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Combinations – CCI amends its regulations to provide for green channel approvals

19th August

Competition Commission of India (CCI) has amended its CCI (Procedure in regard to the transaction of business relating to Combinations) Regulations, 2011 to provide for approval of certain specified combinations under Green Channel.

As per the new Regulation 5A, effective from 15-8-2019, the parties to the categories of combinat...

External Commercial Borrowing (ECB) Policy – RBI eases end-use restrictions

31st July 2019

In order to further liberalize the External Commercial Borrowings (ECB) framework, the Reserve Bank of India has relaxed the end-use restrictions.

Eligible borrowers would be able to raise ECBs with a minimum average maturity period of 10 years for working capital purposes and general corporate purposes. Borrowing by NBFCs, w...

IBC - Counterclaim against corporate debtor when need not be stayed

29th July 2019

In a case involving a claim by plaintiff (corporate debtor) and counterclaim by the defendant for the same transaction, Delhi HC has held that both claims ought to be adjudicated comprehensively by the same forum.

Observing that adjudication of the plaint and counter claim were interlinked with each other, the Co...

Budget 2019 - Key changes for corporate sector in India

10th July

The Hon’ble Finance Minister of India, made the budget speech for the year 2019-2020 and presented the Finance (No. 2) Bill, 2019 on July 05, 2019.

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 whi...

Customs cannot sale goods in possession after moratorium under IBC

26th June

NCLAT has held that on passing of order of Moratorium by NCLT, it is not open to Customs authorities to issue an e-auction notice of assets belonging to corporate debtor since same cannot be sold during period of moratorium.

Tribunal in Commr. v. Ram Swarup Industries upheld NCLT order restricting Customs from selling ass...

Competition law - Restrictions on sub-dealers when not anti-competitive

24th June

CCI has held that no case u/s. 3(4)(c) of Competition Act was made out against a mobile phone company for putting restriction on sub-dealers regarding online sale and selling phones outside demarcated region.

Commission in Karni Communications v. Haicheng Vivo Mobile held that imposition of Resale Price Maintenance throug...

Claim under s.70 of Contract Act when parties have a binding contract

6th of June

Supreme Court has held that claim under Section 70 of the Indian Contract Act, 1872 can...

Amendment to Section 148 of Negotiable Instruments Act has retrospective application

7th of June

While considering the objects for the amendment to Section 148 of the Negotiable Instruments Act, 1881  and the interpretation of Section 148 of the NI Act, the Supreme Court held that Section 148 of the NI Act as amended, shall be applicable in respect of appeals against the order of conviction and sentence for an offence under Section 1...

Certain provisions of Competition Act held unconstitutional – Court directs CCI to formulate regulations

15th April

Delhi High Court has declared Section 22(3) of the Competition Act (except proviso), relating to meetings of the Commission, as unconstitutional and void. Section 53E, in respect of COMPAT, as it stood before the amendment by the Finance Act, 2017 was also held to be unconstitutional.  

Observing that there should not be any...

RBI circular triggering IBC on debtors in general, declared ultra vires

5th April 

Supreme Court has declared the RBI Circular dated 12-02-2018, by which the RBI promulgated a revised framework for resolution of stressed assets, ultra vires Section 35AA of the Banking Regulation Act. It declared all actions proceeded against debtors, triggered under Section 7 of the Insolvency Code, as a result of the said circu...

Arbitrability of dispute under TP Act – SC refers matter to Larger Bench

11th March

Supreme Court has referred the question of arbitrability under Transfer of Property Act to the Larger Bench.

Holding that judgment in Himangni Enterprises is required to relooked, it observed that there is nothing in TP Act that shows that a dispute as to determination of lease cannot be decided by arbitration. It was no...

E-Form INC-22A ACTIVE – Companies (Incorporation) Rules amended

26th February

On February 21, 2019, the Ministry of Corporate Affairs (“MCA”), in exercise of its powers under the Companies Act, 2013 (“Companies Act”) issued the Companies (Incorporation) Amendment Rules, 2019 (“Incorporation Amendment Rules”) to amend and incorporate Rule 25A to the Companies (Incorporation) Rules, 2...

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