ArchiveJanuary 2014

Gold Purchase Schemes and CIS

In 2013, an Ordinance was promulgated to enhance SEBI’s powers to regulate investment pools. The Ordinance introduced section 11AA of the SEBI Act, which details the parameters of a collective investment scheme (CIS). It states that “pooling of funds under any scheme or arrangement” involving a corpus of Rs. 100 crores or more shall be deemed to be a CIS whether or not it is registered with SEBI...

Call for Papers: The Journal of Telecommunication and Broadcasting Law

[The following is an announcement from The Journal of Telecommunication and Broadcasting Law, National University of Juridical Sciences (NUJS), Kolkata] The Journal of Telecommunication and Broadcasting Law (JTBL) accepts submissions on a rolling basis. Interested contributors are requested to send their submissions under the categories mentioned below. For general queries relating to your...

Transposed Wills: The Supreme Court on Interpretation of Contracts

In 1999, Alfred and Maureen Rawlings each decided to execute a will leaving everything to each other and, should the other not survive, to Terry Marley, whom they treated as their son. Their solicitor prepared two simple wills in accordance with these instructions: each will was a mirror image of the other. He presented it to them for signature. Unfortunately, Mr Rawlings signed Maureen’s will...

Essay Competition on International Contracts

The Gujarat National Law University (GNLU) and the Oil & Natural Gas Corporation Ltd. (ONGC) are conducting the 1st GNLU – ONGC International Essay Competition on International Contracts. The theme is “Recent Trends in International Contract, Jurisdictional Issues and the Global Commercial and Investment Governance”, which also has several sub-themes. Details of the competition are available...

Guest Post: Rights of MBS Bondholders Against the Company: Part 2

[The following post is contributed by Nidhi Bothra of Vinod Kothari & Company. The author may be contacted at [email protected] This is continuation of a previous post accessible here] Does a trust put complete cloak over the identity of beneficiaries? In the several rulings discussed in the preivous post, the privity of contract between the bondholders / debenture holders has been put...

Guest Post: Rights of MBS Bondholders against the Company: Part 1

[The following post is contributed by Nidhi Bothra of Vinod Kothari & Company. The author may be contacted at [email protected]] The financial crisis of 2007-08 led to several failed securitization transactions and brought in a storm of litigation in structured products.[1] Post the crisis, several bondholders sued the originators alleging misrepresentations on the quality of loans...

Guest Post: Nachiket Mor Committee Recommends Bank – NBFC Convergence

[This post has been contributed by Shampita Das of Vinod Kothari & Company. The author may be contacted at [email protected]] The Reserve Bank of India (RBI) in September, 2013 had set up a ‘Committee on Comprehensive Financial Services for Small Businesses and Low-Income Households’, under the Chairmanship of Dr. Nachiket Mor, Member on RBI’s Central Board of Directors. The main...

Takeover and Compliance with Minimum Public Shareholding

A recent informal guidance issued by the Securities and Exchange Board of India deals with the questions pertaining to the intersection of the SEBI Takeover Regulations of 2011 and the process of complying with the minimum public shareholding in listed companies. In the case involving R Systems International Limited, the acquirer made an open offer and acquired certain shares of the target...

Miscellaneous

1.         RBI Circular on Options We had carried two guest posts (here and here) on RBI’s notification dated 9 January 2014 relating to options and convertible instruments. This notification has generated a great deal of debate and its precise scope and contours are still being carefully ascertained. For a flavour of the further debate, the following...

CBCL E-Journal (Issue IV): Call for Papers

[This is an announcement from the Centre for Business and Commercial Laws (CBCL), National Law Institute, Bhopal] Centre for Business and Commercial Laws (CBCL), National Law Institute, Bhopal is pleased to invite submissions for the fourth issue of the Centre for Business and Commercial Law e-Journal. It’s a student run, faculty regulated, peer reviewed law journal that is published annually...

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