Background Amongst legal documents in an M&A transaction, the confidentiality agreement plays an important role, as it does in other types of investment transactions (such as private equity), especially when it involves a public listed company. There are two key aspects of interest in any confidentiality agreement, which are also often the bone of contention in negotiations: (i) the scope of...
Corporate Governance in MFIs
In order to achieve greater scalability, the microfinance sector has witnessed the emergence of for-profit microfinance institutions (MFIs) that are managed on similar lines as companies. They attract investors and lenders and they even list on the stock markets. That creates a dilemma as far as boards of MFIs are concerned, as they are required to manage two interests: one being the investors...
What is “immovable property”? The law relating to fixtures to land and buildings: Part II
(The following post has been contributed by Vinod Kothari and Nidhi Ladha of Vinod Kothari & Company. The authors can be contacted at [email protected] and [email protected] respectively. This is a continuation from a previous post where the authors discuss general principles. Here, they discuss specific cases and conclude) Interesting recent cases pertaining to immovable...
What is “immovable property”? The law relating to fixtures to land and buildings: Part I
(The following post, which deals with a continuingly vexed question of law, has been contributed by Vinod Kothari and Nidhi Ladha of Vinod Kothari & Company. The authors can be contacted at [email protected] and [email protected] respectively) At first glimpse, the question –what is an immovable property – sounds too basic to warrant any attention. Land and buildings are...
Corporate Governance Survey
Despite developments in regulation of corporate entities around the world and India’s own share of scandals in recent years, corporate governance continues to be a matter of “check the box” or a set of compliance requirements, with only limited emphasis on the spirit of governance. This has been underscored in a recent corporate governance survey The India Board Report 2011 prepared jointly by...
Miscellaneous
1. Further Liberalization of ECB Policy Given the ailments afflicting the civil aviation sector in India, the Reserve Bank of India (RBI) has allowed external commercial borrowings (ECBs) in that sector even where the end-use of funds is for working capital requirements. This is permissible under the approval route, and is subject to several...
Announcement: NLSIR Symposium
(The following is an announcement from the National Law School of India Review) The National Law School of India Review (NLSIR) – the flagship journal of the National Law School of India University, Bangalore is pleased to announce the V NLSIR Symposium on “Corporate Mergers and Acquisitions in India: Recent Regulatory Changes” scheduled to be held on May 5 and 6...
Call for Papers: 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 e-journal launched by the Centre for Advanced Research and Training in Arbitration Law of National Law University, Jodhpur. National Law University, Jodhpur, one of the premier national law institutions in India, is taking successful initiatives for...
SEBI Reinforces the Sanctity of a Takeover Offer
In a recent order, SEBI refused permission for the withdrawal of a voluntary takeover offer by an acquirer. The details of the case involving an offer by Mr. Pramod Jain and Pranidhi Holdings Private Limited for shares in Golden Tobacco Limited are discussed at the Indian Legal Space Blog, as are reasons for SEBI’s decision. The following are some of the takeaways from SEBI’s order: 1. SEBI would...
Substance vs. Form Conflict in True Sale | Hong Kong Court Goes by the Language Used by the Parties
(The following post is contributed by Soma Bagaria, who is a Legal Advisor at Vinod Kothari & Company in Kolkata. She can be reached at [email protected]) In every assignment transaction, there has been a constant conflict of whether the substance or form shall dominate while determining the nature of a transaction. There are two schools of thought on this: one which gives dominance to...
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