Corporate Legal Update





Wells Fargo’s culture was ‘broken,’ new CEO tells lawmakers
Wells Fargo has suffered from a broken culture and failed leadership but can turn itself around, its new CEO told US lawmakers in the bank’s latest pitch to emerge from years of scandal and controversy …






Facebook is being sued by Australia for up to $529 billion over the Cambridge Analytica scandal — nearly 5 times the company’s annual revenue last year
Australia’s privacy regulator has filed a lawsuit against Facebook accusing the social media giant of sharing the personal details of more than 300,000 people with political consultant Cambridge…



Worldwide Legal Buzz






Man’s ‘experiments’ with explosives were lawful, UK Supreme Court rules
A 22-year-old man, who manufactured high explosives at home and triggered blasts remotely, has been cleared of the most serious charges by the UK’s supreme court after pleading that it was for …






US Supreme Court to consider when juveniles may get life without parole
The US Supreme Court has agreed to decide whether judges must determine that juvenile offenders are incorrigible before sentencing them to die in prison. The case, involving a teenager …




Law & Technology

Legal sector gets an AI boost as machine learning spearheads a silent revolution in the field of law
The legal sector is the latest industry to have caught up with the AI revolution which has begun to transform the legal profession in many ways. By mimicking human actions and learning critical knowledge functions, machine learning works to automate a series of manual tasks and legal processes — research, document review, analysing case laws or precedents. This automation of time consuming processes is dramatically improving efficiency. Besides saving time and costs, automation is bringing about a major turnaround in the way lawyers perform their roles.



Interview of the week




In Conversation with Tarannum Cheema
Tarannum Cheema has been working as a lawyer for the past 10 years and specialises in criminal law. She has appeared in several white collar crime cases as defence counsel as well as public prosecutor including the 2G and coal block allocation scam cases. She has represented various politicians including Sonia Gandhi, Rahul Gandhi, Lalu Prasad Yadav, O.P. Chautala, Virbhadra Singh, etc. She has appeared and continues to appear as a Prosecutor for the CBI as well as the SIT in the 1984 anti-Sikh riot cases.






Implement pay hike for subordinate judiciary ‘proactively’: Supreme Court
A Supreme Court Bench led by Chief Justice Sharad A Bobde has made it clear to the States and Union Territories that recommendations made by the Second National Judicial Pay Commission to nearly triple the pay and allowances for subordinate judiciary should be implemented ‘proactively’. The apex court highlighted in its recent order that a financially self-sufficient subordinate judiciary was pivotal for the existence of an independent judiciary.




Supreme Court’s Jaypee ruling casts a shadow over mortgage transactions

More than 16 lenders, including State Bank of India, Axis Bank Ltd. and ICICI Bank Ltd. that were hoping to recover their dues via Jaypee Infratech Ltd’s insolvency resolution, suffered a setback as a result of a recent Supreme Court ruling. Not only have their loan transactions to parent Jaiprakash Associates Ltd backed by the subsidiary’s properties been set aside, they won’t even get a seat at the committee of creditors’ table. This will benefit Jaypee Infratech’s creditors and homebuyers, according to experts.





The Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020
was passed by the Lok Sabha on March 6. The bill seeks to amend the Insolvency and Bankruptcy Code (IBC) so that successful bidders of insolvent companies are ring-fenced from any risk of criminal proceedings for offences committed by previous promoters of the companies concerned.

The amendments in the law seek to remove bottlenecks and streamline the corporate insolvency resolution process, wherein successful bidders will be ring-fenced from any risk of criminal proceedings for offences committed by previous promoters of companies concerned. The Insolvency and Bankruptcy Code, which came into force in 2016, has already been amended thrice. The latest changes pertain to various sections as well as introduction of a new section.




SC – In the case pertaining to the practice of boycotting the Courts on all Saturdays by the advocates in the areas of Dehradun, Haridwar and Udham Singh Nagar, the Hon’ble SC has issued notices to the Bar Council of India and all the State Bar Councils to suggest the further course of action and to give concrete suggestions to deal with the problem of strikes/abstaining the work by the lawyers. Nobody has the right to go on strike/boycott courts. Even such a right, if any, cannot affect the rights of others and more particularly, the right of Speedy Justice guaranteed under Articles 14 and 21 of the Constitution. – Hon’ble Justices Arun Mishra and M.R. Shah [28-02-2020]
The allegations of fraud are illusory and only with a view to get out of the judgment and decree passed by the DRT. – Hon’ble Justices Uday Umesh Lalit,Indira Banerjee and M.R. Shah [28-02-2020]

Counsel for the Parties – Ajai Kumar Bhatia, AOR

Read the full judgment with iDRAF (Issue,Decision,Reasoning,Arguments,Facts) on the headline Link


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