The provisions relating to corporate social responsibility (CSR) in the Companies Bill, 2011 have garnered sufficient attention on the topic. Those provisions are largely in the nature of CSR spending. While the Bill is pending in Parliament, the Department of Public Enterprises has proceeded to issue a revised set of “Guidelines on Corporate Social Responsibility and Sustainability for Central...
Proposed modifications to buyback provisions
SEBI has just placed a discussion paper on its website entitled “Proposed modifications to the existing framework for buy back through open market purchase” for public comments. Comments on the discussion paper have been solicited on or before January 31, 2013. Upon a review of the current regulations and studying the market dynamics, the key recommendations of the discussion paper are set out...
Mandatory Offers and Creeping Acquisitions
The Securities and Exchange Board of India (SEBI) passed an order under the SEBI Takeover Regulations of 1997 (that existed prior to October 2011) in relation to the shares of Khaitan Electricals Limited (the Target Company). In this order, the SEBI whole time member directed the promoters of the company to make an open offer to the other shareholders on account of certain acquisitions of shares...
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