[One of our readers has helpfully shared various resources in connection with the latest legislative amendments relating to the powers and functions of SEBI, which might be of wider interest] The Securities Laws (Amendment) Act, 2014 received the assent of the President on the 22 August, 2014 and was published in the Gazette of India on 25 August, 2014. The debates from Lok Sabha and Rajya Sabha...
Foreign Investment in Rail Infrastructure
Following the liberalisation of foreign investment in the defence sector, the Department of Industrial Policy & Promotion, Government of India has issued Press Note No. 8 (2014 Series) that now permits foreign investment in the railway sector. The permitted scope of business in the sector is as follows: Construction, operation and maintenance of the following: (i) Suburban corridor projects...
NLS Business Law Review (Volume 1): Call for Submissions
[The following announcement is posted on behalf of the Editors of the NLS Business Law Review] The NLS Business Law Review is an initiative by the National Law School of India University to recognise and foster academic research and scholarship in corporate and commercial law. The law review intends to examine the interface between the myriad regulatory frameworks that impact doing...
Liberalisation of Foreign Investment in Defence
A few weeks ago, the Cabinet had announced the liberalisation of the foreign investment policy in the defence sector. Now, the Department of Industrial Policy and Promotion has issued the Press Note No. 7 (2014 Series) that implements the new policy. Some of the principal changes include the following: (i) Increase in the sectoral cap: The maximum...
Proposal to Further Boost Secondary Market Disclosures
One of our pet peeves has been the considerable disparity in the primary market disclosure norms where SEBI requires extensive disclosures when a company undertakes a public offering and in the secondary market disclosures norms where companies have to make continuous disclosures post-listing. The secondary market disclosure norms are considerably weaker than those for the primary markets...
Guest Post – Proposed Amendments to Arbitration Law: Part 2
[The following post is contributed by Prachi Narayan and Aditi Pal of Vinod Kothari & Company. They can be contacted respectively at [email protected] and [email protected] This is a continuation of a previous post] Powers of Tribunal and interim measures: Section 17 of the Act provides that the arbitral tribunal has the power to order interim measures of protection, unless the...
A Radical Idea for Restructuring Corporate Boards
Last week’s Schumpeter column in the Economist carries a provocative idea that involves a complete relook at the way boards of companies are structured and operated. It borrows a proposal from an article titled “Boards-R-Us: Reconceptualizing Corporate Boards” authored by two leading US corporate law academics. The column summarizes the proposal as follows: In the May edition of the Stanford Law...
Guest Post – Proposed Amendments to Arbitration Law: Part 1
[The following post is contributed by Prachi Narayan and Aditi Pal of Vinod Kothari & Company. They can be contacted respectively at [email protected] and [email protected]] Introduction On August 5, 2014, the Law Commission submitted to the Law Minister its 246th report on “Amendment to the Arbitration and Conciliation Act, 1996”. There has been much back and forth with respect...
OECD Report on Related Party Transactions in India
The topic of related party transactions (RPTs) has acquired tremendous importance lately and has been the subject matter of intense discussion and debate both on this Blog (here) and elsewhere (here, here and here). The discussions focus on the specifics and the interpretation of the Companies Act and the Rules promulgated by the Ministry of Corporate Affairs (MCA) that deal with RPTs. In the...
Guest Post – Delhi Airport Metro Case: Twilight Zone of the “pro-arbitration” trend
[The following post is contributed by Sujoy Chatterjee who is an Advocate in New Delhi and an alumnus of the National Law University Jodhpur (’13)] In recent times, there has been a propensity towards characterizing judgments of the Indian judiciary either as “pro-arbitration” or “against the pro-arbitration trend” (for example, see here, here and here). The rationale behind this tendency of...
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