Self Regulation - A Gamechanger for Online Fantasy Sport

Innovation and growth, particularly in new age industries and sunrise sectors, is never a uniform or predictable process. Every industry, in its nascent stages of growth, attracts certain players who enter with a long-term vision of sustainability and others who operate with a myopic vision of short-term gains, taking advantage of regulatory arbitrage.

While this creates the need to regulate these sectors, their complex and dynamic nature often require deep industry knowledge and flexibility, which makes conventional, top down, government regulations difficult. Historically, a robust, responsible, transparent, and representative self-regulatory regime has directed the navigation of various sectors in a responsible and consumer friendly manner. This self-regulatory model, for instance, has been implemented successfully across various sectors internationally, as an efficient means of developing best practices and codes and checking bad actors. Some of the examples are the Entertainment Software Rating Board in the United States, which assigns ratings to video games and apps to assist parents in making purchase decisions, the Japan Toy Association for safety marks on toys, the Electricity and Gas Complaints Commission for consumer dispute resolution in New Zealand, the framework for mobile content and payment services between telecommunication companies in Denmark for mobile content and payment services and Confianza Online regulating ecommerce players in Spain.[1] Continue Reading Self Regulation – A Gamechanger for Online Fantasy Sport

UNITED ARAB EMIRATES - RECIPROCATING COUNTRY UNDER INDIAN LAWS

I. Introduction

India and the United Arab Emirates (“UAE”) have had strong diplomatic and trade relations since decades. At the 13th Session of the “India-UAE Joint Commission Meeting on Trade, Economic and Technical Cooperation” held on August 17, 2020, representatives from both India and UAE expressed optimism over the growing trade, economic and investment cooperation between the two countries. While both the countries are optimistic about growth in trade relations, the Indian Government in the beginning of 2020, took commendable steps to facilitate cross border trade by declaring UAE as a reciprocating territory for execution of foreign judgments in India under Section 44A of the Civil Procedure Code, 1908 (“CPC”). The same was done by way of an Extraordinary Gazette Notification No. 36 of 2020, issued by the Ministry of Law and Justice on January 17, 2020. Continue Reading United Arab Emirates: Reciprocating Country under Indian Laws

Ethical Practices to be followed by a Mediator

My joy was boundless. I had learnt the true practice of law. I had learnt to find out the better side of human nature and to enter men’s hearts. I realised the true function of a lawyer was to unite parties riven asunder. The lesson was so indelibly burnt into me that a large part of my time during the twenty years of my practice as a lawyer was occupied in bringing about private compromises of hundreds of cases. I lost nothing thereby – not even money, certainly not my soul.”

Mahatma Gandhi

Alternate dispute resolution (“ADR”) mechanisms have become the front runner in the dispute resolution space, with mediation gaining a great deal of traction in the last couple of decades. This is so not only with respect to disputes amongst individuals, but companies as well. It is seen that a myriad range of civil disputes such as disputes arising out of contractual relationships, family or matrimonial relationships, employment, partnerships, tortious disputes and consumer disputes can be resolved through mediation. Continue Reading Ethical Practices to be followed by a Mediator

PRIOR INTIMATION REQUIREMENT UNDER THE LISTING REGULATIONS - A CRITIQUE 

Introduction

Norms concerning corporate governance in India have evolved over a period of time. Since markets and businesses are inherently dynamic, they continue to evolve globally. The Securities and Exchange Board of India (“SEBI”), to its credit, has been on the ball and contributed significantly towards raising the standards of corporate governance for listed entities in India. The proof of the pudding, however, is in the eating and to this end, this piece examines the relevance of the extant requirement of prior intimation prescribed for listed entities in the current market.

