[The following guest post is contributed by Vinod Kothari and Abhirup Ghosh of Vinod Kothari & Co. This is the continuation of a previous post available here] Whether a pledge is a case of “dealing”? As discussed in the previous post, the use of the term “deal” or “dealings” in the definition of the term “trading” has actually expanded its meaning beyond the usually understood meaning of...
Call for Papers: CRMD Journal on Economic and Financial Crisis
[The following call for papers is posted on behalf of the Centre of Risk Management and Derivatives at NLU Jodhpur] The Centre of Risk Management and Derivatives (CRMD) at NLUJ works on macroeconomic and development issues and problems in capital and money markets that lead to collapse of economic and financial systems in the form of crisis contagion. The CRMD proposes to launch the ‘CRMD...
Pledges in the Context of Insider Trading Regulations – Part 1
[The following guest post is contributed by Vinod Kothari and Abhirup Ghosh of Vinod Kothari & Co.] There are several lurking questions in context of insider trading regulations. The Securities and Exchange Board of India (“SEBI”) on 24 August 2015 issued a Guidance Note on the SEBI (Prohibition of Insider Trading) Regulations, 2015 (“Guidance Note”) in which some questions pertaining to...
P&H High Court Upholds Mauritius Tax Residency Certificate
The issue of whether the grant of a tax residency certificate by the authorities in Mauritius would enable a company situated there to claim the benefit of the double taxation avoidance treaty between India and Mauritius was decided favourably by the Supreme Court in Union of India v. Azadi Bachao Andolan, (2004) 10 SCC 1. This issue resurfaced before the Punjab & Haryana High Court in Serco...
SEBI Consultation: Forfeiture of Shares and Impact on Takeover Regulations
SEBI has issued a Discussion Paper on “Review of policy relating to forfeiture of partly paid-up shares – Amendments to SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011”. The paper opens with references to partly-paid shares and forfeiture of unpaid capital as provided under the Companies Act, 2013. Essentially, in case of partly paid shares, the holder can exercise voting...
SEBI’s Guidance Note on Insider Trading Regulations
After the SEBI (Prohibition of Insider Trading) Regulations, 2015 (the “Regulations”) were issued that came into effect on May 15, 2015, SEBI received several requests from companies and their advisors on certain operational issues that came to the fore in the implementation of the Regulations. In order to address those, SEBI issued a Guidance Note earlier this week. One of the more prominent...
Supreme Court on Section 42 of the Arbitration and Conciliation Act, 1996
[The following guest post is contributed by Pulkit Sharma, Advocate, Bombay High Court] The Supreme Court has in the case of State of W.B. v Associated Contractors ((2015) 1 SCC 32) considered the applicability of Section 42 of the Arbitration and Conciliation Act, 1996 (“Act”) to applications not made before a “court” as defined under Section 2(1)(e) of the Act and has laid down the law in this...
NLUJ Law Review: Call for Submissions
[The following announcement is posted on behalf of the NLUJ Law Review] The NLUJ Law Review invites original and previously unpublished manuscripts for Volume 3, Issue 2 from academicians, practitioners and students. The remit of the Review is designed to include both short and long works to provide an opportunity for the members of the legal fraternity to keep abreast of new ideas and the...
Improving the Regulatory Framework Governing Masala Bonds
[The following post is contributed by Dhanush. M, a 5th year student at the Jindal Global Law School] “Masala bonds” refers to rupee denominated bonds issued in offshore capital markets which would be offered and settled in US dollars to raise Indian rupees from international investors for infrastructure financing in India. Masala bonds could prove to be a viable source of corporate finance as...
Start-up India: Should foreign listing of start-ups be facilitated?
[This guest post is by Pratik Datta and Mehtab Hans, who are Consultants at the National Institute of Public Finance and Policy (NIPFP), New Delhi. They can be reached at [email protected] and [email protected] respectively.] Last week, the SEBI (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2015 were issued to facilitate listing of start-ups on institutional...
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