A two judge bench of the Supreme Court has recently passed a landmark judgment, expanding the scope of judicial inquiry under Section 11 of the Arbitration and Conciliation Act, 1996, (“Act”), in DLF Home Developers Limited v. Rajapura Homes Private Limited & Anr[1] and DLF Home Developers Limited v. Begur OMR Homes Private Limited & Anr[2].Continue Reading SC expands the scope of judicial inquiry under Section 11 of the Arbitration and Conciliation Act, 1996
Recently, the Supreme Court in Arcelor Mittal Nippon Steel India Ltd. v. Essar Bulk Terminal Ltd.,[1] (“Arcelor-Essar Judgment”) held that the bar on the Court from entertaining interim applications under Section 9(3) of the Arbitration and Conciliation Act, 1996 (“Act”) was applicable only if the application had not been taken up for consideration at the time of the constitution of the Arbitral Tribunal. However, if the Court had heard the application even in part, and had applied its mind to it, it could decide to proceed with the adjudication of the same.Continue Reading Interim Application Already Considered by Court? Section 9(3) of the Arbitration Act to Not Apply
This is in continuation to the series analysing the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 (“2021 Rules”). In the first part, we traced the evolution of intermediary liability and the key changes brought about by the 2021 Rules. In the second part, we discussed the consequences of non-compliance by intermediaries which, inter alia, disentitle them from claiming the safe harbour protection under Section 79 of the Information Technology Act, 2000 (“Act”).Continue Reading From Harbour to Hardships? Understanding the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 Part III
The Securities and Exchange Board of India Act, 1992 (“SEBI Act”) was essentially introduced to protect the interests of investors and to regulate and promote the development of the securities market in India. As a direct consequence of this legislative intention, the SEBI Act lays down that contravention, attempt to contravene and abetment of contravention of the provisions of the SEBI Act would be punishable with imprisonment and fines of varying quantum.Continue Reading Prakash Gupta Judgment – Has the Supreme Court given more Powers to SEBI in the Matter of Compounding
While there is sparse literature and judicial references to the concept of Relational Contracts in jurisdictions today, the concept of Relational Contracts has been well recognised in a few decisions by the courts in England.Continue Reading Relational Contracts and Implied Term of Good Faith
Cryptocurrencies, worryingly unregulated, decentralised virtual currencies, are steadily gaining traction in the Indian transaction landscape. With digitalisation and smart contracts becoming the new norm (especially considering the COVID-19 pandemic), global trade in cryptocurrencies has increased by leaps and bounds. However, one cannot ignore the unprecedented rise in cybercrimes across the globe, relatable to virtual currencies. The expansion of the cryptocurrency landscape poses various challenges in the form of regulatory, legal, and operational risks. Whilst appropriate measures to regulate cryptocurrencies are the need of the hour, the Indian judiciary has been rather proactive in its dealing with such cryptic virtual currencies.Continue Reading Delhi Court attempts to decode the cryptic case of cryptocurrencies in India
There are only a few sections in the Arbitration and Conciliation Act, 2016 (“Act”), in which Court’s reference or assistance is invited post commencement of arbitration and constitution of the arbitral tribunal.Continue Reading Scope of judicial interference – Order passed by an Arbitral Tribunal under Section 27 of the Arbitration and Conciliation Act, 1996
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
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