Safe Harbour Protection for E-Commerce platforms

In recent times, the debate around safe harbour protection has grabbed media attention on account of the recently notified Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 (“2021 Intermediary Rules), and the ensuing spat between the Government and social media heavyweights like Twitter.

Continue Reading Safe Harbour Protection for E-Commerce platforms

IS THE AUDIT PROFESSION AT CROSS-ROADS

Introduction

Recent amendments to the statutory framework under the Companies Act, 2013 (“the Act”), have cast focus on the ever-expanding statutory duties of the auditors of a company. The purpose of an audit is to enhance the degree of confidence of users of the financial statements. In this regard, Section 129 of the Act provides that the financial statements prepared by a company should comply with three prime conditions: Continue Reading Is the Audit Profession at Cross-Roads?

 

Corporate Defamation: A Perspective on Analyst Reports

In 2008, Bank Atlantic, a Florida based bank, sued a prominent Wall Street analyst over a report on potential bank failures titled “Who’s Next?” The Bank stated that the analyst had defamed the bank by suggesting that it might fail. Bank Atlantic had previously sued ABC over a news report in 1991. In 2009, Hertz Global Holdings Inc., sued an analyst for defamation over a report that Hertz claimed, suggests that the world’s largest car rental company could go bankrupt.

Continue Reading Corporate Defamation: A Perspective on Analyst Reports

 

Can an accused be granted exemption from personal appearance? -Understanding Section 205 and 317 of the code of Criminal Procedure, 1973

An essential principle of criminal law is that the trial of an offence should take place in the presence of the accused. This principle has been embodied in Section 273 of the Code of Criminal Procedure, 1973 (“CrPC”), which provides, as a general rule, that all evidence taken in the course of trial shall be taken in presence of the accused. While it cannot be denied that such a rule is mainly for the protection of the interest of the accused, CrPC has provisions allowing courts the discretion, in certain circumstances, to exempt an accused from personal appearance. However, exemption from personal appearance is not available to an accused as a matter of right; and is subject to the discretion of the Court.

Continue Reading Can an accused be granted exemption from personal appearance? -Understanding Section 205 and 317 of the code of Criminal Procedure, 1973

Indian Courts continue with the pro-enforcement approach

INTRODUCTION

1. On June 18, 2021, the Delhi High Court, in proceedings seeking enforcement of arbitral awards against foreign states, has reiterated the principle of restrictive immunity and upheld the basic tenets of International Commercial Arbitration – flexibility, stability, efficiency, and its legally binding nature. The Court held that prior consent of the Central Government under Section 86 of the Code of Civil Procedure, 1908 (“Code”), is not required for enforcement of arbitral awards against a foreign state. Importantly, it also held that foreign state cannot claim sovereign immunity for the purpose of stalling enforcement of an arbitral award rendered against it, and which arises out of a commercial transaction.

Continue Reading Indian Courts continue with the pro-enforcement approach: Delhi HC reiterates principle of restrictive immunity in enforcement of arbitral awards against foreign states

SEBI Delisting Regulations 2021

The SEBI (Delisting of Equity Shares) Regulations, 2021 (“2021 Regulations”), were notified on June 10, 2021. The new regulations do not substantially deviate from the SEBI (Delisting of Equity Shares) Regulations, 2009 (“2009 Regulations”). However, certain incremental changes are introduced that further refine and streamline the delisting process. The key changes effected by the 2021 Regulations, with specific reference to voluntary delisting offers, are as follows:

Continue Reading SEBI Delisting Regulations, 2021

Legal Privilege and Covid-19 - Part I

Part I discuses the concept of attorney-client privilege, work product doctrine and the legal position in the US and the UK.

Legal privilege and attorney work product

The legal privilege or attorney-client privilege is often regarded as the crown jewel of the legal profession. It provides protection from disclosure of communications between a client and an attorney made for the purpose of seeking legal advice. Continue Reading Legal Privilege and Covid-19 – Part I

Into the Web - AML Risks of Virtual Assets - Part 1

Part I of this article explores the current Indian regulatory and legal framework governing the virtual asset industry and recommendations for AML/CFT compliance in respect of virtual asssets.

Indian legal framework

The virtual asset industry has had a somewhat difficult time in India, with the RBI banning any regulated entities from providing services to any individual or business, dealing in digital currencies, given the risks involved in such transactions. The term ‘services’ included maintaining accounts, registering, trading, settling, clearing, giving loans against virtual tokens, accepting them as collateral, opening accounts of exchanges, dealing with them and transferring or receipt of money in accounts relating to purchase/ sale of VCs or facilitating the same thereof. Continue Reading Into the Web: AML Risks of Virtual Assets? – Part II