Section 120B of IPC cannot be treated as a standalone offence to attract prosecution under PMLA: Supreme Court
Permissibility of Pledges: Decoding SEBI’s View
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Regulatory framework governing ‘foreign contributions’: Ambiguity leading to excessive stringency
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Supreme Court lays to rest the Most Favoured Nation Controversy
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#Cyril Amarchand Mangaldas
Dispute
Resolution
Section 120B of IPC cannot be treated as a standalone offence to attract prosecution under PMLA: Supreme Court
Introduction
In a recent judgement of Pavana Dibbur v. The Directorate Of Enforcement , the Hon’ble Supreme Court has held that the offence of criminal conspiracy punishable under Section 120B of the Indian Penal Code, 1860 (“IPC”), will be attributed as a scheduled offence under the Prevention of Money Laundering Act, 2002 (“PMLA / Act”), only if the alleged criminal conspiracy is associated with committing of a scheduled offence, i.e. an offence specifically included in the Schedule to the PMLA.
‘Quasi-judicial’ role of liquidators in
treating disputed claims under the IBC
Liquidator performs a quasi-judicial function
Liquidator cannot admit a disputed claim at a notional value of INR 1/-
Further differentiating the role and functions of an IRP/ RP and a liquidator, the Hon’ble Supreme Court in Swiss Ribbons (P) Ltd. v. Union of India observed that the function of a liquidator under Section 40 of the IBC, i.e., to determine the value of a claim, is quasi-judicial in nature. Similarly, the Hon’ble National Company Law Appellate Tribunal.
Drawing from the decision of the Hon’ble Supreme Court in Swiss Ribbons (supra), and also the IBC’s statutory scheme, it is evident that a liquidator cannot admit a contingent claim at a notional value of INR 1/- on the sole ground that such claim is sub-judice.
Section 120B of IPC cannot be treated as a standalone offence to attract prosecution under PMLA
Dispute Resolution
‘Quasi-judicial’ role of liquidators in treating disputed claims under the IBC
Dispute Resolution
The Imperative of Mandatory Furnishing of Written Grounds of Arrest
Dispute Resolution
Extension of Mandate of Arbitral Tribunal under Section 29A(4) of the Arbitration.
Dispute Resolution
The Imperative of Mandatory Furnishing of Written Grounds.
Dispute Resolution
Recent Updates
#Cyril Amarchand Mangaldas
India
Corporate Law
Permissibility of Pledges: Decoding SEBI’s View
Substantially the Whole of the Undertaking”
Section 180(1)(a) of the Companies Act 2013 (“2013 Act”) requires a company to obtain prior approval by a special resolution to sell, lease or dispose of the whole or substantially the whole of the undertaking of the company or, when the company owns more than one undertaking, of the whole or substantially the whole of any of such undertakings.
Recent amendments to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”), have introduced a ‘majority-of-minority’ approval requirement for alienation of undertakings by listed companies. This change has necessitated a renewed focus and understanding of thresholds and constructs prescribed under Section 180(1)(a) of the 2013 Act.
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#Cyril Amarchand Mangaldas
Private client
Regulatory framework governing ‘foreign contributions’: Ambiguity leading to excessive stringency
Personally Guaranteeing the Creditors’ Gain
One of the principle aims of the Insolvency and Bankruptcy Code, 2016 (“Code”) is resolution of insolvency of corporate persons, firms, and individuals in an effective, efficient and time bound manner.
Rule 3 (1) (f) of Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 (“Rules”) also defines a guarantor as a debtor who is a personal guarantor to a corporate debtor and in respect of whom guarantee has been invoked by the creditor and remains unpaid in full or part.
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SEBI Proposes Key Changes to the AIF Regime
The Securities Exchange Board of India (“SEBI”) has been actively updating the SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”) to strengthen the governance mechanism of alternative investment funds (“AIFs”) and bring in more transparency and accountability for market participants. The recent updates seem to be aimed at investor protection and ensuring compliance with the existing array of laws related to AIF Regulations.Rules, 2019 (“Rules”) also defines a guarantor as a debtor who is a personal guarantor to a corporate debtor and in respect of whom guarantee has been invoked by the creditor and remains unpaid in full or part.
HBO’s Succession: Reel-to-Real life lessons for Indian Family Businesses
#By Rishabh Shroff onMarch 24, 2023
“I’m not saying I’d make a better CEO. That’s unsaid.”
– Connor Roy
At the time of publication, we are just a few days away from the release of the final season of HBO’s highly acclaimed family business drama, Succession. For many viewers in India, the show’s portrayal of the perils and tribulations of running a family business hits uncomfortably close to home. Many would say this show is an example of art imitating life. Others may see it as a docudrama about their family business.
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