The order of the United States District Court, Southern District of New York, sentencing Rajat Gupta to 2 years’ imprisonment and US$ 5 million fine for insider trading is one that is carefully crafted and likely to be of significance in sentencing jurisprudence as far as securities law violations are concerned. The order, pronounced by Judge Rakoff is detailed and well-considered, given that the...
Paper on Shareholder Activism
Two years ago, any talk of shareholder activism in India would be brushed aside or even ridiculed. But, since then, things seem to have changed rapidly. The last couple of years have witnessed shareholders in Indian companies becoming more active and assertive. This space has also seen the proliferation of proxy advisory firms and other corporate governance intermediaries that have aided such...
World Bank’s Doing Business 2013
The World Bank and IFC have published the Doing Business report and country rankings for the year 2013. India still remains at 132 with no signs of overall changes, although its position has improved on some of the parameters, while it has fallen on several others. India’s country report is available here. As these newspaper reports also suggest (here and here), India’s ranking is below its...
Regulatory Reforms in the Capital Markets
SEBI has taken steps in the last few weeks to bring about reforms in the capital markets, particularly in the primary market segment. The first set of reforms essentially gives effect to decisions taken at SEBI’s board meeting on August 16, 2012. These include matters relating to both the equity markets, where the SEBI (Issue of Capital and Disclosure Requirements) Regulations 2009 have been...
AIF Regulations: Meaning of Ownership Interests and Investor Interests in a Company – Part III
[The following post is the last of the series contributed by Vinod Kothari and Soma Bagaria. The authors can be reached at [email protected] and [email protected] respectively. The first two posts in the series can be found here and here.] In India, a company form of a fund is not very prevalent because of several constraining and restricting reasons. Some of those can be summarized as...
AIF Regulations: Meaning of Ownership Interests and Investor Interests in a Company – Part II
[The following post is part of the series contributed by Vinod Kothari and Soma Bagaria. The authors can be reached at [email protected] and [email protected] respectively. The first post of the series can be found here.] As the AIF Regulations are unclear on the extent of its applicability in case of companies, guidance can be sought from other jurisdictions. 1...
AIF Regulations: Meaning of Ownership Interests and Investor Interests in a Company – Part I
[The following is the first in a series of posts contributed by Vinod Kothari and Soma Bagaria. The authors can be reached at [email protected] and [email protected] respectively] 1. BACKGROUND There has been a speculation and confusion regarding the extent of applicability of the SEBI (Alternative Investment Fund) Regulations, 2012...
Research Report: International Investment Law and the Vodafone Claim
[The following announcement comes to us from the Student Initiative to Promote Legal Awareness (SIPLA), at the National Law School, Bangalore] The Research Panel on International Investment Law and Policy, under the aegis of the Student Initiative to Promote Legal Awareness, at the National Law School, Bangalore has recently concluded a study of possible claims in an investment arbitration...
Executive Compensation and Corporate Governance
Although the issue of executive compensation has not been as dominant in the corporate governance discourse in India as it has been in other leading economies, it has begun to attract significant attention lately. While we have not had a chance on this Blog to touch upon the recent debates, it would be useful to refer our readers to a couple of posts (here and here) by Professor Balasubramanian...
Corporate Governance and Controlling Shareholders/Promoters
One of our pet peeves on this Blog has been the fact that the corporate governance regime in India does not adequately address the requirements of companies that have controlling shareholders (or promoters), which dominate the landscape in India. I have also advanced this argument in a couple of academic papers (here and here). While there does not seem to be much momentum in India to address...
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