This compendium presents a curated collection of judgments rendered by the Hon'ble Securities Appellate Tribunal ("SAT") from 2019 to 2024. Established to hear and dispose of appeals against orders passed by the Securities and Exchange Board of India (SEBI), the Insurance Regulatory and Development Authority of India (IRDAI), and the Pension Fund Regulatory and Development Authority (PFRDA), SAT plays a pivotal role in shaping the regulatory landscape of the financial and securities markets in India.
Survival
Debt maturity profile Companies should ensure that they have a very clear understanding of the timing of their cash needs and in particular of the maturity profile of their debt – when does debt fall due and when will refinancing be required?
Lexology Pro Compliancetakes a look at some of the most informative articles published on Lexology this fortnight for compliance teams to stay up-to-date, including key guidance from regulators around the world and practical tips to help businesses adapt to a new normal.
In retrospect, 2012 likely will be remembered as another year of manifold challenges in the Eurozone and of slow consolidation rather than one of fundamental reform or renaissance. However, the policy of Mr. Draghi, the chairman of the European Central Bank, appears to have stabilized the markets and the Euro since last summer, Germany's economy is prospering and the stock markets are almost back to pre-2008 levels. Nonetheless, there are fundamental doubts that the measures taken have a lasting effect and will fundamentally reform the economies in the Eurozone.
Year in Review – Thai Law in 2016
In an August 2016 decision in the Aéropostale bankruptcy case,1 the Bankruptcy Court for the Southern District of New York held that allegations of insider trading did not justify equitable subordination and were not “cause” to deny a credit bid. The decision helps bridge the gap between the treatment of insider trading allegations in bankruptcy court and their treatment everywhere else.
Facts
Mr Patel transferred Mr Mirza £620,000 to bet on shares in RBS using insider information which Mr Mirza hoped to obtain from RBS contacts. The inside information did not come through and Mr Mirza refused to return the sums to Mr Patel. Mr Patel subsequently sued Mr Mirza for recovery of the £620,000 on the
basis of unjust enrichment.
A director who breaches the obligations and duties imposed on him by his office may be liable to compensate the company for breach of duty, may incur personal liability for the company’s debts, may also face criminal or civil penalties and may be disqualified from acting as a director. The position of the company director has never been the subject of more scrutiny than it is today.
The trading rules and conventions of the loan market are well known to its participants. Similarly, the laws and practices governing equity securities trading in the U.S. are quite familiar to securities market professionals. The opportunity for confusion may arise, however, when these two markets quickly converge—for example, when the loans of a reorganized borrower are converted into or satisfied by the issuance of equity securities.
Swiss Investigating Magistrate Entitled to U.S. Documents