Corporate Law

Corporate Law

Data Protection or Data Localisation

How many times have all of us promptly shared personal information such as our name, age, mobile number, email address, home address, date of birth and other information that can personally identify us? We have shared such information in restaurants, shopping malls, feedback forms and numerous other such places. ...
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Tata’s tata to Mistry? Not if the NCLAT has anyth...

Legacies, while the sturdiest, are often the most vulnerable to that harsh cousin of time, change. The battle royale being played out between Tata Sons and Cyrus Mistry, of the Shapoorji Pallonji Group, certainly seems to echo the thought, and is being closely monitored, as the outcome will set the way forward for one of the biggest conglomerates in India....
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The Supreme Court on belated filing of Revised Returns ...

In a recent judgment delivered by Hon’ble Judge Indu Malhotra in the case of Dalmia Power Limited and Ors. Vs. The Assistant Commissioner of Income Tax, Circle 1, Trichy[1], the Supreme Court of India ("Court") upheld the validity of filing of revised returns by an amalgamated company beyond the time limit prescribed under the Income Tax Act, 1961 ("IT Act")....
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Constitutionality of Section 87 of The Arbitration and ...

Ever since India was ranked at 178 out of 189 nations in the world in contract enforcement, the government has attempted to take different steps to facilitate quick enforcement of contracts and hasten the process of dispute resolution through arbitration, so as to encourage investment and economic activity. As part of these measures to change the country’s image with regard to contract enforcement, the government has made amendments to the Arbitration and Conciliation Act, 1996 (“Act”)with the most recent amendment coming into effect on August 30, 2019 (“2019 Amendment Act”)....
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Interested Persons Cannot Appoint Sole Arbitrator

Rule against bias is one of the fundamental principles of natural justice which applies to all proceedings, compliance with which is the pivot point of a judicial process. This principle has been reinforced by the Supreme Court of India, on November 26, 2019, in the case of Perkins Eastman Architects DPC v. HSCC (India) Limited ,wherein the Apex Court reiterated that a person who has an interest in the outcome or decision of the dispute must not have the power to appoint a sole arbitrator....

Benefits to Gigworkers – Code on Social Security, 2019

The gig economy in India has been growing at breakneck speed. A recent study ‘Professional Gig Economy 2018-19 Report Card’ undertaken by Flexing It, a gig platform has revealed that as many as 72% of all gig projects were in large corporates and professional services firms in 2018-19 compared with 52% two years back. Plus, most of the professional gig economy segments have seen growth double in two years....

Personal Data Protection Bill passed by the Cabinet

The much anticipated Personal Data Protection Bill, 2019("Bill") finally gathered the Cabinet's approval on December 04, 2019, therefore setting the stage for it to be tabled in front of the Parliament in the current winter session....
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New Rules bring Financial Service Providers under the a...

The Ministry of Corporate Affairs ("MCA") vide its press release dated November 15, 2019 has notified the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 ("Rules"). The Rules provide a framework for the insolvency and liquidation proceedings of systematically important Financial Service Providers ("FSPs") excluding banks. ...

Related Party Transactions: How Close is too Close?

Related party transactions have once again found themselves the subject of public scrutiny due to occurrences at InterGlobe Aviation Limited ("Interglobe"), which runs and operates the low-cost airline Indigo. Interglobe has been facing stormy weather following a dispute between its promoters, Rakesh Gangwal and Rahul Bhatia. Since mid-2018 the feud between both promoters has snowballed into a very public feud. While there are several contentious issues on which the promoters disagree, one of the main reasons for their public fallout has been over related party transactions. In 2018, Rakesh Gangwal flagged and alleged that Interglobe has entered into related party transactions with several companies associated with Rahul Bhatia, a charge that the latter insists is mala fide. ...