[The following is a guest post from Vinod Kothari of Vinod Kothari & Co. He can be contacted at [email protected]] Closer to the gradual implementation of the 2013 Act, one gets an ever firmer feeling that the drafting of the law became highly superficial, and the twin Parliamentary committees merely went on the basis of innate assurances that MCA would do what is required to resolve all...
Guest Post: Issue of Capital by Private Companies under the Companies Act, 2013
[The following post is contributed by Yashesh Ashar. Yashesh is a tax and regulatory consultant and the views expressed herein are personal] The Companies Act, 2013 (‘New Cos Act’) which received the assent of the President on 30 August 2013 seeks to create a major overhaul in the functioning of the corporates in India. A major part of the New Cos Act is to be governed by the Rules proposed to be...
Guest Post: New Regime of Corporate Governance: Heading Towards “Hung” Companies – Part 2
[The following post is contributed by The following post is contributed by Nivedita Shankar, who is a Senior Associate at Vinod Kothari & Co. She can be reached at [email protected]. The views expressed herein are solely those of the guest author and cannot be ascribed to the other contributors of this Blog. This is a continuation from the previous post in this series] Precedents...
Guest Post: New Regime of Corporate Governance: Heading Towards “Hung” Companies – Part 1
[The following post is contributed by The following post is contributed by Nivedita Shankar, who is a Senior Associate at Vinod Kothari & Co. She can be reached at [email protected]. The views expressed herein are solely those of the guest author and cannot be ascribed to the other contributors of this Blog] The OECD in its report titled “Guide on Fighting Abusive Related Party...
Call for Papers: The Indian Journal of Arbitration Law
[The following is an announcement from the Indian Journal of Arbitration Law] The Indian Journal of Arbitration Law is a biannual, student reviewed Journal by the Centre for Advanced Research and Training in Arbitration Law (CARTAL) of National Law University, Jodhpur. The Journal strives to inculcate the prevalent theories in the field of arbitration with their practical relevance. The...
Review of Stock-Related Employee Benefit Schemes
The legal regime pertaining to the grant of employee stock options (ESOPs) and employee share purchases (ESPSs) has been undergoing some change in recent years, particularly for those that are implemented through a trust established by a company for this purpose. In August 2012, SEBI announced its decision requiring all listed companies to frame employee benefit schemes only in accordance with...
Monitoring Secondary Market Disclosures
One of the concerns regarding the corporate disclosure regime is that while the primary market disclosure requirements (e.g. for a prospectus) are extensive and stringent, the secondary market disclosures by companies that are already listed on the stock exchanges are far from being elaborate. In order to bridge this gap, SEBI has been taking steps to enhance the disclosure requirements in the...
SAT on Acquisitions by Persons Acting in Concert
Background In a recent decision, the Securities Appellate Tribunal (SAT) ruled on the acquisition of shares by a person acting in concert (PAC) with other shareholders, and whether an increase in the individual shareholding of that person beyond 15% triggered a mandatory open offer requirement under the erstwhile SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (the 1997...
Globalization and the Indian Legal Profession
The Harvard Law School Program on the Legal Profession has been conducting an extensive study called Globalization, Lawyers, and Emerging Economies (GLEE), which examines the changes occasioned to the legal profession in various countries such as China, India and Brazil due to the effects of globalization. As part of this effort, a team of researchers undertook studies on the Indian legal...
Transfer of Voting Rights, Without Transfer of Shares: Part 2
[The following post is contributed by Aditi Jhunjhunwala, Senior Associate at Vinod Kothari & Co. She can be contacted at [email protected]. This is a continuation of a previous post available here] Shares: Personal right or property right A share is an item of property, and can be sold or transferred. Holding a share makes the holder a member of the company, and entitles it to enforce...
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