THE SEMINAR ON `FOREIGN EXCHANGE
MANAGEMENT ACT AND MONEY LAUNDERING'
As a first step in this direction, INSOL-India
held its inaugural function by conducting a Seminar
on `Foreign Exchange Management Act and Money Laundering'
on November 6,1998 at Scope Complex Auditorium,
Lodhi Road, New Delhi.
Prevention of Money Laundering Bill and Foreign
Exchange Management Bill were introduced in the
Lok Sabha in the month of August 1998. The bills
evoked varying reactions from the industry, professionals
and the media. INSOL India took the opportunity
to bring together judges, lawyers and academicians
so that the legal and other relevant issues could
be debated and discussed in a warm and friendly
manner in a healthy atmosphere. The Key Note Speakers
were Mr. Arun Jaitley, Senior Advocate and Mr.
Bhure Lal, I.A.S. the then Secretary of Central
Vigilance Commission
The Seminar was a great success. It was jointly
inaugurated by Mr. Justice D.P. Wadhwa, Judge Supreme
Court of India and Mr. Justice Y.K. Sabharwal,
the then Acting Chief Justice of the High Court
of Delhi now Chief Justice of India. The Seminar
was attended by senior Judges of the Supreme Court
of India and the High Court of Delhi. A number
of Senior Advocates, Law Officers and representatives
of Financial Institutions and Banks were also present.
The success of the Seminar greatly boosted the
moral of the Executive Committee.
INSOL India has published the proceedings of the
Seminar so that the illuminating discussions at
the Seminar can be of assistance to and are available
to the maximum possible readers in this time of
fast changing financial world and the globalisation
of economy.
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FIRST INSOL India Congress
INSOL India held its 1st Congress on Saturday,
26th February 2000 at India Habitat Center, New
Delhi. This was the first major conference organised
by INSOL India. Earlier, in November 1997, INSOL
India had organized a seminar on Foreign Exchange
Management Regulations and Money Laundering at
SCOPE Complex Auditorium, New Delhi. The seminar
had met with an excellent response.
Termed as `INSOL India Congress', the conference
was a full day affair. The theme of the Congress
was `Sick Industrial Companies (Special Provisions)
Act, 1985 (SICA) - the need for a Review.' The
other themes were Globalisation of Economy, Cross
Border Insolvency and UNCITRAL The Congress was
organised at India Habitat Centre, a prestigious
complex of the capital.
The Congress was inaugurated by Dr. A.S. Anand,
Hon'ble the then Chief Justice of India who also
presided over its inaugural session. Dr. Bimal
K Jalan, the then Governor, Reserve Bank of India
was the chief guest and keynote speaker at the
inaugural session. Hon'ble Mr. Justice S.N. Variava,
Judge, Supreme Court of India (retd.) and the then
Chief Justice, High Court of Delhi was the Guest
of Honour at the inaugural session. The session
was addressed, amongst others, by Hon'ble Mr. Justice
D.P. Wadhwa, the then Judge, Supreme Court of India
and Hon'ble Mr. Justice Manmohan Sarin, Judge,
Delhi High Court.
Eminent persons known for their views and expertise
on SICA had addressed the theme technical sessions.
The theme session concentrated on the various aspects
of SICA. The speakers deliberated upon the functioning
of SICA, its usefulness and abuse. The panel had
occasion to review the various provisions of the
said Act and put across their respective views
on them.
The theme technical session were chaired by Justice
S.N. Variava and co-chaired by Mr. M.S. Dayal,
then Member & Acting Chairman, AAIFR. The speakers
included Mr. Harish N Salve, Senior Advocate, Supreme
Court of India and the then Solicitor General of
India, Mr. G.P. Gupta, the then Chairman, IDBI
and Mr. Bansi S Mehta, former President, Indian
Institute of Chartered Accountants.
Mr. Gerald Herrmann, Secretary, UNCITRAL and Mr.
Neil Cooper, President, INSOL International addressed
the second technical session. The Congress was
attended by various Hon'ble Judges from the Supreme
Court of India and the High Court of Delhi. Delegates
from various fraternities such as legal, chartered
accountants, professors, senior law executives
from financial institutions, Banks, insurance companies,
public sector undertakings etc. were registered
for the Congress.
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2nd INSOL India Congress
INSOL India held its 2nd Congress
on 4 – 5 October
2002 at India Habitat Center, New Delhi. The conference
was slated as a two-days affair. The theme of the
Congress was `Corporate Good Governance & Developments
in Corporate Insolvency Regime.'
Mr. A.S.Chandhiok, Senior Advocate was the Congress
Chairman and Mr. Sumant Batra, Convener of the Organising
Committee.
The technical programme included various sessions on
varied aspects of Corporate Good Governance viz. creating
value for shareholders money; prevention of insider trading;
applying corporate good governance principles in financial
institution and banks; turn around issues for family
managed Business in India; tradition or entrepreneurship
in new economy; meaningful participation of creditors
and shareholders; financial reporting and its impact
on corporate good governance.
