INTERNATIONAL COMMERCIAL ARBITRATION (ICA)

 

ADR – Alternate Dispute Resolution

WHAT IS ADR?

         Dispute Resolution can be conventionally through existing legal system.   The legal system as in today exists takes enormous time & is costly for being very effective.  Courts are crowded with huge number of cases with technical procedures & dispensation of justice is inordinately delayed.   For this reason there shall be an alternate mechanism of resolving disputes within the legal framework yet not depending on civil courts only.  This ADR could be,

Ø       Mediation

Ø       Conciliation

Ø       Arbitration

Ø      Settlement.

 

Advantages of ADR:

1.            Familiarity with Procedures: National Courts may not be familiar with international contract dispute.

2.            Procedures are simple compared to civil procedures in many countries.

3.            No home court advantage: Arbitration could be on a neutral place.  Neutral country arbitration.

4.            Choice of law: National Judges will lean towards laws of their home country.

5.            Clear Jurisdiction: Suits will raise doubts on jurisdiction whereas it is clear in ICA.

6.            International enforcement: About 100 countries are signatories to New York Convention.

7.            Confidentiality: Proceedings before Tribunal & awards are kept confidential.  No media publicity is given.

 

COMMERCIAL vs. STATUTORY ARBITRATION:

       In economy, time is a function of money.  It is advisable to have Arbitration Clause in every commercial contract.  The arbitration resolves disputes among parties to commercial transaction.   It is called commercial arbitration.

       When parties are within India, it is DOMESTIC commercial arbitration; if parties are one within India & one outside India, it is INTERNATIONAL commercial arbitration.

       There is statutory arbitration where arbitration is specified in the statues itself.   For instance, Section 7 of Indian Telegraph Act, it is statutory arbitration.

 

INSTITUTIONAL ARBITRATION / RULES OF ARBITRATION:

ü      ~ ICC, Paris – International Chamber of Commerce;

ü      ~ LCIA – London Court of International Arbitration;

ü      ~ AAA – American Arbitration Association.

 

 

 

NEUTRALS:            They are nominated by AAA, who are recognised for their standing, expertise in the field, their integrity & dispute resolution skills.   Neutrals are nominated to the ROSTER (list of persons) of Arbitrators & Mediators of AAA elected from among eminent leaders in the industry & profession.   This conduct is guided by the code of ethics.

 

UNCITRAL: - United Nations Council on International TRAde Laws

v A legal body within United Nation in the field of International Law.

v Their aim is to have uniform laws in trade laws of different countries.

Works carried out by UNCITRAL:

1. International sale of goods & related transactions:   Comprehensive rules on International sale of goods & limitation period for commencing legal proceeding for International sale of goods.

2. International transport of goods:  A convention setting forth a uniform legal basis on rights & obligations of shippers, carriers, consignors, etc…

3. ICA & Conciliation:  UNCITRAL arbitration rules adapted in the year 1976.   It provides for comprehensive set of rules upon which parties may agree for conduct of arbitral proceedings arising out of their "commercial relationship".

      Conciliation Rules, 1980-amicable rules are provided through Conciliation.   Our new law Arbitration & Conciliation Act, 1996 is based on UNCITRAL model.

4. Public procurement & Infrastructure development – assists states in reforming & modernising laws.   Modern law containing procedures aimed at promoting competition, transparency, fairness & objectivity in procurement thereby, increasing economic efficiency in procurement.

5. Construction contracts – UNCITRAL legal guide for construction of industrial works.

6. International Payments – This convention provides for comprehensive legal rules governing International Instruments such as International Promissory note, bill of exchange, etc…

7. Electronic Commerce – Model law on e-commerce is to facilitate use of modern means of communications & storage of information such as Electronic Data Interchange (EDI), email, telecopy, etc…

8. Insolvency: UNCITRAL model law on cross border insolvency aims to promote modern & fair legislation where the insolvent has debts in more than one state.

 

 

Also, read Indian Arbitration Act, which is modeled on the basis of UNCITRAL.

 

I See Yeh ! Yeh tho Ho gaya … Enjoy !

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Vj
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FC & JV in WTO

FOREIGN COLLABORATION & JOINT VENTURE (FC & JV)

 

            Collaboration is a generic term, which pre-supposes a joint commercial enterprise or a consortium.   JV presupposes the joint participation by foreigner & an Indian to capitalise on the opportunities in the market by forging the mutual strength for common advantage.

