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Zaid Drabu

Principal Associate in the Dispute Resolution Practice at the Delhi NCR office of Cyril Amarchand Mangaldas. Zaid focuses on international and domestic commercial disputes before courts, tribunals, and regulatory forums. He can be reached at zaid.drabu@cyrilshroff.com.

Navigating the Muddled Requirement of an Electronic Evidence Certificate in Arbitration Proceedings

Summary: This article examines the necessity of furnishing an electronic evidence certificate for proving the contents of documents in electronic form during arbitration proceedings. While an electronic evidence certificate has been held as a mandatory requirement in court proceedings, some courts have relaxed the said requirement for arbitrations. However, in certain cases, it has been observed that arbitrators have considered the absence of such an electronic evidence certificate as a factor for holding certain documents as inadmissible. Subsequently, given the restricted scope of judicial review concerning arbitral awards, such observations are typically insulated from challenge, thereby raising risks during litigation.Continue Reading Navigating the Muddled Requirement of an Electronic Evidence Certificate in Arbitration Proceedings

Two States: Stamp Duty On Merger Orders Passed By Two Different Tribunals

The Companies Act, 2013 (“CA 2013”), and the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 (“2016 Rules”), allow companies to jointly or separately file an application for merger or amalgamation before the National Company Law Tribunal (“NCLT”). However, companies with registered offices in two different States must file two separate applications (unless a specific exemption has been obtained to file a joint petition) as the scheme will have to be approved by the two NCLTs having jurisdiction over the companies.Continue Reading Two States: Stamp Duty On Merger Orders Passed By Two Different Tribunals

Transforming India’s Merger Landscape: How MCA’s Fast-Track Expansion Will Reshape Corporate Restructuring

Summary: The Ministry of Corporate Affairs has significantly expanded India’s fast-track merger framework beyond small companies and wholly-owned subsidiaries to include unlisted companies with borrowings under INR 200 crore (with certain conditions). Additionally, demergers have also been brought under the ambit of the fast-track route. This will reduce NCLT’s burden, accelerate corporate restructuring timelines, and make restructuring more accessible to mid-sized companies across India.Continue Reading Transforming India’s Merger Landscape: How MCA’s Fast-Track Expansion Will Reshape Corporate Restructuring

Court’s power to partially set aside arbitral awards: An Indian perspective

Recently, the Delhi High Court (“DHC”) has reiterated that Section 34 of the Arbitration and Conciliation Act, 1996 (“Act”), empowers courts to partially set aside an arbitral award and it would not amount to a modification, as an arbitral award consists of distinct components independent of each other.Continue Reading Court’s power to partially set aside arbitral awards: An Indian perspective

Flipping the Script on Reverse Mergers: Analysis of The Latest Amendment to Merger Rules

Introduction

The Ministry of Corporate Affairs (MCA) on September 9, 2024, amended Rule 25A of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 (effective from September 17, 2024), by introducing sub-rule 5. The amendment is intended to promote seamless mergers and amalgamations between a foreign holding company incorporated outside India and an Indian company, being a wholly-owned subsidiary company incorporated in India, i.e., an inbound cross-border reverse merger.Continue Reading Flipping the Script on Reverse Mergers: Analysis of The Latest Amendment to Merger Rules