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Companies (Transfer of Pending Proceedings) Rules, 2016 notified

6 January 2017
The National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal were established in June 2016 to adjudicate upon company law matters in India. The Central Government by Notification No. S.O.1936 (E) dated 1st June, 2016, appointed 1st June, 2016 as the date on which all proceedings pending be...

Foreign award cannot be enforced in absence of arbitration agreement

6 January 2017
The present case was filed before the High Court of Delhi with regard to the enforcement of an arbitral award. The case dealt with two companies involved in the sale of palm oil that were at a preliminary stage of negotiations. The seller sought to enforce the arbitral award which was rendered by the Arbitral Tribunal, presuming the e...

Central legislation shall have precedence over State legislation – Supreme Court rulings on SARFAESI Act

6 January 2017
The Supreme Court of India has held that provision of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) shall have precedence over State legislation. The dispute arose from Order of the High Court wherein the lower court had held that since the Tripura Land Revenue ...

Foreign investments and enforcement of corporate guarantee

9 December, 2016

Earlier last year, on May 5, 2015, the Bombay High Court, in its ruling in IDBI Trusteeship Services Limited (Plaintiff) v. Hubtown Limited (Defendant), dealt with the legalities of a foreign investment structure that involved compulsory convertible debentures (CCDs) issued by an Indian company (IndCo) to a foreign inves...

FDI in pension sector - Foreign Exchange Management Provisions, amended

9 December 2016

Pursuant to an amendment to the Consolidated Foreign Direct Investment Policy in June 2016, the Reserve Bank of India, by its Notification dated November 04, 2016, has amended the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 as applicable to the pension sector in India.

Arbitration proceedings commencing outside India – Applicability of new provisions

9 December 2016

Delhi High Court has held that Section 26 of the Arbitration and Conciliation (Amendment) Act, 2015 (which states that Amendment Act is not to apply to pending arbitral proceedings) not bars applicability of the said Act to proceedings which commenced outside India. It was also held that there is no indication in Section 26 that it would n...

Insolvency and Bankruptcy – Recent changes

9 December, 2016

With the notification of the Insolvency and Bankruptcy Code, 2016, on May 28, 2016, matters pertaining to the reorganisation and insolvency resolution of corporate persons, partnership firms and individuals would now be regulated by a specialized regulatory body, i.e. the Insolvency and Bankruptcy Board of India (IBBI). Firstly, the Minis...

Equity shares to non-resident entity against pre-incorporation expenses

7 November 2016

The Reserve Bank of India (‘RBI’) by its Notification dated October 24, 2016, has amended the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 (‘Regulations’). Now, a wholly owned subsidiary set up in India by a non-resident entity and operating in a se...

‘Trust Deed’ just like ‘Will’ is not an arbitration agreement

7 November 2016

Supreme Court of India on 17-8-2016 has held that ‘Trust Deed’, which provides for resolving the disputes arising between the  beneficiaries of the Trust through arbitration, does not constitutes an ‘agreement’ much less an “arbitration agreement” within the meaning of Section 2(b) and 2(h) read wit...

Conversion of shares and increase of authorized share capital, when illegal

7 November 2016

In the present petition before the Supreme Court, the contention of the respondents (“Sanwalka Group”) was that the company had come under the control of the appellants (“Gupta Group”) by various actions and omissions. For the aforesaid reason, the respondents had filed a petition before the Company Law Board under ...

Foreign Direct Investment (FDI) in Non-banking Finance Companies

7 November 2016

The Reserve Bank of India by its Notification dated September 9, 2016, amended the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000. The said amendment substituted the existing caps under paragraph F.8 to annexure B under Schedule 1 of the Regulations, thereby revising the for...

Companies (Mediation and Conciliation) Rules, 2016 notified

8 October, 2016

The Ministry of Corporate Affairs vide its Notification dated 9 September, 2016 has notified the Companies (Mediation and Conciliation) Rules, 2016 (“Rules”). Section 442 of the Companies Act, 2013 authorizes the Central Government to set up a panel of experts for mediation and conciliation between parties to t...

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