ArchiveJune 2010

More on the Pricing Guidelines for Foreign Investment

(The following post is contributed by Raghav Sharma, who is an associate with a law firm in Delhi) This post relates to Mr. Somasekhar Sundaresan’s article titled “RBI cuts sorry figure over norms for share transfers” wherein the author has highlighted certain ambiguities arising from the Reserve Bank of India’s (“RBI”) A.P. (DIR Series) Circular No. 49 dated May 4, 2010 (the “May Circular”)...

UK: Consultation Paper on Takeover Bids

While the SEBI Takeover Regulations in India are a subject-matter of detailed review, elsewhere in the U.K. there are proposals for amending certain aspects of the City Code on Takeovers and Mergers. These changes have been necessitated on account of the widespread debate that followed the takeover of Cadbury plc by Kraft Foods Inc. early this year. Towards that end, the Code Committee of the...

25% Free Float Requirement Becomes Law

More than two years following the issue of a discussion paper on the topic, the Ministry of Finance (MOF) has on June 4, 2010 amended the Securities Contracts (Regulation) Rules, 1957 to set a limit of 25% minimum public shareholding for initial listing by companies on Indian stock exchanges as well as continued listing. MOF’s press release accompanying the notification summarizes the new...

Ostensible Authority and Indoor Management: Possible Implications of MRF v. Parrikar

In MRF Ltd. v. Manohar Parrikar (Civil Appeals No. 4219 and 4220 of 2010, decided on May 3, 2010), the Supreme Court of India highlighted some aspects of the operation of the indoor management rule (or the rule in Turquand’s case). While the issue before the Court was a matter of public law and reference was made to indoor management only as an analogy, the decision is noteworthy as it is perhaps...

Encapsulating the Investor-State Dispute Settlement (ISDS) Regime of 2009

(The following post is contributed by Rohan Bagai, who is a corporate lawyer at one of the leading law firms in India. He holds a Master of Laws (LL.M.) degree from New York University School of Law (NYU), New York with a specialization in corporate laws) The American Society of International Law (ASIL) recently posted “The United Nations Conference on Trade and Development (UNCTAD) report on the...

Easy Exit for Defunct Companies

The inability to expeditiously close down businesses or companies in India often forms the subject matter of critical comment about doing business in India. In order to address this drawback, the Ministry of Corporate Affairs (MCA) has issued the Easy Exit Scheme, 2010 under which inoperative companies (“defunct companies” to use the technical expression) are given an opportunity to get their...

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