Harshad Chiman Lal Modi vs. DLF Universal and Anr.[1] Supreme Court (Section 16 of CPC vis-à-vis Section 20 of CPC) Facts In this case the appellant, Harshad Chiman entered into a ‘plot buyer agreement’ with DLF for purchase of a residential plot in Gurgaon, Haryana. According to the appellant, the agreement was made in Delhi….
Telenor Asia (P.) Ltd. vs. Unitech Wireless (Tamil Nadu) (P.) Ltd. and Others[1] (Breach of Representations and Warranties Clause) Facts In this case Telenor is a company incorporated under the laws of Singapore and Unitech Wireless (Tamil Nadu) (P.) Ltd., is an Indian company operating under the brand name “Uninor”. The Department of Telecommunications (‘DoT’)…
ONE PERSON COMPANY UNDER COMPANIES ACT, 2013 Definition of One Person Company (“OPC”) Section 2(62) of the Companies Act, 2013 (“Act”) defines OPC as a company which has only one person as a member. Legal Nature of OPC OPC can be registered only as a private company which means that all the provisions applicable to…
Section 22(3) of the Act of 1985 contemplates that where an inquiry under Section 16 is pending or any scheme referred to in Section 17 is under preparation or during the period of consideration of any scheme under Section 18 or where any such scheme is sanctioned thereunder for due implementation of the scheme, the…
How is provision of Section 23 of SICA different from the provision of Section 15 of the same Act? As quoted by Supreme Court in U.P. State Sugar Corpn. Ltd. Vs. U.P. State Sugar Corpn. Karamchari Assn. and Ors.[1] “From a perusal of the aforesaid provisions of the Act it would appear that the Act…
HAGUE CONVENTION OF 15 NOVEMBER 1965 ON THE SERVICE ABROAD OF JUDICIAL AND EXTRAJUDICIAL DOCUMENTS IN CIVIL OR COMMERCIAL MATTERS (“CONVENTION”) Purpose of the Convention: Provides channel of transmission to be used when a judicial or extra judicial document is to be transferred from one state party to the convention to another state party for…
Company as an OSP ‘Terms and Conditions – Other Service Provider (OSP) Category (“OSP T&C”) defines OSP as a company providing ‘Application Services’, like, tele-banking, tele-medicine, tele-education, tele-trading, e-commerce, call centre, network operation centre and other ‘IT Enabled Services’, by using ‘Telecom Resources’ provided by Authorised Telecom Service Providers. The term ‘Telecom resources’ is defined…
PRIVATE PLACEMENT MEMORANDUM (PPM) At the Offshore Fund level: PPM is the document that discloses all pertinent information to the investors regarding the company, proposed business operations of the company, structure of the transaction, the terms of the investment (share price, note amounts, maturity dates, etc.), potential risks for the investors, and details of the…
Angel Funds and Angel Investors As per Regulation 19A(1) of SEBI AIF Regulations, 2012 (“AIF Regulations”) “angel fund” means a sub-category of Venture Capital Fund[1] under Category I- Alternative Investment Fund that raises funds from angel investors and invests in accordance with the provisions of this Chapter 3A of SEBI AIF Regulations. Regulation 19A (2)…
How Payment Gateway Works Image from here Mandatory Authorization As per the Payment and Settlement Act, 2007 (“Act”), such service provider will come under the definition of ‘system provider’ which means a person who operates an authorized payment system.[1] The Act, vide its Section 5(1) mandates authorization by RBI for commencing or carrying on a…
Shreya Singhal vs. Union of India[1] Supreme Court in its landmark judgment, Shreya Singhal vs. Union of India on March 24, 2015, struck the Section 66A of the Information Technology Act (“Act“) which provided punishment for sending offensive messages through communication service, including internet. It is to be noted that Section 66A was not in the…
Citation: MANU/MH/1309/2014 Facts Supremax Group, world’s second largest manufacturer of razor blades and allied products, was run by Rajindra Kumar Malhotra (“Rajindra”) and his family members. All the assets, business and plants belonging to Indian companies were later transferred to a newly incorporated company, which was under the control of Rakesh Malhotra (“Appellant”), Rajindra’s elder…