ArchiveFebruary 2010

Enhanced Corporate Governance Practices

Although the Satyam episode invited close scrutiny of the corporate governance norms and practices that were prevalent in India, there is some evidence that it has acted as a wakeup call in enhancing board practices. As Arun Duggal observes in a recent Wall Street Journal column: The first reaction of corporate boards when Satyam blew in January 2009 was to have an independent verification that...

Legal Issues in Stock Lending

We had earlier noted the recent relaxations introduced by SEBI in order to provide a thrust to the securities lending and borrowing (SLB) mechanism and thereby short selling of securities. Some doubts were expressed regarding the sustainability of even the reformed process. In a column in today’s Mint, Jayant Thakur highlights several legal issues that are bound to arise when the SLB mechanism...

New Blog for Indian Legal Research

I would like to highlight the Legal Research India blog recently started by Arjun Sheoran, student at the National Law School of India University. Essentially, the blog allows readers/users to search the web for relevant legal materials. The search is a Google custom search; with the advantage that it is restricted to some selected websites, listed here – so the results are likely to be more...

Corporate Restructuring and the Business Purpose Rule

In 1935, the House of Lords famously observed that “every man is entitled to order his affairs” in order to minimise his liability to tax (IRC v. Duke of Westminster, [1936] AC 1). This is the dictum that is often cited as the source of the rule that while tax avoidance is legal, tax evasion is not. The distinction between the two, while not always clear, is regarded by some as especially thin...

Buyback and Takeover Regulations – Yet another development

See my earlier post on a recent decision of SEBI on whether increase in percentage holding consequent to buyback of shares would amount to “acquisition” under the Takeover Regulations. If that and earlier posts are reviewed, one would note that SEBI has taken a fairly consistent stand that such increase does amount to acquisition. Now, in a recent order granting exemption under the...

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