ArchiveOctober 2013

Doing Business Rankings 2014: Status Quo for India

The Doing Business Rankings 2014 have just been published by the World Bank and IFC. Nothing much has changed in the case of India. It has dropped three places from 131 to 134 out of a total of 189 countries. While the entire report is available here, India’s country report is available here. India’s rankings on various specific parameters are as follows: – Starting a business: 179 –...

Alternative Business Forms

The current issue of the Economist has two interesting pieces (here and here) detailing forms of business that are acquiring prominence in the US markets and posing a challenge to the dominance of corporations (or companies) as the main form of business vehicle. Referring to this phenomenon as “distorporation”, it primarily alludes to the master limited partnership (MLP). The details are...

SEBI issues draft settlement Regulations for comments

SEBI Act and related laws were amended recently to provide specific legal backing for settlement by consent orders. The background of this and some issues were discussed here (which post has reference to earlier posts and other links too). One point made was that the new law requires that such settlement should be on basis of Regulations that are prescribed. SEBI has now issued a consultation...

The Resurgence of REITs

More than 5 years ago (in December 2007), SEBI had issued a consultation paper and draft regulations with a view to paving the way for the introduction of real estate investment trusts (REITs) in the Indian markets (which we had the opportunity to discuss here). However, the plan seemed to have gathered moss for a number of years. Earlier this month, it was revived when SEBI issued another...

Duties of Directors: a Recent Judgment

The judgment of the English High Court in Madoff Securities v. Stephen Raven [2013] EWHC 3147 (Comm) was delivered last week, and is now available on BAILII. There is plenty of interesting dicta on the duties of directors. In England, the duties are codified in s. 172 of the UK Companies Act. 2006. (The new Indian Act also has a partial codification: see for example, s. 166 of the Companies Act...

The Date of Accrual of the Cause of Action in Negligence Claims

Under article 113 of Schedule I to the Limitation Act, 1963 (the residuary provision), a suit must be filed within three years of the date of the accrual of the “right to sue”. It is well-known that a court has no power to condone delay in the institution of a suit (as opposed to an appeal or application) and it is therefore important to be able to ascertain precisely when the cause of action...

Delhi High Court on Constitutionality of Court Fee Amendment

[The following post is contributed by Gunjan Chhabra, who is an associate with Singhania & Partners, LLP and a graduate of Amity Law School, GGSIPU] Background and Facts Recently, the Court Fees Act of 1870 (the 1870 Act) was amended by the Government of NCT of Delhi by the Court Fees (Delhi Amendment) Act, 2012 (the Amendment Act), which came into effect from 1 August 2013. By way of this...

Institutional Trading Platform for SMEs

Background Earlier this week, SEBI issued the Securities and Exchange Board of India (Listing of Specified Securities on Institutional Trading Platform) Regulations, 2013 (the Regulations), which enables small and medium enterprises (SMEs) to list on the stock exchanges without going through an initial public offering (IPO). This represents another step in creating special avenues for SMEs to...

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