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In India, one set of facts expose an economic offender to prosecution under multiple legislations. In order to fully understand and organize how economic offences are being tackled today, the article in this issue of Corporate Amicus examines the existing laws in relation to such offences, the amendments to the regime brought out by the Companies Act, 2013, the judicial history of granting of bails/ anticipatory bails with respect to economic offences, and scope for further changes. Observing that there is steep rise in economic offences in India and that the existing judicial system is over-burdened with cases, which is in turn resulting in decrease of arrests and convictions, the authors suggest that such dire situations call for a special court/ body that is dedicated solely to dealing with economic offences. The authors also note that even substantive laws like the Banking Regulation Act, 1949 and the Insurance Act, 1938 also do not define or provide effective legal remedies for economic frauds...
Notifications and Circulars
Corporate Insolvency Resolution and Liquidation Framework under IBC – MCA invites comments
SEBI notifies regulations for Vault Managers; paves way for operationalisation of gold exchange in India
Direct Selling Rules introduced to regulate the direct selling industry
Medical devices – Unique device identification postponed
Ratio decidendi
NCLT cannot dismiss a Section 7 petition on grounds that corporate debtor has initiated settlement with financial creditors – Supreme Court
Haste of action by Resolution Professional to adhere to prescribed timeline does not constitute a material irregularity, and thereby is not a ground for appeal under Section 61 – Supreme Court
Pre-Packaged Insolvency – Adjudicating Authority can pass an order allowing for filing of objections against Resolution Plan – NCLAT
News Nuggets
Limitation for judicial or quasi-judicial proceedings – Supreme Court excludes period from 15 March 2020 till 28 February 2022
Arbitration – High Court when not inclined to appoint arbitrator under Section 11(6)
Arbitration – Section 5 of Limitation Act not applicable for condoning delay in Arbitration Section 34 petition
Representative complaint under Consumer Protection Act – Sameness of interest and not sameness of cause of action important
Income tax Authorities cannot issue Section 148 notice to a corporate debtor believed to have escaped assessment after approval of resolution plan
Insolvency – Section 9 application cannot be made for default of listing fees, as they are ‘regulatory dues’ and not ‘operational debt’
Electronic Gold Receipt notified as security
RBI proposes a separate FinTech department in view of sector’s fast changing landscape
Framework for facilitating small value digital payments in offline mode introduced
Joint Parliamentary Committee submits its report on Data Protection Bill
