Since its inception, the National Law Institute University’s Centre for Business and Commercial Laws(CBCL), has been recognised as a “Centre of Excellence”. Constituted in 2008, the centre aims to generate awareness and facilitate research in Indian business and commercial laws. The flagship event of CBCL, The NLIU-Trilegal Summit, has emerged as a premier corporate law event in the law school circuit over the past 7 years. The 8th edition, being hosted this year, received numerous entries from law students across the country, of which the top 15 manuscripts have been selected for presentation. These papers will be presented before some of the well-known luminaries in the field of commercial laws, such as Mr K.R. Saji Kumar (Joint Secretary, Ministry of Law and Justice) and Mr Yogesh Singh (Partner, Trilegal) have come down to the campus of NLIU and would be a part of the summit as “panellists”.
3:00 pm, 8th April 2023- Registration
The NLIU Trilegal Summit has opened its gates to the participants. The Organising Committee is all decked up and ready to host them. Commotion abounds in the corridors of the Auditorium as the teams arrive for the registration, and collect their respective folders, meticulously prepared by the registration team. The halls of National Law Institute University’s Auditorium have begun to reverberate with excitement and anticipation as the participants line up to register. A day packed with learning and socializing awaits them.
5:00 pm, 8th April 2023- Session on “Gearing up for Global Competition: Entry for Foreign Law Firms in India”
The summit started with an inaugural session on the topic “Gearing up for Global Competition: Entry for Foreign Law Firms in India”. Dr V. Vijaykumar, the honourable Vice Chancellor of the National Law Institute University welcomed the guests, Mr Ramakant Rai (Partner, Trilegal), Mr Prantap Karla (General Counsel- Nissan Motor Corporation), Mr Yogesh Singh (Partner, Trilegal) and Mr Shankh Sengupta (Partner, Trilegal), he highlighted the importance of such collaborations wherein the practitioners interact with the law students and make them familiar with the practical realities of the legal world.
This was followed by the speakers conveying their views on the recent notification which allows foreign law firms to set up their offices in India. Mr Prantap Karla highlighted the new opportunities that the said move opens up for Indian students, whereas Mr Yogesh expressed his views on certain potential difficulties that might arise for the Indian firms and practitioners considering the upper hand that the foreign firms possess in terms of access to technology and a “structured training”. Mr Shankh provided a thorough analysis of the recent notification wherein he highlighted the ambiguities therein, he provided an interpretation of the “home country” clause in the said notification.
Subsequently, the stage was opened for the participants. The students and the participants asked questions ranging from the future of Indian law firms with the incoming competition to the rising opportunities for the students who will join the market soon. One of the questions involved a participant inquiring about the potential effect of the said recent development on Indian law firms and the potential strategies that the firm should undertake in light of the same. To this, Mr Yogesh replied by explaining how this development should be viewed as more of an opportunity than as a challenge, wherein, Indian practitioners can upgrade themselves to meet the global levels.
This brought the session to the end and the participants and the guests proceeded to the guesthouse for “high tea”. Everyone is geared up for the coming paper presentations tomorrow.
9:30 am, 9th April 2023- Inaugural Ceremony
The most awaited moment is here! The inaugural ceremony for the 8th NLIU Trilegal Summit has been kickstarted by lighting the lamp by our guests and honourable Vice-Chancellor. The chief guest for the day, Dr Alok Srivastava (Member NCLAT) and the guest of honour, Mr Rajesh Sharma (Former Member, NCLT) graced the ceremony with their presence. The event is happening offline after a considerable amount of time, which is a much better experience than the one we had on our 13-inch screens for the last two editions, owing to the COVID-19 pandemic. The Convenor of the Centre for Business and Commercial Laws, Ms Shreya Chandhok thanked the guests as well as the participants for joining on the occasion of the summit, this was followed by Dr Ghayur Alam’s (Chairperson, CBCL) address wherein he acknowledged the presence of the guests and participants. Subsequently, the VC congratulated everyone on the occasion and officially declared the summit “open”.
Eventually, the “summit book”, consisting of the selected manuscripts, published by EBC Publications, was released, and the judges left for panelist briefing.
