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Shatrajit Banerji

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Principal Associate in the Financial Institutions Group and the Disputes Resolution Practice at the Delhi NCR office of Cyril Amarchand Mangaldas. Shatrajit represents Indian and multinational clients, speciality finance, fintech and information / emerging technology companies on enforcement and regulatory matters. He advises and represents clients on matters before various fora including Tribunals, High Courts and the Supreme Court in high stakes commercial disputes and advises financial services clients on matters before the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Ministry of Finance, Enforcement Directorate, Serious Fraud Investigation Office (SFIO). He also advises on various licensing/ transfer of IP/ Technology in M&A transactions/ investment rounds etc. He can be reached at shatrajit.banerji@cyrilshroff.com

The Price For The Sound Of Music: Impact Of The 2012 Amendment On Royalties

The ownership of derivative works has been hotly contested by authors, composers and lyricists (collectively, “authors”) on the one end of the bargaining spectrum; and producers, music labels and broadcasters on the other. This tussle has raised certain rudimentary questions – first, will the author’s copyright in the underlying work continue to subsist after its incorporation in the final (derivative) work; and second, will authors continue to receive royalty for utilisation of their work as part of such final work. These questions turn the focus on whether the 2012 Amendment (“Amendment”) to the Copyright Act, 1957 (“Act”) “fundamentally changed” the treatment of authors’ rights with respect to original, underlying works created by them.Continue Reading The Price For The Sound Of Music: Impact Of The 2012 Amendment On Royalties

RBI FURTHER PIERCES THE WIRE TRANSER VEIL KYC Guidelines

In its constant endeavour to combat money laundering, terrorist financing, and financing of other illegal activities, the Reserve Bank of India (“RBI”) has, vide a letter dated May 4, 2023, amended the Master Directions on Know Your Customer, 2016 and instructed all banks, financial institutions and other Regulated Entities (“REs”) to comply with the newly added KYC norms for wire transfers (“RBI Instructions”). It is a known fact that money launderers across the world have been using wire transfers for long now, as a means to facilitate illegal acts, owing to less/ no regulatory scrutiny.Continue Reading RBI Further Pierces The Wire Transfer Veil

All Orders terminating proceedings are not Awards - Delhi HC sets the record straight

The issue of whether simplicitor orders terminating an arbitral proceeding is an award under the Arbitration and Conciliation Act, 1996 (“Arbitration Act”), has been a question that has been plaguing various Courts in India for a while now. The issue is crucial in nature, as it determines the remedy of a party aggrieved by such an order. While some Courts have taken the view that such an order is an award appealable under Section 34 of the Arbitration Act, others have not. This ambiguity is a cause of concern for litigants since it delays the entire time bound arbitral process intended under the Arbitration Act and leaves the litigant in a lurch. However, the Hon’ble High Court of Delhi (“Delhi HC”) in PCL SUNCON v National Highway Authority of India[1] (“PCL SUNCON Case”) has addressed this issue and cleared the said ambiguity to a great extent.
Continue Reading All Orders terminating proceedings are not Awards: Delhi HC sets the record straight

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

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

Foreign Arbitral Award – The Pro-Enforcement Trend Continues

The courts of this country should not be places where resolution of disputes begins. They should be the places where the disputes end after alternative methods of resolving disputes have been considered and tried.

–Sandra Day O’Connor, Former Associate Justice of the Supreme Court of the United States

The law on Arbitration in India is constantly evolving. Arbitration clauses are now the norm that figure in nearly all commercial agreements whether it is domestic in nature or has an international flavour. Over the years, the Arbitration and Conciliation Act, 1996 (Act) has undergone several changes to address various issues arising thereunder. An important aspect of the Act that has seen significant development is enforcement of foreign awards, both through legislative and judicial intervention.
Continue Reading Foreign Arbitral Award – The Pro-Enforcement Trend Continues