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SEBI has jurisdiction in respect of GDRs

28 July, 2015
Supreme Court of India has upheld the jurisdiction of SEBI to exercise its powers under the provisions of the Securities and Exchange Board of India Act, 1992 and Securities Contracts (Regulation) Act, 1956 read along with the Regulations, to proceed against the Lead Manager for the so called fraudulent transaction in respect of issuance of Gl...

Competition law – Factors for dominance

16 July, 2015
The Competition Commission of India (CCI) has recently set aside the application of the informant alleging contravention of the provisions of Section 4 of the Competition Act, by one the airlines in India. The informant was of the view that the airline, being dominant in the market, has devised a standard form of terms and conditions for the public and any per...

Share transfers – Pre-emption agreement when does not violate ‘free transferability’

23 June, 2015

Division Bench of the Bombay High Court has reversed the Order of the Single Bench holding that the pre-emption right as recognised by certain clause of the Protocol Agreement which was incorporated in the Articles of Association of the company, was contrary to the provisions of the Companies Act and hence was unenforceable. The impugned order had held that Protocol...

Electricity supply without a distribution license, when valid

22 June, 2015

The Appellate Tribunal for Electricity has upheld the Order of the State Commission wherein the latter has allowed the system for supply of power by the generating company to its individual industrial consumers directly from its dedicated transmission lines considering the load centre as a consumer under Section 10(2), read with Section 42(2) of the Electricity Act ...

Company Law Tribunal constitutionally valid – SC

22 May, 2015

Five Judge Bench of the Supreme Court of India has rejected the challenge to the constitutional validity of setting up of the National Company Law Appellate Tribunal (NCLAT). The Court in this regard rejected the contention of the petitioner that the earlier 2010 judgment of the Court dealing with the issue of constitutional validity of the National ...

Relief against third party in Arbitration

22 May, 2015

Relying on earlier judgments, the Delhi High Court has on 5-5-2015 held that while considering a petition under Section 9 of the Arbitration and Conciliation Act, the Court is within its right to pass order against third party. It was also held that when jurisdiction of the Court is invoked post-award by way of petition under Section 9, interim prote...

Exclusive agreements by e-commerce sites with sellers of goods/services, not anti-competitive

22 May, 2015

Considering various factors listed in Section 19(3) of the Competition Act, the Competition Commission of India (CCI) has held that ‘exclusive agreements’ by e-commerce portals with sellers of goods/services, to sell specified goods exclusively on those portals, does not lead to ‘Appreciable Adverse Effect on Competition’ (AAE...

Sale of shares of Indian company by foreign company, outside India – Jurisdiction of CLB

22 May, 2015

Madras High Court has set aside the Company Law Board’s order which had held that in a case involving sale of shares of the Indian company by the foreign company, on action by one of the secured creditors of the latter, the question as to whether the Receiver outside India made best efforts to get maximum relief to the creditors of the foreign ...

SSI – List of items reserved for exclusive manufacture by small enterprises, omitted

22 April, 2015

Department of Industrial Policy and Promotion under the Ministry of Commerce and Industry has omitted 20 of the last remaining serial numbers in the list of items reserved for exclusive manufacture by micro and small enterprise sector. By Notification S.O. 998(E), dated 10-4-2015, Notification No. S.O. 477(E), dated 25-7-1991 has been amended in th...

International Financial Services Centre – RBI, SEBI & IRDA issue guidelines

22 April,2015

In a major move to bring more meaning to SEZs in India, the Reserve Bank of India has notified Foreign Exchange Management (International Financial Services Centre) Regulations 2015, according to which a financial institution or a branch thereof set up in the International Financial Services Centre (IFSC) and permitted or recognised as such by the g...

Implied exclusion of Indian laws under an arbitration agreement

19 March, 2015 The agreement stipulated that the contract is to be governed and construed according to the English law in the arbitration clause. No other clause stating the applicable law was included in the agreement. Although there was no express exclusion of Indian laws or the Arbitration and Conciliation Act, 1996, there was ample indication of this through various phrases like ‘arbitrat...

Loans and advances by company to employees clarified

19 March, 2015 The Ministry of Corporate Affairs has clarified that loans or advances made by the companies to their employees, other than to the managing or whole time directors (which is governed by Section 185) are not governed by the requirements of Section 186 of the Companies Act, 2013. Earlier, the provisions of Section 186 were applicable to loans to ‘any person’ or other body corpora...

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