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Integrated Reporting by listed entities


7 March 2017

Currently, SEBI mandates the top 500 listed entities in India (based on market capitalization calculated as on March 31 of every financial year) to prepare a business responsibility report describing initiatives taken from an environmental, social and governance perspective (in accordance with Regulation 34(2)(f) of SEBI (Listing Obligations ...

Breach of promise of ‘assured returns’ when not Financial Debt


7 March 2017

Key Point:

  1. A forward contract to sell product at the end of a specified period - such as a contract for sale/purchase of property will be treated as a contract for sale of specified goods.
  2. ‘Financial debt’ includes such financial transactions which are usually for a su...

Insolvency and Bankruptcy Regulations notified


6 January 2017
 
The Insolvency and Bankruptcy Board of India (IBBI) has notified Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 and Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
 
Liquidation Process Regulations

Companies (Transfer of Pending Proceedings) Rules, 2016 notified


6 January 2017
 
The National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal were established in June 2016 to adjudicate upon company law matters in India. The Central Government by Notification No. S.O.1936 (E) dated 1st June, 2016, appointed 1st June, 2016 as the date on which all proceedings pending be...

Foreign award cannot be enforced in absence of arbitration agreement


6 January 2017
 
The present case was filed before the High Court of Delhi with regard to the enforcement of an arbitral award. The case dealt with two companies involved in the sale of palm oil that were at a preliminary stage of negotiations. The seller sought to enforce the arbitral award which was rendered by the Arbitral Tribunal, presuming the e...

Central legislation shall have precedence over State legislation – Supreme Court rulings on SARFAESI Act


6 January 2017
 
The Supreme Court of India has held that provision of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) shall have precedence over State legislation. The dispute arose from Order of the High Court wherein the lower court had held that since the Tripura Land Revenue ...

Foreign investments and enforcement of corporate guarantee


9 December, 2016

Earlier last year, on May 5, 2015, the Bombay High Court, in its ruling in IDBI Trusteeship Services Limited (Plaintiff) v. Hubtown Limited (Defendant), dealt with the legalities of a foreign investment structure that involved compulsory convertible debentures (CCDs) issued by an Indian company (IndCo) to a foreign inves...

FDI in pension sector - Foreign Exchange Management Provisions, amended


9 December 2016

Pursuant to an amendment to the Consolidated Foreign Direct Investment Policy in June 2016, the Reserve Bank of India, by its Notification dated November 04, 2016, has amended the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 as applicable to the pension sector in India.

Arbitration proceedings commencing outside India – Applicability of new provisions


9 December 2016

Delhi High Court has held that Section 26 of the Arbitration and Conciliation (Amendment) Act, 2015 (which states that Amendment Act is not to apply to pending arbitral proceedings) not bars applicability of the said Act to proceedings which commenced outside India. It was also held that there is no indication in Section 26 that it would n...

Insolvency and Bankruptcy – Recent changes


9 December, 2016

With the notification of the Insolvency and Bankruptcy Code, 2016, on May 28, 2016, matters pertaining to the reorganisation and insolvency resolution of corporate persons, partnership firms and individuals would now be regulated by a specialized regulatory body, i.e. the Insolvency and Bankruptcy Board of India (IBBI). Firstly, the Minis...

Equity shares to non-resident entity against pre-incorporation expenses


7 November 2016

The Reserve Bank of India (‘RBI’) by its Notification dated October 24, 2016, has amended the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 (‘Regulations’). Now, a wholly owned subsidiary set up in India by a non-resident entity and operating in a se...

‘Trust Deed’ just like ‘Will’ is not an arbitration agreement


7 November 2016

Supreme Court of India on 17-8-2016 has held that ‘Trust Deed’, which provides for resolving the disputes arising between the  beneficiaries of the Trust through arbitration, does not constitutes an ‘agreement’ much less an “arbitration agreement” within the meaning of Section 2(b) and 2(h) read wit...

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