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Corporate Legal Update

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Covid-19: Companies look for ways to exit pacts

Grappling with an unforeseen pandemic event, many Indian businesses are reviewing old contracts to see whether force majeure clause can be invoked and allow them to walk out of agreements that…
 
 
 
 

Google’s Mary Shen O’Carroll: Some firms don’t realise they can be replaced

Google’s director of legal operations and Corporate Legal Operations Consortium (CLOC) president Mary Shen O’Carroll has warned that the cultural and technological disruption reshaping the legal…

Worldwide Legal Buzz

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Lights, camera, legal action! Courts to livestream divorce proceedings

Getting a divorce is never a pleasant experience, but it could also become a very public one in the UK as legal proceedings are set to be livestreamed online…

Japan’s Sharp sues Tesla for patent infringement over network gear

Sharp Corp has filed a patent infringement lawsuit against the Japanese unit of Tesla Inc (TSLA.O), seeking an injunction to halt imports of some electric vehiclesto Japan…

Law & Technology

Singapore Govt pledges $10.8 million towards program supporting Legal Tech research Singapore’s government has pledged $10.8m towards a legal tech research programme to digitise laws, rules and agreements in the city state. The grant has been awarded to the Singapore Management University’s (SMU’s) School of Law that said a five-year research programme would focus on the development of “‘smart’ contracts and ‘smart’ statutes, starting with the design and implementation of a domain-specific programming language that allows for laws, rules and agreements to be expressed in code”. Singapore is expected to become a leading hub for the $16 billion global legal tech market.

Column of the week

The Insolvency and Bankruptcy Code and the Need for a Pre-insolvency Window – by Hiral Mehta Kumar, Assistant Professor of Law, National University of Study and Research in Law, Ranchi

The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as ‘IBC’ or ‘the code’) has brought in a fresh breeze of value – added economic reforms.

INDIAN LEGAL BRIEF

“Ghor Kalyug”: Supreme Court Judge’s Take On Coronavirus

The coronavirus outbreak has taken place because it is “Kalyug” and so fighting it is a tall order, Justice Arun Mishra of the Supreme Court has said. Responding to a lawyer’s query about carrying out hearings in only the most important cases, Justice Arun Mishra said: “These mahamari (epidemic)  happening in every 100 years. Ghor kalyug mein virus se hum fight nahi kar sakte (We can’t fight a virus in this kalyug)… See the frailty of humans. You may do anything and everything, you may devise all weapons. But, you can’t fight this virus. We have to fight this at our own level”.

NCLAT clears insolvency resolution framework for IL&FS proposed by govt

In its final judgement on the insolvency proceedings against Infrastructure Leasing & Financial Services (ILFS), the National Company Law Appellate Tribunal (NCLAT) has approved the resolution framework proposed by the government. Rejecting the opposition of creditors, the NCLAT said the money invested in IL&FS by the LIC, SBI, Central Bank of India and the ILFS Employees Welfare Trust among others constituted public money and hence the distribution framework under the Insolvency and Bankruptcy Code (IBC) should not be followed, setting a time limit of 90 days for the resolution process.

BILL INTRODUCED RECENTLY

The Companies (Amendment) Bill, 2020 was introduced in the Lok Sabha on March 17 to decriminalise procedural and technical lapses and allow direct listing of securities by Indian companies in permissible foreign jurisdictions. The Bill has also laid down rules for incorporation, registration, amalgamation, and functioning of producer companies, apart from paving the way for the conversion of inter-state cooperatives into producer companies. The proposed amendment is in line with the government’s aim to streamline the functioning of farmer-producer organisations in order to achieve the goal of promoting 10,000 new FPO in the next five years.

JUDGMENT OF THE WEEK

SC – In a case relating to Modified Assured Career Progression (MACP) Scheme, the Hon’ble SC while allowing the appeals preferred by the Union of India has observed that without considering the advantages in the MACP Scheme, the High Courts erred in interfering with the government’s policy in accepting the recommendations of the Sixth Central Pay Commission. It also stated that Article 141 of the Constitution of India provides that the law declared by the Supreme Court shall be binding on all courts within the territory of India, i.e. the pronouncement of the law on the point shall operate as a binding precedent on all courts within India. — Hon’ble Justices R. Banumathi,A.S. Bopanna and Hrishikesh Roy [05-03-2020] Read the full judgment with iDRAF (Issue,Decision,Reasoning,Arguments,Facts) on the headline Link

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