Post introduction of the new insolvency regime in India under the Insolvency and Bankruptcy Code, 2016 (“IBC”), a lot has been discussed and debated on the extent of liability of a third-party security provider when a borrower is dragged into the insolvency resolution process (CIRP) proceedings under the IBC. Archana Tewary and Ananda Chakravarty share their insights in light of a recent judgment of the Hon’ble Supreme Court in ‘Phoenix Arc Private Limited vs. Ketulbhai Ramubhai Patel
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In the post-pandemic era where businesses are expected to move into an expansionary phase, it becomes extremely important for companies to keep their compliance check-box ticked. In a country like India where bribery, corruption, and fraud risks are rampant, obligations to report such misconduct on companies are rather confusing and spread across multiple statutes. However, if not reported appropriately, it may cause serious repercussions for companies. Thus, we have discussed the major reporting obligations on companies in case they come across certain misconduct by their employees, agents, officers, or third parties.
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Maybe it is time that those who are uncomfortable with the new objectives move to a paid secure messenger service, such as Threema, and avoid free messaging apps such as WhatsApp, Signal, iMessage, and Telegram. In so doing, one would not rely on the forces of competition to keep one’s data out of the hands of hackers, corporations, and governments, given that a user fee would ensure this security.
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This recommendation of IWG has been criticised and it has been vociferously voiced that the corporate house may provide undue credit to their own business or may favour lending to their close business associates and thereby leading to related party transactions by exercising pressure by a person who is higher in the hierarchy
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The Firm was involved in the following:(a) Conducting a legal due diligence on the Target and preparing a red flags only legal review report for the Client;(b) Acting as legal counsel to the Client for the overall transaction (including negotiating, drafting and reviewing of various definitive agreements); and(c) Assisting with closing of the transaction.
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Khaitan & Co assisted and advised HCP Healthcare Asia Private Limited in acquiring an additional 11.5% of the share capital of Eucare Pharmaceuticals Private Limited (Eucare) under the government approval route.
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The paradigm shift in the regulatory and operational framework necessitates a more thorough review and critical analysis of such reforms. And just like with the experiences of the Insolvency & Bankruptcy Code, once past the initial hiccups, the Securities Market Code with SEBI as the Super Regulator might go a long way in simplification of securities laws towards steady development & enhanced integrity of the securities and capital markets and protection of investor interests. An area to be eagerly watched out for.
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The venture is a brand licencing deal with Tiger shroff, the first of its kind in the Indian Food tech sector.
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