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CAM Disputes Team

The CAM Disputes team can be reached at cam.mumbai@cyrilshroff.com

Comprehending the World Bank’s Sanctions Regime: Guidance for Indian Companies, Banks and Financial Institutions

As one of the foremost international financial institutions, the World Bank (“Bank”) aims to strengthen economic progress in middle- and lower-income nations by providing financial aid for various development projects.[1] However, in 2018, the Bank sanctioned an Indian enterprise which was engaged in executing a Bank-funded project[2], highlighting the accountability of these funds. Recipients of these funds are held accountable by the Bank for using the proceeds responsibly, which is where the Bank’s sanctions regime becomes relevant.Continue Reading Comprehending the World Bank’s Sanctions Regime: Guidance for Indian Companies, Banks and Financial Institutions

Understanding Trade Sanctions: Implications for Indian Investors and Businesses

In today’s interconnected global economy, trade sanctions have emerged as a crucial instrument for countries to exert influence over international relations, safeguard national interests, and address issues such as human rights violations and geopolitical conflicts. For Indian investors, companies and shareholders navigating these complexities, understanding trade sanctions – particularly those imposed by the United States (US), European Union (EU), and United Kingdom (UK) – is essential.Continue Reading Understanding Trade Sanctions: Implications for Indian Investors and Businesses

Navigating ESG Compliance: Lessons from Recent Trends and the Santos Case

In an era marked by growing environmental consciousness and regulatory oversight, companies across the globe are facing heightened scrutiny over their sustainability claims. The recent lawsuit[1] against Santos Ltd., a major Australian energy company, serves as a wake-up call for corporations navigating the evolving landscape of Environmental, Social, and Governance (ESG) compliance. This article explores key takeaways from this landmark case, highlights the current ESG regulatory framework in India, and provides practical guidance for companies and investors to avoid similar pitfalls.Continue Reading Navigating ESG Compliance: Lessons from Recent Trends and the Santos Case

Scope of summoning Indian nationals for virtual testimonies by Securities and Exchange Commission- Legal limits by local laws and international cooperation framework

Introduction

International law enforcement authorities are increasingly relying on mutual cooperation to obtain evidence or information outside their jurisdictional authority. Conducting joint investigations into prospective securities law violations, spanning countries, is also becoming common practice. This article discusses the scope and powers of the United States Securities and Exchange Commission (“SEC”) to seek/ obtain documents and witness testimonies from an Indian national involved in potential securities law violations abroad, which may have implications in the United States.Continue Reading Scope of summoning Indian nationals for virtual testimonies by Securities and Exchange Commission- Legal limits by local laws and international cooperation framework

No Vested Right for Highest Bidder: Examining IDA v. Shri Humud Jain Samaj Trust

This article analyses the Supreme Court judgment in Indore Vikas Praadhikaran (IDA) & Anr. v. Shri Humud Jain Samaj Trust & Anr. (Civil Appeal No. 13089 of 2024 arising out of SLP (Civil) No. 9940 of 2022), dealing with the highest bidder’s legal challenge following the cancellation of a tender process by the Indore Vikas Praadhikaran (“IDA”). This analysis delves into the case facts, the legal principles, relevant Indian law, and the potential impact of the judgment.Continue Reading No Vested Right for Highest Bidder: Examining IDA v. Shri Humud Jain Samaj Trust

US-India discussion on Sanctions: Indian Companies to remain diligent about Sanctions Compliance

Recent actions: Russia-related sanctions

On October 30, 2024, the United States (“US”) Department of Treasury’s Office of Foreign Asset Control (“OFAC”) sanctioned 19 Indian companies and 2 Indian individuals under its Russia-related sanctions program under the Executive Order (“EO”) 14024. This action was in the nature of imposition of secondary sanctions on third-country actors to discourage non-US persons from engaging in certain transactions, even without a US nexus, that might be harmful to the objectives of the US sanctions programs.Continue Reading US-India discussion on Sanctions: Indian Companies to remain diligent about Sanctions Compliance

Ripple Effect of Sanctions- II: Recent Iran-related sanctions imposed by the United States

Background

In the previous blog published on November 19, 2024, we had discussed the United States (“US”) Office of foreign Asset Control (“OFAC”) sanctioning nearly 400 entities and individuals for their contribution to Russia’s efforts against Ukraine and the implications of this action on Indian businesses. The US has since imposed sanctions on several entities under its Russia-related sanctions program as well as under its other sanctions programs. There has also been a major focus on the Iran-related sanctions program.Continue Reading Ripple Effect of Sanctions- II: Recent Iran-related sanctions imposed by the United States

Ripple Effect of Sanctions: How US Measures against Russia affect Indian Businesses

Background

The ongoing tensions surrounding the Russia-Ukraine conflict have led to significant geopolitical shifts, particularly in the realm of international sanctions. In response to Russia’s military invasion of Ukraine, the United States (U.S.) had implemented a series of sanctions to curtail Russian influence and capabilities. A pivotal moment in this effort was the issuance of Executive Order 14024 (“EO 14024”) on April 15, 2021, by President Joe Biden.Continue Reading Ripple Effect of Sanctions: How US Measures against Russia affect Indian Businesses

Time to harmonize AML control systems for global, commercial Indian companies

Introduction

For many global organisations, finding the right balance between having global, unified compliance programs, and the need to address local legal and compliance risks, is a challenge. In this blog, we will address the challenge that money laundering and related issues presents to Indian companies operating in Europe.Continue Reading Time to harmonize AML control systems for global, commercial Indian companies

The Evolving Landscape of Pre-Reference Interest in Indian Arbitration Regime

The recent ruling by the Supreme Court of India in Pam Developments Private Limited v. The State of West Bengal & Anr.[1] has reignited discussions on awarding pre-reference interest in arbitration proceedings. The case had arisen from a dispute over delays in a road construction project. Marking a significant development in the evolution of the Indian arbitration law, particularly on granting interest, the Court upheld the arbitrator’s authority to award interest on the awarded sum from the date of the cause of action until the date of the award, even when the contract was silent on the matter. While analysing the Pam Developments case, this blog delves into the nuances of pre-reference interest in light of the existing legal framework and relevant jurisprudence.Continue Reading The Evolving Landscape of Pre-Reference Interest in Indian Arbitration Regime