Legal Blogs by Argud Partners | Corporate Law Firm in Mumbai

Introduction The Supreme Court of India has again drawn a firm line between a commercial deal that fails and the criminal offence of cheating. In Indroneel Goho v. Razouvonuo Thong & Anr., reported as 2026 INSC 1115 and decided on 29 September 2026, a Bench of Justice Vikram Nath and

Pre-Reference Interest in Arbitration: SC Ruling

Introduction On 22 September 2026, the Supreme Court of India delivered its judgment in North Eastern Electric Power Corporation Limited (NEEPCO) v. Astra Construction Private Limited, 2026 INSC 1036, setting aside an award of pre-reference interest at 12% per annum that a contractor had secured against a public sector undertaking.

SC: Suppression Cannot Extend Section 74 CGST Limitation

Introduction On 25 August 2026, in M/s Tata Steel Limited v Union of India through the Secretary, Ministry of Finance and Ors., reported as 2026 INSC 920, the Supreme Court decided a question that comes up often in GST disputes. The question was whether the tax department can rely on

SARFAESI Auction Valid Despite EMD Shortfall: SC

Introduction In Lakshmi Mohan (Dead) Through LRs. v. M/s. Airtech Projects Engineers Pvt. Ltd. (2026 INSC 909), decided on 21 August 2026, the Supreme Court restored a SARFAESI auction that had been set aside because the successful bidders’ earnest money deposit was ₹35,000 short of the amount stated in the

Foreign Assets Disclosure Rules 2026: CBDT Analysis

Introduction The Ministry of Finance (Department of Revenue), through the Central Board of Direct Taxes, has notified the Foreign Assets of Small Taxpayers – Disclosure Scheme Rules, 2026 by Notification No. 114/2026 [G.S.R. 732(E)] dated 14 August 2026. The Central Government framed these rules under section 143 of the Finance

Insider Trading: Why Purpose Is No Defence Under SEBI Law

Introduction On 11 August 2026, the Supreme Court of India delivered its judgment in Securities and Exchange Board of India v. Rajeev Vasant Sheth & Ors., 2026 INSC 826. The ruling settles a question that has followed Indian insider trading law for more than two decades: whether an insider who

RBI Loan Recovery Rules 2026: Business Conduct Directions

Introduction The Reserve Bank of India has issued a sweeping set of directions governing how commercial banks and their recovery agents may pursue overdue loans. Notified on August 6, 2026 as the Reserve Bank of India (Commercial Banks – Responsible Business Conduct) Fourth Amendment Directions, 2026, this regulatory intervention rewrites

Corporate Laws Bill 2026: IBBI as Valuation Authority

Introduction The Corporate Laws (Amendment) Bill, 2026 (Bill No. 85 of 2026), introduced by Finance Minister Nirmala Sitharaman in the Lok Sabha on March 23, 2026, proposes 107 amendments to the Companies Act, 2013 and the Limited Liability Partnership Act, 2008. Among its most consequential provisions is Clause 73, which

RBI SFB Capital Adequacy: Pillar 3 Framework 2026

Introduction The Reserve Bank of India has issued the Reserve Bank of India (Small Finance Banks – Prudential Norms on Capital Adequacy) Fifth Amendment Directions, 2026 vide circular RBI/2026-27/210, DOR.ACC.REC.No.191/21-01-002/2026-27, dated July 30, 2026. This amendment rewrites the entire Pillar 3 disclosure architecture contained in Annex III of the Reserve

SEBI Transmission of Securities Framework 2026: Key Rules

Introduction When an investor dies, the shares, debentures or mutual fund units held in their name do not pass to the family automatically. They must be formally transmitted, and for years this process has been one of the most frustrating experiences for Indian families. Requirements differed from one company or

Article 227 Cannot Override Section 16: SC Ruling

Introduction In Manash Kamal Bezboruah v. M/s Bokahola Tea Company Private Limited & Ors. (2026 INSC 701), decided on 14 July 2026, the Supreme Court of India held that an arbitral tribunal’s order rejecting a jurisdictional objection under Section 16 of the Arbitration and Conciliation Act, 1996 cannot ordinarily be

SEBI Master Circular 2026: Merchant Bankers Compliance

Introduction The Securities and Exchange Board of India has updated its Master Circular for Merchant Bankers, last revised on July 14, 2026, consolidating every operative circular issued to merchant bankers registered under the SEBI (Merchant Bankers) Regulations, 1992 into a single reference document. Issued under bearing number HO/49/14/15(3)2026-CFD-POD1/I/16178/2026, the circular

Specific Performance: Proof of Readiness From Agreement

Introduction A buyer who sues for specific performance of an agreement to sell has to show the court more than a valid contract and a seller who backed out. He must also prove that he was ready and willing to do his own part throughout, starting from the day the

