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Deals in brief – December 2018/January 2019
ACTIS EXITS SYMBIOTEC STAKE
A consortium of private equity funds formed by Motilal Oswal Private Equity and Invascent bought out the entire stake of private equity investor Actis in drugmaker Symbiotec Pharmalab. The Indore, India-based...
Analysis: the cement price-fixing dispute
VASANTH RAJASEKARAN of Phoenix Legal provides an insider’s perspective
The Builders Association of India (BAI) brought an action under section 19 of the Competition Act, 2002 against the Cement Manufacturers Association (CMA) and 11 major cement...
Deals of the Year 2018
Deals of the year 2022
Deals of the year 2021
Deals of the year 2020
Deals of the year 2019
Deals of the year 2017
Deals of the year 2016
Deals of the year 2015
Deals of...
In sickness & health
Rajiv Choubey explores the evolution of law surrounding insolvency and bankruptcy, and how regulations designed to protect sick companies had been misused until the Insolvency and Bankruptcy Code was enacted
Insolvency and Bankruptcy Code 2016
The...
2018: The year that was
Aman Abbas and Anant Ghuge review the major legal issues and policy developments that made headlines in India’s mainstream media
The pages, websites and studios of the mainstream media were buzzing with matters before India’s...
Time-barred debts and the insolvency code
The Insolvency and Bankruptcy Code, 2016, has been construed as a complete code. Based on that construction and noting that the code contained no provision expressly making the Limitation Act applicable, and as the...
Government constitutes accounting regulator
The Ministry of Corporate Affairs (MCA) notified the constitution of the National Financial Reporting Authority (NFRA) on 1 October 2018. NFRA is mandated to act as an independent regulator for the accounting and auditing...
Rising Stars 2018
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Rising Stars 2017
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50 law firms that are on the ascent
by Rebecca Abraham
Ask any in-house lawyer to name India’s most reputed law firms and most will mention the six or seven...
Deals in brief – November 2018
SBI lists green bonds MTNs
State Bank of India (SBI) completed a maiden green bond offering as well as Medium Term Notes (MTN) issue on the Global Securities Market (GSM) platform of Bombay Stock Exchange’s...
IBC amendment gives voice to beleaguered homebuyers
The recent amendment to the Insolvency and Bankruptcy Code 2016 (IBC) has created a special status for the homebuyers as “financial creditors” with effect from 6 June 2018. The amendment was brought into force...
Supreme Court says arbitral award not operational debt
Is an arbitration award against which a challenge is pending under the Arbitration and Conciliation Act, 1996, sufficient to commence insolvency proceedings under the Insolvency and Bankruptcy Code, 2016? “No”, said the Supreme Court...
Limitation Act applies to IBC proceedings
The Supreme Court, while hearing an appeal against an order of National Company Law Appellate Tribunal (NCLAT), held that Limitation Act, 1963, is applicable to applications filed under the Insolvency and Bankruptcy Code, 2016...
Lenders’ dilemma resolved as guarantors caught in net
The impact of economic and financial crises and the accumulation of non-performing assets paved way for the Insolvency and Bankruptcy Code, 2016 (IBC). The aim of the IBC was to curtail the financial uncertainty,...
Criminal action possible despite moratorium under IBC
The National Company Law Appellate Tribunal (NCLAT) recently considered whether a moratorium order covers a criminal proceeding under section 138 of Negotiable Instruments Act, 1881 (NI Act), which provides for punishment in the form...
Parliament: the monsoon session
Continuing our regular coverage of India’s parliamentary sessions, Mandira Kala and Roopal Suhag assess key commercial bills that were debated and passed during the recent session
The monsoon session of parliament in 2018 marked the...
Hyundai case: A lesson for CCI
Atul Dua and Anupam Sanghi analyse why the competition regulator’s order was set aside
The automobile industry is prominent for a high incidence of alleged anti-competitive conduct on the part of car manufacturers and their...
NCLAT clarifies ‘dispute’ under the insolvency code
The National Company Law Appellate Tribunal (NCLAT) recently held in an appeal against the Allahabad bench of the National Company Law Tribunal (NCLT) that any disputes within a corporate debtor company is not one...
