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3506 items in total found

Working Papers | 2023

Environmental Claims under Indian Insolvency Law: Concepts and Challenges

M. P. Ram Mohan & Sriram Prasad

The Insolvency and Bankruptcy Code 2016 (IBC) introduces different categories of claims as well as different categories of creditors. The IBC also introduces a moratorium on all ongoing cases once the Corporate Insolvency Reorganisation Process is initiated. The moratorium results in any ongoing claim being classified as a contingent claim. The treatment of contingent claims varies from case to case, lacking clarity. Similarly, the IBC is silent on the treatment of decree holders apart from recognizing decree-holders as creditors. The Supreme Court in Subhankar Bhowmik v Union of India (2022) refused to interfere with a Tripura High Court judgment classifying decree-holders as "other creditors". With growing environmental and climate change risks, companies may face environmental claims within the insolvency and restructuring framework. In India, the Public Liability Insurance Act 1991 mandates companies handling hazardous substances to take insurance schemes to guard against environmental liability. In this context, analyzing the treatment of environmental
claims under insolvency becomes the perfect catalyst for understanding the interplay between insurance, insolvency and environmental law. This paper examines the classification of environmental claims and the treatment of environmental contingent claimants and decree holders under insolvency. As IBC is still evolving in India, the paper briefly analyses the treatment and classification of environmental claims in other jurisdictions to better inform the discussion.

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Popular Press | 2022

How art indices are changing the narrative of the Indian art market

Prashant Das

Forbes India

Working Papers | 2022

In Pursuit of Balance: Vicarious Liability Doctrine in the United Kingdom and India

M. P. Ram Mohan and Sai Muralidhar K

The Doctrine of Vicarious Liability is a unique exception to the principle of fault-based liability and holds persons liable for the actions of third parties. The recent verdicts in WM Morrison Supermarkets v Various Claimants (2020) and Various Claimants v Barclays Bank (2020) by the UK Supreme Court restricting the scope of vicarious liability through its interpretation of the akin to employment test as well as the close connection test deserves scrutiny. The Supreme Court apart from reaffirming the traditional distinction between independent contractors and employees also has limited the circumstances in which claims of vicarious liability can be upheld. Given that tort law in India is deeply rooted in the common law of the UK, it is unsurprising that principally vicarious liability in India and UK has evolved similarly. The paper analyses the various principled justifications behind the doctrine and focuses on the various tests such as the akin to employment test, course of employment test & close connection test which are used to impose liability. Further, it comprehensively examines the evolution of the doctrine in the UK and India, and analyses the varying approach taken by the judiciary in both countries against the backdrop of the socio-economic conditions of the workforce. Lastly, the paper identifies the difficulties that the doctrine may face in the future.

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Working Papers | 2022

Performance of quality factor in Indian Equity Market

Joshy Jacob, Pradeep K.P., and Jayanth R.Varma

We study the characteristics of Quality factor (QMJ) in India, which is the second largest emerging market. Dimensions of quality factor are impacted by the weaker enforcement of corporate governance norms in emerging markets. Diversion of revenues by promoters would result in poor profitability, while tunneling of profits would result in lower payout and lower growth. Therefore, investors are likely to attach greater significance to the quality dimensions in stock pricing. Consistent with this hypothesis, the Quality factor is even more important for asset pricing in India than in developed markets. The QMJ factor earns a four factor alpha of 0.92% per month, significantly outperforming the other widely employed factors, market, size, value and momentum factors. A long-only Quality factor earns an alpha of 0.69% per month. The alpha of quality factors is highly significant, judged by the thresholds recommended by Harvey, Liu, and Zhu (2016). The key drivers of the alpha are profitability and payout, which are both consistent with the tunnelling hypothesis. Besides the alpha, the low portfolio churn, lower risk, shorter drawdowns, and viability of long-only strategies restricted to large capitalization stocks suggest that portfolios tilted towards high-quality stocks are highly attractive to institutional and retail investors.

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Popular Press | 2022

Chief Marketing Officers: Do organisations really need them?, Brand Equity

Sourav Borah

Economic Times

Popular Press | 2022

Mindfulness, the myth of multitasking and winning Our inner game

Vishal Gupta

People Matters

Popular Press | 2022

The real victims of nativist labour laws? Low-income migrant workers

Chinmay Tumbe

Indian Express

Popular Press | 2022

Cargo drones and the future of logistics in India?(with Ajay Antony, Avi Dutt and Dr. Debjit Roy)

Sandip Chakrabarti

Times of India

Popular Press | 2022

How Different MSMEs Are Planning To Respond To Covid-19 Crisis?

Chitra Singla

BusinessWorld

Popular Press | 2022

Cargo drones and the future of logistics in India?(with Ajay Antony, Avi Dutt and Dr. Sandip Chakrabarti)

Debjit Roy

Times of India

IIMA