There can be no doubt, the principle which appears to have evolved over a period of time is, the law frowns upon determining a day with reference to its fractions. The principle, ‘fractions of the day’ are eschewed from consideration, is not a universal principle which knows no exceptions. Clearly the context and the purpose […]
Read more "Day-Fraction"Most jurists draw distinction between ‘direct application’ of treaties in domestic law, and national legal systems that mandate and require ‘act of transformation’ for an international treaty to apply and be a part of domestic law; ‘direct application’ means and mandates that the treaty norms, either wholly or to some extent, are directly treated as […]
Read more "Act of Transformation"My Lord, Satoshi Nakamoto? “He still remains anonymous.” Reserve Bank of India, on 06.04.2018, in exercise of the powers conferred by Section 35A read with Section 36(1)(a) and Section 56 of The Banking Regulation Act, 1949 and Section 45JA and 45L of The Reserve Bank of India Act, 1934 and Section 10(2) read with […]
Read more "My Precious Bitcoin"Doctrine of Piercing the Corporate Veil is as well settled as the Salomon, [1897] AC 22 principle itself. In Life Insurance Corporation of India v. Escorts Ltd., (1986) 1 SCC 264, this Court held: “Generally and broadly speaking, we may say that the corporate veil may be lifted where a statute itself contemplates lifting the […]
Read more "Piercing / Disregarding the Corporate Veil II"3 Judges in Balwant Rai Saluja implicitly questioned the grounds on which the SC had previously lifted the corporate veil and correctly held that the law on the point has in recent times crystallized around the six requirements set out by Munby J in Ben Hashem, approved by Lord Sumption in Prest v. Petrodel Resources. 2 […]
Read more "Piercing the Corporate Veil I"“The expression ‘legal proceeding’ has been the subject matter of consideration in the Federal Court decision in Governor-General in Council v. Shiromani Sugar Mills Ltd., AIR 1946 FC 16. In that decision Section 171 of the Indian Companies Act, 1913 came up for consideration. “When a winding-up Order has been made or a Provisional Liquidator […]
Read more "Legal Proceeding"SC in Lakshmi Rattan Engineering Works Ltd. v. Assistant Commissioner Sales Tax, Kanpur, AIR 1968 SC 488 had the occasion to consider the meaning of the expression ‘entertain’ in the context of The Uttar Pradesh Sales Tax Act, 1948. It was held that the expression has the meaning of ‘admitting to consideration’. An appeal under […]
Read more "Deposit under Section 18 of SARFAESI Act"Sir Salve and Sir Nariman argued on behalf of Sunil Bharti Mittal recently. It is to Mr. Harish Salve’s credit that his ‘neat submission‘ on ‘alter ego’ was accepted. A man is the alter ego of the company. Sir Salve submitted that the “principle of alter ego has always been applied in reverse”. It is not […]
Read more "Mr. Harish Salve’s Alter Ego"Section 26 of The Competition Act, 2002 (“Act”) prescribes the “procedure for inquiry of complaints under Section 19”. If Competition Commission of India (“CCI”), on receipt of information received under Section 19, is of the opinion that there exists a prima facie case, it must direct the Director General (“DG”) to investigate. The DG, on receipt […]
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