ArchiveOctober 2015

Changing Nature of the Corporation

The latest issue of the Economist carries two columns (here and here) that analyze the significant changes that have occurred in the nature of the modern corporation, particularly with respect to ownership. This is an addition to an earlier column in September. These columns highlight the more recent developments relating to the nature of the corporation, and question whether the diffused...

Major Changes Proposed by the Arbitration (Amendment) Ordinance, 2015

[The following guest post is authored by Paavni Anand, a 4th Year B.A., LL.B. student at the National University of Juridical Sciences, Kolkata] President Pranab Mukherjee has promulgated the Arbitration and Conciliation Amendment Ordinance, 2015 to amend the Arbitration and Conciliation Act 1996. The Ordinance is largely aimed at encouraging the ease of doing business in India in a bid to...

Insurance Companies: IRDA Seeks Control in Indian Hands

[The following post is contributed by Vinod Kothari of Vinod Kothari & Co. He may be contacted at vinod@vinodkothari.com] The issue of ownership and control of insurance companies in India has been in a state of flux since early this year. While the intent of the Government was clear – to permit FDI up to 49% in the insurance sector – the Rules...

Exclusive and Non-Exclusive Jurisdiction

We have discussed the judgment of the Supreme Court in Swastik Gases on the construction of jurisdiction clauses. Its conclusion there is no rule of law that a clause cannot confer exclusive jurisdiction unless it uses words of exclusion (“only”, “exclusive” etc) is plainly correct. But this gives rise to a further question: how should the courts actually decide whether a particular clause does...

The Growth of Unsponsored American Depository Receipts of Indian Companies

[The following guest post is contributed by Dhanush. M, a 5th year student at the Jindal Global Law School] On October 10, 2008, amendments to section 12g3-2(b) of the Securities Exchange Act of 1934 became effective. The amendment allowed a foreign private issuer to have its equity securities traded in the U.S. over-the-counter market without registration under Section 12(g) of the...

Report of the High Level Committee on CSR

[The following guest post is contributed by Suprotik Das, a 4th year law student at the Jindal Global Law School, Sonepat, Haryana.] This post is with regard to the Report of the High Level Committee to suggest measures for improved monitoring of the implementation of Corporate Social Responsibility policies. The Committee has suggested a number of measures and steps to bring out...

NLS Business Law Review: Call for Submissions

[The following announcement is posted on behalf of the NLS Business Law Review] The NLS Business Law Review is an initiative by the National Law School of India University to recognise and foster academic research and scholarship in corporate and commercial law. The law review intends to examine the interface between the myriad regulatory frameworks that impact doing business in India...

SEBI’s order levying record penalty – some concerns

SEBI has recently levied the highest penalty in its history of Rs. 7269 crores on PACL. It has made findings of serious violations of law and hence the maximum of penalty may be justified. However, there are some issues that are of concern. The facts of the case may be quickly summarised here. PACL, as per SEBI’s order, is one of the several so-called Collective Investment Schemes that have...

Nature of Consideration in a Scheme of Arrangement

[The following guest post is contributed by Rushab Dhandokia, who is an associate at a reputed law firm. Views are personal] Background The Bombay High Court in re Thomas Cook Insurance Services (India) Limited[1] has dealt with a very interesting question within the domain of Mergers & Acquisitions (“M&A”). The case refers to the sanction of a composite scheme of arrangement and...

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