Blog Posts
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China’s Anti-Monopoly Law
China’s new Anti-Monopoly Law took effect on August 1, 2008. Financial Times, in a news report published last week (July 28, 2008), has a brief comparison between the Indian and Chinese positions on antitrust. The report observes: “Tough antitrust laws that take effect in China this week and India later this year could delay or…
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Commercial Disparagement as a Tool in Corporate Battles
(In the following post V. Niranjan, a B.A., LL.B (Hons.) student at the National Law School of India University, Bangalore and Editor, National Law School of India Review, analyses recent court rulings on the issue of ‘comparative’ advertising and commercial disparagement) The Delhi High Court very recently disposed of two cases relating to commercial disparagement,…
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Supreme Court on Fringe Benefit Taxes
(In the following post Shantanu Naravane, a 4th Year B.A., LL.B (Hons.) student at the National Law School of India University, Bangalore, examines one of the first Supreme Court decisions on fringe benefit taxes) Ever since its introduction by the 2005 Finance Act, the concept of Fringe Benefit Taxes [“FBT”] has spawned several controversies. However,…
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Supreme Court on Winding-up Petition by a Contributory
Usually, in a merger, the resulting company becomes entitled to all the rights (and subject to all the liabilities) of the merging company. This includes the exercise of rights in respect of shares in other companies (which we shall call target companies) held by the merging company, as the resulting company would become the owner…
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Reforms in the IPO Process
Payment Mechanism Although there were reports about this in the recent past, SEBI yesterday formally notified reforms in relation to the payment process for resident retail investors in IPOs. Under this process, these retail investors do not have to make any payment when they bid for shares in the bookbuilding process, and then wait for…
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India’s New Competition Law: A Comparative Assessment
Antitrust & Competition Policy Blog points to a new article by Delhi School of Economics Professor Aditya Bhattacharjea on India’s New Competition Law: A Comparative Assessment in the Oxford Journal of Competition Law and Economics. The abstract is set out below: This paper critically examines India’s new Competition Act. I begin by examining the working…
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Promoters’ Contribution: SAT Ruling in the Reliance Power Case
A few days ago, the Securities Appellate Tribunal (SAT) passed its order in the Reliance Power IPO Case. This is on an appeal from the decision of SEBI (that we had posted about earlier on this blog). I thank one of our readers who sent in a review of the SAT decision, which I reproduce…
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Warrants to Foreign Investors
The Economic Times reports that there is a proposal within the Government to bring the issue of warrants by Indian companies to foreign investors within the automatic route where foreign direct investment is otherwise permitted under the automatic route. This move, if crystallized through a formal policy pronouncement, will dispel some of the confusion that…
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Liquidation Preference: How Effective is it?
In a column in the Economic Times, Amrita Singh and Siddharth Shah discuss the relevance of the concept of liquidation preference in Indian investment transactions: “The progressive liberalisation of the foreign investment regime has provided a major boost to private equity and venture capital investments in Indian companies. With the advent of more sophisticated players…
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Share Buyback: The Effect of Shareholders’ Resolution
In a recent case decided last week, the Securities Appellate Tribunal (SAT) had the occasion to decide on the effect of a shareholders’ resolution in the context of a buyback of shares. The SAT decision is available here. The facts of the case are fairly straightforward. The company involved, D-Link India Ltd, proposed to the…
