Following up on the government's initiative to encourage Indians to move to electronic payment methods, the Reserve Bank of India (RBI) has issued guidelines on the use of "prepaid payment instruments" (PPIs). A PPI facilitates the purchase of goods and services against value stored on it.
Read MorePrime Minister Modi recently compared the signing of the seminal land boundary agreement with Bangladesh as the equivalent of bringing down the "Berlin Wall". A prominent op-ed commentator noted this comparison and attributed it as the Prime Minister's reaction to "insufficient public appreciation of the unfolding transformation in India's relations with Bangladesh".
Read MoreA constitution bench of the Supreme Court of India in its recent judgment in Madras Bar Association vs. Union of India and Another1 has paved the way for the establishment of the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) under the provisions of the Companies Act, 2013. The NCLT and the NCLAT will act as a comprehensive and overarching quasi-judicial body which will adjudicate all disputes relating to companies in India.
Read MoreIn an erudite judgment by Mr. Justice G.S. Patel, the Bombay High Court in Jayanand Jayant Salgaonkar vs. Jayashree Jayant Salgaonkar has held that a nominee of shares and securities of a company merely holds the securities in trust, and as a fiduciary on behalf of any claimants under the laws of succession.
Read MoreArbitration proceedings arising from contracts with government departments are more often than not, a quagmire of inordinate delays, huge costs and frequent visits to the court seeking intervention. The Supreme Court of India, in a recently reported decision in Union of India and others vs. Uttar Pradesh State Bridge Corporation Limited (2015) 2 SCC 52 has taken the government to task and held that inordinate delays in conducting arbitration proceedings and the inability of the tribunal to perform its functions are grounds for termination of mandate of the arbitral tribunal.
Read More