11:00 am, 9th April 2023- Session A- Presentations
The paper presentations would be divided into three sessions. In the first session, 5 papers would be presented in front of the panel consisting of Dr Alok Srivastava (Member NCLAT), Mr Rajesh Sharma (Former Member, NCLT), Mr Yogesh Singh (Partner, Trilegal), Dr Ghayur Alam (Dean- UG Studies, NLIU Bhopal), and Mr Amit Pratap Singh (Assistant Professor, NLIU Bhopal).
Paper 1- “Protection of Minority Shareholders: A Careless Concern” by Dhruv Kohli and Sanya Singh
The presenter analysed the recent proposal of SEBI consisting of protective measures to protect the interests of minority shareholders, specifically in times of insolvency proceedings. The presenter highlighted industrial practices as well as legal examples which highlight the requirement of such a step, however, certain limitations in the implementation of the said proposal were also pointed out. The presenter concluded by stating that it must be ensured that the fundamentals of the Insolvency Code must be protected. This was followed by the panellists asking questions to the presenter, who addressed the queries one by one.
Paper 2- “The Conundrum of Sustainability Agreements in Competition Law: The Way Forward for India” by Shashank Mehrotra and Debayan Bhattacharya
The presenter highlighted the problems that arise as a result of companies making effort to become “eco-friendly”, and the competitive concerns that consequently arise. A comparison to the European Competition Law was made, which provides for explicit exceptions to “sustainable agreements” and it was concluded that similar provisions should be imputed in the Indian jurisdiction.
Paper 3- “The Quandary of Franklin Templeton India: A Fiasco that Shook the Money Market” by Dhairya Jain and Deesha Pathak
The presenters, in the form of a “case study”, analysed the recent Franklin Templeton mutual fund shutdown. The cause of such a shutdown was traced, its effect on the market was analysed and steps were suggested to prevent such incidents.
Paper 4- “Between Profit and Principles: Delineating ‘Conflicting Interests’ and ‘Civil Conspiracies’ in Private Equity, M&A Transactions” by Ashish Dash and Samarth Jain
The presenters analysed private equity transactions, and the stringent regulations they are subjected to. A reference was made to the landmark case of Manti Holdings, LLC v. Carlyle Group, Inc, wherein the claims of a minority investor were allowed against a private equity firm. The presenters concluded on a note that a balance must be drawn between “profits” and “principles” in such settings.
Paper 5- “Opportunity to Public Equity Shareholders to Acquire Shares After CIRP – A Measure for Protection or an Instance of Myopia?” by Nency Shah and Devanshu Anada
The presenters analysed the recent consultation paper released by SEBI wherein it proposed a framework for protecting the rights of public shareholders. A reference was made to the existing jurisprudence and in light of the same, a need for a new regulatory framework was highlighted.
12:30 pm, 9th April 2023- Session B- Presentations
Presenters and the panellists gathered again in the auditorium for the second session of presentations. In this session, 5 more papers would be presented in front of a panel. The panel members are Mr Rajesh Sharma (Former Member, NCLT), Mr Prantap Karla (General Counsel- Nissan Motor Corporation), Mr Yogesh Singh (Partner, Trilegal), Mr Shankh Sengupta (Partner, Trilegal), and Mr Amit Pratap Singh (Assistant Professor, NLIU Bhopal).
Paper 6- “Castles on a Shaky Foundation: Analysing Dual Banking Regulation and Systemic Risk Through Indian Banking Law” by Anant Agarwal
The presenter, in this paper, analysed the existing loopholes in the baking regulation provisions which lead to a differential treatment being provided to the private banks, as opposed to their public counterparts. Subsequently, the presenter contended that such a state of affairs can potentially lead to a banking crisis and consequently, proposed rectifying measures.
Paper 7- “Fractional Share Investing: A Critical Appraisal in India & Abroad” by Shree Vaishnavi Onteddu and Prantika Dutta
The presenters explored the concept of fractional share investing in the Indian context, they did so in the light of the potential risks and benefits of the “FSI”. The current standing on the legal provision in the global paradigm was provided.
Paper 8- “Resolving the Quandary of Profit Motive in Insider Trading through “Pre-Deposits”: A Law and Economics Approach” by Avanish Kar and Aaryan Dhasmana
The presenters analysed the role of motive in the offence of insider trading, in light of the recent judgment of SEBI v. Abhijit Ranjan. An interdisciplinary analysis of the said judgment was presented using various theories of economics and psychology. Eventually, the presenters proposed a new model to improve the existing framework in order to protect the interest of the traders as well as the regulatory body.
