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[By Urja Dhapre] The author is a second year student of Institute of Law, Nirma University, Gujarat. Introduction Recent trends in corporate control [i]have shown an increase in the use of unregulated Total Return Equity Swap Agreements (“TRESA”) to eschew disclosure norms while covertly building up stakes in listed companies. Regulators from around the globe are now recognizing the challenges in governance and market distortions that potentially arise from…
[By Ekta Jhanjhri] The author is a fourth year student at Institute of Law, Nirma University, Gujarat. Introduction Stimulating foreign equity investment in the Indian landscape has always been of prime importance to the Indian Government. Thus, the Hon’ble Finance Minister (“FM”) has proposed to abolish Dividend Distribution Tax (“DDT”) in the Budget Session for financial year 2020-21. In her budget speech, the Hon’ble FM has explained that…
[By Ankit Tripathi] The author is an associate at Law Chambers of J. Sai Deepak. Recently, in the case of Ishrat Ali v. Cosmos Cooperative Bank Ltd. &Anr[i], the five judge bench of National Company Law Appellate Tribunal (“NCLAT”), departed from an earlier view taken by the three judge bench and held that action taken by a financial institution under Section 13(4) of the SARFAESI Act is not…
[By Daksh Aggarwal] The author is a second year student of Campus Law Centre, Faculty of Law, University of Delhi. Prefatory The unification of markets and interconnected commercial transactions has necessitated significant need for common law governing business deals. The United Nations Commission on International Trade Law (“UNCITRAL”) Model law on Cross-Border Insolvency (“Model Law”), adopted in 1997, is designed to harmonise insolvency laws of various jurisdictions of…
[By Arnav Maru] The author is a fourth year student of Maharashtra National Law University, Mumbai. Background Karvy Stock Broking Limited (“Karvy”), a registered stockbroker, recently found itself in the crosshairs of the Securities and Exchange Board of India (“SEBI”) for perpetrating one of the biggest cases of financial misconduct involving misuse of client securities. Karvy was founded in 1995 with its head office in Hyderabad and had…
[By Vatsal Patel] The author is a fourth year student of Institute of Law, Nirma University. Introduction The Insolvency and Bankruptcy Code, 2016 (“IBC”) has been a game-changer in the field of corporate bankruptcy in India. Though, there is still scepticism, looming over the IBC’s economic significance with a lot of companies going into liquidation as opposed to the intended corporate revival,[i] there is no doubt that the…
[By Anchit Jasuja and Preksha Mehndiratta] The authors are second year students of Gujarat National Law University, Gujarat. The sanction of a scheme or arrangement under the Companies Act, 2013 (“Act”) cannot be done without the sanction of the National Company Law Tribunal (“NCLT”) under its supervisory jurisdiction. However, if a shareholder or creditor has any grievance with respect to the scheme, he may approach the NCLT to…
[By Prakhar Khandelwal] The author is a third year student of National Law Institute University, Bhopal. The National Company Law Appellate Tribunal’s (“NCLAT”) order dated 18 December 2019 (an appeal against which is pending before the Supreme Court) directed Tata Sons to reinstate Mr. Cyrus Pallonji Mistry as their Executive Chairman of the Board and as a director on the boards of Tata Sons and other group companies.…