[The following post is contributed by Karan S. Chandhiok, who is the Managing Associate of the Competition Law Team at Luthra & Luthra Law Offices. Karan graduated from Amity Law School followed by a BCL at Oxford. He currently serves as a Member Executive of the Competition Law Bar Association. These views are personal. Karan may be contacted at [email protected] or karanchandhiok@gmail...
Changes in the Revised FDI Policy of 2013
[In a previous post, we had drawn attention to the Revised FDI Policy. One of the criticisms of the policy review process was that the changes were not evident from the face of the policy, thereby making it less user-friendly. Fortunately, this gap has been filled in a timely manner by one of our guest contributors below. The following post is contributed by Parag Bhide, who is a Senior Associate...
SEBI Adjudication Order in the IPCL Insider Trading Case
SEBI’s adjudicating officer yesterday passed an order exonerating Mr. Manoj H. Modi (MHM) and Mrs. Smita M. Modi (SMM) for insider trading charges in connection with the shares of Indian Petrochemicals Corporation Limited (IPCL). It deals with two primary legal questions as they were applied to the facts of the case, i.e. (i) whether MHM and SMM are “insiders” with respect to IPCL; and (ii)...
CERC Order in the Adani Power Case
Last week, the Central Electricity Regulatory Commission (CERC) passed an order relating to Adani Power that has significant implications for the power sector in India. Adani Power, which had entered into power purchase agreements (PPAs) with state utilities in Gujarat and Haryana for sale of power, approached the CERC with a request for relief on account of escalation of imported coal prices due...
Foreign Investment in Debt Securities: Rationalization of Limits
With effect from April 1, 2013, the Government has rationalized the investment limits in debt securities for foreign institutional investors (FIIs) and other eligible investors such as qualified foreign investors, sovereign wealth funds, pension funds and the like. This has been implemented through circulars issued by SEBI (here) and RBI (here). Previously, FII investment in debt (both Government...
Revised FDI Policy Issued
The Department of Industrial Policy & Promotion, Government of India has issued the revised Consolidated FDI Policy by way of Circular 1 of 2013, which came into effect on April 1, 2013. This is pursuant to the Government’s policy adopted a couple of years ago to update the FDI policy periodically (now annually) such that it is available on a consolidated basis. The new policy incorporates...
Decision of the Supreme Court in the Novartis Case
[Vinita Sithapathy, who is a lawyer and a company secretary, has contributed the following post. Vinita graduated from Government Law College, Mumbai in 2008. She has advised clients on banking and finance and corporate M&A transactions since 2008. She can be contacted at [email protected] Although the subject-matter of the post is beyond the usual scope of the Blog, the...
Corporate Communication Through Social Media
It is common for CEOs and other senior managers of company to communicate through social media platforms such as Facebook and Twitter. However, concerns have arisen whether that amounts to selective disclosure of company information if that is made available only on these specific platforms without being disseminated more widely to enable greater access to investors. The US Securities and...
FSLRC Report
The report of the Financial Sector Legislative Reforms Commission, which
has recommended elaborate reforms in the financial sector, is now available.
Volume
1 contains the findings and recommendations of the Commission, while Volume 2 contains a
draft of the proposed Indian Financial Code, 2013.
MCA Circular: Secured Corporate Debentures and Public Deposit Norms – Part 3
[The following is a guest post from Vinod Kothari and Nidhi Ladha of Vinod Kothari & Company. The authors can be contacted at [email protected] and [email protected] respectively. This is the final post in the series. The first two posts can be accessed here and here] Other laws affecting debentures Following are the other guidelines, rules or directions attracting issue...
Recent Comments