           

"JV differs from a Partnership as JV is WITH the business whereas the partners are IN the business".

 

            Domestic partners may have skills but experienced in local market, existing business whereas they may be lacking physical capital or technology, which may be supplied by foreign parties, commonly there are four types of FC/JV,

1.       Equity JV/Financial Collaboration: Foreign partners & Indian party collectively hold an Indian company at an agreed % of shareholding & pursue the objects of JV. There is no technology transfer involved.   Typically, JV of these types takes place in FMCG, distribution, etc…

2.       Technical JV/Collaboration: Foreign party supplies technology to JV & JV does not need capital.  For instance, Technical JV for upgrading production, efficiency, processes, rejection, etc…

3.       Techno-Equity JV or Tie-up agreement: Here there is both equity & technical participation.  A foreign equity holder enjoys both share in the profit & payment towards technology transfer.   These types of JV are typically in manufacturing & service sector where technology transfer is continuous & retention of ownership control is critical from the confidentiality of IPR.

4.       Contractual JV: Through contracts.

 

 

RESTRICTIVE CLAUSES IN JV AGREEMENT:

1.       Restriction on IPR (Intellectual Property Rights):  This deals about restriction in supply for confidentiality.

2.       Restriction after expiry of agreement:  These are basically provisions ensuring confidentiality.

3.       Restriction on Research & Development (R&D).

4.       Non-Compete:  This clause may typically require a JV partner or key employees not to unfairly compete after termination or resignation.

5.       Tying arrangement:  These arrangement typically tie-up one consideration for another.

6.       Price fixing.

7.       Restrictions on territory.

8.       Grant back provision: This clause requires any improvement to be granted back.

9.       Exclusive sales or Representation agreement.

10.   Restriction on quality control, like, use of personnel or other prescriptions.

11.   Restriction on publicity.

 

More on Foreign Collaborations can be better read while doing FEMA for Economic Laws; Concentrate more on Press Note 1 & 5.

 

Also, read a sample FC agreement.

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Vj
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NBFC notification & PR

RBI Notification:
RBI / 2007-08/130
DNBS.PD.CC. No.106 /03.10.42/2005-06

Future approach towards monitoring of frauds in NBFCs

Press Release Update:
PR No.253/2007

SEBI refuses to renew the recognition granted to Magadh Stock Exchange Ltd.

Get Updated !

Credit to DR. KS Ravichandran.

WTO's Job Task Pyramid

Learn it, the interesting way...

SEBI Update

Vj updates, Press Release (PR)

 

PR No.252/2007

Withdrawal of Permanent Recognition granted to The Hyderabad Stock Exchange Ltd.

Credit to Mr. KS Ravichandran, Coimbatore.

 

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WTO - FTP - Understand this way ....

FOREIGN TRADE POLICY [FTP] 2004-09

By Director General of Foreign Trade (DGFT)

Under Ministry of Commerce

Using the powers given under

Foreign Trade (Development & Regulation) Act, 1992 [FTDR]

 

FTP OVERRIDES Handbook of Procedures (Hp) by DGFT[Narendra Udeshi V UOI]

 

CONTENTS:

 

VOLUME 1: Basics of Policy;

VOLUME 2: Procedural Aspects of Policy; [Hp Volume-1];

VOLUME 3: SION [Standard Input Output Norms] of Products; [Hp Volume-2];

VOLUME 4: ITC (HSN) à Items under Import & Export policy;

VOLUME 5: Handbook of DEPB rates.

 

ADMINISTRATION:

1. Issue of licenses by DGFT   à  Licensing Committee/Regional Authority;
2. Procedures as per Hp;
3. Interpretation & Classification of DGFT à FINAL & BINDING;
4. DGFT license/clarification OVERRIDES Customs Authorities;

 

IEC [IMPORT EXPORT CODE]: MANDATORY for Exporters/Importers.  The exceptions include,

1. Central Government & its agencies; State Governments;
2. For personal use, not being trade/agriculture/manufacturing;
3. EXIM to/from Nepal/Myanmar upto Rs. 25000 per Single Consignment;

 

SUSPENSION/CANCELLATION OF IEC: After DGFT notice & Heard on,

1. Contravention of CEA, CA, FEMA, FTDR, or Economic offences;
2. EXIM prejudicial to trade relations or injurious;

Just remember this ! SCHEMES ENCOURAGING EXPORTS ARE NOT IN VIOLATION OF WTO STIPULATIONS: All export promotion schemes are directed towards ensuring that Inputs as well as Final products are made 'tax free'.