Legal discord?
Clashes between intellectual property laws and antitrust laws are causing a headache for rights owners
Intellectual property (IP) and antitrust laws seem to be two areas of law that are in conflict. In IP rights,...
Promoter-investor disputes may be solved by mediation
Startups, early-stage and even growth-stage companies seek investors with capital, experience and connections to help fuel their business, while investors hope for an exit with fabulous returns. Private equity funds have a finite life...
Changes aim to halt abuse of insolvency proceedings
A rise in high-profile banking frauds led to the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018. The ordinance, effective from 6 June, presses for greater transparency in the corporate insolvency resolution process (CIRP), to...
IBC’s position on supply of essential goods and services
Dear Editor,
Section 14(2) of the Insolvency and Bankruptcy Code, 2016 (IBC), states that the “supply of essential goods or services to a corporate debtor shall not be suspended during the moratorium period”. The purpose...
Supreme Court clarifies scope of appeal before NCLAT
The Supreme Court recently held that the National Company Law Appellate Tribunal (NCLAT) does not have the jurisdiction to dismiss an appeal for a party’s failure to provide a deposit as a pre-condition for...
Bhushan Steel IBC’s first big win
The legal team advising Tata Steel in its acquisition of Bhushan Steel faced significant challenges while carrying out a limited due diligence on the target.
“The due diligence process was very complex, as the information...
Timely ordinance replies to resolution process feedback
As of 31 March, 525 corporate debtors were undergoing resolution under the Insolvency and Bankruptcy Code, 2016. Resolution plans had been approved for 22 of them and 87 liquidations had commenced, all in 15...
Full steam ahead
Banks are beginning to see the light at the end of the lending tunnel, but the challenges facing investors are still daunting. Rebecca Abraham reports
As the clean-up of the balance sheets of lenders continues,...
Amendments spur renewal of interest in arbitration
When domestic and international commercial disputes arise, arbitration and other alternative dispute resolution (ADR) mechanisms offer many advantages over litigation in civil courts. Under the Arbitration Act, 1940, courts were allowed to interfere at...
Stress test
The battle between Vodafone and the government serves as a pressure gauge for the courts in investment treaty disputes. Rebecca Abraham reports on recent developments
The collapse of the Dabhol power project in 2001 resulted...
Deals in brief – May 2018
ELP ADVISES FUTURE LIFESTYLE
Economic Laws Practice (ELP) assisted Future Lifestyle Fashions (FLFL) with the sale of a 10% stake to Singapore-based Spectacular Investments for US$125 million. The transaction is a combination of primary and...
Liquidation of personal guarantor’s assets halted
The National Company Law Appellate Tribunal (NCLAT) recently held that assets of personal guarantors cannot be liquidated while a moratorium is being imposed on the alienation of a corporate debtor’s assets by the National...
Court’s role in insolvency cases
Subodh Sadana and Bhuvan Arora analyse judicial intervention in insolvency resolution
The Insolvency and Bankruptcy Code (IBC) has so far travelled a short journey of about 18 months where it has already faced a plethora...
Law clarified on procedure for board meetings
The National Company Law Appellate Tribunal (NCLAT), New Delhi, recently resolved the ambiguity regarding the binding nature of a company director’s option to participate in a board meeting through video conferencing or other audio-visual...
Personal guarantee: A loophole finally plugged
The Insolvency and Bankruptcy Code, 2016, is still embryonic and constantly evolving. At this stage, it is of utmost importance that issues that lack absolute clarity be settled promptly to avoid any obstacles to...
Judgments resolving issues facilitate resolution process in India
Issues arising in the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, are being resolved by decisions of the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal...
Replacement of resolution professionals in liquidation
The Insolvency and Bankruptcy Code, 2016 (IBC), has been in the news since it came into force in December 2016. Apart from laying down new law in the restructuring domain, the code provides guidelines...
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Jury is out on aspects of winding up and insolvency
Winding up proceedings were earlier initiated and conducted under the Companies Act, 1956. However, with the coming into force of the Companies Act, 2013, and the Insolvency and Bankruptcy Code, 2016 (IBC), the process...
