Contract Enforcement Laws

The Ease of Doing Business rankings released annually by the World Bank currently ranks India at 163 in Enforcing Contracts.[1] The importance placed by the Modi Government on these, and India’s overall dismal performance has forced the government to take several measures, especially in the field of enforcement of contracts.

The Indian Contract Act, 1872 (Contract Act) and the Specific Relief Act, 1963 (Act) are the two primary legislations governing the enforcement of contracts between parties. While the Contract Act lays down the general principles governing contracts and levy of damages for breach thereof, it also provides for an exception of awarding specific relief in the form of specific performance of contracts. Continue Reading Contract Enforcement – Ushering In an Era of Performance

Impact of the Companies (Amendment) Ordinance, 2018 on Registration of Charges

 

On November 2, 2018, the Ministry of Corporate affairs promulgated an ordinance[1] (the Ordinance) inter alia amending certain provisions of the Companies Act, 2013 (the Act). One of the amendments is for the purpose of reducing the extended timelines for filing a charge created by a company as per Section 77(1) of the Act upon payment of additional fees prescribed by the Registrar. Continue Reading Impact of the Companies (Amendment) Ordinance, 2018 on Registration of Charges

Prohibition of Insider Trading Regulations 2015 in India , Amendments

 

The Securities and Exchange Board of India (SEBI) ended the year with a bang by issuing a number of notifications on December 31, including the SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2018 (PIT Amendment Regulations). The PIT Amendment Regulations come into force on April 1, 2019 and will have significant impact on the manner in which listed companies and intermediaries navigate the market conduct framework. Continue Reading A New Year Ushers in the Insider Trading Regulations, 2015 Version 2.0

 Tender offers in India 2018

January to December 2018 was a more active year compared to 2017 for tender offers made under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (Takeover Regulations).

Non-banking financial companies (NBFCs) saw a particularly high number of tender offers. These included tender offers for Tourism Finance Corporation of India Limited, Pranami Credits Limited and LKP Finance Limited. But while the NBFC space may have had the greatest number of tender offers, the highest tender offers in terms of size/value were in banking (IDBI Bank Limited), healthcare (Fortis Healthcare Limited), pharmaceuticals (Merck Limited), and cable & broadband (Hathway Cable and Datacom Limited and Den Networks Limited) sectors. Continue Reading Tender Offers in 2018: The Year That Was

DECOMMISSIONING OF OIL AND GAS PRODUCTION FIELDS ON HIGH SEAS

The Exploration and Production (E&P) basins usually mature in about 20-30 years. What is left after the prolonged E&P phase are the abandoned installations and wells (onland), sub-sea infrastructure, platforms, and wells (offshore). Once the hydrocarbon resources are exhausted or it becomes unviable to extract them further, the E&P project moves to an abandonment phase, and the project is decommissioned. Decommissioning ensures that the E&P installations and infrastructure are removed subsequent to their abandonment and the site is restored in an environmentally sustainable way.

Continue Reading Decommissioning Of Oil and Gas Production Fields on High Seas

Reserve bank of India - RBI vs Indian Government

At the heart of any modern democracy lies the doctrine of separation of powers, which ensures division of responsibilities and also structurally validates a key principle of governance, i.e., allowing each institution to function autonomously, while still maintaining accountability within the larger legislative framework. In codifying its own unique (and somewhat limited) interpretation of this doctrine, the Constitution of India delineates functions of the Union and the states, allowing Parliament to legislate on the functions of key agencies such as the Central Bureau of Investigation and the Reserve Bank of India (Entry 38, Seventh Schedule). Continue Reading The Executive, The Central Bank and The Fault in their Stars

LNG as transport fuel in heavy vehicles India

According to World Health Organization (WHO), seven cities in India are positioned among the most polluted cities in the world. In these circumstances, the need of the hour, among other solutions, is to switch to a cleaner and more sustainable fossil fuel, for instance, liquefied natural gas (LNG). The combustion of natural gas does not emit soot, dust or fumes, and thus it makes it one of the cleanest fossil fuels with high energy to carbon ratio. Continue Reading LNG as Transport Fuel in India

Amendments to the SEBI Delisting Regulations – A Welcome Move

 

Pursuant to the discussion paper on delisting of equity shares floated by the Securities and Exchange Board of India (SEBI) on July 26, 2018, SEBI has recently amended the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 (Delisting Regulations) and has accordingly notified the Securities and Exchange Board of India (Delisting of Equity Shares) (Second Amendment) Regulations, 2018 (Amended Delisting Regulations) on November 14, 2018. The aim of the amendment is to plug loopholes in the delisting process considering the interests of the promoters/acquirers and public shareholders. Continue Reading Amendments to the Delisting Regulations – A Welcome Move

Summary of Delhi HC Judgement of 13 3A SARFARESI

 

Can a secured creditor respond to a representation by a borrower, in response to a notice issued to him under section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), beyond the mandatory period of 15 days (as stipulated under Section 13 (3A) of SARFAESI Act)? Continue Reading Is the Period of 15 Days Stipulated under Section 13 (3A) of SARFAESI Act to Respond to a Representation by a Borrower Mandatory?

The Maternity Leave Incentive Scheme, 2018 for working women in India

The Maternity Benefit Act, 1961 (MB Act) was amended in 2017 (Amendment), to enhance/ increase the maternity leave period to 26 weeks from the previous 12, for a woman employee, for the first two children. This blog follows on from our previous posts wherein we discussed the obligations under the Amendment that were solely applicable to an employer. Read our previous post here.

Since the Amendment was aimed to ensure the health of women employees pursuant to giving birth, and to also ensure safety of the new born child, it appeared to be a positive development for women employees in the private sector. However, the implementation of the Amendment has been inadequate and ineffective. Continue Reading The Maternity Leave Incentive Scheme, 2018: Blessing in the Pipeline for Working Women in India