Maritime Transport Service Providers Penalized For Cartelization In India

The Competition Commission of India (CCI) passed its final order on January 20, 2022, in a sou motu Case No. 10 of 2014 [available on: https://www.cci.gov.in/sites/default/files/10-of-2014.pdf] imposing penalties against four (4) maritime motor transport companies and their employees (those that were responsible) - Nippon Yusen Kabushiki Kaisha (NYK Line), Kawasaki Kisen Kaisha (K-Line), Mitsui OSK Lines (MOL) and Nissan Motor Car Carrier Co (NMCC), for cartelizing in the market of...

Nidhi Rekhan Vs. M/S Samyak Projects Private Limited: Settling The Dust On "Speculative Investors"?

a) Brief Background On 31st January 2022, the Principal Bench of the Hon'ble National Company Law Appellate Tribunal ("NCLAT") finally settled the dust regarding the very conflicted positioning of "Speculative Investors" under the framework of the Insolvency and Bankruptcy Code, 2016 ("I&B Code"). But before we delve into the facts of the case, it is pertinent to understand the existing jurisprudence of speculative investors under the framework of I&B Code, to be...

Intermediary Services Under Goods And Services Tax Act

The concept of Intermediary services was embodied in Goods and Services Tax Act from the Service Tax regime. "Intermediary" has been defined under section 2(13) of Integrated Goods and Services Tax Act, 2017 (hereinafter referred as the Act) as under- "Intermediary means a broker, an agent or any other person, by whatever name called, who arranges or facilitates the supply of goods or services or both, or securities, between two or more persons, but does not include a person who...

Diverse Facets Of Construction Arbitration And Best Practices

CONSPECTUS:-The Construction Industry in India is increasing with each passing day because of the increased developmental and other infrastructure activities which is carried out by the Government and the private sector in India. Therefore, it is believed that the Construction industry is one industry which cannot be squeezed into water tight compartment or which can be compressed into one domain. This is an industry which is associated, linked and connected with other industries and...

Game On, Rules Unclear!

The Maze:The Sports (Online Gaming and Prevention of Fraud) Bill, 2018 ("Sports Bill") was introduced in Lok Sabha on December 28, 2018, with an aim to prevent and penalize sports fraud, and establish regulatory mechanism for the online gaming sector, which has thereafter lapsed. Meanwhile, the ambiguities with respect to the legal framework of online gaming continues to persist.Presently, All India Gaming Federation ("AIGF") and Federation of Indian Fantasy Sports ("FIFS") are the...

Multi Regulator Approach To Misleading Advertisements

Central Consumer Protection AuthorityThe Consumer Protection Act, 2019 ("CPA") defines misleading advertisements as advertisements which "falsely describe the product or service; give a false guarantee or is likely to mislead the consumers as to the nature, substance, quality or quantity of such productor service; or deliberately conceals important information about the product or service." The Central Consumer Protection Authority ("CCPA") has been set up to be the watchdog of consumer...

Banning Or Regulating Cryptocurrency-Where Is India headed?

The cryptocurrency players eagerly waiting and hoping to see a positive decision from the Government of India that could allow investing and trading in cryptocurrencies with some restrictions, might have to wait a bit longer. 'The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021' scheduled to be tabled this winter session in the Parliament, could not see the light of the day. The bill was created with the mindset to create a facilitative framework for creation of...

Investor Or Creditor? – The SEBI V. IBC Battle

The Insolvency and Bankruptcy Code ("IBC") was introduced in India in order to consolidate laws relating to reorganisation and insolvency resolution. However, the revolutionary legislation has been at odds with some of the pre-existing or contemporary financial legislations such as the Prevention of Money Laundering Act, 2002 ("PMLA"), the Maharashtra Relief Undertakings (Special Provisions Act), 1958 the Real Estate (Regulation and Development) Act, 2016 and most recently the novice law...

Applications By Financial And Operational Creditors On The Basis Of Decrees Or Awards - Tracing The Evolution Of The Judicial Position

There cannot be any doubt about the fact that the Insolvency and Bankruptcy Code, 2016 ('the Code') has been a truly ground-breaking piece of legislation in the Indian judicial perspective. A rich body of precedents have already been laid down, in the short span of five years or so from the time the Code came into existence, by the judicial authorities, touching upon various issues that have emanated with regard to the interpretation of various provisions of the Code. However, certain...

Revisiting "Legally Enforceable Debt" & "Security" Under The Negotiable Instruments Act, 1881

In the recent judgment by the Hon'ble Supreme Court of India - Sunil Todi vs State of Gujarat[1], the Court rendered clarity inter-alia on whether the dishonour of cheque furnished as "security" would be covered under the provisions of Section 138 of the Negotiable Instruments Act, 1881 ("NIA"). This article highlights certain key aspects with respect to the principle of legally enforceable debt or other liability as per the Section 138 of the NIA in the light of judgments with...

Passing Of Resolution By Circulation By Directors

The term "resolution" has not been specifically defined under the Companies Act 2013 ("Act"). The "resolution" refers to formal decision of a meeting on a particular item placed before the meeting. Generally, resolutions are passed at a meeting but the Act also permits passing of resolutions by directors by circulation. Except for certain specified matters, Board resolution may be passed by circulation in all the matters. Requirements for passing of resolution by circulation: The ...

Predicate Offence: Myth Or Reality Under Prevention Of Money Laundering Act, 2002

To protect the economy of nations, it was felt internationally that the process of money laundering be made an offence and laws be made at the national level, by nations to curb this menace, identify the properties involved in money laundering, confiscate them and punish the offenders to create deterrence among others, thinking of indulging in same. In furtherance of the same, the political declaration & global programme of action adopted by the United Nations, General Assembly, by its...