Paper 9-“The Digital Sail of The Indian Rupee: Gauging Its Prospects to Reach the Other Side of The Shore” by Intisar Aslam and Garima Kiran
The presenters critically discussed the Central Bank Digital Currency (CBDC) in light of the Digital Personal Data Protection Bill (DPDP). They highlighted the issues of individual breach of privacy with the introduction of digital currency.
Paper 10- “Money, Machines, and Morals: Legal Implications of the Rise of Robo-Advisors in the Fintech Landscape” by Harsh Bansal and Tanmay Durani
The presenters started by explaining the meaning and operation of Robo-Advisors, subsequently, their incompatibility with the traditional investment model was highlighted. The presenters concluded by suggesting some for “fitting in” the automated advising regime within India’s Traditional investment advisory framework.
3:00 pm, 9th April 2023- Session C- Presentations
Everyone gathered again after a lunch break. In the third and last session of presentation, the remaining 4 presentations are to be presented in front of the panel consisting of Mr Saji Kumar (Joint Secretary, Ministry of Law and Justice), Mr Prantap Kalra (General Counsel- Nissan Motor Corporation), Mr Shankh Sengupta (Partner, Trilegal), Dr Ghayur Alam (Dean UG Studies, NLIU Bhopal), and Ms Krati Rajoria (Associate Professor, NLIU Bhopal).
Paper 11- “Greening the Financial Sector: A study of Green Bonds and its growing investments in India” by Zaina Najeeb
The presenter, in her presentation, comprehensively analysed green bonds, in the context of their functions, limitations, and benefits. Subsequently, the presenter provided highlighted the prospects for green bonds in India and their potential role in supporting sustainable development.
Paper 12- “Deciphering Indian & USA Securities Laws – A Future Roadmap to Regulate Fin-fluencers in India” by Akshat Sharma and Mayank Gandhi
The presenters analysed the rise of social media influences in light of low financial literacy amongst the general public. They contended that there is a lack of regulatory framework in this context and consequently, proposed an imputation of provisions similar to that of the US securities law.
Paper 13- “Parachuting to Safety: Analysing the Indian Legal Framework on Golden Parachutes” by Mehak Jain
The presenter analysed the rise of “golden parachute” agreements in Merger and Acquisition agreements. She proposed measures to ensure the efficiency of such clauses while drawing a balance between shareholder interest and management’s interest.
Paper 14- “Demystifying the SAFE Note Framework in India” by Yuvraj Mathur and Hashvi
The presenters highlighted the importance of raising investments and subsequently contend that such a procedure, at times, can be cumbersome. In this light, they proposed “iSAFE Note” as an alternative for investments, and proposed an amendment to the Indian Companies Act for incorporating the same.
5:00 pm, 9th April 2023- Valedictory Ceremony
The most exciting evening of the event is here and is about to commence, we are already at the valedictory ceremony, awaiting the announcement of the results. The winner of the summit would be provided with a fully-funded foreign trip, whereas the runner-up and the second runner-up would be provided with an internship opportunity with Trilegal.
The speaker, introduces the dignitaries, including, Mr K.R. Saji Kumar (Joint Secretary, Ministry of Law and Justice), Mr Prantap Karla (General Counsel- Nissan Motor Corporation), Mr Shankh Sengupta (Partner, Trilegal), and Mr Rajesh Sharma (Former Member, NCLT), who have joined us for the ceremony. Mr Saji Kumar, the chief guest, addressed the gathering and appreciated the efforts of all the participants.
The results have been announced, the same are as follows-
Winner– Anant Agarwal (GNLU, Gandhinagar)
Runner up– Harsh Bansal and Tanmay Durani (RGNUL, Patiala)
Second Runner up– Devanshu Ananda (GNLU, Gandhinagar) and Nency Shah (ILNU, Ahmedabad)
With that, our journey with the 8th NLIU-Trilegal Summit has come to an end. The spirits of the spectators present at the auditorium, however, are as high as ever. They have experienced a tournament that they shall cherish for years to come.