Demand notice filing procedure clarified for lawyers
The Supreme Court had the opportunity to settle the law on important questions arising under the Insolvency and Bankruptcy Code, 2016 (IBC), which have impaired operational creditors from enforcing their rights under the IBC.
In...
Operational creditors face new challenges all the time
An important aspect of the Insolvency and Bankruptcy Code, 2016, that needs to be addressed is whether an individual or a corporate body other than the operational creditor can act on behalf of the...
Rule change urged to allow insolvency proceedings halt
The Insolvency and Bankruptcy Code, 2016, primarily aims to achieve reorganization and insolvency resolution in a time-bound manner for maximizing the value of assets of insolvents. The National Company Law Tribunal (NCLT), the adjudicating...
Rising stars
Rising Stars 2009
Rising Stars 2018
Rising Stars 2019
50 Indian law firms that are on the ascent
By Rebecca Abraham
India’s legal market has long been dominated by a handful of law firms. But, while these firms face...
Supreme Court resolves disputes over ‘dispute’
A UN legislative guide states that insolvency law “should be transparent and predictable”. In India, different interpretations of the definition of “dispute” under the Insolvency and Bankruptcy Code, 2016, had led to disputes and...
Notice filing procedures clarified for operational creditors
The National Company Law Appellate Tribunal (NCLAT) recently passed a judgment setting aside an admission order by the Chennai bench of the National Company Law Tribunal (NCLT) over procedural issues with the manner a...
Impact of moratorium on troubled project vehicles
The inflow of cases filed in relation to large-value stressed project finance loans under the recently enacted and much required Insolvency and Bankruptcy Code, 2016, has been galloping ever since the code came into...
Insolvency and Bankruptcy Code: Two sides of the coin
The Insolvency and Bankruptcy Code, 2016 (IBC), is a watershed in the history of India’s banking credit culture. Replacing a plethora of legislation it provides for a single-window, time-bound process designed to revive a...
Real estate test for the new insolvency code
The recently introduced Insolvency and Bankruptcy Code, 2016 (IBC), has been put to a real test with the admission of corporate insolvency resolution proceedings (CIRP) against Jaypee Infratech for defaulting on a loan from...
Payback time?
The evolution of the Insolvency and Bankruptcy Code is being closely watched by companies, creditors and the government for the part they hope it will play in alleviating the country’s stressed assets problem. Gautam...
India: Open for business?
After much debate and anticipation, the liberalization of the legal sector now seems imminent. Gautam Kagalwala speaks to lawyers about the arrival of foreign firms and other key developments affecting the state of play...
‘Dispute’ meaning settled for corporate insolvency cases
The National Company Law Appellate Tribunal (NCLAT), in Kirusa Software Pvt Ltd v Mobilox Innovations Pvt Ltd, has finally decided the scope of the term “dispute” under section 9 of the Insolvency and Bankruptcy...
Competing interests
Will India ever permit the arbitration of competition law matters? Nihal Dsouza and Johannes Ungerer examine the issues
At first glance arbitration and competition law have little in common. Historically, these two branches of law have largely developed without...
Vibrant dispute resolution key to inspiring confidence
A strong legal framework to ensure the timely resolution of commercial disputes will help attract foreign investments in India. Commercial disputes in India can be resolved either through litigation or alternative dispute resolution (ADR)...
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Bombay Stock Exchange faces legal and regulatory hurdles
The Bombay Stock Exchange and the National Stock Exchange of India are gearing up for their own listings but they still face legal and regulatory hurdles.
Nandini Lakshman reports
For quite some time, the highly profitable stock exchanges...
Bankruptcy Code’s impact on ease of doing business
The World Bank’s Doing Business Report, 2016, ranks India 130 among 189 economies on “ease of doing business”. One of the sub-indexes on which the ranking depends is resolving insolvency. It is interesting to...
New company law tribunals launched
On 1 June, pursuant to section 408 of the Companies Act, 2013, the Ministry of Corporate Affairs (MCA) notified the constitution of the National Company Law Tribunal (NCLT) and the National Company Law Appellate...
Cam welcomes New Lateral Partners
Cyril Amarchand Mangaldas (CAM) has acquired three new partners through lateral hires. Asim Abbas joins CAM in New Delhi to head the firm’s technology, media and telecommunications (TMT) practice; Anshuman Sakle is a competition...
