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Company courts not to interfere with proceedings under SARFAESI Act

29 January, 2016

The Supreme Court of India, with respect to the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interests Act, 2002 (“SARFAESI Act”), has held that powers under the Companies Act cannot be wielded by the Company courts to interfere with proceedings by a secured creditor to realize its secured interests in terms of the...

Interest Equalisation Scheme on pre and post shipment export credit

28 December, 2015

Reserve Bank of India has allowed exporters to avail the Interest Equalisation on Pre and Post Shipment Rupee Export Credit. The scheme is effective from April 1, 2015. For the period April 1, 2015 to November 30, 2015, banks are required to identify eligible exporters as per Government of India Scheme and credit their accounts with the required...

Reporting of fraud by auditors - amendments come into force

28 December 2015

Provisions of Sections 14 and 15 the Companies (Amendment) Act, 2015 (21 of 2015), that amend Sections 143 and 177, respectively, of the Companies Act, have come into force from the 14-12-2015. MCA Notification S.O. 3388(E), dated December 14, 2015 has been issued in this regard.

Section 13 of the Amendment Act amends sub-section (...

Arbitration when party initiates proceedings to blacklist another

26 October 2015

Punjab & Haryana High Court has held that it is open to parties to refer the issue of blacklisting to arbitration. The Court in this regard noted that there is no rule of law that prohibits parties from referring an issue relating to blacklisting to arbitration, and there is no bar to such reference of all other disputes arising under the arbi...

SEBI has jurisdiction in respect of CIS offered by Trust

26 October 2015

Securities Appellate Tribunal has held that the fact that Section 11AA(2) of the SEBI Act, 1992 refers to any scheme or arrangement made or offered by any ‘company’ would not mean that the jurisdiction of SEBI to regulate Collective Investment Scheme  (CIS) is restricted to any scheme or arrangement made or offered by any company ...

Area allocation when not anti-competitive

26 October 2015

The Competition Commission of India on 12-10-2015 has held that though the Opposite Party 1 in the case before it had indulged in anti-competitive practices by involving in area allocation in respect of its distributors and stopping supplies to the informant in the case, there was no adverse effect on competition. The Commission thus disagreed wit...

Negotiable Instruments Act - Liability of a company and persons in charge

31 July, 2015

The Supreme Court of India has ruled that under Section 138 of the Negotiable Instruments Act, 1881, it is the drawer of the cheque alone that attracts liability. It was held that therefore if the cheque is drawn by a director of the company in his individual capacity and not on behalf of the company or in his capacity as the director, the company a...

SEBI has jurisdiction in respect of GDRs

28 July, 2015
 
Supreme Court of India has upheld the jurisdiction of SEBI to exercise its powers under the provisions of the Securities and Exchange Board of India Act, 1992 and Securities Contracts (Regulation) Act, 1956 read along with the Regulations, to proceed against the Lead Manager for the so called fraudulent transaction in respect of issuance of Gl...

Competition law – Factors for dominance

16 July, 2015
 
The Competition Commission of India (CCI) has recently set aside the application of the informant alleging contravention of the provisions of Section 4 of the Competition Act, by one the airlines in India. The informant was of the view that the airline, being dominant in the market, has devised a standard form of terms and conditions for the public and any per...

Share transfers – Pre-emption agreement when does not violate ‘free transferability’

23 June, 2015

Division Bench of the Bombay High Court has reversed the Order of the Single Bench holding that the pre-emption right as recognised by certain clause of the Protocol Agreement which was incorporated in the Articles of Association of the company, was contrary to the provisions of the Companies Act and hence was unenforceable. The impugned order had held that Protocol...

Electricity supply without a distribution license, when valid

22 June, 2015

The Appellate Tribunal for Electricity has upheld the Order of the State Commission wherein the latter has allowed the system for supply of power by the generating company to its individual industrial consumers directly from its dedicated transmission lines considering the load centre as a consumer under Section 10(2), read with Section 42(2) of the Electricity Act ...

Company Law Tribunal constitutionally valid – SC

22 May, 2015

Five Judge Bench of the Supreme Court of India has rejected the challenge to the constitutional validity of setting up of the National Company Law Appellate Tribunal (NCLAT). The Court in this regard rejected the contention of the petitioner that the earlier 2010 judgment of the Court dealing with the issue of constitutional validity of the National ...

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