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May 2016

Corporate Amicus: March 2016

Article

Commercial Courts Act – An Analysis -

Law relating to the establishment of Commercial Courts, Commercial Division and Commercial Appellate Divisions has recently been enacted. The article takes up this law for discussion in this issue. It summarizes the background, need for such legislation, its salient features, and the positive impact in creating a more effective redressal system. According to the author, though the Act gives a time frame for disposal of the appeals, there is no time frame for adjudication of the original dispute and the broad definition of the Commercial Disputes also harnesses a huge potential for plethora of litigation to come. It is however concluded that seamless functioning of these courts and an effective justice delivery system should be ensured by holistically including all stake holders and devising pragmatic solutions to the problems.

 

Notifications & Circulars

  • Auditing of accounts for buy-back purpose — Companies (Shares Capital and Debentures) Rules, 2014 amended
  • Competition law — ‘Group’ with less than 50% voting rights exempted for provisions relating to ‘combinations’
  • SEBI decides to impose restrictions on willful defaulters, review manner of dealing with Audit Reports containing qualifications, and to provide clarification on definition of ‘control’ in SEBI Takeover Regulations
  • Exchange Traded Cross-Currency Derivative contracts introduced

 

Ratio decidendi

  • Jurisdiction of Company Court applicable only to parties in Scheme of Arrangement — Delhi High Court
  • Competition law – Entire National Capital Region (NCR) is not one geographic market — Competition Commission of India

 

March, 2016/Issue-55 March, 2016/Issue-55

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