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Update: SEBI Allows DVRs

[The following update has been brought to you by our Editor, Dibya Behera.] The Securities and Exchange Board of India (SEBI) at its board meeting on June 27, 2019 approved a framework for issuance of differential voting rights shares (DVRs). However, the SEBI discontinued the practice of issue of fractional rights shares by existing listed companies. The matter of issue of fractional rights shares has been kept in the back-burner, with the regulator likely to revisit the proposal depending on the success of the regime currently outlined. Remarkably, SEBI recognizes two types of DVRs, one being the superior voting rights wherein shares will have superior voting rights as compared to ordinary

Distinction between Operational and Financial Creditors and Position of the Former in view of the Sw

[Swati Singh is an advocate practicing law in Delhi since 2016. Her areas of interest are insolvency law and dispute resolution law.] While dealing with the case of Swiss Ribbons Pvt. Ltd. and Ors. v. Union of India and Ors. (Swiss Ribbons), the division bench of the Supreme Court of India (Court) decided the constitutional validity of several provisions of the Insolvency and Bankruptcy Code 2016 (Code). The Court had to decide on provisions which formed the crux and essence of the Code. The said analysis on part of the Court holds immense significance due to the fact that if the said provisions were deemed to be held unconstitutional, the same would have a drastic effect on the Code itself.

The Singapore Convention - Will Mediation be the new Arbitration?

[Sakshi Vijay is Senior Research Associate at Jindal Global University.] Singapore will be the witness and the namesake for the signing of the Convention on International Settlement Agreements resulting from Mediation (Convention) in August 2019. Member states of the United Nations may sign to indicate their intention to support the enforcement of settlement agreements resulting from international mediations through their domestic courts/competent authorities. It remains in suspense for supporters of alternate dispute resolution (ADR) in India whether or not the ministry at New Delhi will sign the Convention. Recent events like the decision of the Indian Supreme Court to attempt resolution

Mindtree’s Hostile Takeover: A Game of Wits

[Kashish Khattar and Siddharth Kumar are students of Amity Law School, New Delhi, and Vivekananda School of Law and Legal Studies, New Delhi, respectively.] "To unfailingly take what you attack, attack where there is no defence. For an unfailingly secure defence, defend where there is no attack." – Tsun Zu (The Art of War) We are in the middle of a hostile takeover between the technology and engineering giant Larsen & Toubro (L&T) and Mindtree Limited, an IT services firm. While takeovers are common in the Indian M&A space, hostile takeovers are not. For L&T, this acquisition represents a strategic move towards expansion; for Mindtree, the rug has been pulled from under its feet. While L&T v

Update : Examining the RBI (Prudential Framework for Resolution of Stressed Assets) Directions 2019

[The following update has been brought to you by our Editor, Dibya Behera.] On 2 April 2019, the Hon’ble Supreme Court (Court) held the Reserve Bank of India (RBI) circular dated 12 February 2018 on ‘Resolution of Stressed Assets’ (Circular) to be ultra vires. The Court recognized that each sector has its peculiar stress factors and all sectors cannot be viewed in the same manner in relation to recovery of bad debt. The Circular was criticized primarily because of its one-day rule, according to which the lenders were required to initiate a resolution plan (RP) immediately upon default. This resulted in a high number of "default" accounts being reported to the Central Repository for Informati

Ajay Nagpal v. Today Homes: More Confusion Than Clarity in the Application of the RERA?

[Vrinda Vinayak is a fifth-year student at National Law University, Delhi.] Ajay Nagpal v. Today Homes is a case decided by the National Consumer Disputes Redressal Commission (NCDRC) on 17 April 2019, dealing with the long-standing tussle between the Real Estate (Regulation and Development) Act 2016 (RERA) and the Consumer Protection Act 1986 (CPA) regarding whether the former excludes the jurisdiction of the consumer forums constituted under the latter. The facts were that despite the expiry of eight years from the date of payment of 92% consideration for allotment of a flat in a housing project, the developer had not handed over possession and had abandoned the construction site. The comp


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