[Ayush Gorana is a final-year B.B.A., LLB (Hons.) Student at Gujarat National Law University, Gandhinagar] In a significant regulatory development, SEBI in its board meeting on 27 June 2024 approved amendments to the SEBI (Delisting of Equity Shares) Regulations, 2021, thereby introducing the fixed price method as an alternative to the existing reverse book building (RBB) process for voluntary...
Managerial Remuneration – Should Promoters Be Disenfranchised?
[Bharat Vasani is Senior Advisor – Corporate Laws and Miloni Mau an Associate in the General Corporate Practice, both at the Mumbai office of Cyril Amarchand Mangaldas. An earlier version of this post was published on the Cyril Amarchand Mangaldas Blog] The Government of India’s socialistic approach towards controlling managerial remuneration between 1960s and 1990s has been a painful chapter in...
SEBI’s New Framework for Subordinate Units in InvITs
[Naman Kasliwal is a final year law student at Gujarat National Law University] The Government has estimated an investment requirement of around $1.4 trillion by 2025 in India’s infrastructure sector. To bridge this gap and fund this crucial sector, innovative financing mechanisms are essential. Infrastructure investment trusts (“InvITs”), introduced by the Securities and Exchange Board of India...
Value Chain Reporting in the BRSR: A Critique
[S Vishnu Ameya is a B.A., LL. B (Hons.) graduate from Damodaram Sanjivayya National Law University, Visakhapatnam] In recent years, disclosure of the environmental, social and governance (ESG) practices of a company have gained significant attention from investors, regulators, and stakeholders worldwide in building reputation, trust and managing risks. However, the question arose, whether such...
Assignment and Arbitration Agreements: Assignee’s “Burden” to Arbitrate
[Chiranth Mukunda is a 2nd Year B.A., LL.B. (Hons.) Student at National Law School of India University, Bengaluru] In DLF Limited v. PNB Housing Finance Ltd (22 March 2024), while considering a petition under section 11 of the Arbitration and Conciliation Act 1996 ( A&C Act), the Delhi High Court observed that an assignee would be bound by the arbitration agreement in a claim brought by the...
The Debate Over Supreme Court’s Curative Intervention in Arbitration
[Madhav Goel and Anjali Sharma are researchers at the TrustBridge Rule of Law Foundation] In April 2024, the Supreme Court of India in Delhi Metro Rail Corporation v. Delhi Airport Metro Express Private Limited (‘DMRC v. DAMEPL’) overturned an arbitral award of nearly Rs. 8,000 cr against the DMRC which was to be paid to DAMEPL, a joint venture between Reliance Infrastructure Limited and...
When a Rights Issue becomes Oppressive: A Look at Byju’s Recent Controversy
[Rituraj Singh Parmar and Priyam Indurkhya are 4th year B.A., LL.B. (Hons.) students at National Law Institute University, Bhopal] Think & Learn Private Limited, popularly known as Byju’s, has been facing several legal battles nationwide. In February 2024, the investors of Byju’s filed a petition for oppression and mismanagement with the National Company Law Tribunal, Bengaluru (“NCLT”). The...
Regulating the Stock Game: SEBI’s Norms for Fantasy Trading Platforms
[Garv Arora is 4th year B.A., LL.B. (Hons.) student at HNLU, Raipur] The Indian stock markets have witnessed an increase in the third-party platforms that provide virtual trading services based on real-time price data. The Securities and Exchange Board of India (‘SEBI’) has recently unveiled new norms for the dissemination of real-time securities price data to third parties, including various...
A Critical Analysis of SEBI’s Crackdown on Fantasy Trading
[Aamir Kapadia and Shivam Yadav are final-year BBA, LLB (Hons.) students at Jindal Global Law School] On 27 May 2024, the Securities and Exchange Board of India (“SEBI”) issued a circular, “Norms for Sharing of Real Time Price Data to Third Parties” (“the Circular”) to, inter alia, stock exchanges generally restricting them from sharing real-time market data with third-party entities (primarily...
Navigating SEBI’s New IPO Norms: Enhancing Transparency or a Burden?
[Shreya Saswati and Sruti Patra are 4th year B.A.LL.B. (Hons.) students at National Law University, Odisha] Recently, the Securities and Exchange Board of India (“SEBI”) sent a letter to bankers with a list of 31 advisory points on due diligence pertaining to initial public offerings (“IPO”). The IPO disclosure requirements at present are quite broad and clear. Starting from the preparation of...
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