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Arbitration and Conciliation (Amendment) Bill, 2018

3rd April

The Union Cabinet has recently approved the Arbitration and Conciliation (Amendment) Bill 2018 for introduction before the Indian Parliament.

The Bill is meant to encourage institutional arbitration and provide for a robust Alternative Dispute Resolution (ADR) mechanism in India. This Bill comes in furtherance of the J. Srikrishna High Le...

Fugitive Economic Offenders Bill approved by Cabinet


4th April

Union Cabinet has approve the Fugitive Economic Offenders Bill, 2017 providing for measures to deter economic offenders from evading the process of Indian law by remaining outside the jurisdiction of Indian courts and empowers the Government to confiscate the properties of such offenders in India.

The term “Fugitive ...

Insolvency – ‘Moratorium’ applicable to property of ‘Personal Guarantor’


5th April

National Company Law Appellate Tribunal has held that ‘Moratorium’ under Section 14 of the Insolvency and Bankruptcy Code will not only be applicable to the property of the ‘Corporate Debtor’ but also on its ‘Personal Guarantor’.
 
Brief Facts:

Mr. V. Ramakrishnan (“1

Limitation period for filing appeals from Orders of NCLT


6th March

An appeal to NCLAT was preferred by the Appellant from an Order of the NCLT. However, such appeal was filed with a delay of 9 days after expiry of the period of limitation and the grace period provided under Section 421(3) of the Act. Accordingly, the appeal was dismissed by the NCLAT. Assailing this order of the NCLAT, the Appellant preferred an appeal b...

Synchronized trading when in violation of SEBI Regulations


7th March

There were two groups of respondent parties – three traders and three brokers. Show causes notices were sent to the parties alleging that the parties had been buying and selling securities in the derivatives segment at a price which did not reflect the value of the underlying securities in synchronised and reverse transactions.
 
...

Budget 2018 - Key Changes for Corporate Sector in India


5th February

The Finance Minister of India, made the budget speech for the Financial Year 2018-2019 and presented the Finance Bill, 2018 on February 1, 2018.

Amongst several measures that were announced as part of the Budget Speech and Finance Bill, from a policy and developmental perspective, there were certain announcements made which may...

Review of FDI Policy on various sectors


3rd February

Union Cabinet recently approved changes in the Foreign Direct Investment Policy (“FDI Policy”) allowing further liberalisation with a view to promote and provide ease of doing business in the country. On January 23, 2018, the Department of Industrial Policy & Promotion notified the amendments by way of Press Note No. 1 (2018 S...

IRDAI (Investment by PE Funds in Indian Insurance Companies) Guidelines


3rd January

IRDAI has issued certain guidelines with respect to investment in insurance companies either as an investor or as a promoter. These Guidelines provide clarity as they set out a regulatory framework that will now apply, and which will enable increased flow of Foreign Direct Investment into the country and will also unleash a new era for formati...

Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017

 
23rd November

The President of India, on 23rd November, 2017 [Notification No. DL- (N)04/0007/2003-17], promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017, which amends the existing Insolvency and Bankruptcy Code, 2016 (IBC), in order to strengthen the insolvency resolution process. A brief summary of some key amen...

SEBI (International Financial Services Centres) Guidelines, 2015 – Amendments

14th November

In its Circular dated November 14, 2017 (“Circular”), SEBI has amended the guidelines for International Financial Services Centres (“IFSC”) wherein SEBI has introduced an amended definition of an ‘Issuer’  in the SEBI (IFSC) Guidelines, 2015 (“Guidelines”).
 
Previously, the def...

Contract – SC rules on when express term can be implied

24th November, 2017

The Supreme Court has held that a contract should be interpreted in accordance with the terms expressly provided in its agreement. A term can only be implied to be present in the contract if it is necessary to give efficacy to the business transaction. 
 
The Punjab State Electricity Board (PSEB) conducted a competitive...

Counter-guarantee is an independent contract, separate from its underlying contract

27th November 2017

The High Court of Delhi has held that a counter-guarantee is an independent contract, separate from its underlying contract. The Court upheld that the intentions of the parties were paramount to determining jurisdiction, and a mere omission of a technical term such as ‘only’ would not be enough to render the jurisdiction as non-excl...

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