New Consumer Protection Bill
The Consumer Protection Bill 2018 (“Bill”) replacing the Consumer Protection Act, 1986 will be tabled at the upcoming monsoon session of the Parliament. The Bill has been introduced specifically to address consumer grievances pertaining to e-commerce. This development is in line with the ongoing drafting process of the national e-commerce policy spearheaded by the Union Minister of Commerce Mr. Suresh Prabhu.
SEBI to Revamp IPO Norms
In the board meeting scheduled to take place tomorrow on June 21, 2018, the Securities and Exchange Board of India (“SEBI”) is set to revamp initial public offering (“IPO”) norms, specifically to aid legitimate sellers and curb possible misuse. These include recognising alternative investment funds (“AIFs”) as institutional investors, reducing timeline of financial disclosures from 5 years to 3 years and reducing disclosure of the price band before the issue opens from 5 days to 2 days.
Kerala HC on CJM’s Jurisdiction Under S. 14 of SARFAESI
The Kerala High Court, in its June 12 2018 judgment in Canara Bank v. Stephen John, has held that the Chief Judicial Magistrate (“CJM”) exercising power under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (“SARFAESI”), does not have the jurisdiction to determine the timeline for payment of debt due to a secured creditor.