ArchiveSeptember 2015

RBI Circular on Payment Gateways

[The following guest post is contributed by Jitendra Soni, who is an associate at AZB & Partners in Noida. Views are personal] The Reserve Bank of India (“RBI“) has recently issued a fresh circular in an attempt to facilitate cross-border e-commerce transactions, which can be accessed here (“Circular”). Prior to this Circular, the authorized banks were permitted to offer the...

SEBI Denied Locus Over Scheme of Arrangement

It is a well-known fact that schemes of arrangement are a popular method to implement mergers and corporate restructuring transactions in India. While they involves an elaborate and cumbersome procedure and the oversight of the court, parties enjoy tremendous flexibility in structuring their transactions. More importantly, such a scheme is binding on the dissenting minority. When this involves...

The Satyam Case: Insider Trading and Pledge

[The following guest post is contributed by Shashank Prabhakar, a Senior Associate with Finsec Law Advisors. These are the author’s personal views] The Whole Time Member of SEBI (‘WTM’) recently passed an order against certain relatives of Mr. Ramalinga Raju and entities belonging to the promoter group of Satyam Computers for violation of Section 12A of the Securities and Exchange Board of India...

RBI’s Proposal for a Major Recast of ECB Norms

[The following guest post is contributed by Vinod Kothari of Vinod Kothari & Co. It deals with the details of the proposals announced by the RBI. In an earlier post, Pratik Datta sets out the background to RBI’s proposals] The Reserve Bank of India (RBI) has proposed a major recast of the norms for external commercial borrowings (ECBs). While India is still far from...

RBI’s Draft Framework on ECB: The Background

[This guest post is by Pratik Datta, who is a Consultant at the National Institute of Public Finance and Policy (NIPFP), New Delhi. He can be reached at prat.nujs@gmail.com.] Yesterday the Reserve Bank of India (RBI) released the draft framework for External Commercial Borrowing (ECB) for public comments on or before October 11, 2015. For the...

It’s the “Material” Things That Matter: Disclosures under the New SEBI Regulations

[The following guest post is contributed by Yogesh Chande, Partner and Malek-ul-Ashtar Shipchandler, Associate, at Shardul Amarchand Mangaldas. Views expressed herein are personal and solely that of the authors. A related post by Somasekhar Sundaresan is available here.] Background The Securities and Exchange Board of India (“SEBI”) notified the SEBI (Listing Obligations and Disclosure...

A Material Mistake in Disclosure Obligations

The newly notified SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which would take effect on December 1, 2015 remove materiality as a relevant factor for disclosures of “acquisitions” by listed companies.  The term “acquisitions” has been defined to mean acquisition of 5% in any other company and a movement of 2% in shareholding thereafter...

Conference on Legal Convergence in Asia

[The following is an announcement] The Singapore Academy of Law is organizing an international conference on “Doing Business Across Asia: Legal Convergence in an Asian Century” on 21 & 22 January 2016 in Singapore. The background to the conference is set out on the website as follows: A trend of rising economic integration amongst Asian countries has led to a homogenising effect upon many...

Foreign owned or controlled companies: Is sharing of office infrastructure real estate business?

[The following guest post is contributed by Vinod Kothari of Vinod Kothari & Co.] If a company wholly or majorly owned by non residents allows group or subsidiary companies to share your photocopier, or server, or staff, are you engaged in “real estate business”? The question itself must have startled most: however, a purported clarification of the Department of Industrial Policy and...

The Introduction of Real Estate Investment Trusts (REITS) In India

[The following guest post is contributed by Dhanush. M, a 5th year student at the Jindal Global Law School] `Leverage without supporting cash flows could be the death knell for the real estate industry`. The present state of the Indian real estate industry could be a testament to this adage where the total net debt of the top ten real estate firms by market capitalisation stood at Rs...

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