Class action suits under the Companies Act, 2013
A class action enables one or more plaintiffs to file a suit on behalf of a larger group or class, wherein such class has common rights and grievances. Class action is a well-defined area...
Resisting the winds of change
Murali Neelakantan argues that India’s legal profession is insecure, has lost its commitment to public service and is failing to move with the times
While national legal systems seem very different from each other, there...
Budget bulletin
What are the practical implications of the budget for businesses in India? Rohan Shah and Darshan Bora highlight the key changes
Finance Minister Arun Jaitley presented his third budget on 29 February against the backdrop...
Deals of the Year 2015
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Deals of...
Shopping for justice
Critics have slammed the practice of forum shopping, but can anyone put a halt to activities designed to ensure a triumphant exit from India’s litigation labyrinth? Amit Vyas explores the issues
“Forum shopping” or “bench hunting”...
Watchdog unleashed
India’s competition regulator has been showing its teeth. But is it biting first and asking questions later ... if at all? Rebecca Abraham reports
The humble onion is arguably the most important ingredient in Indian cuisine....
CCI’s (in)consistent view
Section 3 of the Competition Act, 2002, prohibits and declares void an agreement which causes or is likely to cause an appreciable adverse effect on competition in India (i.e. an anti-competitive agreement). The sine...
Deals of the Year 2014
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Deals of...
Bright ideas
In-house counsel from leading companies trade tips on IP protection and discuss the structures, systems and safeguards required for a successful IP strategy in India
Narendra Modi’s government vowed in September to draw up a...
Only lawyers can argue substantial questions of law
Ruling in Madras Bar Association v Union of India and another, a constitutional bench of the Supreme Court recently held that key sections of the National Tax Tribunal Act, 2005, encroach on the exclusive...
India Business Law Directory 2014
India Business Law Journal presents its annual report on the state of play in India’s legal market, accompanied by an essential directory of more than 50 of the country’s leading commercial law firms
Legal market report by...
India’s annual budget and goods and services tax
India’s annual budget included a mixed bag of tax measures, but not the hoped-for repeal of retrospective tax amendments
Rohan Shah and Anay Banhatti report
The finance minister’s presentation of India’s annual budget generally draws an...
Case offers clarification on marketing intangibles issue
BMW India imports completely built units (CBUs) of BMW motor vehicles, related spare parts and accessories from its associated enterprises (AEs) and resells these in the Indian market. The company also assembles completely knocked...
Some recent developments in case law and legislation
Two Supreme Court decisions and some issues arising from the Companies Act, 2013, are outlined below.
Developers win battle
In the case of Godrej & Boyce Mfg Co Ltd & Anr v State of Maharashtra, the...
Flying into trouble?
A spanner thrown into the works of the Jet-Etihad deal could have wide repercussions for M&A in India. Avirup Bose explains
The merger control provisions in India’s Competition Act, 2002, came into effect on 1...
Still waiting and watching
‘Everybody is in a state of limbo; I have never seen anything like this before’
This recent statement by Anand Mahindra, the chairman and managing director of Mahindra & Mahindra, one of India’s largest companies,...
Deals of the Year 2013
India Business Law Journal identifies and analyses the standout deals and disputes of 2013 and reveals the lawyers who guided them. By Nandini Lakshman
The past year was one of the worst for the Indian economy...
India in 2014
In-house lawyers from nine companies and a senior advocate foretell the challenges and opportunities that lie in store for India-focused general counsel
I hope that 2014 will herald a period of calm following the volatility...
Revitalizing India
Ten legal thought leaders talk candidly about India’s economic woes and outline a series of bold measures to put the shine back into the country’s economy
The odds appear to be stacked against India at...
Horror stories
India’s complex and unpredictable tax regime continues to spook investors. Rebecca Abraham recalls some of the nightmares and asks how domestic and foreign companies can reduce the uncertainties surrounding taxation
In November 2006, Mérieux Alliance, a French...
