India Corporate Law

A Cyril Amarchand Mangaldas Blog

Latest from India Corporate Law - Page 2

  With a view to monetise the operational national highways, the National Highway Authority of India (NHAI) introduced the Toll Operate and Transfer (TOT) model for partnership with private developers in the road sector. Under this model, NHAI passes on the toll collection rights and operation and maintenance obligations for 30 years to the private developer against payment of upfront, one-time, lump sum concession fees quoted by the private developer as part of the comprehensive…
The Indian Real Estate industry is experiencing a major overhaul on account of the strict implementation of the Real Estate (Regulation and Development), Act, 2016 (RERA), the Prohibition of Benami Property Transactions Act, 2016 (PBPT Act) and the Insolvency and Bankruptcy Code, 2016 (Insolvency Code). While implementation of RERA is gaining momentum across the country with each passing day, the State Real Estate Authorities (Regulator) established under the RERA have emerged as a powerful tool…
We are moving towards a data centric world, and “data is the new oil”[1]. And few would disagree that a key debate today in finance is ‘trust and privacy vs. using data for business growth’. As modern day businesses look to adapt themselves to generate revenue from customer related data, regulators across the world are grappling with the formulation of effective laws to regulate the data-driven economy. Given the relative novelty of the concept, regulators…
Unethical marketing practices have for long been a bone of contention for the Government as well as patient right groups. Time and again, the pharmaceutical industry has been accused of adopting questionable practices in relation to the marketing of their products. The main focus of attention in this respect has been suspect interactions between pharmaceutical companies and healthcare practitioners/ providers (“HCPs”). So much so that the Draft Pharmaceutical Policy,2017[1] also notes that unethical practices deployed…
  In its judgment dated September 20, 2018, the Supreme Court of India (SC), in the matter of Rajasthan State Road Transport Corporation, Jaipur vs. Shri Phool Chand[1] (Phool Chand) has ruled on a worker’s (workmen as per Industrial Disputes Act, 1947) entitlement to back-wages, if he/she his reinstated. Under Indian labour and industrial laws, the provisions pertaining to a worker’s entitlement to back-wages is covered under the legal regime of Industrial Disputes Act, 1947…
The Supreme Court of India has held Section 377 of the Indian Penal Code, 1860 (IPC) to be unconstitutional, in so far as it penalises any consensual sexual relationship between two adults, be it homosexuals, heterosexuals or lesbians (Navtej Singh Johar v. Union of India and Ors. (2018) (Johar Judgment). By way of this landmark judgment, the Supreme Court has overruled its earlier decision in Suresh Kumar Koushal v. Naz Foundation (2013), whereby, the validity…
Last week, the Supreme Court issued its decision in the case of Union of India v. Hardy Exploration and Production (India) Inc[1]. The much-anticipated decision attempts to provide clarity on the venue-seat conundrum in arbitration cases — cases where an arbitration agreement fails to specify the ‘seat’ of an arbitration but does specify a ‘venue’.…
A question that has often come up since the Companies Act, 2013 (the 2013 Act) came into force is how will proceedings ongoing before the High Courts be transferred to the National Companies Law Tribunal (NCLT)? Section 434(1)(c) of the 2013 Act deals with transfer of “all proceedings” under the Companies Act, 1956[1] to the NCLT. For winding up proceedings, this provision states that only such proceedings relating to winding up, which are at a…
The Indian Pharmaceutical industry is in its prime phase of growth today at 11-12% per year. While exports occupy a huge chunk, the country meets nearly 95% of its own domestic demands through indigenous production and the domestic retail market is growing by leaps and bounds. Sale of drugs in India is currently governed by the Drugs and Cosmetics Act, 1940 (D&C Act) and the Drugs and Cosmetics Rules, 1945 (D&C Rules). At present, the…
Section 42 of the Companies Act, 2013 read with Rule 14 of the Companies (Prospectus and Allotment of Securities) Rules, 2014 are substantive provisions for regulating private placements by Indian companies. These provisions are, of course, in addition to applicable regulations prescribed by the Securities and Exchange Board of India (“SEBI”) for listed companies. Recently, both Section 42 and Rule 14 have undergone amendments by way of the Companies (Amendment) Act, 2017 and the Companies…