Update
July 7
June 21
Consttution of India X Its Law Officers
http://appscgroup.blogspot.in/2014/05/attorney-general-solicitor-general.html
Prev.
ICL
Sec 56 of Contract Act
The Supreme Court on Frustration and Statutory Contracts
In its recent judgment in Mary v State of Kerala, the Supreme Court has considered the scope of section 56 of the Contract Act, 1872, and its relationship with statutory contracts..
The Court’s reasoning is that since Rule 5(15) authorised the State to forfeit the deposit for non-performance, the contract had made provision for non-performance, unlike in the cases cited to it by counsel for the appellant. With respect, it is submitted that this cannot be correct: the non-performance on which the frustration argument is founded is not the refusal to pay the remainder of the purchase price but the supposed inability to run the shop..
Previous
The Aliakmon and Title to Sue: a recent Bombay decision
Globalization and the Indian Legal Profession
July 7
Posted: 03 Jul 2014 06:41 PM PDT
[The following post is contributed by Abhishek Bansal and Stuti Bansal, Corporate Professionals, Advisors & Advocates. The authors can be reached at abhishek@indiacp.comand stuti@indiacp.com respectively)
".....may force companies to consider other alternatives such as taking loans from banks instead of accepting deposits."
The new rules, as understood, has the one basic objective of safeguarding and protecting the interests of the investing public, mostly in the category suffering from ignorance or imbecility , having no capacity to know the nitty-gritty or not-so-obvious risk factors. Even if the "other alternatives" were to be resorted by the invested companies,that would have the same frightful consequences; the only difference being it is the banks and stakeholders to whom the same risk factors would be passed and be faced with.
As regards the mentioned requirements of filing returns or documents with the ROCs, without the machinery of a sophisticated kind in place to constantly scrutinize and keep monitoring as a continuous exercise,it seems to be a mere empty formality, so called paper-tiger, with no real purpose to serve.
Similarly , the requirement
"to obtain credit rating at regular intervals during the tenure of the deposit", is at best, of nuisance value, again with no real purpose to be served.
These , noted to have been simply glossed over in the write-up, nonetheless , in one's perspective, do call for a rethinking and drastic modifications of the new rules, seemingly framed with no insightful examination of the intricate implications.
".....may force companies to consider other alternatives such as taking loans from banks instead of accepting deposits."
The new rules, as understood, has the one basic objective of safeguarding and protecting the interests of the investing public, mostly in the category suffering from ignorance or imbecility , having no capacity to know the nitty-gritty or not-so-obvious risk factors. Even if the "other alternatives" were to be resorted by the invested companies,that would have the same frightful consequences; the only difference being it is the banks and stakeholders to whom the same risk factors would be passed and be faced with.
As regards the mentioned requirements of filing returns or documents with the ROCs, without the machinery of a sophisticated kind in place to constantly scrutinize and keep monitoring as a continuous exercise,it seems to be a mere empty formality, so called paper-tiger, with no real purpose to serve.
Similarly , the requirement
"to obtain credit rating at regular intervals during the tenure of the deposit", is at best, of nuisance value, again with no real purpose to be served.
These , noted to have been simply glossed over in the write-up, nonetheless , in one's perspective, do call for a rethinking and drastic modifications of the new rules, seemingly framed with no insightful examination of the intricate implications.
June 21
http://www.pwc.in/services/tax/news_alert/2013/pwc_news_alert_28_november_2013_just_lifesty...
28 Nov 2013 ... Change in shareholding triggers section 79 of the Income-tax Act 1961 ... In a
recent decision in the case of Just Lifestyle Pvt. Ltd.1 (the “company” or .... and, to
the extent permitted by law, PwCPL, its members, employees and ...
http://www.taxmanagementindia.com/site-map/income_tax/list_case_laws_sections.asp%3FProv%3D...
Records 1 - 15 of 47 ... Allowance of carry forward of loss on account of provisions of section 79 of the
Income Tax Act – Held that:- Issue of carry forward would ...
http://indiankanoon.org/doc/215373/
Whether, on the facts and in the circumstances of the case, the Tribunal is right in
law in holding that the provisions of Section 79 place a bar only on the carry ...
http://www.lawzonline.com/bareacts/income-tax-act/section79-income-tax-act.htm
Section 79-Income Tax Act, 1961, Free online bare acts, rules & regulation,
Government Act, ... central bare acts, Laws, statutes, notification, Central laws,
State Laws. ... 79. Carry forward and set off of losses in the case of certain
companies.
Consttution of India X Its Law Officers
http://appscgroup.blogspot.in/2014/05/attorney-general-solicitor-general.html
Prev.
ICL
Sec 56 of Contract Act
The Supreme Court on Frustration and Statutory Contracts
In its recent judgment in Mary v State of Kerala, the Supreme Court has considered the scope of section 56 of the Contract Act, 1872, and its relationship with statutory contracts..
