[The following guest post is contributed by Sarthak Raizada, a 4th year law student at Dr. Ram Manohar Lohiya National Law University, Lucknow] The issue of relevant market for an anti-trust analysis has been the subject matter of considerable debate with respect to the real estate sector. The Competition Commission of India (“CCI”) has extensively dealt with the said issue in a plethora of...
SEBI Order on Delisting Price
Delisting transactions tend to be sensitive as they underscore the conflicts between controlling shareholders (or promoters) and minority shareholders. The promoters are in a position to delist the company at any time they consider appropriate even though the circumstances may not necessarily favour the minority shareholders. Moreover, due to the information asymmetry between the two groups of...
Enhanced Disclosure Requirements for Listed Companies
SEBI this week issued a series of circulars pursuant to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), which seek to streamline and enhance the disclosure obligations of listed companies. The three different circulars are briefly discussed below. Shareholder Voting Results In the case of shareholders’ meetings, SEBI has prescribed that a...
Proposed Bankruptcy Code Unveiled
The much-awaited reform of bankruptcy law in India has witnessed a momentous step with the finalization of the report of the Bankruptcy Law Reforms Committee, which was issued yesterday. The report contains two parts: the Rationale and Design and a draft of the Insolvency and Bankruptcy Bill, 2015. Of course, it is impossible to discuss the details of the reforms proposed within the confines of a...
Call for Submissions: The Indian Journal of International Economic Law
The Indian Journal of International Economic Law is now accepting submissions for its upcoming issues – Volume 8(1) and 8(2). The Indian Journal of International Economic Law (IJIEL) is a law journal published by National Law School of India University, Bangalore (NLSIU) under the patronage of the Indian government sponsored chair on WTO Law. The Journal is oriented towards publishing...
Directors Conclave on Corporate Governance – December 3, 2015
[The following announcement is posted on behalf of Vahura] Vahura is convening the Directors Conclave on Corporate Governance in partnership with the International Finance Corporation, Cyril Amarchand Mangaldas and IIAS at the ITC Grand Central, Parel, Mumbai on December 3, 2015 (Thursday). The Conclave will further the dialogue among Regulators, directors and Key Stakeholders in the sphere of...
Guest Post: The Hague Convention and the Need to Reconsider Arbitration Clauses
(The following guest post is contributed by Kartikey Mahajan, who is a dispute resolution lawyer with the Singapore office of Clifford Chance) The Convention on Choice of Court Agreements was completed on June 30, 2005 (“Hague Convention”), and came into effect on 1 October 2015. Currently, Mexico and EU have acceded to it, while United States and Singapore have signed the Convention. The...
Investment Funds and the Concept of “Side-Pocket”
[The following guest post is contributed by Pavit Singh Kochar, an advocate practicing in New Delhi] A popular concept abroad that is yet to be practised extensively in India is a “Side-Pocket”, which means the segregation of the portfolio or funds to separate the illiquid investments from the more liquid assets in the portfolio. This concept is used when a part of the portfolio is not performing...
Promoter Shareholdings in Indian Companies
That concentration of shareholdings in public listed companies is the norm is beyond doubt. At the same time, studies have been seeking to ascertain the level of shareholdings held by controlling shareholders (or promoters). Some such studies are set out below: (a) A study by Rajesh Chakrabarti shows average promoter shareholdings in Indian companies in...
Changing Nature of the Corporation
The latest issue of the Economist carries two columns (here and here) that analyze the significant changes that have occurred in the nature of the modern corporation, particularly with respect to ownership. This is an addition to an earlier column in September. These columns highlight the more recent developments relating to the nature of the corporation, and question whether the diffused...
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