Blog Posts
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NCLT: Still Awaiting a Verdict
Although the establishment of the National Company Law Tribunal (NCLT) was envisaged through an amendment to the Companies Act nearly 7 years ago, it is yet to see the light of day. The NCLT is expected to take over the role of the High Court and the Company Law Board pertaining to various matters under…
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The Convergence Debate and Indian Corporate Governance
An interesting article by Afra Afsharipour (UC Davis School of Law) titled Corporate Governance Convergence: Lessons from the Indian Experience is available on SSRN. Here is the abstract: Over the past two decades, corporate governance reforms have emerged as a central focus of corporate law in countries across the development spectrum. Various legal scholars studying…
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SEBI’s Recent Primary Market Reforms
SEBI last week announced a slew of reforms to the primary capital markets. The key reforms are as follows: Anchor InvestorsThe concept of “anchor investors” has been introduced in public issues whereby 30% of the institutional (QIB) portion will be allocated to anchor investors on a discretionary basis. This is to ensure minimum commitments from…
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Lead Managers, Bond Issues and Taxes
Previous posts have examined the scope of Indian taxation of fees for technical services that are paid to non-residents. This is an increasingly common commercial practice, especially in the context of issuing shares or bonds abroad. An interesting issue that has arisen recently before the Bombay ITAT is whether Indian companies that make use of…
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Delisting Regulations could make fresh delistings an impossibility
Today’s Business Standard published this column from me on the newly notified SEBI (Delisting of Equity Shares) Regulations, 2009. The new law makes delisting next to impossible.
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The Practice of Corporate Governance in India
As far as corporate governance is concerned, although there are detailed norms on paper in the form of Clause 49 of the listing agreement, what matters is their implementation in practice. There are limits to legislating on corporate governance as a lot depends on the integrity and ethical values of various corporate players such as…
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Ranking of India’s Top Law Schools – 2009
India Today has just published its survey of top educational institutions in India. As far as law schools are concerned, there has been a shuffle at the very top compared to 2008. National Law School of India University, Bangalore has regained the top spot, while NALSAR, Hyderabad ranks second. They are followed by Faculty of…
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Possible Delay in LLP Tax Clarification
Although the Limited Liability Partnership Act came into effect on April 1, 2009, it appears that only about 38 limited liability partnerships (LLPs) have registered themselves under this new legislation. One of the key shortcomings of the existing regime is the lack of clarity on taxation of LLPs as the Income Tax Act does not…
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Duties of the Official Liquidator: Madras HC decision
A recent judgment of the Madras High Court throws some light on the role of an Official Liquidator. In TCI Distribution Centers v. Official Liquidator (C.A. 1953/2008 in C.P. 526/2000), the Official Liquidator had sold certain properties through an auction-sale. The auction-purchaser later found out that the properties were not exactly the same as described…
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SEBI notifies Delisting Regulations 2009 – old but matured wine in a new bottle
SEBI has notified Regulations for delisting of equity shares (available here). While I will post a more detailed article over the weekend, some quick comments follow. Delisting of equity shares is without any doubt a sensitive and controversial issue. A listed company may have several valid reasons for delisting its equity shares. However, even a…