The Court’s reasoning is that since Rule 5(15) authorised the State to forfeit the deposit for non-performance, the contract had made provision for non-performance, unlike in the cases cited to it by counsel for the appellant. With respect, it is submitted that this cannot be correct: the non-performance on which the frustration argument is founded is not the refusal to pay the remainder of the purchase price but the supposed inability to run the shop..
The view of the writer casting
aspersions on the correctness of the conclusion reached by the apex court
cannot be faulted to be illogical; if pursued in depth might certainly result
in a better view being taken.
The subject contract has come to
be looked upon, also specially referred to, as a ‘statutory' contract. Also,
special significance or importance, though, in one’s view not at all warranted,
has sought to be attached to the ‘rule (s)’ framed by that authority. Inferably,
the reason behind such thinking is that one of the parties happens to be a
so-called ‘statutory’ authority. Whatever that be, the intriguing question that
craves for a righteous answer is this : - Why that should make any difference
to giving effect to a provision of the Contract Act , both in letter and spirit,
to a transaction, which is purely a ‘commercial’ transaction.
Incidentally, in modern times, there
is no gainsaying that the concept of ‘government’ (so also, the attendant
ideology of ‘good governance’ itself) having been subjected to a violent change-
that is, the activities of the government having been pathetically but
increasingly ‘commercialised’- why the need for making any such hypothetical
distinction, based on faulty logic?
Law experts may wish to so
reframe the foregoing proposition as considered necessary, before venturing to
deliberate at length.
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Previous
The Aliakmon and Title to Sue: a recent Bombay decision
None can readily disagree with the point made in the initial
reaction posted.
Looking back, one would have thought that citing,- more as a
force of habit, or flight of fancy, than
anything else, foreign case law -e.g. foreign HL's or QB's, be it of direct
relevance even remotely, or not, for readily infer able sound reasons, was almost
given a bye-bye / fond farewell. In one's perspective/ sincere view, any such
write-up trying to analyzing or understanding Indian cases in the light of
foreign cases, equally so even in court practice, could, besides serving no
useful purpose, at best help in muddling up independent understanding of the legal
position back home.
Add-on
Why to blame judges? It is lawyers who are supposed to
function as effective catalysts in law-
/ case- law - making. If so, it is they who should desist from/have got cured of
the irresistible decades- old-itch, doing so. For, though as someone said in a lighter
vein, but in reality itself, if at all it is the Bench alone who could have a
pardonable excuse for being ignorant of, any law (or all laws), more so of case
law. Any possible counter view?
PREVIOUS
Globalization and the Indian Legal Profession
For Ready Reference >
The Harvard Law School Program on the Legal Profession has been
conducting an extensive study called Globalization, Lawyers, and Emerging Economies (GLEE), which
examines the changes occasioned to the legal profession in various countries
such as China, India and Brazil due to the effects of globalization.
As part of this effort, a team of researchers
undertook studies on the Indian legal profession, and the topics covered range
across litigating lawyers, corporate law firms, in-house counsel, legal
education, legal process outsourcing and several other related topics. While the
end product is expected to be presented in the form of an edited volume, some of
the papers are now available on an SSRN Research Paper Series launched by the
Program.
The following papers are
available:
1.
Negotiating Out of Holdouts in Land
Aggregation in India: Small Town Lawyers, Contingent Contracts, Social Norms,
and Auctions by Pavan Mamidi;
2. Women in India's 'Global' Law Firms:
Gender Frames and Advantages of New Organizations by Swethaa
Ballakrishnen;
3. Pro Bono and Corporate Legal Sector
in India by Arpita Gupta;
4. India's Grand Advocates: A Legal
Elite Flourishing in the Era of Globalization by Marc Galanter &
Nick Robinson. In this post on the Law and Other Things Blog, Nick has
an interesting take on the paper and his experience working on the project;
and
5. The Impact of Globalization and
Cross-Border Mergers & Acquisitions on the Legal Profession in
India by me.
C > wprt 3. & 4 above <
Reaction (impulsive)> On a quick glance, felt to be a timely Feedback this. May prove to be exclusively useful to legal fraternity,- particularly to new entrants having a true passion for 'knowledge'- the concept to be understood in its ideal, if not ideological, original meaning,- coupled with a desire to think and act on 'constructive' lines.As such, therefore,it requires to be looked upon and used, to begin with,as a material made available on a silver plate,for helping an independent study or research, or by whatever name one may call it.So that,could serve the obviously intended purpose of catalyzing more 'sharing', objectively, by anyone,- not merely experienced and eminent others in the field. With a sincere aim of attempting to bring about an awareness, nay awakening, for the betterment of the presently very much lacking "professional efficiency / excellence" (in the profoundest sense),and more importantly,from the larger societal/sociological view point.
www.ssc-ibps.com
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