Blog Posts
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Libido can’t dilute Spitzer’s contribution to clean markets
Some sections of Wall Street are in celebration mode. Others are deeply disappointed. Eliot Spitzer, governor of New York, once the fire-spitting crusader attorney general of the State of New York, who had cleaned up the capital market with his incisive prosecution of questionable practices on Wall Street, has owned up to having availed of…
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Buyouts & Law Firms
Thus far, I could only imagine law firms being involved in private equity funding and buyouts as legal advisors on deals. But, now it appears that we may begin to witness private equity funding and buyouts OF law firms. For details: Law.com and TimesOnline.
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Hostile Takeovers & Embedded Defences
The Financial Times reported last week in the context of EADS (the maker of the Airbus aircraft) that “France and Germany are finalising changes to EADS’ corporate by-laws to prevent foreign investors building significant stakes in – or even taking over – Europe’s flagship aerospace and defence company.” The plan is to restrict any investor…
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Immediate agenda for reform before SEBI
When a new chairman takes charge at the Securities and Exchange Board of India (“SEBI”) the media tends to be full of what the new chairman ought to be doing. Here are some action items that SEBI ought to address as a matter of priority:- a) The SEBI (Foreign Institutional Investors) Regulations, 1996 (“FII Regulations”),…
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Readings on India Knowledge@Wharton
The current issue of India Knowledge@Wharton contains a few interesting readings that pertain to the Indian corporate and financial sector. First, “India’s 2008 Budget: Few Incentives for Global Investors, but a Windfall for Farmers” discusses the Budget and its implications, primarily to foreign investors. Second, in The Public Benefits of Public Offerings, Vinay B. Nair,…
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Taxing Sovereign Wealth Funds
Just as hearings are being conducted before two subcommittees of the U.S. House of Representatives in relation to sovereign wealth funds (SWFs), and as the International Monetary Fund is stepping up efforts to formulate a code of conduct to regulate SWFs, a new story has emerged regarding the possible tax position of SWFs in the…
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SEBI Rationalises Filing Fee Structure
The following post is contributed by Somasekhar Sundaresan The first board meeting under the new Chairman of the Securities and Exchange Board of India (“SEBI”) has taken a very significant decision. SEBI has slashed the ad valorem fee rates attendant with filing of various draft offer documents, by nearly 80%, and has capped the total…
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Insider Trading Regulations to Undergo Further Amendments
Readers may recall that the SEBI (Prohibition of Insider Trading) Regulations, 1992 underwent detailed amendments in 2002. This was primarily to plug several loopholes in the law, some of which were exposed in the few insider trading cases that came up for hearing under the original regulations, the Hindustan Lever Case being the more prominent…
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Foreign Investments into India: Tax Structuring
Foreign investors invest funds into Indian companies in anticipation of financial returns. These returns usually take the form of dividend payment by the Indian companies, interest payment (in case of debt securities that are yet to be converted into equity) and capital gains on sale of investment. Although all three types of returns are liable…