 Now,                                 STAR EXPORT HOUSES [Status Holders] 

1.       Based on average [FOB/FOR export value during Current & 3 preceeding years] Export Performance but not to consider re-exports, deemed exports, jewellery, precious stones, and supplies from SEZ/EHTP/EOU.

 

DEEMED EXPORTS:- When projects are financed with free forex as goods & services do not leave the country and suppliers get payment in Rupees.   It includes evaluation of bids for global tenders without Customs, Supplies to EOU and Supplies against Annual Advance License (AAL).

 

2.       SSI, Handicrafts, Agro exports or exports to sub-saharan Africa units with ISO 9000 status are entitled to double weightage when considering export performance.

 

3.        

ONE STAR EXPORT HOUSE	RUPEES 15 CRORES;
TWO STAR EXPORT HOUSE	RUPEES 100 CRORES;
THREE STAR EXPORT HOUSE	RUPEES 500 CRORES;
FOUR STAR EXPORT HOUSE	RUPEES 1500 CRORES;
FIVE STAR EXPORT HOUSE	RUPEES 5000 CRORES;

 

4.       Procedural simplifications for all status holders:

Ø      License/Certificate/Permissions on self-declaration basis;

Ø      Fixation of SION within 60days;

Ø      Exemption from compulsory negotiation of documents from banks;

Ø      100% retention of FOREX in EEFC A/C.;

Ø      Enhancement of repatriation period from 180 to 360 days;

Ø      Entitlement to Annual Advance Licenses (AAL) for annual requirements;

Ø      Priority long term finance;

Ø      Letter of Undertaking instead of Bank Guarantee;

>   Additional facilities for fast clearances.

 

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CoAct Checklist as from CoolCS group - Vj

 

Due Dates / Time Limit for Filing Documents (1)

 

Section No.	Form No.	Description	Time limits for filing
33(2)	1	Declaration of Compliance with the requirements of the Companies Act,1956 on application for Registration of a Company	It should be submitted  before incorporation of the co. or within 6 months of the availability of the name of the Company.
20	1A	Application form for availability of names.	There is no time limit,  this form can be filed at any time.
(g)	1AA	Particulars of person(s)/ director(s)  specified for the purpose of clause (f)/(g) of Section 5.	Within 30 days from the date of exercise of powers of the Board.
5(f)	1AB	Consent of the person charged by the board with the responsibility of complying with the provisions of the Act	To be filed alongwith Form No. 1-AA, within 30 days from the date when the Board of Directors takes the decision to make the person responsible under proviso to Section 5(f) of the Act.
5(f)/(g)	1AC	Particulars of  person(s) /director(s) specified for the purpose of clause (f)/(g) of section 5.	To be submitted within 30 days of revocation or withdrawal of consent given by the person u/s 5(f).
31(1)	1B	Application for the Approval of the Central Government for conversion of a Public Company into a Private Company.	Within three months from the date when the special resolution has been passed in this regard.
75(1)	2	Return of Allotment	Return must be submitted within 30 days of allotment, or within such extended time as allowed by ROC against an application under section 75(3) made to ROC for such extension.

 

 

Due Dates / Time Limit for Filing Documents (2)

 

Section No.			Form No.	Description	Time limits for filing
56(3)			2A	Memorandum containing salient features of prospectus	Every application form is to be accompanied with the Memorandum containing salient features of abridged prospectus, as and when they are issued.
58A(11) & 109A			2B	Nomination of Form	Can be filed at any time by the shareholder, debenture-holder or holder of fixed deposits.
75(2)			3	Particulars of Contract Relating to shares	The Return has to be submitted within 30 days of allotment, or within such extended time that may be allowed by the Registrar of Companies on an application made to him under section 75(3).
76			4	Statement of the Amount of Rate per cent of the Commission payable in respect of Shares/Debentures and of the number of Shares/Debentures for which person have agreed for a Commission to subscribe for absolutely or conditionally	Return should be submitted before payment of commission, at the time of delivery of prospectus or the statement in lieu of prospectus for registration.
77A(6)			4A	Declaration of solvency before buying-back of shares/other securities but after passing of the Special Resolution under section 77A(6)	Declaration should be filed any time before making buy-back of shares, but only after such buy-back has been authorised by passing a special resolution.
77A(9)			4B	Maintaining Register of Securities brought back under section 77A(9)	Immediately after buying back its securities, the details given in Form No. 4B has to be entered in the said Register by a company.
77A(10)			4C	Returns containing particulars relating to the buy back under section 77A(10)	The return is to be submitted within 30 days from the date of completion of buy-back of securities.
Due Dates / Time Limit for Filing Documents (3)

