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Banning of Unregulated Deposits Schemes Ordinance, 2019


By  Sudish Sharma and Vishakha Singh

Indian economy in the recent times has witnessed a plethora of fraudulent corporate malpractices. The issue of illegal deposit-taking activities has been a concerning one, causing various financial frauds in forms of ‘ponzi’ schemes, ‘chit funds’ scams etc. There h...

Relief to disqualified directors under the Companies Act, 2013


By  Tanya Sharma and Anantha Desikan

Section 164 of the Companies Act, 2013 (“Companies Act”) deals with the eligibility criteria for appointment of a director in a company and one of the eligibility criteria is that in case a company does not file the financial statements or annual returns for a continuous period of 3 (three) y...

Directors receiving remuneration are employees as per ESI Act


By  Ankit Parhar
 
In Employees' State Insurance Corporation v. Venus Alloy Pvt. Ltd.[See endnote 1], the Supreme Court has held that Directors of a company, who are receiving remuneration, would fall within the definition of an “employee” as provided under Section 2(9) of the Employees' State Insurance Act, ...

Indemnity clause in a Share Purchase Agreement


By Anurag Pareek

Introduction

Indemnity is the promise by one to compensate for any loss, liability or damage incurred by another due to an act or omission on the part of one or of some third person or an event. Section 124 of the Indian Contract Act, 1872 (Contract Act) defines a ‘contract of indemn...

Corporate Insolvency Resolution Proceedings under IBC are independent of winding-up proceeding under Companies Act, 1956


By Ankit Parhar

In Forech India Ltd. v. Edelweiss Assets Reconstruction Co. Ltd.[See endnote 1], the Supreme Court has held that an Insolvency Petition may be filed against a corporate debtor irrespective of the pendency of a winding-up petition before a High Court

The facts before the Supreme Court were that an Operationa...

Diagnosing the issues of E-pharmacies


By Ahalya Chalasanil

With the increasing usage of internet, sale of most day to day things have gradually changed from traditional shops to online retail. Pharmacies are no exception to this. Though retail E-pharmacies began in Europe sixteen years ago, India is a recent entrant into this arena.  Of late, there has been a lot of debate on th...

Liquidated damages in Share Purchase Agreements


By Anurag Pareek

Liquidated damages (LDs) are the pre-estimated sum to be paid by way of compensation in the event of breach of a stipulated term of the contract. Share purchase Agreements (SPAs) frequently provide for LDs in the event of certain breaches. Such provisions, where valid, are applied to fix the measure of damages, replacing the elem...

Dawn of the regulatory regime for Over-The-Top services

By Prashant Phillips
 
Introduction

The Telecom Regulatory Authority of India (TRAI) had recently released a consultation paper on regulatory framework for Over-the-Top (OTT) Communication Services. The ever-increasing accessibility of Internet has been fuelled by a more advanced infrastructure and lower tarif...

Adding teeth to the corruption law in India

By Akshita Alok

In February 2018, the Corruption Perception Index 2017 rankings were revealed, which ranked India at #81 amongst a group of hundred and eighty countries. This ranking in the year 2016 was at #79 for India, albeit the scores in both the years were roughly the same. India was also identified as one of the “worst offenders” in th...

Virtual Currency: State of pandemonium continues


By Neeraj Dubey
 
In 2017, the Reserve Bank of India (“RBI”), India’s central bank, published a “Working Group Report on FinTech and Digital Banking” that discussed the need to have a monitoring framework for new technologies, including blockchain technology. The Institute for Development and Research in Banking ...

Supreme Court ruling in ArcelorMittal case – An analysis


By Mitali Daryani

The Supreme Court on 4-10-2018 allowed yet another opportunity to mining major ArcelorMittal and Russia’s VTB Capital-backed NuMetal to bid for Essar Steel provided they clear their Non-Performing Asset (NPA) dues in two weeks. The bench comprising Justice R. F. Nariman and Justice Indu...

Data Principal and Data Fiduciary in the Personal Data Protection Bill, 2018

 
By Ahalya Chalasani,
 

The Chilean Constitution was amended on 16th June, 2018 to establish that protection of personal data is a constitutional right. Prior to this, other Latin American countries like Colombia, Mexico and Ecuador have already included the right to protection of personal data i...

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