Category: Uncategorized
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Key Decisions at SEBI Board Meeting
SEBI’s recent board meeting has resulted in certain significant decisions impacting capital markets activity in India as well as SEBI’s own decision-making process. Public/Rights Offerings: Observation Letter When a draft offer document is filed with SEBI, either in a public offering (initial public offering (IPO) or follow-on public offering (FPO)) or in a rights offering,…
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Bombay High Court Rules Against Vodafone in Tax Case
The much-awaited judgment of the Bombay High Court in the tax case involving Vodafone has now been delivered. Newspaper reports indicate that the court has decided against Vodafone, although the judgment itself is yet to be available. The Financial Times reports: The Mumbai High Court on Wednesday dismissed a challenge by Vodafone against a $2bn…
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INSIDER TRADING REGULATIONS – HIGHLIGHTS TO THE AMENDMENTS AND SOME POSERS
1) SEBI has amended the SEBI Prohibition of Insider Trading Regulations 1992 vide a notification dated 19th November 2008 which I briefly highlighted here. There are some far reaching amendments. 2) An important amendment is to the definition of “insider”. As I mentioned earlier, no word has been added or deleted but by dropping a…
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Amendments to SEBI Prohibition of Insider Trading Regulations
SEBI has amended the SEBI Prohibition of Insider Trading Regulations vide notification dated 19th November 2008, available here. While I will post here later in more detail some issues relating to the amendments, let me highlight a couple of points. The definition of “insider” has been amended. Interestingly, there is magic involved here! Not one…
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Anand Bhatt, negotiated to his end
It would have been his 60th birthday tomorrow. And he was overseeing preparations for the anniversary celebrations of his firm, which completed 125 years on November 29, 2008. Instead, his remains were cremated at Mumbai’s Chandanwadi electric crematorium that evening. Anand Bhatt, was a leading solicitor and senior partner of Wadia Ghandy & Co. I…
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Thoughts on the ASBA process – Part I
(The following post comes to us from Prerak Ved, an advocate with Crawford Bayley & Co.) SEBI has introduced the system of ASBA (Applications Supported by Blocked Amount) vide its circulars dated July 30, 2008 and operationalised the same vide its circular dated August 29, 2008 (“ASBA Circulars”). It is applicable only to book built…
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Ceiling on Executive Pay
In previous posts, we had highlighted significant differences between the law on executive pay in the US and in India, and how the Indian regime may be more conducive to preventing excesses by corporate executives. In the US, the position is as follows: Excessive managerial influence also extends to fixing managers’ own remuneration. In a…
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Legal and Economic Fallout of Mumbai Attacks
The key question being posed in legal and financial circles relates to the extent of insurance coverage for loss caused by terror attacks, and also the related liability of various state and private actors involved. In a column in Rediff Money, Kumkum Sen highlights possible issues on liabilities, both civil and criminal. As the columnist…
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Lifting the Corporate Veil for Tort Claims
As we have seen previously (here and here), the law relating to lifting of the corporate veil is not only ridden with several ambiguities, but also that courts are generally slow to lift the corporate veil. This holds true even in cases that involve mass torts against subsidiaries of large corporate groups where such subsidiaries…
