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Articles contributed by Selvam LLC
AJU v AJT: Drawing the Line for Judicial Intervention in Arbitral Awards
I. Introduction This article looks at the recent Singapore Court of Appeal decision in AJU v AJT, [2011] SGCA 41. The case involved considerations of public policy and the extent of judicial review in arbitral awards. In a resonating decision, the Court of Appeal affirmed its minimal interventionist approach. This reinforces Singapore‟s position as a leading arbitration centre by upholding the finality of arbitral proceedings.
Singapore Government Imposes Additional Buyer’s Stamp Duty for Residential Properties
On 7 December 2011, the Inland Revenue Authority of Singapore (“IRAS”) issued an e-Tax guide entitled “Stamp Duty: Additional Buyer’s Stamp Duty (ABSD) on Purchase of Residential Properties” (“IRAS Circular”)1 to provide guidance on the application of the new additional buyer's stamp duty (“ABSD”) on certain categories of residential property purchases, following the Singapore government’s recent announcement on the imposition of the ABSD requirement to moderate investment demand for private residential property and promote a more stable and sustainable market.
LATEST DEVELOPMENTS IN CORPORATE GOVERNANCE REGIME FOR SINGAPORE
2011 was a year of significant developments in the corporate governance regime in Singapore. In June, the Corporate Governance Council (the “Council”) released a consultation paper on the proposed revisions to the Code of Governance (the “Code”). In September, the Singapore Exchange Securities Trading Limited (“SGX”) followed with amendments to its listing rules (the “Rules”). This article seeks to discuss some of the major changes in the Code and the Rules.