 

Section No.	Form No.	Description	Time limits for filing
95/97/94A(2)/ 81(4)	5	Notice of Consolidation, Division under section 95.	Within 30 days of passing of the resolution in this behalf.
94	5	Notice of Increase in Share Capital under section 94.	Within 30 days of increase in share capital.
97	5	Notice of increase in number of members under section 97.	Within 30 days of increase in number of members.
108(1A)	7B	Share Transfer Form	Forms have to be submitted before execution to the prescribed authority. In case of shares dealt with or quoted on the recognised Stock Exchange, it has to be submitted at any time before the date on which register of members is closed according to the law, for the first time after the date of presentation to the prescribed authority. In other cases, it has to be submitted within two months from the date of presentation.
108(1A) and Rule 5A(2A)	7BB	Counter Receipt and Share Transfer Form. Filling of Instrument of transfer in respect of counter receipts for shares dealt with OTCEI.	Forms have to be submitted to the prescribed authority before execution. In case of shares dealt with or quoted on the recognised Stock Exchange, it may be done at any time before the date on which register of members is closed for the first time in accordance with the law, after the date of presentation to the prescribed authority, or within twelve months from the date of such presentation, whichever is later. In all other cases, within two months from the date of presentation.
108(1-D)	7C	Extension of time under section 108(1-D) of the Companies Act, 1956	To be submitted before or after the expiry of the periods as mentioned in section 108(1-A)(b).
108A	7D	Application for approval of the Central Government for acquisition of shares under section 108A	Any time before acquisition of shares.

 

Due Dates / Time Limit for Filing Documents (4)

 

Section No.	Form No.	Description	Time limits for filing
108B	7E	Intimation to the Central Government of the proposal to transfer shares under section 108B	Any time before transfer of shares.
108C	7E	Application for approval of the Central Government for transfer of shares of foreign companies under section 108-C	Any time before transfer of shares.
125/127/135	8	Particulars of Charges created by a company registered in India/Subject to which property has been acquired by a company registered in India/Modification of Charges	Within 30 days after the date of its creation. If there is sufficient cause, the Registrar of Companies can condone the delay upto 30 days on payment of additional fee, not exceeding ten times the amount of fee specified in Schedule X. The Company Law Board can also condone the delay under section 141 of the Act.
128 & 129	10	Particulars of a series of debentures, containing or giving by reference to any other instrument, any charge to the benefit of which the debenture holders of the said series are entitled pari passu, created by a company registered in India and also of any issue of debentures in a series	The return has to be filed either by execution of deed or of any debentures of the series, within 30 days of creation of charge.
131	12	Chronological index of charges	To be maintained by ROC.
130, 135, 137 &  138	13	Register of Charges	It has to be submitted within 30 days of creation or modification or satisfaction of charge.
137	15	Notice of Appointment of Receiver or Manager	The return has to be submitted within 30 days from the date of the order of court, or of the making of the appointment.

 

Due Dates / Time Limit for Filing Documents (5)

 

