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Recent News From Corp Comm Legal

  • Tackling the shortage of independent directors

    Tackling the shortage of independent directors

    Published: 27 Jan 2018

    I have been writing frequently on the one-sided, high-handed and unjust treatment met out to independent directors recently by the government which disqualified many, if not, all of them merely because some companies defaulted on their statutory filing. This summary dismissal was against natural justice – they should have been given a chance to submit their case at least. Their woes were compounde...

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  • Government mandates Joint Audit under FDI policy

    Government mandates Joint Audit under FDI policy

    Published: 27 Jan 2018

    Central government has recently altered the existing Foreign Direct Investment (FDI) policy in relation to audit firms with a directive that audit process of any transaction contemplated between Indian entities and foreign investors for FDI to be conducted by auditors of the parties’ joint selection, if the foreign party insists on a particular audit firm of its choice from an international networ...

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  • Government's 10 commandments for banks recapitalisation

    Government's 10 commandments for banks recapitalisation

    Published: 26 Jan 2018

    Indian banking sector (particularly the Public Sector Banks) has been in news for all wrong reasons recently, saddled with unprecedented level of NPAs, shoddy service, window dressing of accounts by hiding NPAs, corruption and so on. The Central government had announced a mammoth Rs 2.11 lakh crore recapitalisation plan earlier this fiscal year. Today, the Finance Ministry has come up with on a ...

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  • Catching overseas assets under IBC

    Catching overseas assets under IBC

    Published: 26 Jan 2018

    The Central government is considering a proposal to magnify the latitude of Insolvency and Bankruptcy Code (IBC) to cross border insolvency. Cross-border insolvency controls the conduct of financially distressed debtors provided such debtors own assets in more than one country. The underlying intent of the proposal is to facilitate lenders to unlock the and tap the defaulter’s overseas assets an...

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  • Legal Drafting Skills

    Legal Drafting Skills

    Published: 25 Jan 2018

    American actor Will Rogers famously said, “The minute you read something and you can't understand it, you can almost be sure that it was drawn up by a lawyer.” So much appreciation for lawyers' drafting skills ! Till about mid - 1990s, it was a common sight in Indian legal chambers for stenos / junior lawyers to first take dictation from the senior partner and then type it (in case of stenos) ...

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  • Strengthening Legal Drafting Skills

    Strengthening Legal Drafting Skills

    Published: 25 Jan 2018

    Good drafting is one of the most important skills that any practicing lawyer needs to possess. This importance can not be overstated. However, unlike in the West, many (or may I say, most) Indian law colleges do not have proper modules to teach legal drafting skills to students. In the absence of a formal course, students who manage to secure good internships – be it with litigation lawyers or...

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  • How to use Definitions in an agreement

    How to use Definitions in an agreement

    Published: 24 Jan 2018

    There could be terms which are used many times throughout an agreement. It starts from the parties to the agreement itself. For example, instead of mentioning Mr. Muralikrishnan Ramaswamy Balasundaram Mahalingam (I have no idea if there is a gentleman with this name, no offence, just an example) or XYZ Steel Manufacturing Corporation Limited or LMN International Trading Services India LLP, you c...

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  • Importance of Consideration in an Agreement

    Importance of Consideration in an Agreement

    Published: 24 Jan 2018

    In contract law, consideration is meant to be the exchange of one thing of value for another. It is one of the important elements that must be present for a contract to be legally enforceable.  According to Section 2(d) of the Indian Contract Act, 1872 consideration is defined as: "When at the desire of the promisor, the promisee or any other person has done or abstained from doin...

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