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Adani Gas sells large stake to Total

Total and Adani have signed definitive agreements to deepen their partnership to supply and market natural gas in India. Total will acquire a 37.4% stake in Adani Gas for ₹61 billion (US$864 million). The...
independent directors

Risky proposition

The role of an independent director is an unenviable one, argues Nitin Mittal To be, or not to be, that is the dilemma a number of independent directors are grappling with these days. In the Punjab...
inside-out-Ashwinee-Oturkar

Inside out

Ensuring compliance with amended insider trading regulations. By Ashwinee Oturkar At the turn of the year, the Securities and Exchange Board of India (SEBI) notified amendments to the country’s insider trading regulations, bringing about some...
Venkatesh-Vijayaraghavan-and-Akshaya-Iyer-SR-Associates-2

Independent directors: Staying mindful of liabilities

By Venkatesh Vijayaraghavan and Akshaya Iyer, S&R Associates
The role of independent directors has recently come into sharp focus in India, as lax oversight has led to crises at large listed companies. Independent directors should be aware of and mitigate potential liabilities.Liabilities Directors...
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Deals of the Year 2018

India Business Law Journal reveals the most important deals and disputes of 2018 and the law firms behind them. Gautam Kagalwala reports Last year mingled pleasure with pain for debt-strapped India, and many of the...
Tanya-Aggarwal-and-Lakshmi-Pradeep-S&R-Associates

Information sharing under SEBI’s insider trading rules

By Tanya Aggarwal and Lakshmi Pradeep, S&R Associates
The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 (PITR), prohibits communication of unpublished price sensitive information (UPSI) to any person except where it is in furtherance of legitimate purposes,...

MCA plan to cap pay puts outside directors in a bind

By Harish Kumar, L&L Partners
The Ministry of Corporate Affairs (MCA) on 5 November 2018 called for public comments on a slew of proposed amendments to the Companies Act, 2013, with a view to strengthen the corporate governance framework...

SEBI clarifies on transfer of securities

The Securities and Exchange Board of India (SEBI) issued a press release on 10 August that provides clarifications with respect to amendments to regulation 40 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,...

Guidelines for InvITs

The Securities and Exchange Board of India (SEBI) has introduced guidelines for listed infrastructure investment trusts (InvITs) registered under the SEBI (Infrastructure Investment Trusts) Regulations, 2014, allowing institutional investors to raise capital by way...
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Debt securities guidelines issued for REITs, INVITs

The Securities and Exchange Board of India (SEBI) issued a notification on 13 April providing guidelines for issuance of debt securities by real estate investment trusts (REITs) and infrastructure investment trusts (InvITs). On 15...

SEBI pricing norms for merger schemes

By Promode Murugavelu and Karthika Menon, Shardul Amarchand Mangaldas & Co
Listed companies undertaking schemes for compromises and arrangements have to comply with conditions prescribed by the Securities and Exchange Board of India (SEBI). The framework for this is set out in a circular issued...

AZB, JSA advise on Alibaba’s acquisition in Zomato

Food delivery app Zomato has received an investment of US$200 million from Alibaba’s affiliate Ant Small and Micro Financial Services Group (Ant). Info Edge (India), which operates the job website Naukri and a key investor...
Deals-of-the-Year-2017

Deals of the Year 2017

India Business Law Journal showcases the most significant deals of 2017 and the law firms behind them. Nandini Lakshman reports The overarching theme in India in 2017 was demonetization. It ravaged the economy, slackened the...
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Bull run?

IPOs have returned with a bang, but are they a true indicator of an improved economy? Gautam Kagalwala looks at the reasons for the revival of primary markets and the role of the regulator The...
Puja Sondhi, Sumeet Singh, Shardul Amarchand Mangaldas on Minority investments in listed companies

Key concerns for minority investors in listed companies

By Puja Sondhi and Sumeet Singh, Shardul Amarchand Mangaldas
Private equity and other investors (strategic or otherwise), while making minority investments in a listed company (listco), have to navigate a myriad of regulations including the Securities and Exchange Board of India (Listing Obligations...

Board evaluation: A step towards greater governance

By Shruti Rajan and Rohan Banerjee, Cyril Amarchand Mangaldas
Quis custodiet ipsos custodes? (Who will guard the guardians?) – Juvenal Since the introduction of clause 49 in the Listing Agreement more than a decade ago, the Securities and Exchange Board of India (SEBI) has...

Exemption for holding company-subsidiary merger

With effect from 15 February, listed entities are exempt from filing a draft scheme of arrangement in the case of a merger between a holding company and its wholly owned subsidiary in order to...
A photo of Vijai Mathur and Saiyam Chaturvedi from Link Legal India Law Services on an article about upside sharing agreements

Corporate governance and upside sharing agreements

By Vijai Mathur and Saiyam Chaturvedi, Link Legal India Law Services
Upside sharing agreements (otherwise referred to as compensation agreements) are arrangements which are sometimes entered between an investor (usually a private equity investor) and the promoters and/or management of a listed company with an...

Companies to face SEBI’s tightened merger regime

By Iqbal Khan and Tanavi Mohanty, Shardul Amarchand Mangaldas
The Securities and Exchange Board of India (SEBI), in its meeting on 14 January, proposed revisions to the regulatory framework governing the merger of an unlisted company with a listed company. The existing regime comprises:...

Deals of the year 2016

India Business Law Journal showcases the most significant deals and disputes of 2016 and reveals the legal advisers who guided them. By Nandini Lakshman With the Bombay Stock Exchange’s benchmark Sensex dipping by over 9% in the 2015-16 fiscal...