[Shailee Basu is a lawyer based in Delhi and Research Fellow with the Crime & Punishment team at Vidhi Centre for Legal Policy] Recently, the Supreme Court of India permitted M3M India Pvt. Ltd, a real estate company, to substitute its land worth ₹317 crore provisionally attached by the Enforcement Directorate (ED) under section 5 of the Prevention
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Down Selling of NCDs through OBPPs: Private Placement to Public Risk
[Ashutosh Chandra is an associate at Veritas Legal, Mumbai and Shriyansh Singhal is a 3rd year B.B.A LL.B. (Hons.) Student at National Law University Odisha] The debt capital market in India has recently witnessed an unprecedented surge in terms of participation from retail investors, thanks to the Securities Exchange Board of India (“SEBI”) bringing in regulations and relaxed norms
... Continue Reading.Deadline or Dead End? Judiciary Tightens the Screws on IBC’s Compliance
[Abhishek Pandey and Aditya Mittal are 4th year B.A. LL.B. (Hons.) students at Hidayatullah National Law University, Raipur] In the corporate insolvency regime, time is everything. The Insolvency and Bankruptcy Code (Code) was introduced in 2016 with a vision to reshape India’s insolvency regime by focusing on swift, time-bound processes that maximize the interests of all stakeholders. While after
... Continue Reading.SEBI’s Draft Mutual Fund Circular: Navigating Diversification and Investor Protection
[Rudraksh Sharma and Ayush Raj are 4th year students of the B.S.W. LL.B. and B.A. LL.B. programmes, respectively, at Gujarat National Law University.] India’s mutual fund industry has grown enormously, now exceeding ₹55 lakh crore in assets, prompting Securities and Exchange Board of India (SEBI) to propose an updated categorization framework. On July 18 2025, SEBI released a consultation paper titled “Categorization and
... Continue Reading.Strengthening Rating Integrity: Recasting the Regulatory Architecture for Credit Rating Agencies
[Vibhor Maloo is a fourth year B.A., LL.B. (Hons.) student at Hidayatullah National Law University, Raipur] The Securities and Exchange Board of India (SEBI), on 9 July 2025, released a consultation paper proposing significant changes to the regulatory framework governing Credit Rating Agencies (CRAs) in India. The initiative stems from persistent concerns regarding conflicts of interest, lack of transparency, and
... Continue Reading.The Hyatt Judgment and the New PE Paradigm: Form vs. Function in Indian Tax Law
[Shravan Anande is a fourth-year B.A., LL.B. (Hons.) student and Hari Priya Murarikar is a third-year B.A., LL.B. (Hons.) student, both at NALSAR University of Law, Hyderabad] In a significant judgment with wide-ranging implications for international taxation, the Supreme Court of India in Hyatt International (Southwest Asia) Ltd. v. Additional Director of Income Tax has affirmed the existence of a permanent establishment (PE)
... Continue Reading.New Life Laboratories Pvt.Ltd. Vs. NLCARE Pvt.Ltd.: A family trademark adopted by a common ancestor cannot be exclusively appropriated by one branch
Introduction: Heard in the High Court at Calcutta, Commercial Division, the case revolves around the plaintiff’s claim to exclusive rights over the trademark “NEW LIFE” and the defendant’s alleged infringement through the use of “NL” in its corporate name “NLCARE Private Limited.” The plaintiff sought an interim injunction to restrain the defendant, while the defendant
... Continue Reading.ICJ’s Advisory Opinion on Climate Change: Implications for Private Actors
[Umakanth Varottil is a Professor of Law at the National University of Singapore] On 23 July 2025 the International Court of Justice (ICJ) issued its landmark advisory opinion on the “Obligations of States in Respect of Climate Change”. Despite its non-binding nature, the advisory opinion carries considerable weight under international law that States would have to
... Continue Reading.Amendments to the IBBI Regulations on Corporate Insolvency: The Future of Transparency
[Ayush Raj is a 4th year BA LLB student at Gujarat National Law University] On 4 July 2025, the Insolvency and Bankruptcy Board of India (IBBI) issued the Fifth Amendment to the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations (CIRP Regulations), with immediate effect. These amendments principally revise regulations 36 and 38 of the 2016 CIRP Regulations
... Continue Reading.The Misstep in Rakesh Bhanot: Decoding Section 138 and IBC
[Kevin Preji and Sanjana Rao are 3rd year B.A., LL.B. (Hons.) students at National Law School of India University, Bangalore] On April 1, 2025, the Supreme Court, in the case of Rakesh Bhanot vs Gurdas Agro Pvt Ltd held that the proceedings for cheque bounces (under s 138 of the Negotiable Instruments Act, 1881 (‘NI Act’)), would not be stayed by the
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