Section No.	Form No.	Description	Time limits for filing
137(2)	16	Notice to be given by Receiver/Manager on ceasing to the act as such	The return has to be submitted immediately after cessation.
138	17	Memorandum of Complete Satisfaction of Charge	The return must be submitted within 30 days of satisfaction or payment of charge. Only payment of satisfaction in full has to be registered.
146	18	Notice of Situation / Change of Situation of Registered Office	The return has to be submitted within 30 days of incorporation or change of situation of Registered office.
149(1)(d)	19	Declaration of Compliance with the provisions of section 149(1)(a), (b) and (c) of the Companies Act, 1956	The declaration should be submitted before commencing business or exercising borrowing powers.
149(2)(c)	20	Declaration of Compliance with the provisions of section 149(2)(b), of the Companies Act, 1956	The declaration must be submitted before commencing business or before borrowing powers has been exercised.
149(2A)(ii)	20A	Declaration of Compliance with the provisions of section 149(2A), or of the section 149(2B)	Before commencement of new business, the declaration has to be submitted.
17(1), 79, 81(2), 94A(2), 102(1), 107(3), 111, 141, 167, 186, 391(2), 394(1)	21	Notice of the Court's/Company Law Board's Order	The return has to be submitted within three months from the date of the order of the Company Law Board, under section 17(5) of the Act. Filling of the Orders of the Company Law Board / Court passed under other provisions of the Act, are to be filed with the Registrar of Companies within 30 days from the date of the order. In case of an order by Company Law Board u/s 17(5) of the Act, the return is to be filed within 3 months of the order. In case of other orders under other provisions of the act, the return must be submitted within the time limit specified under the relevant Section/Rules or within 30 days from the date of the order as the case may be.
160	21A	Form of Annual Return not having Share Capital	The return must be submitted within 60 days of the Annual General Meeting.

 

Due Dates / Time Limit for Filing Documents (6)

 

Section No.		Form No.	Description		Time limits for filing
165		22	Return of Statutory Report		The report must be submitted immediately after sending the same to members preferably within 7 days of the date of report.
171(2)		22A	Consent of Shareholder for shorter notice		Any time before the date that has been fixed for the meeting.
192		23	Registration of Resolution(s) and Agreement(s)		Return has to be submitted within 30 days of passing the resolution / making the agreement.
209(1)		23AA	Notice of address at which Books of Account are maintained		Notice has to be submitted within 7 days of the Board's decision.
219(1)(b)(iv)		23AB	Statement containing Salient Features of Balance-Sheet and Profit and Loss Account etc., as per section 219(1)(b)(iv)		To be sent within 21 days before the date of the Annual General Meeting to the members of Stock Exchange and to be filed with ROC.
224(1A)		23B	Notice by Auditor		Form is to be submitted within 30 days from the date of receipt of the intimation of appointment from the company.
233B(2)		23C	Form of Application to the Central Government for Appointment of Cost Auditor		After the Board Meeting at which such person has been appointed, subject to the approval of the Central Government, but before the appointment of cost auditor.

 

Due Dates / Time Limit for Filing Documents (7)

 

Section No.	Form No.	Description	Time limits for filing
259	24	Application to the Central Government for increasing the number of Directors of Company	Any time before the number of directors is increased.
297(1)	24A	Application to the Central Government for obtaining the previous approval for entering into contracts with the company for sale, purchase or supply of any goods, materials or services, pursuant to proviso to section 297(1)	To be submitted at any time before entering into the contract by the company.
299	24AA	Notice by the interested Directors	At the first meeting the board of directors held after the director becomes concerned or interested. This notice is to be given every year before the expiry of the financial year of the company.
314(1B)	24B	Application to the Central Government for obtaining prior consent for the holding by certain persons of any office or place of profit in a company	Any time after passing of the special resolution, but before the actual appointment.
198(4), 269, 309(3), 311, 387 & 388	25A	Application to the Central Government for approval of appointment/Re-appointment and remuneration payable to Managing/Whole-time directors or manager	To be submitted within a period of 90 days from the date of appointment.
268	25B	Application to the Central Government for approval to amendment of provision relating to Managing, Whole-time or non-rotational directors	Any time before making any amendment of any provision relating to the appointment or re-appointment of a managing or whole-time director or of a director not liable to retire by rotation.
269(2)	25C	Return of appointment of Managing director / Whole-time Director / manager	Within 90 days from the date of appointment of a person as a Managing or Wholetime director or a manager, according to conditions specified in Schedule XIII.

