AuthorUmakanth Varottil

More on SEBI’s Order in the Price Waterhouse Case

In an earlier post, Jayant Thakur had discussed the order of the Securities and Exchange Board of India (SEBI) passed against Price Waterhouse last week. In addition, readers may find the following two further pieces on the legalities of the SEBI order of relevance: In a column titled “SEBI’s ban onPwC:Learnings for an auditor” in Bar & Bench, Kanwardeep Singh examines SEBI’s...

Our Tenth Anniversary

Today marks the tenth anniversary of the IndiaCorpLaw Blog. The first post appeared on December 26, 2007. The Blog was launched with very little, or almost no, expectations as to its future. Surprisingly though, it has survived this long. That can be attributed to a number of factors: we have been fortunate to be joined by a wonderful team of collaborators and guest contributors to keep up the...

Supreme Court Removes “Two Threshold Bars” Under Insolvency Law

Over the last few months, creditors initiating corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (the Code) have encountered setbacks on procedural counts that have poured cold water on their efforts in resorting to the much sought-after insolvency process. This is attributable to a highly technical and narrow interpretation of certain provisions of the...

Majority Requirement for Creditors’ Approval of Resolution Plan

Background and Legal Question Nearly all of the posts on this Blog that deal with the Insolvency and Bankruptcy Code, 2016 (the “Code”) begin with the quip that the Code is still undergoing a gestation period that has led to snags in its implementation. This one is no different. Two separate benches of the National Company Law Tribunal (“NCLT”) have adopted diametrically opposing views on the...

SEBI Clarifies Scope of Embargo Against Share Issuances Following Delisting

Companies that are undertaking a delisting of equity shares must be prepared to endure an embargo that would prevent them from listing their shares for a further period of time (five or ten years, depending upon the circumstances). Such a restriction is contained in regulation 30(1) of the SEBI (Delisting of Equity Shares) Regulations, 2009. This is to prevent companies from retreating the...

Ordinance to Amend the Insolvency and Bankruptcy Code Promulgated

In recent weeks, there has been an intense debate, including on this Blog, about whether promoters (particularly those broadly considered wilful defaulters) must be allowed to bid for assets being sold as part of the resolution plan for a debtor company under the Insolvency and Bankruptcy Code, 2016 (the “Code”). This debate was sparked partly by certain transparency norms introduced by the...

Survey on Succession Planning in Indian Companies

Historically, the issue of succession planning has received scant attention from a policy perspective in the corporate governance debates in India. More recently, however, succession planning has played a key role in corporate governance episodes such as Tata Sons and Infosys, thereby highlighting the importance of the concept. Regulators and policymakers have begun to place emphasis on...

The (Negligible) Role of Shareholders in Corporate Insolvency

The Ministry of Corporate Affairs (MCA) yesterday issued a clarification stating that no resolution or approval of the shareholders of a debtor company will be required in order to give effect to a resolution plan under the Insolvency and Bankruptcy Code, 2016 (IBC). It appears that stakeholders sought the MCA clarification on account of section 30(2)(e) of the IBC, which requires the resolution...

SEBI: Rules on Profit Sharing Arrangements Apply to Unlisted Subsidiaries

The rules introduced earlier this year by the Securities and Exchange Board of India (“SEBI”) that impose restrictions on profit sharing arrangements in respect of listed companies have already provoked interpretational controversies. In an earlier informal guidance (relating to Accelya Kale Solutions Limited), SEBI clarified profit sharing arrangements that involved employees being provided...

FDI in the Aviation Sector

Jae Woon Lee and I have a working paper titled “Skies Half Open: Foreign Investment in India’s Airline Industry”, the abstract of which is as follows: The foreign investment regime governing the airline industry has been the subject matter of considerable debate. Our goal in this paper is to supplement the literature by embarking on an analysis of the foreign investment regime in India and...

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