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Competition - DG can investigate matter beyond CCI order of investigation

17th September 2019

Delhi High Court has held that an order of CCI under Section 26(1) of the Competition Act which triggers investigation by DG, does not circumscribe the scope of investigation by DG only to such matters which are subject matter of the original complaint.

It noted that the direction given to the DG was to investigate &ldqu...

Appointment of arbitrator – Arbitration Section 11 when not applicable

2nd September 2019

The 3-Judge Bench of the Supreme Court has upheld the view that Section 11 of the Arbitration and Conciliation Act, 1996, for appointment of arbitrator by the Court, is not applicable in a dispute involving NHAI as National Highway Act, 1956 provides for appointment of arbitrator by the Central Government.

The Court was o...

India relaxes FDI policy for single brand retail, coal mining and contract manufacturing

29th August

Indian Union Cabinet has on 28-8-2019 approved major proposals for relaxation in Foreign Direct Investments (FDI) policy relating to Single Brand Retail Trading (SBRT), coal mining and sale, contract manufacturing in India, and for uploading specific content through digital media.

According to the press release issued for this p...

Mergers and Acquisitions - MCA clarifies on ‘Appointed date’ for s.232(6)

22nd August 2019

Ministry of Corporate Affairs has clarified that companies may choose any specific calendar date or a date tied to occurrence of any event like date of grant of license, or fulfillment of preconditions, agreed upon by parties for the purpose of stating an ‘Appointed Date’ as required under Section 232(6) of the Comp...

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...

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