Regional Director’s Appellate Role Under Companies Act

Introduction The Regional Director sits at a critical but frequently ignored point in India’s corporate regulatory framework. This office decides appeals against penalty orders passed by the Registrar of Companies, approves fast-track mergers, and now stands to gain even wider powers under the Corporate Laws (Amendment) Bill, 2026. Yet the

RBI Revises FEMA Reporting Framework: Circular No. 17

Introduction The Reserve Bank of India has rewritten the reporting compliance calendar for every Full-Fledged Money Changer, non-bank Authorised Dealer Category-II entity, and MTSS Indian Agent operating in the country. Through A.P. (DIR Series) Circular No.17 dated June 24, 2026 (RBI/2026-27/174), the central bank has discontinued seven legacy registers, rationalised

RBI – Credit Derivatives Directions, 2026: Legal Analysis

Introduction On June 25, 2026, the Reserve Bank of India notified the Master Direction – Reserve Bank of India (Credit Derivatives) Directions, 2026 vide Notification No. FMRD.DIRD.03/14.03.004/2026-27. The Directions were issued under cover of communication RBI/FMRD/2026-27/407 dated the same day, signed by Dimple Bhandia, Chief General Manager, Financial Markets Regulation

Article 142 and Arbitral Finality in India: Legal Review

Introduction Three Supreme Court decisions within two years have reopened a single question: how much correction can a court apply to an arbitral award before supervision turns into appeal? The judicial review of arbitral awards sits at the centre of Indian arbitration law today, and the answer given by the

Section 138-C Customs Act: Electronic Evidence Rules

Introduction Customs enforcement in India today runs on digital data. Import-export documentation, invoices, emails, WhatsApp chats, tally data and accounting software files are routinely seized from laptops, servers, mobile phones and hard drives during investigations under the Customs Act, 1962. Whether that data can actually be used against an importer

Section 47 CPC: Remedy Beyond Section 9 Arbitration

Introduction Indian arbitration jurisprudence took a decisive turn with the Supreme Court’s ruling in Home Care Retail Marts (P) Ltd. v. Haresh N. Sanghavi, 2026 SCC OnLine SC 670. The judgment settled a sharp division among High Courts on whether a party that has lost an arbitration can still approach

Arbitrability of Excepted Matters Under Indian Law

Introduction An arbitration clause is commonly assumed to cover every dispute arising from a contract. That assumption breaks down in a large number of commercial, government, infrastructure, and insurance contracts in India. Many such contracts contain arbitration clauses that appear broad on their face but are narrowed by carve-outs. Indian

Section 34 Limitation: Supreme Court Clarifies Time Limit

Introduction The Supreme Court has settled a question that has troubled arbitration practitioners for years: when a party files an application under Section 33 of the Arbitration and Conciliation Act, 1996, seeking correction or an additional award, does the three-month limitation period for challenging the award under Section 34 pause

Nagaraj V. Mylandla: Foreign Award Enforcement

Introduction On March 25, 2026, the Supreme Court of India delivered a significant ruling on the enforcement of foreign arbitral awards in Nagaraj V. Mylandla v. PI Opportunities Fund-I (2026 INSC 298). The judgment addresses a recurring problem in cross-border commercial arbitration: award-debtors who lose a challenge before the courts

Transnational Issue Estoppel & PE/VC Exits in India

Introduction Foreign private equity and venture capital investors have long treated Indian court proceedings as the single biggest risk to a clean exit. An arbitral award obtained in months or years abroad has, in the past, been dragged through Indian enforcement courts for years more, with promoters recycling the same

CCI Enforcement in AI & Digital Markets: 2026 Analysis

Introduction Competition regulation in India is currently operating on two separate tracks. On one side, the Competition Commission of India (CCI) is deliberately cautious with artificial intelligence, relying on advocacy and self-regulation. On the other, it is enforcing the Competition Act, 2002 against digital platforms with real penalties, settlements, and

SC Upholds Digital Tax Search Powers Under Section 132

Introduction On March 9, 2026, the Supreme Court of India dismissed a public interest litigation that challenged the constitutional validity of digital search and seizure powers exercised by tax authorities under Section 132 of the Income Tax Act, 1961, and its corresponding provision, Section 247 of the Income Tax Act,

Naked Licensing Under Indian Trade Mark Law

Introduction to Naked Licensing Under Trade Mark Law Naked licensing is one of the most debated defences raised by licensees in trade mark infringement suits filed by licensors. The defence rests on a basic function of a trade mark: its role as a source identifier. A trade mark does not

