• Corporate & Commercial Law Briefs

    NCLAT on Purchase of Minority Shareholding under Section 236 of the Companies Act, 2013

    S. Gopakumar Nair & Anr. Vs. OBO Betttermann India Private Limited & Anr. Decided by the Hon’ble National Company Law Appellate Tribunal, New Delhi (Company Appeal (AT) No. 272/2018 – Decided on 09.07.2019) (Coram – Justice A.I.S. Cheema and Mr. Balvinder Singh)   [Highlights: The provision of purchase of minority shareholding under Section 236 of the Companies Act, 2013 is only applicable to cases of an amalgamation, share exchange, conversion of securities or for other similar reasons, and not every case where 90% or more shareholding in a company is acquired. Second, valuation of shares for the purchase of minority shareholding under Section 236(2) must be done by a “registered valuer” and…

  • Securities Law Briefs

    IL&FS Securities Services Ltd. Vs. NSE Clearing & Ors. [SAT Order – 03.07.2019]

     [Highlights: First, the Hon’ble Securities Appellate Tribunal has held that decisions of Clearing Corporations established under Section 8-A of the Securities Contract (Regulation) Act, 1956 are appealable under Section 23L of that Act. Second, it reiterated that SEBI has wide powers to consider an annulment of trades under Sections 11 & 11B of the SEBI Act, 1992. Third, an affected party has the right to apply for the modification of a SEBI order and SEBI cannot deny such party, seeking to protect its interests, an opportunity of being heard.]   Decided by the Hon’ble Securities Appellate Tribunal, Mumbai – Appeal No. 262/2019 – Decided on 03.07.2019 (here)   Facts of…