TagRBI

More on RBI’s Intervention in Matters of Corporate Insolvency

The Gujarat High Court judgment discussed in a post yesterday by a guest contributor, Saurav Roy, brings to the fore several tricky issues and questions relating to the extent to which the Reserve Bank of India (RBI) ought to be involved in matters relating to the resolution of corporate insolvency. While matters of insolvency are essentially within the purview of the National Company Law...

Gujarat High Court Rules on RBI’s Powers Relating to Corporate Insolvency

[Guest post by Saurav Roy, IV B.A.LL.B, ILS Law College, Pune.]  Introduction Last week, the Gujarat High Court ruled on some interesting issues under the Insolvency and Bankruptcy Code 2016 (“IB Code”) while adjudicating upon a writ petition filed by Essar Steel Ltd., (“Essar”) against the Reserve Bank of India’s (“RBI”) decision to initiate insolvency proceedings against Essar and 11 other...

Delhi High Court on Put Options and Guarantees under FEMA

The issue of whether put options, exits at assured returns and guarantee arrangements between Indian and foreign parties are enforceable under the provisions of the Foreign Exchange Management Act, 1999 (FEMA) has received much regulatory and judicial attention lately. The dispute between Tata Sons and NTT Docomo heard by the Delhi High Court was being watched very closely until the case was...

The Introduction of Interest Rate Options In India

[The following guest post is contributed by Niharika Choudhary, who is a 4th year student at the National Law University, Jodhpur] Introduction Trade in financial derivatives has led to an enormous growth of the Indian financial system. New instruments have proliferated and trading volume has exploded. The use of financial derivatives has transformed the way financial institutions deal with risk...

Regulating India’s FinTech

[The following guest post is contributed by Vaibhav Parikh, who is a business lawyer associated with the Aditya Birla Group] “Disruption” is often used as a generic term to describe situations where smaller and newer companies with fewer resources are able to successfully challenge established incumbent businesses and upset status quo. Although a case has been made that it brings visibility to an...

Issue of Convertible Notes by Startups Permitted

[The following guest post is contributed by Bhushan Shah & Neha Lakshman from Mansukhlal Hiralal & Company. The views expressed in the post are personal] A convertible note is an instrument issued as debt and convertible into equity of a startup at the option of the holder, upon a future contingency taking place, usually when the startup obtains an additional round of investments...

Measuring outputs v. outcomes: Did the restriction on foreign investment in local debt achieve the intended outcome?

[The following guest post is contributed by Anurag Dutt, Arpita Pattanaik and Bhargavi Zaveri, who are researchers at the Finance Research Group at the Indira Gandhi Institute of Development Research, Mumbai.] A good policymaking process requires significant regulatory capacity. Before the policy is enacted, the State must (a) identify a market failure and an appropriate intervention to address...

Foreign Portfolio Investments in Unlisted Non-Convertible Debentures

[The following post is contributed by Amitabh Robin Singh, who is a corporate lawyer practising in Mumbai.] Last month, the Reserve Bank of India (“RBI“) allowed Foreign Portfolio Investors (“FPIs“) to invest in unlisted non-convertible debentures (“NCDs“). This has been done by way of an amendment to the Foreign Exchange Management (Transfer or Issue of...

Regulation of invoice discounting start-ups: Is RBI proposing a disproportionate regulation?

[The following guest post is contributed by Srinivas Medisetty, who is presently working as a legal counsel in Ola (ANI Technologies Private Limited) advising on the regulatory and litigation aspects of the company. Views expressed are personal.] The Securities and Exchange Board of India (“SEBI”) as the capital market regulator rightly stepped in to regulate crowd funding through investment in...

Demonetization and the Income Tax Act

[The following guest post is contributed by Kailash Nath P S S, who is a lawyer and a chartered accountant, and is currently associated with Wadia Ghandy & Co., Mumbai. Views expressed here are personal and do not reflect the firm’s views.] Introduction The recent move of the Central Government exercising its powers u/s 26(2) of the Reserve Bank of India Act, 1934 (“RBI Act”), to withdraw the...

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