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Arbitration – Absence of express intention

21 April, 2014 Supreme Court of India has on 7-4-2014 held that in the absence of an arbitration clause (or intention for same) in an agreement, as defined in sub-section (4) of Section 7 of the Arbitration and Conciliation Act, 1996, the dispute between Power Transmission Corporation Limited v. Deepak Cables (India) Ltd. cannot be referred to the arbitral tribunal for adjudication. The court...

Combination regulations under Competition Act, amended

18 April, 2014 Competition Commission of India (CCI) has amended the Competition Commission of India (Procedure in regard to the Transaction of Business relating to Combinations) Regulations, 2011. According to the amendments effective from 28th March, 2014, while fees in respect of both Forms (Form I and II) has been revised from INR 10 lakhs and INR 40 lakhs to INR 15 lakhs and INR 50 lakhs...

CSR provisions to come into force from 1st April 2014

18 March, 2014 Section 135 of Companies Act, 2013 (Act) and Schedule VII demarcating Corporate Social Responsibilities (CSR) of companies in India shall come into force from 1-4-2014. Along with notification relating to effective date for Section 135, Ministry of Corporate Affairs (MCA) has also issued, on 27-2-2014, notification relating to amendment to Schedule VII of the Act. Further, Co...

Arbitration – Separate application under Section 8 not required

18 March, 2014 The Delhi High Court has held that separate application under Section 8 of the Arbitration and Conciliation Act, 1996 is not necessary. Rejecting the contention that a matter is not required to be referred to arbitration in case neither party files an application for reference of dispute to an arbitrator under said Section 8, the court held that there is no requirement of a req...

No cartelization by asbestos cement sheet manufacturers

18 March, 2014 Competition Commission of India has on 11-2-2014 in Suo-Motu Case No. 1 of 2012, held that there is no evidence to suggest cartelization by asbestos cement sheet (ACS) manufacturers and the provisions of Section 3(3) read with Section 3(1) of the Competition Act, 2003 have not been contravened. Discussing the findings of the Director General (DG), the Commission held that there...

Employees seconded to liaison office in India - FEMA not applicable

19 February, 2014 Delhi High Court has held that expatriate employees of the Head Office (HO) of foreign company, posted in India with the Liaison Office (LO) in India, continue to be employees of the HO. The court negated the findings of the Appellate Tribunal that employees of the HO, seconded to the LO, are its "borrowed employees". In the present case, these deputed employees continued to...

Competition law – Penalty on employee

19 February, 2014 The Competition Appellate Tribunal (COMPAT) has upheld personal penalty on employees of the company after noting that the persons were involved in the process of taking coordinated action together with other producers/directors in boycotting multiplexes for release of films. Employees’ contention that they did not do anything in their.  personal capacity and that CCI shoul...

Third party payments for export/import transactions – Conditions relaxed

19 Februray, 2014 The Reserve Bank of India has liberalized norms for third party payments in foreign trade transactions. AD Category banks may now not insist that a ‘firm irrevocable order backed by a tripartite agreement should be in place’ for undertaking remittance in cases where documentary evidence for circumstances leading to third party payments/name of the third party being mentioned...

Unwritten contract restraining competition is anti-competitive

29 January, 2014 Unwritten contract between the two opposite parties that it will not allow the competition of informant with one of the opposite parties has been, prima facie, held as anti-competitive by the Competition Commission of India (CCI). Evidence of agreement According to CCI, arrangement or understanding between the opposite parties about clients amounted to an agreement under ...

Penalty for non-disclosure of share-holding pattern

27 January, 2014 Penalty for non-disclosure of share-holding pattern was at the center of disputes this month before the Securities Appellate Tribunal (SAT). While penalty in one of the disputes was upheld for non-disclosure under one provision even when there was disclosure under another set of provisions, the same was substantially reduced, in another case, when the company whose shares wer...

Pricing Guidelines for FDI instruments with optionality clauses

27 January, 2014 The Reserve Bank of India has laid down guidelines for buy-back of certain securities from investors residing outside India, who had been issued these securities under the Foreign Direct Investment (FDI) Scheme. The guidelines issued on 9-1-2014 are part of the changes whereby RBI has allowed optionality clause in equity shares and compulsorily and mandatorily convertible ...

SC on powers of TRAI and TDSAT

17 December, 2013 The Supreme Court of India has held that exercise of power by the Telecom Regulatory Authority of India (TRAI) under Section 36(1) of the Telecom Regulatory Authority of India Act, 1997 is not controlled or limited by Section 36(2) or Sections 11, 12 and 13. The Apex Court held that in exercise of power under Section 36(1), TRAI can make regulations which may empower it to...

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