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ARTICLE · 04 JANUARY 2017

Between The Lines... December 2016

Vaish Associates Advocates
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The Supreme Court of India in the case of IDBI Trusteeship Services Limited vs. Hubtown Limited set aside a Bombay High Court ruling which had garnered quite a lot of attention among the foreign investors and in the legal circles.

IndiaCorporate/Commercial Law
Vaish Associates Advocates
Vaish Associates Advocates
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I. Relief for foreign investors: Supreme Court of India sets aside the Bombay High Court ruling in IDBI Trusteeship Services case

The Supreme Court of India in the case of IDBI Trusteeship Services Limited vs. Hubtown Limited (decided on November 15, 2016) set aside a Bombay High Court ruling which had garnered quite a lot of attention among the foreign investors and in the legal circles.

Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. ("FMO") had invested in certain equity shares and compulsorily convertible debentures ("CCDs") of Vinca Developer Private Limited ("Vinca"). Such investment by FMO was utilized by Vinca to subscribe to certain optionally partially convertible debentures ("OPCDs") issued by Rubix Trading Private Limited ("Rubix") and Amazia Developers Private Limited ("Amazia"). The Plaintiff was appointed as the debenture trustee vide two debenture trust deeds.

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