ArchiveSeptember 2013

Call for Papers: NUJS Law Review

[The following is an announcement posted on behalf of the NUJS Law Review] The NUJS Law Review is pleased to invite contributions for its annual Special Issue for 2013-14 “Surveillance, Censorship & Indian Law: Mapping the Field” A spate of recent events, such as the debate surrounding Section 66A of the Information Technology Act and the Intermediaries Guidelines under it, the calls against...

Ambiguity regarding Consent Settlements – whether resolved?

Readers may recollect that the legal basis of settlement by Consent Orders by SEBI has been questioned before the Delhi High Court. Recently, an Ordinance (“First Ordinance”) had been notified which amended the SEBI Act apparently with the intention to provide specific provisions in the form of Section 15JB for settlement by Consent Orders, both past and future (similar amendments...

Damodaran Committee Report: Impact on Impulsive Law Making

[In yesterday’s post, we had briefly discussed the publication of the Damodaran Committee on Reforming the Regulatory Environment for Doing Business in India, and its broad impact. In this post, Nidhi Bothra at Vinod Kothari & Co discusses the report in greater detail. Nidhi can be contacted at [email protected]] The Damodaran Committee was set up by the Ministry of Corporate Affairs to...

Committee Report on Reforming Regulatory Environment in India

Last year, the Government had appointed a committee under the chairmanship of Mr. Damodaran, former Chairman of SEBI, to recommend reforms to enhance the regulatory environment for doing business in India. This was in response to the annual Doing Business rankings put out by the World Bank, where India has not been performing satisfactorily with little improvement or the last few years. The...

Clarification on Effectiveness of the Companies Act, 2013

In a previous post concerning the notification bringing into effect several provisions of the Companies Act, 2013, it was discussed that the provision repealing the respective provisions of the Companies Act, 1956 was not brought into effect causing some confusion as to which law will apply to those matters. Based on requests for clarification seemingly made by several parties, the Ministry of...

Paper on Private Equity in India

In the past, some readers have asked if we could cover matters pertaining to the private equity sector in greater detail. Often, the difficulty we encounter is that private equity is not recognised specifically as an investment class under the Indian laws and regulations. As far as foreign private equity investments are concerned, they are generally treated as part of the foreign direct...

Companies Act, 2013: Additional Disclosures in Notices of Meetings

[The following post is contributed by Nidhi Ladha, who is a junior partner at Vinod Kothari & Co. She can be reached at [email protected]] The Companies Act, 2013 (the Act) has already been enacted as Act no. 18 of 2013 after obtaining the assent of the President on August 29, 2013. The Ministry of Corporate Affairs (MCA) has placed on its website the draft rules for public comments...

SPEL Semiconductor: SEBI’s Exemption from Open Offer

[The following post is contributed by Yogesh Chande, who is a Consultant with Economic Laws Practice, Advocates & Solicitors. Views of the author are personal] SEBI’s Whole Time Member has passed an order dated 6 September 2013 granting an exemption to Natronix Semiconductor Technology Private Limited (Acquirer – a company incorporated in Singapore) from making an open offer [regulation 3(1)...

Some Sections of the Companies Act, 2013 Come Into Force

The Ministry of Corporate Affairs (MCA) has notified a list of provisions of the Companies Act, 2013 that came into force with effect from 12 September 2013. A cursory review of the list of sections does not indicate any coherent pattern regarding which aspects of the new legislation are being brought into force, and the sections are peppered across various chapters. The only seeming common...

Remedies against Directors’ Undue Gains: Personal or Proprietary?

What is the appropriate remedy against a director who makes secret profits? Should the remedy be merely a personal one, or should it be a proprietary one? This issue is one of great importance and several jurisdictions have been debating the issue for years now. The rules against conflict and profit are at the core of a director’s duties; and it is essential for a legal system to provide a...

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