Ed-63-Intro_V01.png
The Law Tree

Edition 63

2020. A Leap year. The phrase has several connotations to it this year. To say that 2020 has been an “eventful” year is an understatement. From bush fires in Australia, cyclones in the US, SARS – Cov-2 in China, to the Syrian civil war, US elections and beyond, we have seen it all. All is not lost. 2021, Here we come.
We bring you the finale edition of Law Tree for 2020.

Insights

Winding Up: The Journey from HC to NCLT

In November 2020, the Supreme Court passed a judgment stating that ANY creditor of a company in liquidation can become a party to winding up of a company and seek transfer of the winding up petition from a High Court (HC) to the National Company Law Tribunal (NCLT). A landmark judgment that reiterates that all creditors are equal when it comes to exercising their rights / powers in the winding up process / insolvency.

In this context, we bring an insight into the case M/s. Kaledonia Jute and Fibres Pvt. Ltd. Vs. M/s. Axis Nirman and Industries Ltd. & Ors. [Civil Appeal No. 3735 of 2020 arising out of S.L.P. (Civil) No. 5452 of 2020]

What's Brewing

Decleration of Dividends by NBFCs

The RBIs discussion paper on regulatory practices governing declaration of dividend by NBFCs – a hitherto unlegislated area.

Circulars & Notifications

Learn about this month’s circulars and notifications brought out by the MCA, FEMA, SEBI & RBI.

Circulars

November 03, 2020
Schemes of Arrangement by Listed Entities and (ii) Relaxation under Sub-rule (7) of Rule 19 of the Securities Contracts (Regulation) Rules, 1957

November 03, 2020
Creation of Security in issuance of listed debt securities and ‘due diligence’ by debenture trustee(s)

November 03, 2020
Advisory for Financial Sector Organizations regarding Software as a Service (SaaS) based solutions

November 04, 2020
Guidelines for rights issue of units by an unlisted Infrastructure Investment Trust (InvIT)

November 05, 2020
Circular on Enhancement of Overseas Investment limits for Mutual Funds

November 06, 2020
Investor Grievance Redressal Mechanism

November 06, 2020
Outsourcing of activities, Business Continuity Plan and Disaster Recovery, and Cyber Security and Cyber Resilience framework - Limited Purpose Clearing Corporation

November 06, 2020
Circular on Introduction of “Flexi Cap Fund” as a new category under Equity Schemes

November 06, 2020
Circular on Norms regarding holding of liquid assets in open ended debt schemes & stress testing of open ended debt schemes

November 12, 2020
Monitoring and Disclosures by Debenture Trustee(s)

November 13, 2020
Non-compliance with provisions related to continuous disclosures

November 17, 2020
Amendments to guidelines for preferential issue and institutional placement of units by a listed InvIT

November 23, 2020
Introduction of Unified Payments Interface (UPI) mechanism and Application through Online interface and Streamlining the process of Public issues of securities under - SEBI (Issue and Listing of Debt Securities) Regulations, 2008 (ILDS Regulations), SEBI (Issue and Listing of Non-Convertible Redeemable Preference Shares) Regulations, 2013 (NCRPS Regulations), SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008 (SDI Regulations) and SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015 (ILDM Regulations)

November 24, 2020
Testing of software used in or related to Trading and Risk Management

The Verdict

Phrase “N-95” is a generic term
says IPAB

On 4th December 2020, the Intellectual Property Appellate Board (“IPAB”), while considering a Rectification Application, passed and order staying the operation of registration of ‘N95’ for masks as trademark. A look at the case which assumes significance in the pandemic times we are living in:

Go Figure

Cybercrime -
Global Statistics

Go figure the concerning statistics on India and its states which have the highest such crimes.
Lawtitude

Mergers & Acquisitions Post COVID-19:
A Much-Needed Calculated Risk

The unprecedented spread of the virus i.e. Covid-19 has been seen as one of the most imperative factors in down-turning the rate of economic growth in the year 2020. The substantial uncertainty of Covid-19 and the immediate measures like lockdowns, curfews, and cross-border trade restrictions which were instilled in order to curb the spread of the novel virus have resulted in severe economic and business losses. Moreover, the impact has not been collateral as each sector has seen a different rate of downfall and slump depending upon the nature of their business activities. 

Obiter dictum

Word of an opinion entirely unnecessary for the decision of the case.

Machination

The act of planning or contriving a scheme for executing some purpose, particularly an evil purpose; an artful design formed with delibiration.

Pactum

A pact. An agreement or convention without specific name, and without consideration, which, however, might, in its nature, produce a civil obligation.

Narcoanalysis

Process whereby a subject is put to sleep, or into a semi-somnolent state by means of chemical injections and then interrogated while in this dream like state.

Infographic

Don't Drive Before You Know This

A must know legislation for all – the Motor Vehicles Act, 1988 since its enactment up to the present.

Lawlipop

Important legal and other news having a bearing on society depicted in a fun quirky way!

Mask up :

Live and let live

 

Ping us!

(P)Review
Your regular dose of a movie, TV show and a book all based on law to keep you entertained and thinking at the same time!
Movie

Shepherds and Butchers (2016)

Apartheid. A policy invented to segregate / discriminate based on race or colour. The institutionalization of racial discrimination. South Africa. The place of origin of apartheid. 1987. The peak of apartheid with growing national and international condemnation to the most inhuman practice. 

A 19 year old white prison guard suddenly opens a hail of bullets and mercilessly guns down seven unarmed black prisoners. An open and shut case against the guard citing act of apartheid. Lawyer John Weber (played brilliantly by Steve Coogan) unwillingly takes up the case knowing his bleak chance to win this case. Gradually he discovers the traumatic conditions in which the guard had to work in the prison. At 19, the very young assisted in 162 executions in South African prisons. His work would make him befriend the prisoners and get friendly only to heartlessly execute them. John, a passionate advocate against death penalty argues that it was the psychological impact of the executions that drove the young guard to mercilessly murder the prisoners. The question: How can a person be a friend and executioner at the same time? The movie puts death penalty in the spotlight. The judgment creates history. 

The movie, inspired by true events is an adaption of the maiden novel of the same name written by Chris Marnewick, a former South African High Court barrister and Judge.

Book/Novel

A Nearly Normal Family
by MT Edvardsson (2019)

A cosy family. Father a pastor, mother a Criminal defence attorney and a teenage daughter. The love and bonding of this family comes crashing down when suddenly the teenage daughter is accused of murdering a shady older businessman. Each member has their own perception of the truth. Read the novel to know the actual truth. Does the family remain happily ever after? An engrossing page turner by MT Edvardsson, a Swedish author whose first publication in the U.S was this novel.

TV Series

Bull (2016-2020)

A legal series that deals with the psychology of clients and jurors. With a run time of 4 years, over 100 episodes the series centres on Dr. Jason Bull, a psychologist and trial science expert. Dr. Bull runs a consulting firm which specializes in mapping the clients with their lawyers and the argument techniques which brightens their chances to win! The character of Dr. Jason Bull is said to be loosely based on Dr. Phil Mc Graw the renowned clinical psychologist, author and TV personality. The series focused on the psychology of law.

Justice is the sum of all moral duty – William Godwin

Readers' Corner

Write to us with your questions

Write to subathra@akmllp.com and get featured in our next edition with responses from our experts

2283, 14th A Main Road, HAL 2nd Stage
Indiranagar, Bengaluru 560008
+91 80 4124 2111

Email: subathra@akmllp.com