Reinsurers eagerly await passage of amendment bill
With today’s alarming recurrence of accidents, disasters and catastrophes, individuals and businesses seek insurance cover to receive financial protection from insurance companies which are constantly fishing for new insurance strategies to safeguard their financial...
Enforcing foreign awards in India and public policy
The recent judgment of the Supreme Court in Shri Lal Mahal Ltd v Progetto Grano Spa elucidates the law in India on public policy as a condition precedent to enforcement of foreign awards. Part...
London calling
Precedents set by English courts in banking and finance disputes are highly relevant to Indian investors and institutions
By Nicola Vinovrški
The UK remains a popular jurisdiction for the determination of disputes for parties from other...
Punching above its weight
India’s competition watchdog may be the new kid on the block, but it has already been flexing its muscles. Is it up to the challenges it has set for itself?
Rebecca Abraham reports
Levelling the playing...
Wheels in motion?
Vishnu Padmanabhan examines the key bills passing through India’s parliament that may affect domestic and international businesses
As India’s economic growth slows, almost everyone is clamouring for reforms. In India’s parliamentary democracy, any reform or...
A rich tapestry
50+ small and mid-size Indian law firms you should know about
By Rebecca Abraham
Four years of working with tight budgets have made in-house counsel at companies both inside and outside India acutely aware of the...
Do transfer pricing rules apply to Indian entities?
Since India’s transfer pricing regulations were introduced in 2001, taxpayers have completed seven rounds of audits. In the past three audits, 44% to 52% of the cases selected for scrutiny were subjected to an...
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India in 2013
Legal practitioners and in-house counsel share some of their predictions for the year ahead
Bhavna Thakur, director, capital markets origination equities, Citigroup Global Markets India: For the Indian economy and capital markets, 2012 has been...
Playing by the rules
Companies should implement compliance programmes to ensure they don’t fall foul of India’s increasingly stringent competition law
by Avirup Bose
On 20 June, the Competition Commission of India (CCI) imposed a penalty of over ₹60 billion...
Good governance increases shareholder value
Indian financial markets are among the most heavily regulated markets in the world. However, India cannot claim to have a healthy regulatory compliance record. As financial disclosure norms become more sophisticated and the implementation...
A new roadblock?
India ends its experiment in using consent orders to atone for capital market offences. This could increase the pressure on the already overloaded court system
Raghavendra Verma reports from New Delhi
The Indian stock market regulator,...
Companies Bill withdrawal may delay dawn of new era
The Companies Bill, 2011, which seeks to replace the Companies Act, 1956, was cleared by the Union cabinet and tabled in the winter session of the parliament but was immediately withdrawn because of differences...
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22 million investors too many for private affair
Two unlisted companies of the Sahara Group issued optionally fully convertible debentures (OFCDs) to raise about ₹194 billion (US$3.8 billion), purportedly by way of private placement, without advertising to the general public. The irony...
Surveying the field
Predators eyeing India’s listed companies have been empowered by new takeover rules
Nandini Lakshman in Mumbai reports on key changes
For some years now, the growing challenges and complexities confronting companies globally have seen regulators tweak...
Abuse of dominant position slapped down
The Competition Commission of India (CCI) recently found one of India’s largest real estate developers, DLF, guilty of imposing unfair or discriminatory conditions in the course of the sale of its residential units (see...
IP demystified
Legal experts answer corporate counsel’s most pressing questions about intellectual property
Four corporate counsel from Infosys, Nokia, Mobiltrain Knowledge Services and Wockhardt share their greatest intellectual property concerns with India Business Law Journal. We asked...
Legal Market Report & Directory of Indian Law Firms – 2011
To accompany this year’s directory of Indian law firms, India Business Law Journal consulted widely with the country’s legal practitioners to reveal the current state of play in the legal market
Vandana Chatlani reports
Ashopkeeper in...
Learning new rules
As Akil Hirani of Majmudar & Co explains, private equity investors are bracing for regulatory changes
The promise of higher returns and opportunities for diversification drove up private equity (PE) activity in India over the...
Funds in flux
Regulatory obstacles and systemic turbulence disrupt the dealflow, yet India retains its allure to private equity investors
Alfred Romann reports
One of the many paradoxes of India is that widespread optimism about the country’s future growth...
