Earlier this month, Sobha Kapoor and Ekta Kapoor, part of the promoter group of Balaji Telefilms, faced shareholder ire when they failed to obtain the requisite votes on resolutions proposing pay increases for them. In recent months, several promoter-directors, including Siddharth Lal of Eicher Motors and Pawan Munjal of Hero MotoCorp, have faced similar situations. Clearly, large institutional shareholders - and public shareholders - are not taking kindly to promoter-directors upping their remuneration takeaways at a time when the prospects of business recovery are clouded by the anticipated third wave of the Covid-19 pandemic.
The Insolvencies and Companies Court of London high court on Monday declared fugitive business baron Vijay Mallya a bankrupt person as per UK laws. Legal experts explain what this means for 65-year old Mallya's personal liberties, his legal battle against extradition to India to face trial, and for the consortium of Indian lenders - at whose behest the bankruptcy proceedings were initiated in the UK courts.
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For India to invoke "sovereign" or "state" immunity to safeguard its foreign assets, which are under threat of getting seized in the intensifying legal battle with Cairn Energy, may come with several riders. Experts point out that the Indian government has to first satisfy the French court that the properties or assets that are under consideration are being used to dispense the state's sovereign functions.
'Devas will continue to pursue its rights and enforcement actions against India in courts around the world.'
The central bank's tough new rules spell major changes in the competitive landscape for financial services audits.
Experts explain the distinction between the rights of small and minority shareholders in public-listed and private companies.
The new definition under the Code of Wages, 2019, includes three components: basic pay, dearness allowance and retention payment.
Cairn Energy has threatened the Indian government that it is looking at executing the favourable $1.2 billion international tribunal award in the retrospective taxation case by seizing India's overseas assets.
Legal experts explain the implications of the latest twist in the Amazon-Reliance battle for billion-plus consumers' purse.
Choice of jurisdiction is important as that decides which country's law would apply in settlement of the dispute, says Sudipto Dey.
CCI decided to pursue investigation on two issues - these relate to "exclusivity regarding the mode of payment for the purchase of apps and in-app purchases" and "pre-installation and prominence of Google Pay on Android smartphones".
While Amazon is expected to approach either Mumbai or Delhi high court to enforce the interim order of SIAC, the Future Group, too, is likely to challenge the order. Legal experts also expect the Reliance group to expedite the process for regulatory clearances in the deal.
There is considerable speculation as to whether this award would have any bearing on another Vodafone-type case, namely, the ongoing tax-related arbitration proceedings with Cairn Energy.
Experts say it is difficult to determine country of origin where most products are manufactured and sold, as part of a complex global value chain.
Sebi's move to reduce time period required between subsequent QIPs to two weeks would help companies raise capital at regular intervals and time their share sale better.
The advent of artificial intelligence, blockchain technology and cryptocurrencies, and the increasing use of Internet of Things devices throw techno-legal challenges regarding privacy and security. Experts say, any expansion of power to the government to block web-services is detrimental to the interests of users, innovation, and India's larger technology ecosystem. The move to block the mobile apps is likely to have a lasting impact on the data security and privacy framework.
IBC-oriented pre-packs, the other mechanism under consideration, are a mix of out-of-court restructuring and a formal insolvency process, say experts.
In India, the drop was fuelled by the rupee's depreciation from around 71 to 75 a dollar during the quarter.
India doesn't have a data protection law or a dedicated law on cybersecurity. Also, there is no specialised law on privacy. Experts say this complicates the scenario for businesses as they continue to be liable for breach in client data even when employees work out of the home.
Tax experts say one of the most dispute-prone proposals is making "fraudulent availing" of input tax credit (ITC), without an invoice or bill, a cognizable and non-bailable offence.
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