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Gunjan Richharia

NCLT orders insolvency proceedings for IDEB projects

The Hyderabad Bench of The National Company Law Tribunal (NCLT) has ordered corporate insolvency resolution process (CIRP) for IDEB Projects for defaulting on loans.   Bengaluru based/headquartered IDEB Projects is into offering engineering construction services in the areas of road projects, bridges, buildings, steel plants and treatment plants, apart from building metro rail projects. IDEB is also …

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UP RERA issues show cause notices to Ansal API

Noida (UP), Apr 1 The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) on April 1, 2018 has stated that it has issued show cause notices to Ansal Properties and Infrastructure over allegations pertaining to fraud and diversion of funds.   In October 2018, the authority had ordered forensic audit …

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Supreme Court Upholds Creditors Committee Sovereignty Under The IBC

The Supreme Court in its recent judgment has categorically held that the commercial know how of the Committee of Creditors (CoC) is unimpeachable and not subject to judicial review. The bench consisting of Justices AM Khanwilkar and Ajay Rastogi, while hearing appeals in two cases wherein liquidation orders were passed under the Insolvency …

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NRI Investment (Part One): Investment In Mutual Funds

If a person spends more than 182 days living outside India, their status changes to that of a non-residential Indian or NRI. If such individuals wish to invest in Mutual Funds (MF) in India, they first need to convert their savings/salary account to non-resident ordinary or NRO account. This step …

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NRI Investment (Part Two): Investment In Stock Market, shares, bonds and IPOs

NRIs are allowed to purchase shares or convertible debenture of an Indian Company through stock exchanges, under the portfolio investment scheme (PIS) of the Reserve Bank of India (RBI)  on repatriation and /or non-repatriation basis. As per the RBI guidelines, NRIs looking to invest in shares of Indian companies are …

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NRIs investing in India – Part III – Real Estate

Present article provides a brief overview for NRIs looking to invest in Indian Realty.

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Serious Fraud Investigation Office (SFIO): Analysis & Suggestions

The Indian Government set up a committee on corporate governance under the chairmanship of Naresh Chandra, former Cabinet secretary. Based on the recommendations of the committee, the Central Government issued a resolution on 2 July 2003 constituting the Serious Fraud Investigation Office (“SFIO”), which works under the MCA. SFIO was …

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Is Section 34(5) Of The Arbitration Act Mandatory Or Directory: Supreme Court Interpretation

BACKGROUND This instant appeal arose out of an arbitral award passed on 06.01.2016. The award debtor in the instant case, (“Appellant”) challenged the said award by filing an application under Section 34 of the Arbitration and Conciliation Act, 2015 (“Act”) before Patna High Court. The Court issued a notice to …

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Should There Be A Promulgation Of Minimum Education Qualification For Politicians?

It is undisputed that education is momentously fundamental for creating and sustaining, not just a Democratic State but a State by itself. Predominantly, possessing notable educational qualification is an implied requirement for lawmakers in most developed as well as developing economies and much weight lies on the same during elections. …

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Appointment Of Arbitrators By Indian Public Sector Undertaking: An Overview  

India’s Public Sector Undertakings (“PSU”) are involved in a large number of disputes as the same is a natural corollary of being a major contributor to an economy’s GDP.  Appointment of an arbitrator for matters involving PSU’s has forever been heavily debated amongst various Courts and academics because of the …

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