[The following guest post is contributed by Surbhi Jaiswal of Vinod Kothari & Co. The author can be contacted at [email protected].] The International Financial Service Centre (IFSC) is a hub of financial services within a country, which has laws and regulations that are different from the rest of the country. Usually these centres have low tax rates and flexible regulations for...
Delivering Private Sector Efficiency within Public Law Principles
[The following guest post is contributed by Santanu Sabhapandit, who works as a legal consultant. He can be reached at: [email protected]. This is an abridged version of author’s article “Application of Public Law Principles to Entities Implementing PPPs in India: The Current ‘State’ of Affairs” published in Public Procurement Law Review (Sweet and Maxwell). The article can be...
Public Sector Undertakings and Corporate Governance
The NSE Centre for Excellence in Corporate Governance (CECG) has issued its most recent quarterly briefing titled “Corporate Governance in State-Owned Enterprises”. The executive summary is as follows: – State-Owned Enterprises (SOEs) constitute an integral part of India’s economy, and their performance has generally been encouraging; – They are subject to stringent governance norms:...
Analysing the KBR Case through Indian Corporate Law
[The following guest post is contributed by Suprotik Das, a 3rd year law student at the Jindal Global Law School, Sonepat, Haryana. This is a follow-up to a previous post “Whistleblowing and Confidentiality Agreements”.] KBR, a US company, required employees and former employees to sign confidentiality agreements when they were being interviewed for internal compliance issues with...
Capital Raising Prospects for Startups: India and US Compared
[The following guest post is contributed by Surya Kumar Gheda, a final year law student. The author can be contacted at [email protected]] Last week, two capital market regulators, the Securities Exchange Commission (SEC) in the United States (US) and the Securities Exchange Board of India (SEBI), have announced frameworks to enable startups to obtain easy access to capital through the...
Whistleblowing and Confidentiality Agreements
Earlier this week, the US Securities and Exchange Commission (SEC) issued a settlement order in a case involving a company that required its employees to sign a confidentiality agreement when they were interviewed in internal investigations for allegations of potential violations of federal securities laws. The SEC decried the use of such confidentiality agreements as militating against laws that...
The Efficacy of a Listing Platform for Start-Ups
Last week, SEBI issued a discussion paper on “Alternate Capital Raising Platform and Review of Other Regulatory Requirements”, which is aimed at providing start-up companies the facility of listing their securities on a trading platform without going through the extensive onerous and listing requirements that might be applicable in the normal course. This is explicit recognition of the need to...
Gender Diversity on Corporate Boards: The Need to Move Beyond Rhetoric
Over the last few days, the financial press has been abuzz with the efforts of listed companies in India to recruit at least one woman director on their board in order to comply with the requirement under clause 49 of the listing agreement that takes effect today. This requirement also emanates from the Companies Act, 2013. In a last-minute scramble, it is estimated that as many as 250 companies...
Corporate Benevolence: Companies May Accept Gifts, and Tax Free
[The following post is contributed by Vinod Kothari of Vinod Kothari & Co. The author can be contacted at [email protected].] When it comes the law imposing a requirement of spending on corporate social responsibility (CSR), which is 2% of the profits of the company, we come to notice all sorts of ingenious ways of companies trying to avoid or evade the requirement. Some might even go to...
SEBI Guidelines for International Finance Centres
[The following post is contributed by Yogesh Chande, who is an Associate Partner with Economic Laws Practice, Advocates & Solicitors. Views of the author are personal.] The report (2007) of the High Powered Expert Committee (HPEC) on ‘Mumbai: An International Financial Centre’ had in its report suggested the setting up of International Financial Centre in Mumbai. The Minister of Finance...
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