Regulations 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”), requires a listed entity to intimate the stock exchanges beforehand if its board of directors (“Board”) have a meeting scheduled to consider certain specified proposals, including financial results, buy-back of securities, voluntary delisting and fund raising (intimation is also required for general meeting or postal ballot for this proposal indicating the type of issuance). Continue Reading Prior Intimation Requirement under the Listing Regulations – A Critique

Corporate Frauds – Emerging Legal Architecture & Judicial Trends

Corporate scandals and frauds in India are as old as the hills. The 1950s witnessed the infamous LIC/ Mundhra scam, which was the first major financial fraud of the independent India. Frauds continued with an alarming regularity thereafter in every decade – the infamous Harshad Mehta, Ketan Parekh, Sahara, and Satyam scams are just a few of them. These frauds were investigated by the law enforcement agencies under the relevant provisions of the Indian Penal Code, 1860 (IPC). The Companies Act, 1956 did not have any separate definition of ‘fraud’. Legally, it was not necessary to have a separate one as Lord Macaulay’s IPC adequately dealt with all such crimes. The Companies Bill, 2008 was the original legislative proposal to replace the Companies Act, 1956 basis Dr. J.J. Irani Committee Report (Irani Report). The Irani report did not have any recommendation for a provision like Section 447 dealing with frauds. It seems the intervening major corporate scandals of 2007-08 led the Parliamentary Standing Committee to recommend two new legislative changes: Continue Reading Corporate Frauds – Emerging Legal Architecture & Judicial Trends

Arbitrable or Not – India at Crossroads

As a rule, arbitral tribunals have been considered capable of adjudicating every civil or commercial dispute, which can be decided by a civil court, subject to: (i) the dispute being covered under the arbitration agreement; (ii) the party/ parties to the dispute referring the same to arbitration and (iii) the disputes being capable of adjudication and settlement by arbitration.

Having said that, the most contentious issue debated on arbitrability has been “subject-matter arbitrability” i.e. whether the disputes are capable of adjudication and settlement by arbitration. Historically, several disputes in India have been considered ‘non-arbitrable’ on the ground that the subject matter of the dispute is not capable of resolution by arbitration under the Indian law. This has largely been in line with the UNCITRAL Model Law, which permits domestic courts to set aside an arbitral award based on “subject-matter arbitrability”, under the domestic law[1]. Continue Reading Arbitrable or Not – India at Crossroads?

The Final Word on the Limitation Period for Enforcement of Foreign Awards

The Supreme Court has, in its recent judgment of Government of India v. Vedanta Limited & Ors.[1], settled the law relating to limitation for filing petitions for enforcement and execution of foreign awards in India. The Court held that petitions seeking enforcement/execution of foreign awards are required to be filed within three years from the date when the right to apply accrues and in the event there is any delay in filing such petitions, the same can be condoned under Section 5 of the Limitation Act, 1963 (“Limitation Act”). Continue Reading The Final Word on the Limitation Period for Enforcement of Foreign Awards

Regulatory Considerations for M&A Investors During COVID-19 Era

CAM authors collaborate for this article with our Guest Authors –  Michael J. Cochran, Partner at Kilpatrick Townsend & Stockton and Gabrielle Gollomp , Associate at Dentons

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The COVID-19 pandemic and the corresponding economic volatility has dramatically impacted the US and the Indian M&A market. While many high-profile companies have abandoned proposed deals, various other companies have expressed or maintained interest in pursuing strategic acquisitions during this time. This article discusses the regulatory changes that parties should consider when contemplating M&A events in the Indian and the US markets in the wake of COVID-19. Continue Reading Regulatory Considerations for M&A Investors During COVID-19 Era

The Age of the Indian Consumer

In a recent decision[1] passed by the Hon’ble Supreme Court, developers were directed to pay compensation in excess of the contractually stipulated amount to flat purchasers, on account of delay in handing over possession and non-fulfilment of certain representations made to them. It was also held that consumer forums established under the Consumer Protection Act, 1986 (CP Act, 1986), are empowered to award just and reasonable compensation (even beyond the contractually stipulated amount, wherever necessary) to alleviate the harassment and agony caused to a consumer. Continue Reading The Age of the Indian Consumer?

Striking off Name of a Company - The Jurisdictional Issue

Jurisdiction is not given for the sake of the judge, but for that of the litigant

– Blaise Pascal

Recently the Delhi High Court in Money Market Services (India) Private Ltd. v. Union of India held that an order passed by Registrar of Companies (ROC) striking off the name of a Company can be challenged by way of writ petition only before the High Court, which has territorial jurisdiction over the said ROC.[1] Continue Reading Striking off Name of a Company: The Jurisdictional Issue