Category: Uncategorized
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JUDICIAL ENTRENCHMENT OF THE BHATIA INTERNATIONAL DECISION
Recently, in the case of Tamil Nadu Electricity Board v. Videocon Power Ltd., a two-judge bench of the Madras High Court had occasion to deal with foreign arbitral awards, and the applicability of Part I of the Arbitration Act (which deals with domestic arbitration) to such awards. It may be recalled that in the cases…
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Lock-in for Realty FDI
Press Note 2 of 2005, which deals with foreign direct investment (FDI) in the real estate sector, imposes a three-year lock in foreign investments. It states: Original investment cannot be repatriated before a period of three years from completion of minimum capitalization. However, the investor may be permitted to exit earlier with prior approval of…
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Independent Directors in the Post-Satyam Era
The Serious Fraud Investigation Office (SFIO) appears to have given a clean chit to Satyam’s independent directors, as it was found that the board was not involved in the fraudulent conduct and that they were kept in the dark. Much has already been written about the difficulties of placing too much reliance on the role…
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Spiralling Effects of the Financial Crisis
(The global financial crisis is now at a stage where the debate is transcending from one of decline in bottomlines of companies, falls in stock markets, tightening of credit and the like to wider issues that have greater social ramifications. If these issues are not dealt with appropriately, it could lead to disastrous consequences. In…
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Updates: Bits of Interest
Very often, we come across interesting pieces of information pertaining to topics covered on this Blog that may not necessarily require in-depth analysis or discussion. At the same time, such information may be of relevance to some of our readers. In order to bridge this gap, we have provisionally included a section on this Blog…
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Competition Commission: Delays in Merger Control
Although the Competition Commission is expected to become functional soon, it appears from press reports that its role pertaining to merger control will commence only in due course and not immediately. The draft of the Competition Commission of India (Combinations) Regulations (discussed earlier on this Blog) is still subject to discussion and finalisation. Until then,…
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Reactions to the Satyam Sale
The swiftness with which the sale of Satyam was effected has made headlines (please see links below). At stake were not only the interests of the company and its stakeholders (including shareholders, employees, customer, and so on) but also the credibility of India as an investment destination (particularly in the IT sector). These interests can…
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The G20’s pledge to crack down on tax havens
The most significant outcome of the recently concluded G20 summit is perhaps its resolve to crack down on tax havens – unprecedented as it is, its implications are not entirely clear. In the communiqué of April 2, the G20 promises to “take action against non-cooperative jurisdictions, including tax havens” and declares that it stands “ready…
