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Sports law reforms in India – Agenda for 2014

By Vidushpat Singhania The United Nations estimates that 3% of the total economic activity globally emanates from sports. This is significant, given that most leading industries cannot boast of such a large impact on the world GDP.  Further, the frenzy, patriotic fervor and passion generated by sports makes it the equivalent of war leading some legends like Bill Shankly to comment: “[football...

Voting rights of holders of depository receipts abroad

By Neha Yogi Depository Receipts (DR) are negotiable securities issued outside India by a depository bank against underlying rupee shares that are issued by a company incorporated in India. The DR can represent a fraction, single or multiple shares of an Indian issuer company (‘the Company’). Issuance of DRs to non-resident investors is allowed under the prevailing FDI Policy of India read wi...

Restraining legal proceedings - Recent trends

By Shikha S. Jaipuriar The general law of contract recognizes promises made for consideration as legally enforceable agreements. However, it frowns upon certain promises and prohibits their enforcement, including those that are in restraint of legal proceedings. Introduction Section 28 of the Indian Contract Act, 1872 contains one of the seven governing principles to determine when an agr...

Rights of nomination

By Natasha Garg A nominee in common parlance is understood as a beneficiary who has been so nominated to receive the benefit of a moveable asset (money) on the death of the person who is the owner of such asset and who has named the nominee in the relevant document. Nomination facility can be availed by an individual for assets/facilities like insurance policy, bank account, locker, society...

R’BIting Bitcoins

By Noorul Hassan Currencies across the globe need to have universal application and acceptability and have been given sovereign validity, sanctity by the respective countries that issue them. Each country issues its own unique currency that is valid within its territory. Currencies like the United States dollar and the Euro are accepted in many countries and are freely convertible in almost a...

The Real Estate Bill - An Overview

By Shagun Jain The real estate sector in India, despite its large size and numerous players still remains outside regulatory purview and discipline and continues to be in the unorganized sector. One sided contracts in favor of the builder, large cash transactions, lack of standardization and quality and delay in delivery of completed projects continue to plague this unorganized sector. The Ce...

Flying solo with one person companies

By Kritika Krishnamurthy           Introduction       Adam Smith in the ‘Wealth of Nations’ (1776) declared “Individuals always weigh their own interest more than the group”. He made this statement at a time when tradesmen in Europe were organizing themselves into groups to enhance their scale of business and leverage  potential markets available for their goods in exotic, far away colon...

Changing contours of mergers and acquisitions under Companies Act, 2013

By Anup Koushik Karavadi             The task of enacting a new law to regulate companies in India is complete. The Companies Act, 2013, (“New Act”) in its new avatar, mirrors several changes when compared to the law contemplated under the Companies Act, 1956 (“Old Act”). It brings in a whole new set of expected and unexpected changes to the existing regime governing Indian company law. Unde...

Class actions under the Companies Act, 2013

By Kritika Krishnamurthy           A class action allows a number of claimants with a common grievance against a company to file a lawsuit against it.  Claimants can pool their resources, share attorneys’ services and save the time and costs of litigation. The scale of economies associated with class actions seem especially critical to those individuals who have limited resources or small cl...

Investigation & whistle-blowing provisions under Companies Act, 2013 – An overview

By Anup Koushik Karavadi The Companies Act, 2013 (“new Act”) contains stringent provisions to contain corporate frauds. A new “investigation” procedure has been provided under Sections 210 to 229, as against Sections 235 to 251 of the Companies Act, 1956, (“old Act”). The new Act also provides whistle blowing provisions and ensures anonymity of the whistle blower. This article seeks to articu...

Companies Act 2013 – New Dimensions

By Corporate Team, Lakshmikumaran & Sridharan The Companies Bill 2012, tabled in the Indian Parliament in 2011 was passed by the Lok Sabha on December 18, 2012 and thereafter by the Rajya Sabha on August 8, 2013. The Bill received the assent of the President on August 29, 2013 and was notified in the Official Gazette on August 30, 2013. The Companies Act, 2013 (2013 Act) is progressive, aims ...

Doctrine of attribution in corporate criminal liability

By Dinesh Babu Eedi The question of making a company liable for for criminal offences committed by its directors, managers, officers and other employees  while conducting business  has gained  importance in criminal law  jurisprudence  while  being  subject to debate. The traditional view was that a corporation could not be guilty of a crime, because criminal guilt required intent( mens rea),...

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