ArchiveMay 2009

Service Tax on Renting Immovable Property

A recent decision of the Delhi High Court in Home Solution Retails v. Union of India has caused some interesting issues concerning service tax to resurface. Admittedly, the law laid down by the Court is not new. However, the factual backdrop of the decision, and the debate it has given rise to, make the decision potentially significant. The question before the Court was whether the renting of...

Focus: India 2009

(About a week ago, the National Law School at Bangalore hosted Focus: India 2009, which was designed to discuss and facilitate greater dialogue on pertinent economic and legal issues. In the following post, Sandeep Uberoi, Convenor of Focus: India, 2009 reports on the highlights of the event) Focus India Conference was held on the 15th and 16th of May 2009, a unique and innovative exercise by the...

Pyramid Saimira and the Powers of the SEBI

A few weeks ago, the SEBI passed an order (WTM/KMA/60/04/2009) in the Pyramid Saimira case, which raises questions pertaining to insider trading. The order resulted from SEBI’s investigation into the affairs of Pyramid Saimira, highlighted in this post. The particular sequence of events is discussed in several reports, linked here and here. In its order (though only an interim one), the SEBI...

Electoral Verdict to Spur Reforms

With the return of the Congress government to power and with Dr. Manmohan Singh set to continue as Prime Minister, corporate India is likely to witness a series of reforms in the near future. Unlike the previous stint where the Government was hamstrung by coalition politics (but nevertheless achieving a record rate of economic growth), the reforms are likely to be bolder this time around as it...

A Call for Greater Shareholder Rights under U.S. Law

The proposed Shareholder Bill of Rights Act of 2009 in the U.S. that comes in the wake of the financial crisis gives rise to an important debate regarding the rights of shareholders in companies. The rationale for the Bill is the perceived failure of corporate governance that led to the crisis. It is worthwhile to set out the larger objective behind the Bill: Congress finds that— (1) among the...

More Uncertainty in the Law on Penalties

Earlier posts have noted and examined a few recent decisions of the Supreme Court and the ITAT on the law governing the imposition of penalties under the Income Tax Act, 1961. In what is perhaps the best restatement of the position of law today, the Pune Bench of the ITAT appears to have altered the course of the law back towards the assessee-friendly Dilip Shroff decision, in Kanbay Software...

Mobile number portability on the horizon

Mobile number portability (MNP) enables mobile telephone users to retain their mobile numbers when changing from one mobile network to another. Often, the only reason that keeps customers from changing operators is the lack of number portability. The inconvenience of having to change phone numbers on business cards and other documents, informing contacts of new numbers, has prevented customers...

Corporate Governance and Protection of Minority Shareholders

Corporate law and corporate governance norms are devised to address certain agency problems (as they are known in economic terms). In countries where there is diffused shareholding (such as the U.S. and the U.K.), the agency problem that is prevalent is one between managers (the agent) and shareholders (the principal). Diffused shareholding gives rise to the collective action problem where each...

Obama’s ‘Taxing’ Proposals

On Monday (4th May, 2009), the United States President, Barrack Obama announced the proposed implementation of another one of his election promises, targeted towards improving the domestic economic climate, and freeing up financial resources for investment in areas of pressing importance. The proposal is to withdraw the scheme of deferred tax for foreign income, currently in place in the U.S...

Law Firm Practices and the Global Financial Crisis

The current issue of [email protected] carries an article Legal Strategy 101: It’s Time for Law Firms to Re-think Their Business Model that looks at the impact of the global financial crisis on law firm practices around the world, and considers possible strategies available to law firms and their clients to weather the storm. The fundamental issue the article identifies relates to the...

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Recent Posts

Topics

Recent Comments

Archives

web analytics