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SEBI Introduces Guidelines for AIFs on Holding Investments in Dematerialised Form and Custodian Appointments

On January 5, 2024, Securities and Exchange Board of India (“SEBI”) had notified the SEBI (Alternative Investment Funds) (Amendment) Regulations, 2024 (“AIF Amendment Regulations”), which mandated Alternative Investment Funds (“AIFs”) to hold their investments in dematerialised form and required sponsors or managers of AIFs to appoint a custodian registered with SEBI for safekeeping of the […]

Supreme Court: Arbitration clauses in unstamped agreements enforceable, seven-judge bench overrules ‘NN Global’ decision

The Supreme Court, vide its judgment dated December 13, 2023, in the matter of Re: Interplay between Arbitration Agreements under the Arbitration and Conciliation Act 1996 and the Indian Stamp Act 1899 [Curative Petition (C) No. 44 of 2023 in Review Petition (C) No. 704 of 2021 in Civil Appeal No. 1599 of 2020 and […]

Legalaxy – Monthly Newsletter Series – Vol VIII – January, 2024

In the January edition of our monthly newsletter “Legalaxy”, our team analyses some of the key developments in securities market, banking and finance, telecom industry, information technology, and information and broadcasting. Below are the key highlights of the newsletter: Revolutionizing returns: SEBI introduces game-changing net distributable cash flow framework for REIT AND InvIT, sets a […]

Kerala High Court: An insolvency application filed by satisfying the statutory procedural requirements and without any defects, gives effect to moratorium, and mere uploading of an application cannot be taken as filing of an application under Section 96 of IBC

The Kerala High Court (“Kerala HC”), by its judgment pronounced on November 17, 2023, in the matter of Jeny Thankachan v. Union of India and Others [WP(C) No. 31502 of 2023], has held that the mere uploading of an application cannot be taken as filing of an application under Section 96 (Interim Moratorium) of the […]

NCLAT: An operational creditor who is a participant in meetings of the CoC has no right to seek a copy of the information memorandum

The National Company Law Appellate Tribunal, Principal Bench, New Delhi (“NCLAT”), in its order dated October 10, 2023, in the matter of Vinay Kumar Singhal, Resolution Professional for M/s. PG Advertising Private Limited v. Mahesh Bajaj [Comp. App. (AT) (Ins) No. 645 of 2023], has held that an operational creditor, who was merely a participant […]

Supreme Court: The constitutional validity of provisions of IBC pertaining to the personal guarantors upheld

The Supreme Court, in its judgement dated November 9, 2023, in the matter of Dilip B. Jiwrajka v. Union of India and Others [Writ Petition (Civil) No. 1281 of 2021] (decided along with multiple other similar tagged-along writ petitions on similar legal issue), has upheld the constitutional validity of provisions of the Insolvency and Bankruptcy […]