August 2022

Subhkam Returns SAT Ruling in NDTV Case

The challenge in interpreting ‘control’ under the SEBI takeover regime is hardly a new one. The current definition of ‘control’ under the Takeover Regulations, 2011, similar to the one under the Takeover Code, 1997, consists of two parts. Firstly, the right to appoint a majority of the directors on the board of a company, which is fairly straightforward to determine; and secondly, the right to control the management and policy decisions of a company, which is where things tend to become slightly murky specially in the context of a minority shareholder exercising veto or affirmative vote rights.Continue Reading Subhkam Returns: SAT Ruling in NDTV Case

Admission of application Section 7(5)(a) not mandatory even when default established: Supreme Court clarifies

Introduction

The Supreme Court, in a recent judgment passed in Vidarbha Industries Power Limited v. Axis Bank Limited1, adjudicated upon whether Section 7(5)(a) of the Insolvency and Bankruptcy Code, 2016 (“IBC“) is a mandatory or discretionary provision i.e. on an application for initiating Corporate Insolvency Resolution Process (“CIRP“) by a financial creditor.Continue Reading Admission of application Section 7(5)(a) not mandatory even when default established: Supreme Court clarifies

Arbitration and Conciliation Act

Background

Interim measures act as significant procedural safeguards in ensuring the efficacy of the arbitration process. They serve to protect the rights of parties from the inception of the dispute till the execution of the final award. In India, interim measures may be granted in three stages i.e. before the commencement of arbitration proceedings, during the pendency of arbitration proceedings and after the passing of the arbitral award, but before its enforcement.[1]Continue Reading Section 9(2) of The Arbitration and Conciliation Act, 1996: A Ticking Clock on Invocation of Arbitrations in India

A Notice in Time Saves Nine

The right to receive notice and an opportunity to be heard are considered as twin ingredients of natural justice, unless specifically excluded by legislation. There are certain laws in India that warrant strict compliance with this requirement. The courts in India have also examined this requirement and its consequences, while keeping in mind the extent to which this requirement is needed to be met with.Continue Reading A Notice in Time Saves Nine