Commercial/Corporate

SEBI relaxes norms for acquisition of distressed companies

Securities and Exchange Board of India (“SEBI”) relaxed norms for acquiring shares of distressed companies by exempting such acquisition from the mandatory open offer requirements under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations,

PREMIUM CAN NOT BE PART OF CAPITAL EMPLOYED IN THE BUSINESS OF COMPANY

The Supreme Court in its recent judgment ruled that the premium amount collected by the Company on its issued share capital is not a part of the ‘capital employed in the business of the Company’

Insolvency Professional cannot play two roles viz.‘profession’ and ‘employment’ simultaneously

The Insolvency and Bankruptcy Board of India (“IBBI”), the regulatory body constituted under the Insolvency and Bankruptcy Code, 2016 (the “Code”), in its first order rejected an application for registering an Insolvency Professional (“IP”). The

Nomination Vs. Succession

In a recent judgement the High Court of Bombay in Shakti Yezdani v. Jayanand Jayant Salgaonkar [1]ruled that legal heirs and not the nominees will obtain the ownership rights of share certificates, effectively circumscribing the

SARFAESI – DRAT has no Power for Complete Waiver of the Deposit

In a recent judgment[1], the High Court of Bombay held that the Debt Recovery Appellate Tribunal (“DRAT”) had no power to completely waive the deposit required under section 18 of the Securitisation and Reconstruction of

Constitutionality of Section 56 of the Civil Procedure Code

The Bombay High Court recently dismissed a public interest litigation, which sought for a declaration that section 56 of the Code of Civil Procedure, 1908 (hereinafter referred to as the “Code”) was ultra vires being

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