(The following announcement is from the Editors of the Development World Review on Trade & Competition Journal) Developing World Review on Trade & Competition (DWRTC) Journal is pleased to announce the call for papers for its Vol.1 Issue 2. International trade & competition related issues are of vital importance for any economy. Economies, especially ‘Developing Countries’ face...
RBI’s Draft Guidelines for Private Sector Banks
Following the Finance Minister’s announcement in his budget speech for 2010-11 and a discussion paper published by the Reserve Bank of India (RBI) in August 2010, the RBI has now released draft guidelines for licensing new banks in the private sector. The draft guidelines lay down the conditions on which corporate groups will be permitted to set up banks in India. While the RBI seems keen to tap...
Diaspora Bonds
The Economist has a piece that discusses the advantages of diaspora bonds to poor countries. It notes: The idea is simple. Poor-country governments can issue bonds and market them to emigrants in rich countries. There are several advantages to milking members of a diaspora. They are often patriotic: they like the idea that their savings will pay for bridges and clinics at home. They are patient...
Corporate Governance in Emerging Markets
A recent study by Melsa Ararat and George Dallas under the aegis of the International Finance Corporation (IFC) highlights some of the special issues affecting corporate governance in emerging markets. In their paper Corporate Governance in Emerging Markets: Why It Matters to Investors—and What They Can Do About It, the authors comment on the scholarly research in corporate governance in emerging...
CCI Approves Acquisition of UTV by Walt Disney
(The following post has been contributed by Piyush Prasad, who is an alumnus (B.Sc. LL.B.) of the National Law University, Jodhpur) The Competition Commission of India (“CCI”) on August 25, 2011 approved the proposed combination of Walt Disney Company (Southeast Asia) Pte. Limited (“the “Acquirer”) and UTV Software Communications Limited (“the “Acquired Enterprise”) under section 31 (1) of the...
Enforceability of Put and Call Options in India
I have posted a working paper tentatively titled Investment Agreements in India: Is There an ‘Option’?, the abstract of which is as follows: Put and call options are ubiquitous in modern investment agreements, such as those involving joint ventures as well as private equity and venture capital investments. The enforceability of put and call options in Indian companies has been the...
Corporate Philanthropy: Strategies & Incentives
The Harvard Corporate Governance Forum has an interesting and detailed post on corporate philanthropy that examines the various incentives that operate in this space. The post first seeks to identify the concept of corporate philanthropy: This report focuses on corporate philanthropy, which includes direct cash giving, foundation grants, stock donations, employee time, product donations, and...
Trade, Law & Development: Call for Submissions
The Editors of Trade, Law & Development (TL&D), a bi-annual, student-run, academic journal published by National Law University, Jodhpur, India, invite submission of unpublished, original works for publication in the forthcoming Special Issue of TL&D (vol.4, no.1 (2012)). The theme for the Special Issue is: Dispute Settlement at the World Trade Organization. Manuscripts received by...
CSX/TCI: Appellate Court on Disclosures and Takeover Law
Sometime ago, we had the opportunity to discuss a decision of the U.S. District Court for the Southern District of New York pertaining to the use of cash-settled total-return equity swaps by acquirers and whether that would trigger disclosure requirements under appropriate U.S. regulations governing takeovers. Now an appellate court has pronounced its decision in which the majority of the judges...
Miscellaneous
1. Put Options & Foreign Exchange Regulations We have in the past discussed the questions regarding the enforceability of put and call options under securities laws and regulations, primarily the Securities Contracts (Regulation) Act, 1956. In addition, if put options are entered into by foreign investors, the Foreign Exchange Management Act, 1999 and regulations issued by the Reserve Bank of...
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