Corporate Law

A Canadian court recently encountered an intriguing case regarding contract law where it had to determine whether the use of the "thumbs-up" emoji (👍) in a contract constituted a valid acceptance of the contract. In this unique case, Justice T. J. Keene acknowledged that the thumbs-up (👍) emoji is an unconventional way of "signing" a document, but only under the circumstances where it conveyed both the identity of the signatory and acceptance of the flax contract. ......

Recently, on June 15, 2023, the Supreme Court of India upheld the largely disproportionate allotment of shares in favour of one group of shareholders of a private limited company, thereby leading to a substantially increased shareholding percentage of such group over the other group of shareholders. ......

The Ministry of Corporate Affairs, vide a notification dated May 15, 2023, notified the Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2023 ("Amended Rules") to streamline certain parts of extant merger and amalgamation process under the Companies Act, 2013 ("Companies Act"); and consequently amend the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016. ......

The Supreme Court ("SC") recently held that a writ court ordinarily should not interfere in matters relating to tender or contract. It further opined that a writ court should exercise caution when attempting to impose its decision on an employer regarding the acceptance or rejection of a tender bid, unless there is a glaringly obvious and significant issue that is brought to light. ......

The Ministry of Corporate Affairs ("MCA") vide its notification dated March 17, 2023 established the Centre for Processing Accelerated Corporate Exit ("C-PACE") to facilitate and speed up the process of voluntary closure of business of companies by removal of their names from the register of companies. ......

Consumer protection laws are designed to safeguard the interests of consumers and ensure that their rights are protected in case of any deficiency in the goods or services provided to them. In India, the Consumer Protection Act, 2019 is a significant legislation that aims to protect the interests of the consumers and to establish an efficient mechanism for the redressal of consumer disputes. ......

The validity of put option clauses in contracts has been a subject of detailed scrutiny for the Indian government, for several years. The discourse surrounding put option clauses originated from Section 20 of the Securities Contracts (Regulation) Act, 1956 ("Act")—which was subsequently omitted by the 1995 amendment to the Act. ......

Recently, in the case of Sunil Kumar Chandra v. M/s Spire Techpark Private Limited , the High Court of Delhi ("DHC") has held that in case there is inconsistency between two clauses in an agreement, the former clause will have precedence over the latter clause. ......

In furtherance of its endeavour to review the regulatory norms on alternative investment funds (“AIFs”), the Securities and Exchange Board of India (“SEBI”), on February 3, 2023, issued five consultation papers containing such proposed alterations. Each such consultation paper discussed one proposed aspect of review—detailing the objective, background, issues for consideration, and proposal in relation thereto. ......