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The concept of fast-track mergers under Section 233 of the Companies Act, 2013 , was introduced with the objective of providing a simplified route for intra-group restructurings that did not necessitate extensive judicial oversight. However, despite its promise, the mechanism remained largely underutilised for years, primarily due to restrictive eligibility criteria and limited scope. The Ministry of Corporate Affairs (MCA), through its amendment to the Companies (Compromises

On 15 September 2025, the Reserve Bank of India (RBI) issued the Master Directions on Regulation of Payment Aggregators (PAs) a decisive move that has reshaped the regulatory architecture of India’s fast-moving fintech sector. What may appear as a routine rulebook in fact marks a watershed moment. For years, India’s payments landscape thrived on rapid experimentation, fuelled by agile startups and a light-touch regulatory regime. That era is now giving way to one of strict o

I. Introduction: The Evolving Role and Regulatory Classification of Core Investment Companies in India’s NBFC Ecosystem   The management of complex capital structures within India’s large, diversified corporate conglomerates hinges critically on the regulatory treatment of holding entities. Core Investment Companies ( CICs ) serve as specialized Non-Banking Financial Companies ( NBFCs ), playing a central role in structuring, holding, and managing investments in group entitie

Introduction India’s corporate governance landscape has undergone continuous reform over the past decade, driven largely by persistent concerns surrounding opacity in Related Party Transactions (RPTs). These transactions, although legitimate and often essential for group entities, have historically been susceptible to misuse, tunnelling of resources, and conflicts of interest. In response, regulators have tightened disclosure norms, strengthened board oversight, and enhanced

Introduction The digitisation of insolvency processes in India has accelerated transparency and efficiency in corporate rescue and liquidation, but it has also exposed a serious blind spot: the protection of personal data handled during insolvency. Resolution professionals (RPs), insolvency practitioners and committees of creditors routinely aggregate, process and market vast volumes of sensitive personal and financial data — employee records, customer databases, creditor inf

India's corporate law landscape has undergone a significant transformation, particularly with the introduction of  Section 245  of the Companies Act, 2013, which formally established the framework for class action suits for shareholders and depositors. This landmark provision, however, presents an inevitable tension with the need to protect corporate directors' freedom to make genuine, albeit risky, commercial decisions. This is where the integration of the Business Judgment

September 09, 2025   In August 2025, the Securities and Exchange Board of India (SEBI) released a consultation paper proposing one of the most significant structural reforms in India’s equity market microstructure: replacing the current half-hour volume-weighted average price (VWAP) mechanism with a discrete Closing Auction Session (CAS). The move, SEBI says, will make closing prices “more stable and less volatile,” align India with global market practices, and give institut

The Supreme Court’s landmark judgment in Independent Sugar Corporation v. Girish Sriram Juneja and Others has irrevocably altered the landscape of India's Corporate Insolvency Resolution Process (CIRP). By decisively ruling that a resolution plan involving a 'combination' (merger, acquisition, or amalgamation) must secure prior approval from the Competition Commission of India (CCI) before it is placed before the Committee of Creditors (CoC) for approval, the Court has settle

Introduction On 30 May 2025 the Ministry of Corporate Affairs (MCA) notified the Companies (Accounts) Second Amendment Rules, 2025, which amend the Companies (Accounts) Rules, 2014 and introduce materially expanded non-financial disclosures in the Board’s Report and related electronic filings. Most notable among these changes are a new, more granular disclosure obligation relating to compliance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redr

Introduction The Securities and Exchange Board of India’s notification of the SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2025, and the insertion of a new Chapter VA represent a decisive regulatory intervention focused on entities that access public debt markets at scale while remaining outside the equity listing regime. The class of entities targeted those with listed non-convertible debt securities (NCDs) having an outstanding principal o

The architecture of India's startup ecosystem has long been defined by rapid innovation, high-stakes fundraising, and the magnetic pull of equity compensation. At the core of incentivizing early-stage growth lies the Employee Stock Option Plan (ESOP), a powerful tool designed to align the long-term interests of key talent with the company’s success. However, the regulatory framework governing these benefits historically presented a critical fault line, particularly when a thr

The passage of the Maharashtra Private Placement Agencies (Regulation) Act, 2025 (The Act) marks a pivotal moment in India's labour-market governance. Spearheaded by the Skill Development and Employment Department, the legislation is a well-intentioned and necessary response to the persistent problem of fraud and exploitation of job seekers by unscrupulous placement agencies. By mandating registration, imposing disclosure duties, and setting stringent penalties, the Act aims

Introduction The Supreme Court’s dictum in McDowell & Co. Ltd. v. CTO that a prohibited act cannot be achieved indirectly remains foundational to India’s foreign investment controls. Even as the country recorded impressive foreign investment inflows exceeding USD 81 billion in 2024–25, investors continue to confront regulatory blocks deeply embedded in the downstream investment framework. Foreign-owned or controlled companies, or FOCCs, sit at the heart of this tension. Thes

Introduction: The Maturing of India's Insolvency Framework Since its enactment in 2016, the Insolvency and Bankruptcy Code (IBC) has served as one of India's most profound economic reforms, fundamentally reshaping the debtor-creditor relationship and establishing a time-bound, market-driven mechanism for corporate financial distress resolution. The Code successfully transitioned India from a debt recovery regime—characterised by fragmented, decades-long legal processes—to a m

– 20 september 2024 Introduction: The Need for an Ex-Ante Digital Rulebook The proposed Digital Competition Bill (DCB) represents a pivotal shift in India's regulatory stance toward digital markets. For decades, the Competition Commission of India (CCI) operated under an ex-post framework defined by the Competition Act, 2002 , which allowed intervention only after anti-competitive harm had allegedly occurred. This traditional model, however, has proven slow and ill-suited

Introduction Confidentiality has long been celebrated as one of arbitration’s defining attributes, shaping why commercial actors, investors, and corporations often favour it over traditional litigation. In an age where public allegations, leaking of sensitive documents, and reputational risks can decisively influence market standing, confidentiality acts as a protective buffer around business strategy, financial information, and ongoing disputes. Yet, as arbitration increasin