Corporate Law

The Bharatiya Nyaya Sanhita Bill, 2023 ("New IPC Bill"), the proposed successor to the existing Indian Penal Code, 1860 ("IPC") was introduced in the Lok Sabha on August 11, 2023. The Bill was tabled along with two other bills: (1) Bharatiya Nagarik Suraksha Sanhita Bill, 2023; and (2) Bharatiya Sakshya Bill, 2023 intended to replace the Code of Criminal Procedure, 1973 and the Indian Evidence Act, 1872 respectively. ......

The High Court of Telangana, in its judgment dated August 24, 2023 in the case of M/s GMR Spintex Private Limited, rep. by its Director v The Regional Director, Ministry of Corporate Affairs , upheld an order passed by the Ministry of Corporate Affairs, where, it directed the change of name of a company on the grounds that it may cause confusion and deception. ......

The Securities and Exchange Board of India ("SEBI"), by way of its notification dated June 14, 2023, amended the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("LODR Regulations"). Through this amendment, the SEBI introduced a crucial, timely and rather unique requirement for the top 100 and top 250 listed entities in India to address market rumours. ......

A Canadian court recently encountered an intriguing case regarding contract law where it had to determine whether the use of the "thumbs-up" emoji (👍) in a contract constituted a valid acceptance of the contract. In this unique case, Justice T. J. Keene acknowledged that the thumbs-up (👍) emoji is an unconventional way of "signing" a document, but only under the circumstances where it conveyed both the identity of the signatory and acceptance of the flax contract. ......

Recently, on June 15, 2023, the Supreme Court of India upheld the largely disproportionate allotment of shares in favour of one group of shareholders of a private limited company, thereby leading to a substantially increased shareholding percentage of such group over the other group of shareholders. ......

The Ministry of Corporate Affairs, vide a notification dated May 15, 2023, notified the Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2023 ("Amended Rules") to streamline certain parts of extant merger and amalgamation process under the Companies Act, 2013 ("Companies Act"); and consequently amend the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016. ......

The Supreme Court ("SC") recently held that a writ court ordinarily should not interfere in matters relating to tender or contract. It further opined that a writ court should exercise caution when attempting to impose its decision on an employer regarding the acceptance or rejection of a tender bid, unless there is a glaringly obvious and significant issue that is brought to light. ......

The Ministry of Corporate Affairs ("MCA") vide its notification dated March 17, 2023 established the Centre for Processing Accelerated Corporate Exit ("C-PACE") to facilitate and speed up the process of voluntary closure of business of companies by removal of their names from the register of companies. ......

Consumer protection laws are designed to safeguard the interests of consumers and ensure that their rights are protected in case of any deficiency in the goods or services provided to them. In India, the Consumer Protection Act, 2019 is a significant legislation that aims to protect the interests of the consumers and to establish an efficient mechanism for the redressal of consumer disputes. ......