ArchiveMarch 2014

Section 185 & how ill-drafted, ill-implemented provisions cause serious consequences

The manner in which the Companies Act, 2013, is being implemented is causing ongoing grief to numerous companies. As the financial year comes to a close, several violations with potentially serious consequences are being noticed by auditors and others. The deservedly much maligned Section 185 is one example that is focus of this post (several earlier posts have also discussed many issues)...

The Bombay High Court on the Agreed Sum and Penalties: A Missed Opportunity?

It has often been said that a court cannot arrive at the right answer unless it asks itself the right question. This resonates particularly in the field of private law, because—as it is perhaps more technical and complex than some other areas of the law—the applicability of certain rules depends upon the characterisation of the issue at hand (for eg, is it a sale or a licence, a penalty or...

Withdrawal of a Takeover 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] In an interesting order passed on February 20, 2014, the whole time member of the Securities and Exchange Board of India (SEBI) has refused the withdrawal of an open offer made by the acquirers under the erstwhile SEBI...

An Instance of Shareholder Activism

A lot has already been said about shareholder activism in India, and how the concept has acquired a strong footing more recently. Shareholder activism may take on different forms. Shareholders may simply dump the stock of companies they believe are not being governed in the desired manner to protect investors (a.k.a. the “Wall Street walk”). They may engage with managements to influence decision...

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