• Financial & Insolvency Law

    Feb 12 to June 7 : Analysing RBI’s Prudential Framework for Resolution of Stressed Assets

    After suffering a major setback in the case of Dharani Sugars and Chemicals Ltd. v. Union of India (“Dharani”) where its Feb 12 Circular was struck down, RBI has come back with a more prudent and humble framework under the “Reserve Bank of India (Prudential Framework for Resolution of Stressed Assets) Directions 2019” (“2019 Directions”), inter alia, choosing to abandon mandatory insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 (“IBC”). This article seeks to make a thorough analysis of the new resolution framework under the 2019 Directions, comment on it and test it on the touchstone of Dharani.       [We have analysed the Dharani Judgement at length, here. Furthermore, a thorough…

  • Securities Law

    Insider Trading: Will SEBI’s Informant Mechanism be Effective?

    The Securities and Exchange Board of India (“SEBI”) on 10th June 2019 proposed an ‘informant mechanism’ to safeguard the interests of the investors and tackle insider trading. In light of the difficulty in tracking illegal transactions, the SEBI has released a Discussion Paper which would be enforced by amending the SEBI (Prohibition of Insider Trading) Regulations, 2015 (“2015 Regulations”) as mentioned therein. The proposed mechanism seeks to provide ‘near absolute confidentiality along with appropriate surveillance.’ Genuine whistleblowers would get a monetary reward of up to ₹ 1 crore as well as amnesty from regulatory action. This Article aims to analyse the evolution of Insider Trading laws in India, their applicability and the minutiae…

  • Intellectual Property Law

    A Peep into the Draft Copyright (Amendment) Rules, 2019

    Perhaps, change is the only constant. As a natural corollary, dynamism becomes the quintessential feature of law. This finds resonance with the logic behind the official statement of the Ministry of Commerce and Industry, which has made public the Draft Copyright (Amendment) Rules, 2019, for stakeholders’ remarks till 29 June 2019 “in order to ensure smooth and flawless compliance of Copyright Act in the light of technological advancement in digital era and to bring them in parity with other relevant legislation, the Department for Promotion of Industry and Internal Trade (“DPIIT”) has now proposed to introduce the Copyright Amendment Rules, 2019.”[1] This proposal knocks at the door at a time…

  • Financial & Insolvency Law

    Pre-packaged Insolvency: Time for India to Accept?

    The Insolvency and Bankruptcy Code (“IBC”) was enacted to provide a legal framework for the effective resolution of insolvency and bankruptcy of corporate persons, individuals and partnership firms. It was welcomed because it worked for the benefit of the creditor as well as debtor. With the increasing challenges and pendency in adjudication and the consistent failures in meeting the 180-day deadline, parties have started figuring out means outside of the IBC to reorganise/appropriate their assets and come out of insolvency or effect an efficacious liquidation. [Shiphali Patel is a student of 4th year BA LL.B (Hons.) at Dr Ram Manohar Lohiya National Law University, Lucknow]   Background In the case of…

  • Competition Law

    Break-up of Dominant Enterprises: It’s Not Me, its You [Part II: Understanding the law of Breaks-ups]

    The law of breakup of monopolies/dominant companies differs across jurisdictions. In this article, the Author analyses the law of breakups in the United States and India. In this series of articles, the author makes a holistic analysis of the concept of break-up/division of dominant enterprises/monopolies along with the jurisprudence on the subject. The other parts of this series can be found here: Part I –Understanding the Remedy of Break-up of Dominant Enterprises Part II – Understanding the Law of Break-ups   1. American Perspective Under Section 2 of the Sherman Antitrust Act, 1890 (“Sherman Act”) monopolization has been prohibited in its various forms. The Supreme Court of the United States of America…

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