Author
Rajat Sethi's areas of focus include foreign investments, joint ventures, private equity, competition law, restructuring, corporate governance, and regulation. He has advised Fortune 500 corporations, Indian companies and private equity firms on acquisitions and sales, investments, restructuring and exits, joint ventures and shareholder disputes, as well as Insolvency and Bankruptcy Code matters. Rajat has been ranked as a leading lawyer by Chambers Global, Chambers Asia Pacific, The Legal 500 Asia Pacific, IFLR1000 and RSG India. He has been recognised amongst India's Top 100 Lawyers in the A-List 2016 to 2019 published by India Business Law Journal, and has also been inducted into The Legal 500 Hall of Fame for his expertise in Corporate and M&A for the last 9 years.
The CCI Order seems to represent a shift in the approach from that adopted in the CCI’s AIOVA Order. This is also notable since the pandemic may have resulted in the realization of some of the untapped ‘efficiencies and consumer benefits’ alluded to by the CCI above, including by way of e-commerce platforms supporting the provision of essential (and other) supplies, reducing disruptions, and enabling safe and socially distanced retail. In addition, the services provided by e-commerce platforms have not been limited to metros and Tier-I cities, but have been increasingly availed of by people in Tier II and III towns in India
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the authors submit that the SAT erred on two counts in overruling the SEBI orders. First, as was suggested in the N.K. Sodhi Committee Report, the burden of proof to establish that the accused persons did not have knowledge that the information in question was UPSI should logically have been placed on the accused persons. It is rather difficult to envisage how the SEBI could discharge such burden of proof. Second, in any event, this may not have not have been an appropriate matter for invocation of a defense based on a lack of knowledge when the submissions on record themselves indicate that there was no application of mind in forwarding messages, let alone any diligence that would be expected from persons involved in the financial markets.
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As a part of a series of relief measures in response to the current pandemic situation, the Finance Minister of India has announced on 17 May 2020 (Announcement) a proposed suspension of fresh initiation of insolvency proceedings up to one year.
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