ArchiveAugust 2013

Companies Bill Passed by the Rajya Sabha

In a significant development, the Companies Bill, 2012 was passed by the Rajya Sabha (the Upper House of Parliament). The press release of the Government, which terms the event as “historic”, is available here. The new law will come into force once it receives the assent of the President. The Bill had already received the approval of the Lok Sabha (the Lower House) in December 2012. The...

Anomalous amendments in Ordinance – how will they affect Consent Orders, past and future?

Recent Ordinance amending securities laws has been discussed here and here in this blog. However, one concern arises in respect of the amendment relating to Consent Orders. It may be recollected (as, for example, reported here) that the legal basis of the Guidelines relating to Consent Orders was questioned before the Delhi High Court by a PIL. Had this petition been successful, it was possible...

SEBI issues Operational and Reporting Guidelines for AIFs

[The following post is contributed by Nidhi Ladha, who is a Junior Partner at Vinod Kothari & Co. She can be reached at [email protected]] SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”) were notified by SEBI on May 21, 2012 which thereby replaced the SEBI (Venture Capital Funds) Regulations, 1996. After notification of AIF Regulations, SEBI has granted in...

FDI and the “Control” Question

Eons ago, an English judge remarked that “public policy” is an unruly horse and once you get astride it you will never know where it will carry you. Lately, corporate India has been left to contend with another unruly horse in the form of the concept of “control”, whose scope and meaning have been stretched in different directions without the requisite precision, often altering according to time...

Approval of New FDI Norms; Impact on Multi-brand Retail

In an earlier post, we had discussed the relaxation measures approved by the Union Cabinet for increase in the foreign direct investment (FDI) in certain sectors. Now, the specific changes to the FDI Policy Circular of 2013 have issued. The changes to the FDI caps and routes are available on the website of the Press Information Bureau (PIB) (under releases issued on August 1, 2013). Separately...

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