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Enforceability of Special Rights: A Brief Companies Act, 2013 Perspective

[Harshit Anand works at Khaitan & Co, Kolkata, and deals with real estate and corporate matters. He may be reached at harshit.anand@khaitanco.com.] In most Joint Venture Agreements (JVAs), parties retain certain special rights- more commonly referred to as veto rights- with respect to general meetings and board meetings. These veto rights, amongst others, are affirmative rights which provide for the mandatory presence of a party or parties to the JVA whenever a resolution is being passed or a decision is being taken. In other words, veto power gives an entity the power to reject a proposal even in cases where the proposal enjoys the support of the majority. This article makes an attempt to a

Understanding Buyer Cartels from an Antitrust Perspective

Most antitrust frameworks around the world have traditionally given significant attention to seller cartels and their anti-competitive implications. What has received little attention is the buyer side of the market which, as the increasing amount of literature in this area shows, displays potential for competing buyers to enter into price-affecting arrangements. Buyer cartels essentially involve a group of competitors who focus on the input side of the market and attempt to eliminate competition therein either by reducing the price associated with their purchases or by controlling the conduct of the supplier. Such cartels may result in predatory buying, whereby the group created out of a co

The Home Buyer Saga and the IBC Ordinance

In a major relief to home buyers, the President promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 (Ordinance), on June 6, 2018. With the aim of balancing "the interests of various stakeholders in the Code, especially interests of home buyers," the Ordinance makes changes to several provisions of the Code in light of the report of the Insolvency Law Committee, which recommended that home buyers be recognized as financial creditors considering the peculiar nature of real estate projects and the treatment accorded to home buyers by the Supreme Court in the Jaypee Infratech case. The Ordinance amends section 5(8) of the Insolvency and Bankruptcy Code, 2016 (Code), and pr

GST on Freight and Allied Services in Works Contract: AAR Rules

[Rajat Gupta is a lawyer based in Haryana and deals with GST matters. He may be reached at gupta.rajat853@gmail.com.] On May 11, 2018, the West Bengal Authority for Advance Ruling (Competent Authority) decided on the issue whether, in a works contract, a person would be charged to tax on separate freight bills drawn on the recipient. The applicant had a contract with M/s Power Grid Corporation of India for construction of electricity towers which was fragmented into two parts i.e. one for supply of construction material (First Contract) and another for associated services like survey, erection of towers and commissioning of transmission lines (Second Contract), including inland transportatio

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