Tag: International Developments
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India’s Reverse-Flip Wave: Regulatory Breakthroughs and Enabling Frameworks
[Dev Goyal and Manas Divetia are IV Year B.B.A. LL.B. (Hons.) students at Gujarat National Law University, Gandhinagar] India’s reverse‑flip moment is here, with major transactions demonstrating the practical benefits of its improved regulatory framework. Groww’s May 2024 return from Delaware coincided with impressive performance gains for the company, including a tripling of net profit to INR 1,819 crore and substantial
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The Debt Shift: How the RBI is Quietly Reshaping India’s M&A and Competition Landscape
[Himanshu K. Mishra is a fourth year student at the National Law Institute University, Bhopal] On October 1, 2025, the Reserve Bank of India (“RBI”) issued its Statement on Developmental and Regulatory Policies. Quietly buried in items 5 and 6 is a measure that, understated in tone, has a significant potential to fundamentally rewire India’s mergers and
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Recent FCPA Policy Changes in the US: Implications for Indian Businesses
[Kartikey Mahajan is a Partner, Bhavya Chengappa a Principal Associate, and Rohan Sanjith a Paralegal, all at Khaitan & Co.] The landscape of U.S. Foreign Corrupt Practices Act (FCPA) enforcement has fundamentally shifted in 2025, as the US Department of Justice (DOJ) implements sweeping policy changes that prioritize American economic interests while refocusing anti-corruption efforts on transnational criminal organizations. These
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India’s Gun-Jumping Framework: When Does a Combination “Come Into Effect”?
[Rashi Kumari is a 4th year law student at the National University of Study and Research in Law, Ranchi and Ananyashree Jaiswal a 4th year law student at the Gujarat National Law University, Gandhinagar] Gun jumping, i.e., a premature implementation of a combination before receiving regulatory approval, has emerged as a significant global antitrust concern. In India, section 6(2A) of the
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ICJ’s Advisory Opinion on Climate Change: Implications for Private Actors
[Umakanth Varottil is a Professor of Law at the National University of Singapore] On 23 July 2025 the International Court of Justice (ICJ) issued its landmark advisory opinion on the “Obligations of States in Respect of Climate Change”. Despite its non-binding nature, the advisory opinion carries considerable weight under international law that States would have to
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Regulating Equity Exposure Offshore Derivative Instruments: A Substance Over Form Imperative for SEBI
[Mustafa Rajkotwala and Shamik Datta are lawyers based in Mumbai] Tracker shares and total return swaps (“TRSs”) are sophisticated financial instruments that allow foreign investors to synthetically replicate exposure to Indian equity markets. These instruments have gained prominence as alternatives to traditional participatory notes (“P-notes”), offering similar economic outcomes while circumventing scrutiny under SEBI’s offshore derivative instruments (“ODI”)
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Enforceability of a Term Sheet: Delhi High Court in OYO vs Zostel Hospitality
[Arjim Jain and Shruti Asati are 5th Year B.A., LL.B. (Hons.) students at National Law University, Odisha] In commercial transactions, especially those involving mergers, acquisitions, and venture capital funding, a “term sheet” plays a pivotal role in outlining the contours of the intended arrangement. While these documents often mark a significant milestone in negotiations, their legal enforceability remains a
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Breaking Down Break Fees: Regulatory Trends and Legal Perspectives on Deal Protections in M&A
[Arjim Jain and Shruti Asati are 5th Year B.A., LL.B. (Hons.) students at National Law University, Odisha] On May 5, 2025, Singapore’s Securities Industry Council (“SIC”) released a consultation paper proposing significant amendments to the Singapore Code on Takeovers and Mergers, with a sharp focus on regulating deal protection measures—especially break fees. The proposal seeks to generally prohibit break fees unless
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Not So Enka-dible: Why the Indian Supreme Court Must Rethink the Law Governing Arbitration Agreements
[Akash Kumar Surya is a IV year student at the National Law School of India University, Bengaluru] When parties agree to resolve disputes through arbitration, three distinct laws typically come into play: the lex contractus (governing the rights and obligations under the contract), the law governing the validity and interpretation of the arbitration agreement (LGAA), and the lex arbitri (governing the
