VOLUME IV ISSUE II

EMERGENCY ARBITRATION: INDIAN PROSPECTS

by Shashank Chaddha

The article discusses the concept of emergency arbitration and highlights the lacunae present in the Arbitration (Amendment) Act, 2015. It discusses the measures adopted by international and Indian arbitral institutions in furtherance of emergency arbitration proceedings which provide the parties flexibility and expedited relief mechanism. It then delves into the status of emergency arbitration under the Indian law and compares it with the other jurisdictions where the position of emergency arbitrations awards is not vague and is often at par with the final award passed by a constituted arbitral tribunal. The author concludes that the Amendment Act of 2015 has brought about certain noteworthy modifications but it largely fails to recognize the effectiveness of emergency arbitration in speeding up dispute resolution.

CASE COMMENT: ESS CEE SECURITIES PVT. LTD. & ANR. V. M/S DLF UNIVERSAL LIMITED & ANR.

by Nikunj Poddar

The judgment delivered by the Competition Appellate Authority (COMPAT) is analysed where it delineated the scope of its own powers. The author has forwarded their own interpretation of §53A(1)(a), emphasizing that the use of the comma in the provision, as according to the rules of interpretation, indicates that the legislators wished to limit the powers of COMPAT, and, thus, the provision is exhaustive in nature. Thereafter, the author considers various contemporary orders of COMPAT which evidence that COMPAT’s interpretation of §53A(1)(a) is varying and inconsistent. Finally, the author appraises the Ess Cee Securities order as potentially being a guiding force for COMPAT to restrict its own appellate jurisdiction, thereby restoring the legislative intent behind the provision.

LEGALITY OF PUT AND CALL OPTIONS: ENDURING MURKINESS AND ISSUES FOR NON-RESIDENT INVESTORS

by Rohit Beerapall

The lack of regulatory clarity over put and call options in Indian investment law is lamented by the author. In this piece, they encapsulate the legal and regulatory regime of these exit options in India through statutes and case law. The author emphasizes the importance of such exit options for attracting foreign investment. They also recount how the objective of such regulations, i.e., the prevention of debt investments “cloaked” as equity investments by way of exit options, are not met with the present framework. Thereby the author suggests a framework where an exit price of an investment should be relative to the initial investment and not the current fair value price of the securities.

RELEGATION OF APPLICATION FOR INTERIM MEASURES BY COURT TO TRIBUNAL UNDER THE ARBITRATION & CONCILIATION (AMENDMENT) ACT, 2015

by Prakhar Deep and Nandita Chauhan

The article delineates the scope of Section 9 and Section 17 of the Arbitration & Conciliation Amendment Act, 2015 and the nature of interim reliefs which can be granted by courts and arbitral tribunals under these sections. It analyses the rationale behind the Arbitration and Conciliation Act, 1996 and the Amendment Act with the aid of judicial precedents and ponders on the question whether the interim measures application can be transferred to the arbitral Tribunals during the pendency of the Section 9(1). Lastly, the authors suggest that Section 9(3) should not be interpreted as a clause to curb judicial interference; rather it must be interpreted as a provision to reduce the burden of the Courts.

CRITICAL ANALYSIS OF THE TRANSFORMATION OF THE COMPANY LAW BOARD INTO THE NATIONAL COMPANY LAW TRIBUNAL IN THE LIGHT OF VARIOUS COMMITTEE REPORTS

by Vikalp

The article discusses the powers of the National Corporate Law Tribunal (NCLT), along with the benefits that flow from the creation of NCLT which replaced the Company Law Board. It then assimilates the recommendations of certain key committees (Sachar Committee, Eradi Committee and J.J. Irani Committee) responsible for the establishment of the NCLT as a one stop solution for all corporate disputes. The committees underscored the failings of the system and suggested the formation of an independent and quasi judicial body for speedy disposal of cases and to prevent the conflicts arising due to multiplicity of forums. Lastly, it lists the positive change brought by the Companies Act, 2013.

AN OUTSTRIP VIEW ON FINANCIAL CRISIS 2007 & BASEL ACCORD I, II & III

by Sibadutta Dash

In this piece, the author takes a retrospective look at the 2007-08 Lehman Brothers Crisis and attempts to explain how the Basel Accord may have been responsible for how the crisis reached its nadir and how the events played out. Further, it distinguishes Basel I and Basel II accords. Finally, the article submits how a Basel III can possibly fill the gap and address the challenges which its’ predecessors failed to do. The author advocates for a worldwide and centralized monetary control network, and explains how this can possibly address the present challenges.

Rajiv Gandhi National University of Law, Punjab

Sidhuwal - Bhadson Road,  Patiala, Punjab - 147006

ISSN(O): 2347-3827

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© Rajiv Gandhi National University of Law Punjab, 2020

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