In a recent case, Garg Builders Vs Bharat Heavy Electricals Ltd, the question before the Supreme Court was whether interest could be levied during the pendency of a litigation (pendente lite interest), when the parties had agreed in the contract to not have any interests awarded.
Read MoreIn a recent case, Ravindranatha Bajpe Vs Mangalore Special Economic Zone Ltd, the Supreme Court of India held that a director of a company could not be “vicariously” held liable for criminal offences of a company.
Read MoreSince the time the concept of ‘Intermediary' was introduced in the service tax law, the issue as to who is an ‘intermediary' has been discussed extensively by the industry, interpreted and analysed by the experts, tested and explained by the courts and above all clarified, clarified and clarified by the Government. The concept of intermediary typically entails a bridge or communication link between two businesses.
Read MoreIn May 2021, the Securities and Exchange Board of India (SEBI) issued a discussion paper on the consolidation of the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008, and the Securities and Exchange Board of India (Issue and Listing of Non-convertible Redeemable Preference Shares) Regulations, 2013, with the intent to ease compliance obligations, and to harmonise and ensure consistency with other listing related regulations.
Read MoreThe Hon'ble Supreme Court in its recent decision in Garg Builders v. Bharat Heavy Electricals1 held that an arbitrator under the Arbitration and Conciliation Act, 1996 (Arbitration Act) was not empowered to award pendente lite interest when the parties had agreed to not have any interests awarded in their contract. In this article, we navigate through the facts and findings in the aforementioned case.
Read More