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What is a Joint Venture?

A commercial arrangement entered into between two or more parties, who agree to pool their resources, to accomplish an intended project (or other business activity) is referred to as a Joint Venture (“JV”). Effectively, it is a collaboration between two companies. Such collaboration can be either purely financial or technical-cum-financial. In the Indian context, most of the JVs are between a foreign company and an Indian company and are primarily to bring in newer technologies to India.

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Obligations placed on stockbrokers to curb fraud and money laundering

The Securities and Exchange Board of India (“SEBI”) has held that preventing and detecting fraud or market abuse is a key pillar of investor protection. Consequently, SEBI has been relentless in introducing and amending rules, regulations, and circulars to regulate practices tantamount to fraud or market abuse.

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Gujarat High Court: Upholding the validity of The Gujarat Land Grabbing (Prohibition) Act, 2020 – Part II

Introduction

To address the issue of land grabbing in Gujarat, the government introduced the Gujarat Land Grabbing (Prohibition) Bill, 2020, in the State Legislative Assembly. Upon approval, the Bill became the Gujarat Land Grabbing (Prohibition) Act, 2020, (“the Act”), effective August 29, 2020. However, the implementation of the Act was questioned on the grounds of it being overly harsh and its enactment being contrary to law.

Continue Reading Gujarat High Court: Upholding the validity of The Gujarat Land Grabbing (Prohibition) Act, 2020 – Part II
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Out on bail: Do not disturb?

OVERVIEW

A live location on your mobile phone, gets you a cab and instant food/grocery delivery, among myriad other things. On occasion, a live location could also get you bail!This is seen from several recent judicial orders including some passed by the Hon’ble Delhi High Court and the Hon’ble Supreme Court as well.

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Class Action Lawsuits: A New Horizon for Corporate Litigation?

Prologue

More than a decade after the Companies Act, 2013 (“Companies Act” or “the Act”) introduced class action lawsuit provisions, two major applications for initiating such suits have ingressed the halls of the National Company Law Tribunal (“NCLT”).

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Upholding the validity of The Gujarat Land Grabbing Prohibition Act 2020

Brief Background

In 2020, the Gujarat Government enacted the Gujarat Land Grabbing (Prohibition) Act, 2020 (“the Act”), to combat illegal encroachment and land grabbing of public and private land by land mafias in the state of Gujarat. The Act not only declared land grabbing as unlawful, but also brought it within the purview of crime. For trial of this new offence, the Act prescribed creation of Special Courts whose jurisdiction was not only limited to criminal cases of land grabbing, but also extended to providing civil remedies.

Continue Reading Gujarat High Court: Upholding the validity of The Gujarat Land Grabbing (Prohibition) Act, 2020 – Part I
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Arbitrability of Disputes: Indian Jurisprudence

[Continued from Part I]

The Vidya Drolia Case: Redefining Arbitrability

In 2019, aiming to solve the conundrum and marking a significant milestone in Indian arbitration, the Supreme Court’s ruling in Vidya Drolia and Ors v. Durga Trading Corporation,[1] (“Vidya Drolia”) laid down the contours of arbitrability. While analysing thearbitrability of Landlord-Tenant disputes governed by the Transfer of Property Act, 1882 (“TPA”), the Supreme Court elucidated that the mere existence of a special statute dealing with certain disputes does not ipso facto render them non-arbitrable, thereby widening the scope of arbitrability and increasing the access to arbitration in complex legal contexts. 

Continue Reading Arbitrability of Disputes: Indian Jurisprudence (Part 2)
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The Uphill Battle of Challenging a Compromise Decree

Introduction:

Judicial pendency has been a roadblock in India’s quest to becoming a leading global economy. Although attributable to numerous factors, addressing the floodgate of litigation in the country is undoubtably the need of the hour[1]. Accordingly, various approaches have been adopted to promote the amicable settlement of pending litigation, including through alternate dispute redressal forums such as mediation, national lok adalats, etc., or by the volition of the State through numerous schemes such as Vivad se Vishwas[2].

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Navigating OFAC Sanctions: Insights for Indian Businesses and Banks

As sanctions regimes become highly objective oriented, the Office of Foreign Asset Control (OFAC) is focused on ensuring enforcement and targeting entities involved in violating the sanctions, irrespective of their nationality. The inherent complexity, supplemented by an objective-focused approach, makes sanctions compliance even more important in today’s geopolitical climate. On June 12, 2024, the U.S. Department of the Treasury (Treasury Department) unveiled a comprehensive set of anti-money laundering measures aimed at enhancing transparency and preventing illicit financial activities. These measures, along with the OFAC advisory, bring significant implications for financial institutions worldwide by expanding grounds for imposing sanctions against Foreign Financial Institutions (FFIs) and limiting the provision of certain software technologies to Russia.[1]

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Arbitrability of Disputes: Indian Jurisprudence [Part I]

Introduction

Arbitrability plays a pivotal role in dispute resolution, determining if a particular dispute can be resolved through arbitration. Several key factors, including, among other things, procedural/curial laws, governing law and actual text of the arbitral agreements, identity of the parties, etc., help establish arbitrability.[1]

Continue Reading Arbitrability of Disputes: Indian Jurisprudence [Part I]