Category: Uncategorized
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Withdrawal of an Offer under SEBI’s 2011 Takeover Regulations
Once a takeover offer is made, it is generally treated as sacrosanct. It is extremely difficult for acquirers to withdraw from the offer. This position has been clarified in a number of decisions of courts and appellate tribunals, including the Supreme Court. We have previously discussed the cases of Nirma Industries v. Securities and Exchange…
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Taxation of Income from Transfer of Intangible Assets between Non-Residents
[The following guest post is contributed by Shailendera Singh, who is a lawyer practising in Delhi. He can be reached at shailenderasngh@gmail.com] A judgment of the Delhi High Court rendered on July 25, 2016 in CUB Pty Limited (Formerly Known as Foster’s Australia Ltd) v. Union of India has held that the situs of an…
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RBI Issues Guidelines for “On Tap” Licensing of Private Universal Banks
In the past, the Reserve Bank of India (RBI) has been following a “stop and go” policy for licensing of new banks in the private sector. Under this policy, and on the last occasion in 2014, two private sector banks were granted licences to operate banks. However, this policy has been under review and discussion…
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The State in Business and the Business of Regulation
[The following post is contributed by Bhargavi Zaveri, who is with the National Institute of Public Finance and Policy, New Delhi. She can be contacted at bhargavi.zaveri@nipfp.org.in.] The public shareholders of a listed public sector bank were reportedly denied e-voting facilities at an extra-ordinary general meeting held in January 2016. In 2008, a state assembly passed…
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Supreme Court on Applicability of the Regime on Collective Investment Schemes
The Supreme Court of India earlier this month ruled on the applicability of the regulatory regime relating to collective investment schemes (“CIS”). In Securities and Exchange Board of India v. Gaurav Varshney, the legal question was rather straightforward. On 25 January 1995, section 12(1B) was inserted into the Securities and Exchange Board of India Act,…
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Bonus Debentures: A New Perspective on Certain Issues and Concerns
[The following post is contributed by Priya Garg, who is a student at the West Bengal National University of Juridical Sciences (WB-NUJS). An earlier post on this Blog discussing the features and implications of bonus debentures is available here.] Bonus debentures are those debentures which a company issues to its shareholders by using its reserves’…
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Risk Management and Corporate Governance
The current edition of the NSE Quarterly Briefing is on “Risk Management and the Board of Directors in Indian Firms” and is drafted by Professor Afra Afsharipour. The executive summary is as follows: – Enterprise Risk Management (“ERM”) is a systematic and holistic approach for firms to address all their risks, whether operational, strategic or…
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India-Mauritius DTAA Protocol: Analyzing the Impact
[The following guest post is contributed by Aarush Bhatia, who is a 5th year B.A.LL.B (Hons.) student at CNLU, Patna] Introduction The protocol[i] dated 10 May 2016 amending the Double Taxation Avoidance Agreement (DTAA) between India and Mauritius is arguably the most significant changerelating to direct taxes in India in recent years, considering that approximately…
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Paper on Crowdfunding
Arjya Majumdar and I have a paper titled “Regulating Equity Crowdfunding in India: Walking a Tightrope” that is available on SSRN. The abstract is as follows: Start-up companies face difficulties in raising finances, and the situation has exacerbated since the global financial crisis in 2008. As a result, crowdfunding has made its appearance as an…
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Guest Post: Public Policy of India and the Arbitral Award: Fighting the Unending Battle
(The following guest post is contributed by Amrit Mahal, a fourth-year student at the National University of Juridical Sciences, Kolkata) The Indian Arbitration and Conciliation Act, 1996 (hereinafter, “Act”) was enacted with a view to bring the Indian arbitration regime in line with international practice. Providing for a limited judicial review of arbitral awards, Section…
