Mathew Chacko

Nikita Goyal Joins Shardul Amarchand Mangaldas & Co As Partner In General Corporate Practice Nikita has over a decade long experience and has represented a wide range of funds and corporates in their India and international, investments and acquisitions Read More: https://lnkd.in/dMb5TASc Annurag Batra Ashima Ohri BW Businessworld exchange4media #LawFirmNews #LegalNews #Partner #CorporateLaw

135

2 Comments

Partner Areness Ms. Anjali Jain commends the Insolvency & Bankruptcy Board of India (IBBI) initiative to ease the compliance burden on debt resolution professionals, allowing them to focus on creating effective rescue plans for distressed companies, sharing her views with the LiveMint Journalist Gireesh Chandra Prasad. The IBBI proposes reducing the number of forms, simplifying the reporting process, and consolidating various reporting systems into a centralized portal. This streamlined approach aims to eliminate duplication and enhance efficiency, ultimately improving the outcomes of debt resolutions under the bankruptcy code. With monthly compliance replacing restrictive timelines, professionals can now manage their assignments more effectively, driving substantial improvements in rescuing distressed companies. Read the full story here: https://lnkd.in/gK2N5ixa #ibbi #areness #law #insolvencyandbankruptcy #legal #arenesslaw #insights #livemint #partner #insolvency #bankruptcy

13

Waterfall Mechanism: Basic structure of the Insolvency and Bankruptcy Code, 2016 – By Harshit Gupta, Advocate at Aeddhaas Legal It can be concluded that a little deviation from the waterfall mechanism can create conundrum between the legislative intent and effectiveness of the law. The deviation leads to prolonged litigation and takes valuable time of courts and tribunals. Safeguarding the interests of stakeholders must not jeopardize the effectiveness of the insolvency resolution process. Any interventions by the judiciary or legislature should be cautious not to disrupt the delicate balance established under the #IBC through thorough deliberation. Incremental weakening of the Section 53 increases risks destabilizing the fundamental principles of the IBC. https://lnkd.in/gUaJuyhK

18

2 Comments

The Bombay High Court is set to examine critical questions regarding the revocation of probate under Section 263 of the Indian Succession Act, 1925. Justice Manish Pitale has referred important questions to a larger Bench, questioning whether the grounds for revoking or annulling probate under Section 263 are exhaustive or merely illustrative. 𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬: ➤The examination will determine whether explanations (a) to (e) under Section 263 are exhaustive or illustrative in defining "just cause" and if circumstances not covered under these explanations can still constitute "just cause." ➤ Additionally, the court will assess whether past judgments accurately reflect the law on this matter. ➤ The probate involved Rajesh Chowdhary's assets, which his brother contested due to suspicious circumstances and procedural lapses. Both parties cited conflicting judgments. ➤ Justice Pitale viewed Section 263's explanations as illustrative, aligning with the Supreme Court's stance. ➤ A larger Bench will now provide an authoritative ruling. The probate is stayed until the final decision. This examination could significantly impact the legal landscape regarding the revocation of probate, potentially broadening the scope for what constitutes "just cause." Stay tuned for further updates as the larger Bench addresses these crucial legal questions! #LegalUpdate #BombayHighCourt #ProbateLaw #IndianSuccessionAct #LegalNews #LawFirm #PeritumPartners

20

'Proceedings still at a nascent stage'; Delhi High Court transfers case for winding up of company to NCLT Read More Here- https://lnkd.in/gy4Y-8yT #DelhiHighCourt #CompaniesAct #ForeignCompany #JusticeDharmeshSharma #Nascentstage #NCLT #transferofcase #Windingupofcompany #windingupproceedings #scconline #SCC #legalnews #legalknowledge #scctimes #legalblog #legalupdates #lawstudent #legalresearch #legalstudies #surestwaytolegalresearch #bringingyouthebestlegalnews

