[The following post is contributed by Vinod Kothari of Vinod Kothari & Co. He may be contacted at [email protected]] The issue of ownership and control of insurance companies in India has been in a state of flux since early this year. While the intent of the Government was clear – to permit FDI up to 49% in the insurance sector – the Rules framed by the Ministry of Finance in February...
Exclusive and Non-Exclusive Jurisdiction
We have discussed the judgment of the Supreme Court in Swastik Gases on the construction of jurisdiction clauses. Its conclusion there is no rule of law that a clause cannot confer exclusive jurisdiction unless it uses words of exclusion (“only”, “exclusive” etc) is plainly correct. But this gives rise to a further question: how should the courts actually decide whether a particular clause does...
The Growth of Unsponsored American Depository Receipts of Indian Companies
[The following guest post is contributed by Dhanush. M, a 5th year student at the Jindal Global Law School] On October 10, 2008, amendments to section 12g3-2(b) of the Securities Exchange Act of 1934 became effective. The amendment allowed a foreign private issuer to have its equity securities traded in the U.S. over-the-counter market without registration under Section 12(g) of the...
Report of the High Level Committee on CSR
[The following guest post is contributed by Suprotik Das, a 4th year law student at the Jindal Global Law School, Sonepat, Haryana.] This post is with regard to the Report of the High Level Committee to suggest measures for improved monitoring of the implementation of Corporate Social Responsibility policies. The Committee has suggested a number of measures and steps to bring out...
NLS Business Law Review: Call for Submissions
[The following announcement is posted on behalf of the NLS Business Law Review] The NLS Business Law Review is an initiative by the National Law School of India University to recognise and foster academic research and scholarship in corporate and commercial law. The law review intends to examine the interface between the myriad regulatory frameworks that impact doing business in India...
SEBI’s order levying record penalty – some concerns
SEBI has recently levied the highest penalty in its history of Rs. 7269 crores on PACL. It has made findings of serious violations of law and hence the maximum of penalty may be justified. However, there are some issues that are of concern. The facts of the case may be quickly summarised here. PACL, as per SEBI’s order, is one of the several so-called Collective Investment Schemes that have...
Breach of Representations and Warranties in M&A: A Buyer’s Guide
[The following guest post is contributed by Goda A. Raghavan and Kirthi Srinivas G, who are advocates with HSB Partners, Chennai and can be contacted at [email protected] and [email protected] respectively. Views are personal and do not represent the views of the firm.] Purchase price in a mergers and acquisitions (M&A) transaction is normally fixed after factoring the risks and...
Nature of Consideration in a Scheme of Arrangement
[The following guest post is contributed by Rushab Dhandokia, who is an associate at a reputed law firm. Views are personal] Background The Bombay High Court in re Thomas Cook Insurance Services (India) Limited[1] has dealt with a very interesting question within the domain of Mergers & Acquisitions (“M&A”). The case refers to the sanction of a composite scheme of arrangement and...
International Criminal Court Moot: India National Rounds 2016
[The following announcement is posted on behalf of the Moot Court Committee, National Law University Delhi] National Law University Delhi (NLU Delhi) has been officially selected by ICC Hague and Leiden University for organizing the 2016 India Qualifying National Rounds of the International Criminal Court Moot Court Competition. The National Rounds are tentatively scheduled to take place in early...
The Differential Dividend Story
[The following guest post is contributed by Siddharth Raja, Founding Partner of Samvad Partners. Views are personal.] A previous post on this Blog raises some interesting questions – although this author believes that analysis is both incomplete and, indeed, not purely academic. While the above blog post only addressed one aspect of the issue, the larger question is this: whether a dividend...
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