The Supreme Court, vide its judgment dated December 14, 2023, in the matter of Shakti Yezdani and Another v. Jayanand Jayant Salgaonkar and Others [Civil Appeal No. 7107 of 2017], held that the Companies Act, 1956 (“CA, 1956”) does not deal with the law of succession nor does it override the laws of succession and […]
In the February edition of our monthly newsletter “Legalaxy”, our team analyses some of the key developments in securities market, banking and finance, pharmaceuticals, labour, mining, power, and renewable energy. Below are the key highlights of the newsletter: SEBI introduces guidelines for AIFs on holding investments in dematerialised form and custodian appointments SEBI supersedes framework […]
The Delhi High Court (“Delhi HC”), in its judgement dated December 12, 2023, in the matter of U.P. Jal Vidyut Nigam Limited v. C.G. Power and Industrial Solutions Limited [FAO(OS) (COMM) 120/2019], has held that the benefit under Section 14 (Exclusion of time of proceeding bona fide in court without jurisdiction) of the Limitation Act, […]
The Supreme Court, vide its judgment dated November 9, 2023, in the matter of M/s. IFCI Limited v. Sutanu Sinha and Others [Civil Appeal No. 4929/2023], has held that as per the facts in the present case, compulsorily convertible debentures (“CCDs”) should be treated as an equity instrument instead of a debt instrument, since it was […]
The Supreme Court, vide its judgment dated December 6, 2023, in the case of Cox and Kings Limited v. SAP India Private Limited [Arbitration Petition (Civil) No. 38 of 2020], held that non-signatories to an arbitration agreement can be bound by the arbitration agreement based on mutual intention. Consequently, the Supreme Court upheld the ‘group […]
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 […]