Circulars, notes and orders
Steps are finally being taken to simplify the process through which businesses are notified of regulatory changes
Rebecca Abraham reports
When the government recently tightened rules on foreign direct investment (FDI) in real estate – saying...
Indian takeover regulations up for overhaul
The Takeover Regulations Advisory Committee (TRAC) constituted by the Securities and Exchange Board of India (SEBI) to review the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, (Takeover Code) submitted its report to...
Private companies need not redeploy disabled staff
Distinguishing between a company “established under” a statute and a company “governed by” the provisions of a statute, the Supreme Court in Dalco Engineering Private Ltd v Satish Prabhakar Padhye & Ors recently ruled...
Playing safe
Indian businesses must arm themselves with comprehensive compliance mechanisms to guard against threats posed by the country’s new competition law
Vinod Dhall and Sonam Mathur report
The advent of the Competition Act, 2002, marks a paradigm...
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Deals of the Year 2009
India Business Law Journal celebrates the top transactions and cases of 2009 and reveals the law firms that guided them to fruition
Chris Crowe reports from London
India Business Law Journal’s third annual Deals of the...
Will green shoots take root?
For many, 2009 will be remembered as the year the world spent trying to get back on its feet
But in India, somewhat shielded from the effects of the annus horribilis, 2009 will be remembered...
Stepping up the fight
Renewed judicial resolve and coordinated efforts by industry bodies are reshaping India’s intellectual property battlefield.
Important victories have boosted IP owners’ morale, but the war is far from won
Raghavendra Verma reports from New Delhi
Brand piracy...
Telecom fees paid to group company are not royalties
The Authority for Advance Rulings (AAR) in the case of Cable & Wireless Networks India held that fees paid by an Indian company to its UK-based group company for providing telecommunication services would be...
Service tax net may catch manufacturers outside India
Indian companies and multinational corporations (MNCs) operating in India in order to derive the benefits offered by globalization have started to get their goods manufactured outside India through contract manufacturing.
A popular business model
Contract manufacturing...
Tax victory for foreign law firms
In a significant judgment on 19 December, a division bench of Bombay High Court in Clifford Chance v DCIT held that foreign law firms are not liable to pay tax in India, even if...
Royalty excludes sale of drawings and designs
The Income Tax Appellate Tribunal (ITAT), in a recent judgment (Parsons Brinckerhoff India (P) Ltd v Assistant Director of Income-tax, International Taxation, Circle (2) (1), Delhi 24 SOT 341 Delhi) held that income deemed...
Companies bill will foster better corporate governance
Passed by the Union Cabinet, the Companies Bill, 2008, has attracted substantial attention on account of its innovative changes to the mammoth Companies Act of 1956, aiming to provide a less cumbersome corporate regime...
New Companies Bill to simplify business regulations
The Indian Companies Act, 1956, provides the legal framework for corporate entities in India. Essentially based on UK company law, the Indian Companies Act, 1956, has seldom seen any far reaching changes since its...
Legislative and regulatory update – September 2008
Taxation
The Income Tax Appellate Tribunal (Mumbai Bench) recently announced a significant development in the law relating to transfer pricing regulations. The tribunal stated that a default by non-residents relating to Indian transfer pricing regulations...
Money laundering laws in a spin
Widely welcomed measures to tackle the clandestine transfer of funds have been undermined by infighting over the allocation of adjudicating powers. Raghavendra Verma reports from New Delhi
In January 2007 a raid on Pune-based businessman...
Legislative and regulatory update – March 2008
Foreign investment
In January, the government proposed the liberalization of foreign direct investment (FDI) in certain key economic sectors.
The ceiling on foreign investment in public sector petroleum refining has been raised from 26% to 49%...
How safe is your data?
Inadequate privacy laws are putting client information at risk and jeopardizing the future of India’s outsourcing industry Rodney Ryder and Salman Waris explain
Outsourcing IT-enabled services (ITES) to India is an attractive proposition. It allows...
A round-up of legislative and regulatory developments
thForeign institutional investors, mutual funds, and other institutions may be allowed to short sell their stocks under a March proposal by the capital markets regulator, the Securities and Exchange Board of India (SEBI). Though...