6

🤓🤫SEBI – JAMES BOND 007 / HAVING “SLEEPER CELLS” IN THE ISSUER ENTITY!!! 2. THE LLP ACT MAY BE AMENDED TO RESTRICT THE MAXIMUM NUMBER OF PARTNERS IN A LLP TO- SAY 200- OTHER THAN LLPs of PROFESSIONLS WHERE ALL PARTNERS ARE  PROFESSIONALS -Excerpts from the Order : 1CONTENTION OF THE ISSUER ENTITY : AN OFFICIAL OF SEBI ACTIVELY PARTICIPATED IN THE ALLEGED SCHEME BY BECOMING A PARTNER IN ZF PROJECT 1 LLP BY CREATING HIS PROFILE FIRST ON JULY 24, 2023, AND SUBSEQUENTLY, BECOMING A PARTNER ON OCTOBER 20, 2023 AND CONTRIBUTING ₹5,000/- (FROM ACCOUNT WITH STATE BANK OF INDIA HAVING ACCOUNT NO. AS 30*******55) IN ORDER TO OBTAIN ALL THE DOCUMENTATION AND COMMUNICATIONS, WHICH WERE DULY PROVIDED BY THE ENTITIES. The SEBI Officer also received benefits of ₹98.63 on December 31, 2023 pursuant to his contribution;  The SEBI Officer, perhaps under the instructions of the Whole Time Member, became a member and is a partner till date. The Entities have transparently provided all information and documents to the SEBI Officer as they would to any of the other partners;  The Entities were astonished as to why the SEBI Officer and the Competent Authorities never questioned or alerted the Entities in respect of any alleged misdoing by the Entities   VIEWS OF THE SEBI WTM IN ITS ORDER ON THE ABOVE CLAIM The Entities have contended that in view of the participation of SEBI official in one of the plans offered through the Growpital Platform, the proceedings against the Entities are tainted with bias, illegality and extraneous motives. In this regard, I note that the SEBI official had received a communication questioning the activities being undertaken through the Growpital platform. During the course of the examination, it appeared that the Entity had already raised funds of over ₹100 crores; however, details regarding the flow of funds was not available in the public domain. THE PARTICIPATION OF THE SEBI OFFICIAL IN THE SCHEME OFFERED BY THE ENTITIES WAS FOR THE PURPOSE OF GAINING AN INSIGHT INTO BUSINESS MODEL BEING ADOPTED BY THE ENTITIES. Accordingly, the then minimum investment amount required to invest in any plan offered through the Growpital Platform, i.e., ₹ 5000 was invested by the SEBI official in the plan. The return of ₹98.63 to the SEBI official is also not material. Given the insignificance of the amount involved, the allegations of bias and conflict do not hold any merit and only appear to be an attempt to digress the focus from the core issue of the nature of activities being undertaken by the Entities.  2.NUMBER OF PARTNERS IN THE LLP “It is also not disputed that the investors/ partners involved also numbered over 5,200” JUNE 17 1348 HRS

30

𝐔𝐧𝐢𝐨𝐧 𝐁𝐮𝐝𝐠𝐞𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 Firm's Restructuring and Insolvency Law Partner, Abhishek Swaroop shares his thoughts on the Budget 2024. #unionbudget2024 #budgetanalysis #digitalindia #technology #technologylaw #tmt #AI #artificalintelligence #easeofdoingbusiness #sarafandpartners #lawyers #expertopinion #industryexperts #FinancialBudget #taxlaw #insolvencylaw #restructuring #IBC #fullservicelawfirm #indianlawyer #indianbudget #budget2024

42

GameChanger Law Advisors Facilitates Speciale Invest’s ₹23 Crore Investment in Morphing Machines The transaction team consisted of Amrut Joshi (Founder Partner), Samheeta Rao (Senior Partner) and Dia S. (Associate). Read more: https://lnkd.in/eGtyv6D7 #thecourtroom #dealannouncement #legalupdates #investment #lawfirmnews

12

Our Partner Anoop Rawat along with Associate Devansh Rathi, in an article published in The Economic Times share their take on the Budget expectations around the insolvency norms.   The article discusses the inception of the Insolvency and Bankruptcy Code, 2016 which has witnessed not only a paradigm shift from the conventional 'debtor in possession' to a progressive 'creditor in control' but has also produced desirable results under the new statutory debt resolution regime. With its proposed amendment, it is expected that the Code will introduce not only certain new concepts/ principles to provide for a swifter resolution but will also ameliorate certain existing provisions that will mark a departure from its traditional labyrinthine processes to a more streamlined and effective framework. https://lnkd.in/gufMiKH9 #ibc #insolvency #bankruptcy #Code #debtor #resolution #framework #views

59

Our Senior Partner, Sumit Ghoshal, Partners, Aman Gera and Shagun Badhwar, and Associate, Somya Pant, write on the order passed by the Supreme Court of India in the matter of Indian Medical Association & Anr. v. Union of India & Ors. (Writ Petition (Civil) No. 645 / 2022) ("Order") which has caused a massive stir in the recent past and has far reaching implications for the entire advertising ecosystem. The Order, amongst other things, deals with the issue of misleading advertisements and responsibility of advertisers, advertising agencies and endorsers. In their article "Self-Declaration for Advertisements – Genuine Safeguard or Cosmetic Compliance?", our authors have provided insights into the directions passed in the Order vis-à-vis the mandate of self-declaration for advertisements, corresponding impact on the relevant stakeholders and its usefulness in combating misleading advertisements.   Please click on the following link to read the article: https://lnkd.in/dr_tJCBE   #advertising #selfdeclaration #misleadingadvertisements AZB & Partners