The other sessions were devoted to sessions on developments
in corporate insolvency regime which discussed the Companies
Amendments Bill 2001, out of court restructuring, principles
for a global approach to multi creditors workouts; developments
in Asian corporate insolvency regime and reforms in insolvency
laws in different parts of the world.
The Congress was organised at India Habitat Centre,
a prestigious corporate-cultural complex of the capital.
This Congress examined the objectives and operation
of insolvency processes (particularly for financial institutions
and non-financial firms with substantial financial activities)
in countries with well-developed economic, financial
and legal infrastructures. It was based on two comprehensive
surveys: of insolvency arrangements for financial institutions
and financially active non-financial firms and of the
treatment of financial contracts under these insolvency
arrangements.
Eminent persons known for their views and expertise
on company laws addressed the technical sessions.
Mr. Ravi Shankar Prasad, the then
Hon’ble Minister for
Law & Justice, inaugurated the Congress. Mr. Justice
G.B. Pattanaik, Judge of the Supreme Court of India was
the Chief Guest. Mr. P. Chidambaram, Senior Advocate
and former Finance Minister of India and Dr. A.M. Singhvi,
Senior Advocate and former Addl. Solicitor General of
India were the key note speakers. Mr. John Lees, President
INSOL International was the guest speaker. Hon’ble Mr.
Justice Manmohan Sarin, President of INSOL India read
out the Presidential address.
The other prominent speakers included, Mr. Nivard Cabraal,
Founder Chairman, Committee on Corporate Good Governance,
Sri Lanka; Mr. Sumant Batra, Advocate and then Secretary
INSOL India; Mr. Terry Bond, Barclays Bank plc., London;
Professor (Dr) Jingxia Shi, PRC, Mr. Ramesh Kannan from
Tan Kok Quan Partnership Singapore, Mr. Adam Harris from
South Africa, Mr. John Marsden from Hong Kong.
The Congress was a great success. Judges of the Supreme
Court of India and the High Court of Delhi attended the
Congress. A number of Senior Advocates, Chartered Accountants,
Law Officers and representatives of Financial Institutions
and Banks were also present. The Technical Sessions provided
an opportunity for a healthy interaction amongst the
speakers and delegates.
The Congress was a huge success.
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Committee
to Review Personal & Consumer
Insolvency Law in India
INSOL India, in collaboration
with Law Commission of India has constituted a committee
consisting of
experts to Review Personal & Consumer Insolvency
Law in India. The terms of reference of the Committee
are:
“To examine the existing laws relating
to personal bankruptcy in India and the desirability
of changes in existing
laws in the backdrop of fast increasing and easy availability
of credit from banks, financial institutions and other
lenders to individuals for private, family or household
purposes.
To consider and adopt the principles of consumer insolvency
in the existing personal bankruptcy law.
To suggest reforms in existing laws and in the procedure
followed in personal bankruptcy at various stages.
Draft the proposed amended or new
legislation.”
The chairman of the committee Hon’ble Mr. Justice A.K.Sikri,
Judge, Delhi High Court and Senior Vice President, INSOL
India. Hon’ble Mr. Justice M.J. Rao, Chairman, Law Commission
of India is the Special Invitee to the Committee.
Mr. Sumant Batra, the then Secretary was the Convenor
of the Committee.
The members include Ms. Neena Bansal,
Presiding Officer, Insolvency Court, Tis Hazari, New
Delhi; Mr. Ashwani
Puri, Head – Corporate Finance and Recovery, PricewaterhouseCoopers,
Mr. Alok Dhir, Advocate, Dhir & Dhir Associates,
Mr. C.V. Raghu, Director & Counsel India & Area
Country, American Express Bank Ltd.
Dr. A.M.Singhvi, Senior Advocate & Former
Additional Solicitor General of India was the Advisor
to the Committee.
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INSOL NEWS BULLETIN
INSOL Bulletin, the quarterly newsletter published
by INSOL India is one of the most hurricane task
carried out by INSOL India.
The inaugural issue was released on the 26th February,
2000 on the occasion of the first INSOL India Congress.
The inaugural issue was released by Mr. Gerald
Hermann, Secretary, UNCITRAL.
Apart from publishing news relating to world wide
activities on insolvency and related laws, the
Bulletin is a valuable source for transmitting
information on developments in the field of law
all over the world. It carried articles and papers
from eminent personalities and experts not only
from India but around the world.
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THE GOA CONFERENCE
A very successful conference was held at Goa from August
13 to August 15, 2005. The following topics were discussed
at length and eminent speakers enlightened the audience
with their immaculate and srticulate presentations. Please click here
to download the complete report in pdf format.
ASSOCIATION WITH INSOL INTERNATIONAL
Mr. Sumant Batra is one of the Executive Directors
of INSOL International. It is a great moment of
Pride for INSOL India to have one of its prominent
members at the top position in INSOL International.
THE SHIMLA CONFERENCE
The National Conference
on Legal Reforms in India: Review of Progress (including
Companies Act
Amendment/ NCLT, Competition Law); Limited Liability
Partnership; WTO Legal Services: The Indian Scenario;
Money Laundering- Legal & Fiscal Implications was
held from Friday, April 14, 2006 at shimla, HP. Please
click here for a complete Bulletin
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