Category: Uncategorized
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ARBITRAL PROCEEDINGS AND THE JURISDICTION OF COURTS
The case of Vijay Kumar Gupta v. Renu Malhotra, recently decided by the Delhi High Court, deals with the important issue of the definition of the word “Court” in the Arbitration and Conciliation Act, as well as the pecuniary jurisdiction of the High Court. In 1998, the decree-holder filed a petition before the Delhi High…
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LLP Bill Passed in Parliament
Media reports (here and here) indicate that the Limited Liability Partnership Bill, 2008 has been passed by Parliament. It was passed in the Lok Sabha on December 12, 2008, while the Rajya Sabha had already approved the Bill on October 24, 2008. The Ministry of Company Affairs has also published on its website two sets…
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Shares and Stocks: India and Delaware
India has largely followed the scheme of the erstwhile British company law in enacting the Companies Act, 1956. This is true even in the case of share capital structures that companies can have, such as only two types of shares, preference shares and equity shares for public limited companies, and also restrictions on companies dealing…
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The Fallout of Daga Capital
An earlier post had noted that a recent decision of the Bombay ITAT could significantly affect the taxation of shares and securities, and group companies generally. To briefly summarise, it was a case involving a company dealing in shares and securities. It claimed that the interest it incurred on loans taken to finance the purchase…
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A different perspective on the six-month ban on contra transaction under Insider Trading Regulations
On December 5, 2008, a comment on the recent amendments to the SEBI (Prohibition of Insider Trading) Regulations, 1992 (“Insider Trading Regulations“) was made here. I have a different perspective on the issue. Every listed company is required under Regulation 12 of the Insider Trading Regulations to formulate a code of internal procedures. Such a…
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Self Regulation for Directors on SEBI’s Board
I recently blogged about the transparency measures that SEBI has initiated by deciding to make its agenda papers and minutes of proceedings public. Under the first such disclosure, it is now learnt that on December 4, 2008, the Board of Directors of SEBI adopted a Code on Conflict of Interests for its members. You can…
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Thoughts on the ASBA process – Part II
(The following post is contributed jointly by Prerak Ved of Crawford Bayley & Co. and Yogesh Chande of Platinum Partners.) In continuation of the thoughts/concerns raised in Part I posted earlier, stated below are some further thoughts/concerns on the ASBA process, including those arising out of SEBI’s press release dated December 04, 2008 bearing PR…
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Decision in the Vodafone Tax Case
An earlier post mentioned that the decision of the Bombay High Court in the Vodafone case had gone against the petitioners, i.e. Vodafone. However, the text of the judgment which was not available as on the date of that post has become available since, and throws up some interesting issues for discussion. The issues before…
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Transparency Measures in SEBI
The Securities and Exchange Board of India (“SEBI”) is taking significant and material steps towards bringing in transparency in its own workings. First, the status of offer documents being processed by SEBI is now online. After repeated complaints about delays in clearing offer documents, SEBI now publishes every week, the status of the offer document…
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No penal consequences for violating the new trading restrictions on Insiders?!
Poor drafting of the recent amendments to the SEBI Insider Trading Regulations has made the bar on six month reverse trading/ derivatives substantively ineffective. The SEBI Insider Trading Regulations were amended vide notification dated 19th November 2008 available here and some issues relating to these amendments were discussed by me here. The Model Code relating…
