Category: Uncategorized

The Options Saga Continues

January 10, 2012

[Posted by Umakanth Varottil] A few months ago, we had discussed a change of policy stance by the Government of India in allowing options (such as puts and calls) on shares of Indian companies to foreign investors. While the Government initially specified that the existence of such options would turn the foreign investment into an…
Read more…
SEBI Prescribes Additional Methods to Meet Free Float Requirement

January 9, 2012

[Posted by Umakanth Varottil] /* Style Definitions */ table.MsoNormalTable {mso-style-name:”Table Normal”; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:””; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:”Calibri”,”sans-serif”; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:”Times New Roman”; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} In addition to the existing methods available for listed companies to meet the public shareholding (free float) requirements of 10% for…
Read more…
QFI Investments in Indian Stock Markets

January 7, 2012

[Posted by Umakanth Varottil] /* Style Definitions */ table.MsoNormalTable {mso-style-name:”Table Normal”; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:””; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:”Calibri”,”sans-serif”; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:”Times New Roman”; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} With a view to creating further depth in the Indian capital markets and attracting greater foreign investment, the Government has provided…
Read more…
Guest Post: Avoiding litigation under Section 11 of the Arbitration Act

January 4, 2012

[Posted by V. Niranjan] (In the following post, Ms. Renu Gupta, Advocate, discusses ways to avoid protracted section 11 litigation) There is much litigation in courts under Section 11 of the Arbitration and Conciliation Act, 1996 (hereinafter, “A&C Act”), on appointment of arbitrators. Often, the party resisting the arbitration exploits all its might to stall…
Read more…
2011: Year in Review (Income Tax)

January 4, 2012

[Posted by Mihir Naniwadekar] The year 2011 was in the news (insofar has tax issues are consult) mainly due to a few high-profile matters in the Supreme Court. The public interest litigation relating to black money (Ram Jethmalani v. Union of India) and the hearing in the Vodafone case are few examples of this. In…
Read more…
An Unfortunate Judgment: India and the Law of Restitution for Unjust Enrichment

January 2, 2012

[Posted by V. Niranjan] The law of restitution for unjust enrichment* is so well developed in the common law world today that it is impossible to conceive of a coherent system of private law without it. In India, a part of this area is codified in sections 68-72 of the Contract Act, 1872, and some…
Read more…
The Court of Appeal on the illegality defence

December 29, 2011

[Posted by Shantanu Naravane] The role of illegality as a defence to a claim for damages has always been the subject of much debate. There are two principal rationales that can be proposed for illegality being a defence: (a) that the claimant cannot be allowed to rely on his illegal conduct (reliance-based rationale); and (b)…
Read more…
Companies Bill, 2011: Layering of Subsidiaries

December 27, 2011

[Posted by Umakanth Varottil] /* Style Definitions */ table.MsoNormalTable {mso-style-name:”Table Normal”; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:””; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:”Calibri”,”sans-serif”; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:”Times New Roman”; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} It is quite common for companies to be structured in the form of groups. Apart from various operational advantages of separating…
Read more…
Companies Bill: Stalled in Parliament?

December 23, 2011

[Posted by Umakanth Varottil] Newspaper reports (here, here and here) suggest that the Companies Bill has run into some rough weather, with indications that it might be referred to the Standing Committee for further review. This is surprising as well as disconcerting, as it comes within a week of the Government presenting the Bill in…
Read more…
Guest Post: Arbitration Update

December 21, 2011

[Posted by V. Niranjan] (In the following post, Ms Renu Gupta, Advocate, discusses recent developments in Indian arbitration law) This post provides brief updates about some decisions of the Supreme Court of India in the year 2011 (this excludes cases which have already been discussed on this blog such as Yograj case here, and P.R…
Read more…