India Corporate Law

A Cyril Amarchand Mangaldas Blog

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2018 was an eventful year for the corporate governance regulatory framework in India. The Securities and Exchange Board of India (SEBI) not only approved a host of recommendations made by the Kotak Committee on Corporate Governance (Kotak Committee), but also gave these recommendations the required regulatory impetus by notifying the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018. Come April 1, 2019, a slew of these amendments (Amendments) will…
In part one of this two-part blog series, we looked at the challenges and new approaches that are being devised to increase the share of natural gas in India’s energy market, including some of the challenges faced in effectively implementing the “Authorising Entities to Lay, Build, Operate or Expand City or Local Natural Gas Distribution Networks – Amendment Regulations, 2018” (2018 Amendment Regulations). In this piece, the second part of this two-part blog, we look…
Just as the bidding closed on the 10th Round of the City Gas Distribution (CGD)[1], fundamental changes have been made to the bidding criterion to create a regime that strikes a balance between the for-profit enterprises, and public interest and accountability. In this first part of a two-part blog series, we assess these changes and the challenges faced in meeting targets to increase the share of natural gas in India’s energy market.…
In the aftermath of the Saradha scam, the Standing Committee of Finance (Committee) in its 21st report dated September 21, 2015 suggested the introduction of a comprehensive regulatory framework governing all entities engaged in activities involving acceptance of deposits from the public. While making this recommendation, the Committee observed that certain entities were engaged in financial as well as non-financial activities and therefore, it was difficult to identify the appropriate regulator for such entities. Such…
The Supreme Court’s decision in K. Sashidhar v. Indian Overseas Bank and Ors.[1]addressed a critical issue in the corporate insolvency resolution process (CIRP) – i.e. the scope of judicial scrutiny over a commercial decision taken by the committee of creditors (“CoC”) to approve or reject a resolution plan.…
  The Insurance Regulatory and Development Authority of India (IRDAI) notified the IRDAI (Insurance Brokers) Regulations, 2018 (Brokers Regulations) on January 12, 2018, repealing the erstwhile brokers regulations of 2013. This continues what is now considered an eventful financial year for the insurance regulatory space in India. The Brokers Regulations improved upon the existing framework for the governance and regulation of insurance brokers- who act as significant intermediaries in the insurance sector. IRDAI, under these…
  Upon commencement of the resolution process under the Insolvency and Bankruptcy Code, 2016 (Code), powers of the Board of Directors of the company stand suspended and are vested in and exercised by the resolution professional. While the directors are entitled to attend the meetings of the committee of creditors (COC) formed for the company, such directors have no voting rights. A question arose over whether the directors should be given copies of the resolution…
  Vital economic policy issues, such as Foreign Direct Investment (FDI) Policy have been announced through various Press Notes issued by the Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry. These Press Notes are not a product of legislative process, nor are they debated before Parliament, and yet they have far reaching consequences on economic policy.…
The authors instructed Mr. Tushar Mehta, Solicitor General of India, on behalf of the respondent Banks and Financial Institutions in the proceeding before the Supreme Court. The Supreme Court’s decision in Swiss Ribbons v. Union of India upholding the constitutionality of the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC or the Code) is a landmark in the development of the Code.…
The Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy (AYUSH) vide notification G.S.R. 1230(E) on December 21, 2018 has notified the Drugs and Cosmetics (Eleventh Amendment) Rules, 2018 (Amendment) ,which was subsequently published on December 24, 2018[1]. This Amendment seeks to regulate advertisements of Ayurvedic, Unani and Siddha drugs (ASU Drugs) in an attempt to curb misleading advertisements. This step has been taken in light of the government’s reaction to the recent increase…