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Corporate Amicus: December 2013

Article in this December 2013 issue of Corporate Amicus deliberates upon the question as to whether role of ‘Independent Directors’ will truly become independent with the introduction of Companies Act, 2013. This issue covers clarification issued by Ministry of Corporate Affairs that provisions of Section 372A of the Companies Act, 1956 will continue to remain in force even after new Section 185 of the Companies Act, 2013 has been notified. Under Ratio Decidendi this month’s newsletter covers an important judgment of India’s Supreme Court on the powers of Telecom Regulatory Authority of India (TRAI). The Court in this judgment has held that exercise of power by the 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. Competition Commission of India (CCI) has held that condition in the contract which gives liberty to one party to breach the contract at the peril and cost of the other party is, prima facie, an unfair condition and this order has been included in this issue.

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