ArchiveMay 2015

Bombay High Court Pronounces on FDI Policy

It is not very often that courts in India have had the occasion to interpret and rule on the Foreign Direct Investment (FDI) Policy of the Government of India. Earlier this month, the Bombay High Court issued its ruling in IDBI Trusteeship Services Ltd. v. Hubtown Ltd., which relates to the legalities of a foreign investment structure that involved compulsory convertible debentures (CCDs) issued...

Companies (Amendment) Act, 2015 Notified

The Companies (Amendment) Bill was passed by the Rajya Sabha earlier this month. We had discussed the broad nature of the changes introduced. Now, the amendment has become law in the form of the Companies (Amendment) Act, 2015 as it has received the assent of the President and has been notified in the Official Gazette . Update – May 29, 2015: As some of you have pointed out in the comments...

Designing Executive Compensation for Banks and Financial Institutions

When it comes to banks and financial institutions, there are additional corporate governance requirements apart from those applicable to other types of companies. This is because the operation of banks and financial institutions affect the interests of a constituency other than shareholders, namely deposit holders and other creditors. Hence, executive compensation practices need to take these...

SEBI’s Interim Measure in an Insider Trading Case

[The following guest post is contributed by Supreme Waskar, who is a corporate lawyer] The securities market regulator, SEBI, has directed Mr. A. Vellayan (Chairman of Coromandel International Limited (“Coromandel”) to surrender unlawful gains along with interest for alleged passing of unpublished price sensitive information (“UPSI”) pertaining to Coramandel’s acquisition of Sabero Organic...

Synchronised Trading: In Sync With the Law? – Part 2

[The following guest post is contributed by Kanwardeep Singh Kapany (5th B.S.L.LL.B) and Mitravinda Chunduru (4th B.S.L.LL.B.), both students of ILS Law College, Pune This is a continuation of Part 1, which is available here] DEFENCES What amounts to commission of Illegal Synchronisation had been a moot point for quite a while. However, with the passage of time and development of jurisprudence...

Synchronised Trading: In Sync With the Law? – Part 1

[The following guest post is contributed by Kanwardeep Singh Kapany (5th B.S.L.LL.B) and Mitravinda Chunduru (4th B.S.L.LL.B.), both students of ILS Law College, Pune] INTRODUCTION The on-line trading system on the stock exchange is a blind trading system, which maintains complete anonymity of the persons trading on it. It does not permit the buyers and sellers to have any interaction between...

Consolidated FDI Policy Circular of 2015

The Department of Industrial Policy
and Promotion (DIPP), Ministry of Commerce and Industry has issued its annual FDI Policy
Circular for 2015, which takes effect from May 12, 2015. Although the
circular essentially consolidates all the changes made to the policy during the
previous year, there are some further changes that are discussed in this EY
Regulatory Alert (via The Firm).

Supreme Court Paves the Way for Company Law Tribunal

Readers may recall that the primary reason for the partial effectiveness of the Companies Act, 2013 (the “2013 Act”) has been the pending litigation surrounding the constitution of the National Company Law Tribunal (“NCLT”) and the National Company Law Appellate Tribunal (“NCLAT”). Hence, the provisions of the 2013 Act that relate to the NCLT[1] have been kept in abeyance pending the outcome of...

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