Tag Archives: LexCounsel

ILN Today Post

FORCE MAJEURE AND CORONAVIRUS: FREQUENTLY ASKED QUESTIONS

Part 1: Force Majeure and Suspension/Termination of Contracts

Coronavirus (COVID-19) is turning out to be a twin fold pandemic – that started with affecting public health and soon spread throughout the economy. Sudden global shutdown and travel restrictions have brought the economy to a screeching halt, before most of us could even comprehend the real impact. Many businesses are still at a loss and are only doing a guesswork regarding the magnitude of potential losses and recalibration needed for the businesses to survive this time, and remain viable.

Read full article
ILN Today Post

Can Virtual Currency Platforms Operate in India – Supreme Court’s Recent Judgement

The crypto-currency platforms have been subjected to various governmental actions in the past without the virtual currencies being banned in India. In a huge relief to the crypto-currency exchanges and platforms, the Supreme Court of India in its recent judgment in the matter of Internet and Mobile Association of India vs. Reserve Bank of India [Writ Petition (Civil) No. 528 of 2018], set aside the Reserve Bank of India’s (RBI) circular restricting the dealing in virtual currencies and/or operating the virtual currency exchange in India.

Background:

RBI issued a ‘Statement on Developmental and Regulatory Policies’ on April 5, 2018 (RBI Statement), which inter alia directed the entities regulated by the RBI (a) not to deal with or provide services to any individual or business entities dealing with or settling virtual currencies; and (b) to exit the relationship, in case such relationship exists, with such individuals/business entities, dealing with or settling virtual currencies.

Read full article
ILN Today Post

LIQUIDATED DAMAGES CANNOT TRIGGER INSOLVENCY PROCEEDINGS

JudgmentGujarat Urja Vikas Nigam Limited vs Nitash Co-generation Private Limited

Forum: National Company Law Tribunal, Mumbai Bench (“NCLT”).

Act/Law: The Insolvency and Bankruptcy Code, 2016 (“Code”).

Ratio: Claim for “Liquidated Damages” cannot trigger insolvency proceedings, unless adjudicated upon by a court of law. Proceedings under the Code are not for ascertaining or crystallizing the quantum of damages.

Read full article
ILN Today Post

MCA Opens a New Way Out for an Old Problem – Squeezing Out the Minority Shareholders from a Company.

The Ministry of Corporate Affairs, Government of India (“MCA”) vide its Notification dated February 3, 2020, has brought into effect the eagerly anticipated sub-sections (11) and (12) of the Section 230 of the Companies Act, 2013 (“CA2013”). These provisions facilitate the takeover of the company/squeezing out the minority shareholders under a scheme of compromise/arrangement. While the remaining provisions of Section 230 of the CA2013, and for that matter the whole Chapter XV of the CA2013 relating to compromise, arrangements and amalgamations, were brought into effect in the year 2016, it has taken the MCA well over 3 (three) years to notify these key provisions.

Read full article
ILN Today Post

Enforcement of Foreign Judgments in India – Inclusion of UAE as a Reciprocating Territory

The Ministry of Law and Justice, Government of India vide its Notification dated January 17, 2020 (“Notification”) declared United Arab Emirates (“UAE”) a “reciprocating territory” for the purposes of enforcing foreign civil decrees in India. The declaration has been made by the Indian government in exercise of powers under Explanation 1 appended to Section 44A, Code of Civil Procedure, 1908 (“CPC”). Pursuant to the Notification, decrees passed by the courts in UAE are now executable in India as if they were passed in India.

Read full article
ILN Today Post

FEMA Overhaul and Bifurcation of Debt and Non- Debt Instruments

The Finance Act of 2015 had proposed certain amendments to the Foreign Exchange Management Act, 1999 (“FEMA”). After a long delay, the amendments have finally been notified by the Central Government on October 15, 2019. Pursuant to the notification, the Central Government issued the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 (“NDI Rules”) and Foreign Exchange Management (Non-debt Instruments) (Amendment) Rules, 2019 (“Amendment Rules”) (collectively referred to as “Rules”) and the RBI issued the Foreign Exchange Management (Debt Instrument) Regulations, 2019 (“Debt Regulations”) and the Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019.

Read full article
ILN Today Post

LexCounsel, Law Offices awarded ‘The Dispute Resolution Law Firm of the Year’

We are delighted to share with you that LexCounsel, Law Offices has been awarded ‘The Dispute Resolution Law Firm of the Year’ at the BW Legal World-Global Legal Summit and Awards-2019. The Dispute Resolution Team led by Mr. Alishan Naqvee, Co-Founder accepted the award at the ceremony.

Ms. Seema Jhingan, Co-Founder of the Firm has also been awarded as ‘The Partner of the Year – Overall’ at the same event.

Read full article
ILN Today Post

Disqualification of Directors – An Update

The Hon’ble High Court of Delhi in a recent judgment dated November 04, 2019 in the matter of Mukut Pathak & Ors. vs. Union of India and Anr. [W.P.(C) 9088/2018 & CM Appln. No. 35006/2018] interpreted the provisions of Section 164(2) of the Companies Act, 2013 (“CA 2013”) in detail including disqualification of directors, retrospective applicability of the section and applicability of principles of natural justice and discussed its consequent repercussions under Section 167(1) of the CA 2013.

Read full article
ILN Today Post

GLOBAL TAKE-DOWN OF DEFAMATORY CONTENT BY ONLINE PLATFORMS

An intense international debate is on relating to merits of global blocking of offensive and defamatory content including any URLs/web links/videos uploaded from global domains by online platforms such as Facebook Inc., Google Inc., YouTube LLC, Google Plus, Twitter etc. (the “Online Platforms”). This interesting issue was recently considered in detail by the Hon’ble Delhi High Court in the matter of Swami Ramdev and Anr. vs. Facebook, Inc. and Ors. [CS(OS) 27/2019].

Facts of the Case: The petitioner Swami Ramdev approached the Delhi High Court to inter alia seek a permanent and mandatory injunction against the Online Platforms for disseminating various defamatory remarks and information including videos, based on a book titled “Godman to Tycoon – The Untold Story of Baba Ramdev”. Though an interim order was granted by the Delhi High Court on January 24, 2019, directing removal of the offending URL and weblinks for the Indian domain, the question whether the said content was to be blocked globally was deferred for determination. The Court thereafter separately considered “what would constitute removal or disabling access within the meaning of section 79 of the Information Technology Act, 2000 (“IT Act”)? And can removal or disabling access be geographically limited or should it be global?”.

Read full article
ILN Today Post

Mandatory to Give Reasons for Refusal of Trade Mark Registration

In a recent judgement delivered by the Delhi High Court vide its order dated October 16, 2019 in the case of Intellectual Property Attorneys Association vs The Controller General of Patents, Designs & Trade Marks & Anr. [W.P.(C) 3851/2019], the High Court has observed and clarified that the Registrar of Trade Marks (“Registrar”) is duty bound to send a copy of the order containing the grounds for conditional acceptance or refusal of the application for registration of trade marks under the Trade Marks Act, 1999 (“Act”).

Read full article