ArchiveJune 2012

Analyzing the Impact of CCI’s Order Against Cement Companies

[In the following post, our guest contributor Rahul Singh analyzes the impact of CCI’s order in Builders Association of India v. Cement Manufacturers Association, Case No. 29/2010. Rahul is Assistant Professor of Law, National Law School, Bangalore (on leave) & Counsel, Trilegal A summary of CCI’s order is available here] In a landmark decision, the Competition Commission of India (CCI) has...

The Indian Insider Trading Law Debate

In the context of Rajat Gupta’s conviction in the US, my column published on June 25 in Business Standard underlines how Indian law on insider trading operates more stringently than in the US. The response and feedback has been varied. Many find fault with the regulator for not being effective with use of its powers, and lacking in enforcement skills. Others feel that unless an accused is...

Course announcement: NUJS Diploma course on Entrepreneurship Administration and Business Laws and How It is Useful for Law Students

[The following announcement is posted on behalf of the course administrators. It may be of interest to some of our readers] Law schools or colleges in India do not really focus on teaching practical skills – they rather try to inculcate skills of research, writing and analysis – which are essential, but do not give you all the skills you need to provide legal services to a client. Consider the...

Insider Trading and “UPSI”: Another SAT Order

Apart from the evidentiary aspects of the insider trading, which are quite challenging (as discussed on this Blog and in this episode on CNBC), the substantive aspects of the violation are equally daunting for regulators as they require several prongs to be established. At the same time, it is sufficient for the alleged violator to demonstrate the failure of any one of the prongs to demolish the...

RBI: Liberalisation in Capital Account Transactions

The Reserve Bank of India has taken measures to liberalise the process with respect to certain types of current account transactions. The measures announced include the following: – manufacturing and infrastructure companies can avail of external commercial borrowings (ECB) to repay rupee loans towards capital expenditure; this is under the approval route with an overall ceiling of USD 10...

Singur Land Act Held to be Unconstitutional

Last year, the West Bengal legislature enacted the Singur Land Rehabilitation and Development Act, 2011 with a view to return land to the owners from whom it was previously acquired for purpose of establishing a manufacturing plant for Tata Motors. Since the project was stalled and subsequently relocated to another state, the issue pertains to the manner in which the land is to be dealt with. The...

Summary of CCI’s Order Against Cement Companies

[The following post is contributed by Karan S. Chandhiok, a senior associate with the competition law team at Luthra & Luthra Law Offices and a Member Executive of the Competition Law Bar Assocation. He graduated from Amity Law School in 2006 and did his BCL from Oxford in 2007. The views are personal, and he may be contacted at...

Shareholder Power: Say-on-Pay

Recent Developments in the US: Dodd Frank Act, section 951, requires companies to approach shareholders for their non-binding vote on executive compensation and golden parachutes. Recent Developments in the UK: A new proposal would require companies to approach their shareholders for a binding vote on executive pay. Existing Position in India: Managerial remuneration has been historically...

Regulatory Updates: SEBI and CCI

SEBI: Stock Exchanges and Clearing Corporations SEBI has issued the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 that deal with the recognition, ownership and governance of stock exchanges and clearing corporations. Certain minimum ownership and net worth requirements have been specified. Maximum shareholding by a single shareholder has been...

Insider Trading Enforcement

Rajat Gupta’s conviction by a New York court for insider trading has sparked off a debate about the state of insider trading enforcement in India. While several cases have been pursued by SEBI in the last two decades since insider trading has been prohibited by regulation, the rate of successful convictions or regulatory sanctions has been minimal. An editorial in the Business Standard states...

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