PMLA and Tender Eligibility of Government Contractors

Introduction The Prevention of Money-Laundering Act, 2002 (PMLA) tender eligibility India has become a pressing question for contractors, public sector entities, and procurement lawyers after the Delhi High Court’s ruling in Dhanvine Engg. (P) Ltd. v. Delhi Jal Board, 2026 SCC OnLine Del 1877. The judgment addresses whether a contractor

SC: Insurer Not Liable for Compensation Act Penalty

Introduction The Supreme Court of India has delivered a ruling that draws a clear line between an insurer’s contractual liability and an employer’s personal accountability under the Employees’ Compensation Act, 1923. In New India Assurance Co. Ltd. v. Rekha Chaudhary & Others (Civil Appeal No. 174 of 2026), decided on

Section 6A and On-Market Purchases Under Competition Law

Introduction: Why On-Market Purchases Needed a Legal Fix In 2024, Parliament amended the merger control regime under the Competition Act, 2002, introducing one of the most significant procedural reforms to India’s antitrust framework in recent years. The amendment specifically targets on-market purchases, including open offers, and brings India’s regulatory approach

Cross-Border Legal Privilege in International Arbitration

Introduction Clients confide in their lawyers on the assumption that those communications stay sealed. That assumption holds reasonably well within a single legal system. It collapses the moment a dispute crosses border. A communication that is fully protected in New York or Singapore can be wide open to disclosure in

Bombay HC Clarifies GST on Tolerating or Refraining Acts

Statutory Framework The goods and services tax regime in India is governed by the Central Goods and Services Tax Act, 2017 (the CGST Act). Section 7(1) of the CGST Act defines “supply” to include all forms of supply of goods or services made or agreed to be made for a

Indian Insolvency Framework 2026: CIRP & IBC Reforms

Introduction and Legislative Progression of the Insolvency and Bankruptcy Code The statutory architecture governing corporate distress in India has transitioned from a fragmented debt-recovery system to a unified, time-bound, and creditor-controlled regime under the Insolvency and Bankruptcy Code, 2016. This structural evolution is underscored by significant economic recovery metrics, with

Legal Analysis RBI Digital Payments E-Mandate 2026

The regulatory structure for recurring digital payments in India reached a definitive milestone on April 21, 2026, when the Reserve Bank of India issued the Digital Payments – E-mandate Framework, 2026, under the reference RBI/DPSS/2026-27/396. This directive represents a major consolidation of the payments ecosystem, designed to streamline the processing

Section 45 Insurance Act, 2015 : Policy Repudiation Rules

The legal framework governing life insurance in India is anchored in the foundational doctrine of uberrima fides, or utmost good faith. This principle mandates that both the insurer and the proposer act with complete transparency, disclosing every material fact that could influence the assessment of risk. Unlike general commercial contracts

Sovereign Autonomy of Foreign-Seated Arbitration Law

The development of arbitration as the default mechanism for international commercial dispute resolution has necessitated a rigorous re-evaluation of the boundaries of judicial intervention within the Indian legal system. Central to this inquiry is the doctrine of anti-arbitral injunctions, a remedy that resides at the intersection of state sovereignty and

Maharashtra Land Revenue Code Amendment, 2025 Analysis

The enactment of the Maharashtra Land Revenue Code (Second Amendment) Act, 2025, constitutes a fundamental restructuring of land revenue administration and property development regulations in the state of Maharashtra. Published officially on December 31, 2025, this legislative intervention represents a departure from the historical revenue-control model that has governed agricultural

Supreme Court Bars Fresh Arbitration After Withdrawal

The Statutory Framework for Arbitrator Appointments in India The legal structure for appointing arbitrators in India is primarily defined by Section 11 of the Arbitration and Conciliation Act, 1996. This section acts as a vital gateway to the arbitral process, offering a structured method for judicial or institutional intervention when

Customer Data Protection in Indian Financial Sector

The issuance of Advisory No. 3/2026 by the Reserve Bank of India on March 25, 2026, establishes a comprehensive framework for Supervised Entities to enhance their data security protocols within an increasingly digital financial environment. This advisory was developed following a thematic study conducted in 2025 by the Cyber Security

NCLT: Maintenance Dues as Liquidation Costs Under IBC

The legislative framework governing corporate insolvency in India has reached a critical juncture with the enactment of the Insolvency and Bankruptcy Code (Amendment) Act, 2026. This legislative intervention, which received Presidential assent on April 6, 2026, represents the most significant structural recalibration of the insolvency regime since the inception of

Corporate Laws (Amendment) Bill 2026: A Legal Analysis

The introduction of the Corporate Laws (Amendment) Bill, 2026, in the Lok Sabha on March 23, 2026, represents a transformative juncture for corporate regulation in India. This omnibus legislation, comprising 107 clauses, seeks to amend both the Companies Act, 2013 and the Limited Liability Partnership (LLP) Act, 2008. Derived largely