 

Due Dates / Time Limit for Filing Documents (8)

 

Section No.	Form No.	Description	Time limits for filing
310, 311 &  388	26	Application to the Central Government for increase in remuneration of Managing director/Whole-time Director/manager	Any time after the passing of the Board or general meeting resolution, but before giving effect to the increase in remuneration.
264(2)/ 266(1)(a) & 266(1)(b)(iii)	29	Consent to act as director of a Company and/or Undertaking to take and pay for qualification shares	The return has to be submitted within 30 days of appointment, or at the time of incorporation of the company.
303(2)	32	Particulars of appointment of Directors and Manager and changes among them	The return must be submitted within 30 days of appointment or change, as the case may be.
306	34	Register of Directors, Managing Directors, Manager and Secretary, etc. to be maintained by ROC.	-
395	35	Notice to dissenting shareholders	The transferee co is required to give notice to the dissenting share holder within 2 months after the expiry of 4 months of the offer made by the transferee company.
395(4A)(a)(i)	35A	Information to be furnished in relation to any offer of a scheme or Contract involving the transfer of Shares or any Class of Shares in the transferor Company to the transferee Company	The information must be submitted before the scheme of offer is circulated to the members, since no time-limit has been prescribed.
421 & 424	36	Receiver's or Manager's Abstract of Receipt and Payments	The return must be submitted once in every half year, till the receiver remains in possession and on cessation.
565, 566 & 567	37	Application by an existing Joint Stock Company for Registration as a Limited Company/Private Limited/an Unlimited Company	At the time of registration.

 

Due Dates / Time Limit for Filing Documents (9)

 

Section No.	Form No.	Description	Time limits for filing
565 & 568	38	Application by an existing Company (not being a Joint Stock Company) for Registration as a Limited/an Unlimited Company	At the time of registration.
567(a)	39	Registration of an Existing Company	Before a joint-stock company has been registered as a limited company.
567(c)	40	Registration of an existing Company as a Limited Company (Statement specifying certain particulars)	Before a joint-stock company has been registered as a limited company.
565(1)	41	Registration of an existing Company as a Limited Company (Copy of Resolution assenting to registration with limited liability)	Before a joint-stock company has been registered as a limited company.
568(a)	42	List of the names, addresses and occupations of the directors and the manager, if any, of the existing company, not being a joint stock company	To be submitted at the time of registration.
592	44	Document Delivered for Registration by a Foreign  Company	Within 30 days of the establishment of business in India by Foreign company.
593(a)/(b)/(c)	49	Return of alteration in the (a) Charter, Statutes or Memorandum and Articles of Association (b) address of the Registered or Principal Office and (c) Directors and Secretary of a foreign company	On or before 31st January of the year following the year in which the alteration has occurred or been made.
593(d)/(e), 594(3)/ 597(3)	52	Notice of (a) alteration in the names and addresses of persons resident in India Authorized to accept service on behalf of a foreign company, (b) Alteration in the address of principal place of business in India of a Foreign company, (C) List of places of business established by Foreign company in India, (D) Cessation to have a place of business in India	The form must be submitted within one month from the date of alteration and in the case of cessation of place of business, forthwith and copies of balance sheet and profit and loss account within nine months from the close of financial year.

 

Due Dates / Time Limit for Filing Documents (10)

 

Section No.	Form No.	Description	Time limits for filing
600/125/127	55	Particulars of charge on property in India created by a Foreign Company after the 15th January,1937	The form has to be submitted within 30 days of creation of charge or acquisition of property or creating of instrument in India, as the case may be.
600, read with Sec. 127	56	Particulars of charge subject to which a  property in India has been acquired by a Foreign Company after 15th January,1937	The form must be submitted within 30 days of acquisition of a charged property.
600, read with Sec. 128	57	Particulars of an issue of Debentures in a series by a Foreign Company	The form must be submitted within 30 days of issue or execution of deed. If there is no such deed, to be submitted after the execution of any debentures of the series.
600, read with  Secs. 128 & 129	58	Particulars of  series of debentures containing or giving by reference to any other instrument any charge to the benefit of which the debenture holders of the said series are entitled pari passu created by a Foreign Company	The form has to be filed within 30 days of the execution of the deed.
600(1), read with Sec. 135	59	Particulars of Modification of charge created by a Foreign Company	The form must be submitted within 30 days of modification or receipt of instrument in India. The period of 30 days shall be counted after the date on which the original instrument, or a copy thereof has been despatched duly by post, have been received in India.
600, read with Sec. 138	60	Memorandum of complete satisfaction of charge created by a Foreign Company	The form has to be submitted within 30 days of payment or satisfaction.

 

 

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