Although the draft of the merger control regulations under the Competition Act, 2002 were issued as early as January 2008 (more than a year ago), they are yet to be enacted. Specifically, there were concerns from industry that the scope and ambit of the regulations were too wide and onerous. Now that the new Government is in place with a new minister at the helm of affairs, it has been reported...
Listing Unsecured Debt
In his recent column in the Business Standard, Somasekhar Sundaresan discusses the existence of certain ambiguities in interpreting the SEBI (Issue and Listing of Debt Securities) Regulations, 2008 and the special listing agreement for debt securities, which make it unclear whether listed corporate bonds should necessarily be secured to the full extent of the debt amount or whether those...
Shareholder Activism and Class Action Lawsuits
Recent developments in the Indian corporate sphere – Satyam being the prime example – have raised several calls for instilling the culture of shareholder activism in India. One key form of such activism that keeps companies under check is the availability of class action lawsuits for securities law violations by companies, their promoters or managers. The threat of a lawsuit, the loss of...
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