101

1 Comment

Clarifying Legal Boundaries: Key Takeaways On Arbitration Limitation Periods In Current Practice Authored by: Gunita Pahwa, Joint Managing Partner & Shikhar Agarwal, Principal Associate, S&A Law Offices Read More: https://lnkd.in/gSrBcWpw Annurag Batra Ashima Ohri BW Businessworld exchange4media #LawFirm #LegalNews #Arbitration

45

🤔AMALGAMATION WITH APPOINTED DATE - PRIOR TO LISTING DATE : NEED TO PLUG THE LOOPHOLES IN THE SEBI ICDR REGULATIONS : A newly listed company ( DATE OF LISTING AUG 23 2023), HAS ANNOUNCED ON FEB 6, 2024 ( WITHIN 8 MONTHS OF LISTING ) a Scheme of amalgamation  with itself  of four of its wholly owned subsidiary companies ( so no issue of fresh shares involved ) and a fifth company ( fresh issue of shares by the listed co - involved as a result of the merger). The issue price of the equity shares of Re 1 each was at Rs 187 per share THE APPOINTED DATE FOR THE SCHEME IS APRIL 1 2023 ( 4 MONTHS PRIOR TO ITS LISTING IN SES). The Registered Valuer for the purpose has been APPOINTED BY THE BOARD ON DECEMBER 11,2023- WITHIN 4 MONTHS FROM LISTING ( as per the RV certificate dated February 5 2024) SHOULD THE SEBI ICDR REGUALTIONS NOT PROHIBIT SUCH MAJOR RESTRUCTRING FOR A REASONABLE PERIOD FROM THE DATE OF LISTING OF THE EQUITY SHARES WITH SEs. SEBI MAY PERHAPS PRESCRIBE A DECLARATION TO BE MADE BY ISSUER COMPANIES IN THE PROSPECTUS THAT THE ISSUER COMPANY SHALL NOT COME OUT WITH ANY RESTRUCTURING FOR A PERIOD OF SAY, 2YEARS FROM THE DATE OF LISTING OF ITS EQUITY SHARES (notwithstanding the subclause 6 of the R 37 of the SEBI LODR Regulations) NOW , let’s see how the SEs and SEBI consider the application by the listed company for their approval in terms of R37 of SEBI LODR Regulations April 18 1205 hrs

17

5 Comments

Court is required to look only into existence of the arbitration clause at the stage of appointing arbitrator u/s 11 of Arbitration Act: Jharkhand HC Reported by Arushi Pandey Read More Here- https://lnkd.in/g9zUne8J #JharkhandHighCourt #Appointmentofarbitrator #arbitrationandconciliationact #arbitrationclause #Section11ofArbitrationAct #SoleArbitrator #scconline #SCC #legalnews #legalknowledge #scctimes #legalblog #legalupdates #lawstudent #legalresearch #legalstudies #surestwaytolegalresearch #bringingyouthebestlegalnews

4

We are pleased to share that Fox & Mandal has been recognised as a winner in the 𝗟𝗮𝗯𝗼𝘂𝗿 & 𝗘𝗺𝗽𝗹𝗼𝘆𝗺𝗲𝗻𝘁 category for the 𝗜𝗻𝗱𝗶𝗮𝗻 𝗟𝗮𝘄 𝗙𝗶𝗿𝗺 𝗔𝘄𝗮𝗿𝗱𝘀 𝟮𝟬𝟮𝟰, presented by the India Business Law Journal #awardwinningfirm #recognition #achievement #laabourandemployment #indianlawfirmawards #iblj #Foxandmandal #FoxandMandal #128YearsofFoxandMandal

155

1 Comment

Partner Areness Ms. Anjali Jain commends the Insolvency & Bankruptcy Board of India (IBBI) initiative to ease the compliance burden on debt resolution professionals, allowing them to focus on creating effective rescue plans for distressed companies, sharing her views with the LiveMint Journalist Gireesh Chandra Prasad. The IBBI proposes reducing the number of forms, simplifying the reporting process, and consolidating various reporting systems into a centralized portal. This streamlined approach aims to eliminate duplication and enhance efficiency, ultimately improving the outcomes of debt resolutions under the bankruptcy code. With monthly compliance replacing restrictive timelines, professionals can now manage their assignments more effectively, driving substantial improvements in rescuing distressed companies. Read the full story here: https://lnkd.in/gK2N5ixa   #ibbi #areness #law #insolvencyandbankruptcy #legal #arenesslaw #insights #livemint #partner #insolvency #bankruptcy

12