Category: Uncategorized
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Scams and Corporate Governance
[Posted by Umakanth Varottil] The various scams afflicting India over the last few months were largely perceived as matters within the realm of public governance involving the Government, ministers and officials. Lately, however, the spotlight seems to be shifting to the private sector and to companies that are alleged to be beneficiaries of public mismanagement…
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Poison Pill Lives on in Corporate America
[Posted by Umakanth Varottil] (Mihir had earlier highlighted the importance of a recent Delaware Chancery Court decision in the Airgas case. We now have a post by Karan Singh Tyagi, who succinctly analyzes the impact of the decision under Delaware law and goes to the nub of the issue involving the role of the board…
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RBI’s Draft Guidelines on CDS
[Posted by Umakanth Varottil] Following its draft report released in August 2010, the Reserve Bank of India (RBI) has issued draft guidelines on credit default swaps (CDSs) for corporate bonds. One of the principal objectives of this effort is to boost the corporate bond market. As RBI notes: The objective of introducing Credit Default Swaps…
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Corporate Law Scholarship in India
[Posted by Umakanth Varottil] Bar & Bench has a report about the inauguration of the Joint Centre on Global Corporate & Financial Law and Policy by the Jindal Global Law School and the University of Michigan Law School. Such efforts are encouraging in that they promote research and scholarship in the area of corporate and…
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Restrictions on Outbound Acquisitions
[Posted by Umakanth Varottil] Although outbound acquisitions by Indian companies have increased significantly in recent years, there is a concern that domestic Indian laws governing the acquirers are yet to keep up to speed with developments in the business arena. Recognising this concern, the Confederation of Indian Industry (CII) has submitted a memorandum to the…
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National Conference on the Indian Constitution
[Posted by Umakanth Varottil] (The following announcement may be of interest to some of our readers) School of Law, Christ University is organizing a two day National Conference on the “INDIAN CONSTITUTION IN THE 21ST CENTURY: A CONCEPTUAL AND CONTEXUAL AUDIT” to be held on the 24th and 25th of February, 2011. The Conference is…
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Exclusion of Jurisdiction of Civil Courts under the SEBI Act
[Posted by Mihir Naniwadekar] Legally India has made available certain expert witness statements filed before US Courts in the class action litigation concerning Satyam, which was recently settled. One of the witness statements, by Mr. Sandeep Parekh, makes an interesting point; but I am not entirely sure of the tenability in law of that point. Mr.…
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Developments in Delaware: poison pill upheld
[Posted by Mihir Naniwadekar] Readers may find this decision of the Delaware Court of Chancery, Air Products v. Airgas (judgment dated 15th February, 2011) interesting. The Court has discussed in detail the (Delaware) law on the legality of the ‘poison pill’. The Court summarised its ruling thus: “This case poses the following fundamental question: Can a…