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Corporate governance: A paradigm shift needed

By Priti Suri, PSA, Legal Counsellors
Agreat deal has been written about corporate governance in India since the turn of the millennium, when the nation’s economy was gaining prominence on the world stage. It became a buzzword in boardrooms and...

Lack of protection for whistleblowers in India

India’s lack of protection for whistleblowers leaves it vulnerable to large-scale corporate fraud. Ben Frumin reports Start a discussion about whistle blowing in India and it won’t be long before Satyendra Dubey’s name comes up. Dubey was...

New measures to stimulate capital markets

On 24 February, the Securities and Exchange Board of India (SEBI) amended the SEBI (Disclosure and Investor Protection) Guidelines, 2000 (DIP guidelines), which govern initial public offerings and preferential allotments by Indian companies. While...

The awful truth

A billion-dollar lie at a major outsourcing company has sent shockwaves through corporate India. By Vandana Chatlani Having witnessed the panic and furore that followed one of India’s most high-profile cases of fraud, one cannot help...
A photo of Akila Agrawal who is a Partner at Amarchand & Mangaldas & Suresh A Shroff & Co

Creeping acquisition limits raised

By Akila Agrawal, Amarchand & Mangaldas & Suresh A Shroff & Co
Pursuant to its notification dated 30 October, the Securities and Exchange Board of India (SEBI) has made amendments to the creeping acquisition limits available to the promoters of listed companies. Until recently a person...

Deals of the Year 2008

At the end of a tumultuous year, India Business Law Journal celebrates the top transactional achievements of 2008 and the law firms that made them happen. Chris Crowe reports from London India’s transactional clout was drastically reined...

Short selling: Regulator apprehension unfounded?

Short selling (the sale of a security that the seller does not own) is a long-standing market practice, yet one which has often been the subject of considerable debate in securities markets worldwide. Indian regulators...

Hostile takeover secures Zandu for Emami

In one of the most significant hostile takeovers in Indian corporate history, Emami, a leading personal healthcare company in Kolkata, acquired 27.5% of the shares in 100-year-old Zandu Pharmaceutical Works from co-promoters, the Vaidya...

FCEBs – Understanding a new debt instrument

By Shardul Shroff, Dharini Mathur and Rahul Singh, Amarchand & Mangaldas & Suresh A Shroff & Co
The finance minister, in his 2007-2008 Budget speech, promised a mechanism for Indian companies to unlock a part of their holding in group companies to meet financing needs by issuing exchangeable bonds. This led...

Restrictions on ODIs removed

SEBI has taken important measures in favour of FIIs as well as unregistered foreign investors, who intend to invest in the Indian securities market. As a result of the lacklustre performance in the capital markets...

Relaxation of FII investment norms in debt instruments

Through its circular dated 16 October, SEBI notified three important relaxations in the foreign institutional investor (FII) norms for investments in Indian securities: 1) The cumulative debt investment limit for FII investments in corporate debt have...

Financial crisis lands Ranbaxy-Daiichi with US$200m tax bill

The global credit crunch is already having an impact on deals, with one stark example found in the sale of Ranbaxy shares to Japanese drug firm Daiichi Sankyo. In October, the Securities and Exchange Board...

Currency futures arrive

By Sawant Singh and Arun Madhu, Trilegal
All the speculation regarding the introduction of currency futures in India ended on 6 August, with the Reserve Bank of India (RBI) publishing directions on them. Much interest has been spawned in relation to...

The changing regulatory mechanics of M&A

By Ravi Singhania, Singhania & Partners
Mergers and Amalgamations (M&A) are regulated through the provisions of the Companies Act, 1956, the Foreign Exchange Management Act, 1999, and the Income Tax Act, (ITA) 1961. Regulations have also been issued by the...

Raising finances against receivables

By H Jayesh, Harsha Punjabi, and Maymoona Mandviwala, Juris Corp
One of the means of raising finances is by the absolute assignment of receivables (along with underlying securities) from an obligor to an assignor or originator, that are structured as bankruptcy remote from the...

New payment system for share applications

India’s capital markets regulator, the Securities and Exchange Board of India (SEBI) has prescribed a new method of payment for public issues through the book building process. The new method, called Applications Supported by...

New pricing norms for QIPs, ADRs and GDRs

In a press release dated 13 August, the Securities and Exchange Board of India (SEBI) introduced new pricing norms for qualified institutional placements (QIPs). Prior to the amendment, the price of securities listed through QIPs...

Tussle continues in Zandu battle

The long running battle over the future of Zandu Pharmaceutical Works has been tossed back and forth between India’s Company Law Board (CLB) and Bombay High Court over the past two months. The dispute centred...

Prescription for success?

The Daiichi-Ranbaxy deal has the bucked the trend of Indian buyers snapping up foreign targets. Raghavendra Verma investigates the intricacies of the transaction and examines the legal hurdles that faced both companies and their lawyers Following...
Priti Suri and Safeena Mendiratta, PSA

Towards affirmative boardrooms

By Priti Suri and Safeena Mendiratta, PSA
Accountability, fairness, transparency and independence are the cardinal principles of corporate governance, which has become the buzzword because of the inflow of foreign investments into India. To alleviate the concerns of foreign investors about efficient...