Last week, the Central Electricity Regulatory Commission (CERC) passed an order relating to Adani Power that has significant implications for the power sector in India. Adani Power, which had entered into power purchase agreements (PPAs) with state utilities in Gujarat and Haryana for sale of power, approached the CERC with a request for relief on account of escalation of imported coal prices due...
Foreign Investment in Debt Securities: Rationalization of Limits
With effect from April 1, 2013, the Government has rationalized the investment limits in debt securities for foreign institutional investors (FIIs) and other eligible investors such as qualified foreign investors, sovereign wealth funds, pension funds and the like. This has been implemented through circulars issued by SEBI (here) and RBI (here). Previously, FII investment in debt (both Government...
Revised FDI Policy Issued
The Department of Industrial Policy & Promotion, Government of India has issued the revised Consolidated FDI Policy by way of Circular 1 of 2013, which came into effect on April 1, 2013. This is pursuant to the Government’s policy adopted a couple of years ago to update the FDI policy periodically (now annually) such that it is available on a consolidated basis. The new policy incorporates...
Herbert Smith Freehills India Essay Competition 2013
(The following announcement comes to us from the National Law School of India Review) The National Law School of India Review (NLSIR) in association with Herbert Smith Freehills is pleased to announce the Herbert Smith Freehills India Essay Competition 2013. The Competition is open to undergraduate law students from NLSIU, Bangalore, NALSAR, Hyderabad, WBNUJS, Kolkata, NLU, Jodhpur, NLU, Delhi...
Decision of the Supreme Court in the Novartis Case
[Vinita Sithapathy, who is a lawyer and a company secretary, has contributed the following post. Vinita graduated from Government Law College, Mumbai in 2008. She has advised clients on banking and finance and corporate M&A transactions since 2008. She can be contacted at [email protected] Although the subject-matter of the post is beyond the usual scope of the Blog, the...
Corporate Communication Through Social Media
It is common for CEOs and other senior managers of company to communicate through social media platforms such as Facebook and Twitter. However, concerns have arisen whether that amounts to selective disclosure of company information if that is made available only on these specific platforms without being disseminated more widely to enable greater access to investors. The US Securities and...
Bombay High Court on post-award applications u/s 9 of the Arbitration and Conciliation Act, 1996
In an important judgment, a Division Bench of the Bombay High Court has held that a petition under s. 9 of the Arbitration and Conciliation Act, 1996, is not maintainable after the award if the claim has been dismissed by the arbitrators. S. 9 of the Act states that a party may, “before or during arbitral proceedings or at any time after the making of the arbitral award but before it is enforced...
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