion was discovered at the Punjab National…
[By Lavanya Gupta] The author is a student at the Symbiosis Law School, Pune. Background The financial services industry, with its innate technology, has been a significant sector of economies across the globe, and this fact is supported by the existence of payment processing mechanisms, ATMs, etc. However, of late, a separate industry that exclusively focuses on the development of newer technologies for the financial services sector has…
[By Rushil Anand] The author is an associate at ALA Legal. Introduction – In what can be the watershed moment for Anti-Trust Cases in 21st Century, the Federal Trade Commission of United States, on 9th December 2020, sued Facebook for maintaining its monopoly illegally. According to the complaint, Facebook over the years has abused its dominance by imposing anti-competitive conditions such as, regressive policies that allow third-party Application…
[By Rozat Akolawala ] The author is a student at the Maharashtra National Law University, Aurangabad. Like any other tribunal, the National Company Law Tribunals (hereinafter ‘NCLT’) across the country, and the National Company Law Appellate Tribunal (hereinafter ‘NCLAT’) have inherent powers that are exercised to meet the ends of justice and prevent the abuse of process of the Tribunal. It is well settled that the Tribunals cannot…
[By Raghav Harini N] The author is a student at ILS Law College, Pune. The Competition Commission of India (CCI) recently published a report on a market study on the telecom sector in India. The Report examined the mechanics and the economics of the sector to identify potential competition law concerns. This post explores these concerns and analyses them from the lens of CCI and international jurisprudence to…