ArchiveDecember 2012

Blog Anniversary; Season’s Greetings

The end of the year marks the fifth anniversary of this Blog. Its first post appeared on December 26, 2007. I would like to take this opportunity to thank all the contributors and guests for their thoughtful posts on various areas of corporate and business laws and for fostering a healthy debate and discussion in a manner that is widely disseminated and easily accessible to the interested reader...

Royalty Payments and Corporate Governance

In the past, the corporate governance discourse pertaining to Indian companies has revolved substantially around family owned businesses and government-owned (public sector) companies. Another type of companies that is quite prevalent in the corporate scenario, but usually does not receive specific attention, is Indian listed subsidiaries of multinational companies (MNCs). A significant...

Supreme Court on Sukanya Holdings and section 45

It is well-known that the Supreme Court in Sukanya Holdings held that a cause of action cannot be “bifurcated”. Applying this rule, the courts held in several cases that a dispute involving several parties, some of whom are not parties to the agreement containing the arbitration clause, is not arbitrable. Although attempts were made to limit Sukanya, there was considerable doubt as to its scope...

1st NLS-TIOL Taxation Law Conference

The Moot Court Society of National Law School of India University, Bangalore, in association with Tax India Online, is organising the 1st NLS-TIOL Taxation Law Conference on 6th January, 2013 along with the NLS TIOL Moot Court Competition. The Conference seeks to trace out the developments since the proposed introduction of General Anti-Avoidance Rule in the Finance Act, 2012. While the Shome...

New York Courts’ Long-Arm Jurisdiction

The Harvard Corporate Governance Blog has a post discussing a recent judgment that confers significant long-arm jurisdiction to the New York Courts. Here is the summary: On November 20, 2012, the New York Court of Appeals issued an opinion that is of substantial importance to international banks and financial institutions that maintain and use correspondent banking accounts in New York. In Licci...

A Round Up of a Rollercoaster Year

As 2012 began, several BRICS economies that showed immense promise began to face slower growth. This was also influenced by developments elsewhere (including the crisis in Europe). India was affected by the same phenomenon. The Indian situation was also marred by several policy-related issues that continued to remain for nearly two-thirds of the year. This includes the “policy paralysis” that...

SEBI penalises front-running again, does not follow SAT’s order

There is yet another Order of SEBI on front running and SEBI holds that transactions in the nature of front running are violative of the PFUTP Regulations. This is close after SAT’s recent ruling (“the Patel Order”) holding that front running cannot be punished, as discussed by me here, and another later ruling by SAT (“the Karkera Order”) as discussed by Mr. V. Umakanth here. By an Order dated...

Another SAT Order on Front Running

Last month, Mr. Jayant Thakur had discussed an order of the Securities Appellate Tribunal (SAT) in the case of Dipak Patel where SAT interpreted the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 2003 (the “PFUTP Regulations”) to mean that front running is not a crime unless it is committed by an “intermediary”. Mr. Thakur’s post points to...

Delaware Ruling on Indian In-house Counsel and Legal Privilege

A couple of years ago, we had discussed the European Court of Justice (ECJ) decision in the Akzo Nobel and Ackros Chemicals case where in-house legal counsel was denied legal professional privilege even though such counsel was enrolled as an advocate in the relevant bar at the time. Although that case involved European companies, we had made some guesses as to what might be the position in India...

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