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Budget and private equity: A missed opportunity?
India’s recent general elections gave the country its first single party government in 30 years with the Bharatiya Janata Party (BJP) obtaining a simple majority in the Lok Sabha. The overwhelming mandate coupled with...
Think global: New mantra for Indian businesses
The new majority government at the helm of India has created a buzz and excitement in the business world, missing over the past two years. Indian businesses grappling with inertia after the euphoria of...
Watchdog’s power to seek call data records affirmed
A recent public interest litiga- tion filed before Bombay High Court by the Indian Council of Investors alleged that the Securities and Exchange Board of India (SEBI) “violates and infringes the fundamental right of...
A fundamental rebuild
As infrastructure climbs to the top of the political agenda changes are needed to drive real growth
Rebecca Abraham reports
India’s Ministry of Finance describes the economic survey that it publishes each year as its “flagship...
Circular revises pricing guidelines for FDI
The pricing guidelines for the transfer or issue of shares and for exits from investments in equity shares with or without optionality clauses of listed and unlisted Indian companies have been revised to provide...
Warrants and partly paid shares can be used for FDI
A Reserve Bank of India (RBI) circular issued on 14 July provides that warrants and partly paid equity shares issued by an Indian company are now eligible instruments for the purpose of foreign direct...
Cross-border mergers and the Companies Act, 2013
Reforms by the Indian government in the first decade of this millennium together with long pent-up aspirations of Indian corporations to go global have led to a significant number of outbound acquisitions. This along...
India Business Law Directory 2014
India Business Law Journal presents its annual report on the state of play in India’s legal market, accompanied by an essential directory of more than 50 of the country’s leading commercial law firms
Legal market report by...
Investors gain access to Indian preference shares
Through a circular dated 6 June, the Reserve Bank of India (RBI) has permitted Securities and Exchange Board of India (SEBI)-registered foreign institutional investors (FIIs), qualified financial investors (QFIs), foreign portfolio investors (FPIs), and...
An uphill struggle?
Major mergers and acquisitions have been few and far between
in the recent past in India. Rebecca Abraham reports
on a sale by a troubled company where legal counsel
were required to go the extra mile
Financial Technologies...
Shareholders must meet to approve amalgamation
Does the Companies Act, 2013, read with clarifications in a 21 May 2013 circular issued by the Securities and Exchange Board of India (SEBI) on schemes of arrangement undertaken by listed companies under the...
Foreign portfolio investors set for regime rollover
The foreign portfolio investments regime in India is set for a rollover on 1 June with both the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) coming out...
Bagging huge orders seen as ‘price sensitive information’
In a recent order passed by an adjudicating officer (AO) of the Securities and Exchange Board of India (SEBI), an aggregate penalty of ₹2.5 million (US$41,500) was imposed on five officers of a listed...
A step towards balanced leadership?
First-time women directors will bring diversity and a fresh point of view to India Inc, argues Hiroo Mirchandani
The Companies Act, 2013, mandates that there must be at least one woman director at every company listed...
Cases disclose penalties for common business practices
The Securities and Exchange Board of India (SEBI) has levied penalties in two recent cases concerning common business practices. In both cases the penalties could have been avoided had the (inadverdent) acquirer/pledgor been aware...
Dawn of a new regime for foreign portfolio investors
The Securities and Exchange Board of India (SEBI) notified the SEBI (Foreign Portfolio Investors) Regulations, 2014, on 7 January, merging the legal regimes for foreign institutional investors (FIIs) and qualified foreign investors (QFIs) into...
A well-structured alternative
The Securities and Exchange Board of India has taken positive steps to regulate the buy-back process, write Harvinder Singh and Sumedha Dutta at HSA Advocates
The Securities and Exchange Board of India (SEBI) recently amended the...
Foreign portfolio investor regulations notified
The Securities and Exchange Board of India (SEBI) notified the SEBI (Foreign Portfolio Investors) Regulations, 2014 (FPI regulations), on 7 January. The FPI regulations repeal the SEBI (Foreign Institutional Investors) Regulations, 1995 (FII regulations).
Under...
Validation of options provided to non-residents
The notification issued by the Securities and Exchange Board of India (SEBI) on 3 October 2013 provided much needed clarity on the validity of contracts relating to right of first refusal, tag-along and drag-along...
End of uncertainty: Options in Indian contracts
On 3 October 2013, the Securities and Exchange Board of India (SEBI) issued a notification permitting put and call options in certain transactions involving public listed companies. The SEBI notification put an end to...
How effective is the option to exit for foreign investor?
Two important legal developments bear on the above question. Firstly, the long-standing debate regarding enforceability of “put” and “call” options in public companies has been put to rest with the enactment of the Companies...
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Battling discrimination
India’s new sexual harassment law has far reaching implications for employers and employees. Sanjay Kumar explains
The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, and the Sexual Harassment of Women...
Cairn completes biggest buyback
Oil and gas exploration company Cairn India has completed a US$930 million buyback of shares from the open market. The buyback accounted for almost 15% of the company’s equity and is the largest share...
RBI allows unlisted Indian companies to list abroad
A government notification dated 8 November 2013, amending the “Issue of Foreign Currency Convertible Bonds and Ordinary Shares Scheme, 1993”, permits unlisted companies incorporated in India to list outside India, without the requirement of...
Deals of the Year 2013
India Business Law Journal identifies and analyses the standout deals and disputes of 2013 and reveals the lawyers who guided them. By Nandini Lakshman
The past year was one of the worst for the Indian economy...
Unlocking potential
India was touted as the promised land for private equity investors. Now it’s time to deliver the dream. By Nishant Parikh and Aniruddha Sen
“We’ve spent $350 million and we come up with a turd with a...
Unlisted companies allowed to list internationally
The Ministry of Finance, through a press release dated 27 September 2013, has permitted unlisted Indian companies to list American depository receipts (ADRs), global depository receipts (GDRs) or foreign currency convertible bonds (FCCBs) abroad...
Capital markets heat up with Power Grid offering
Amarchand Mangaldas acted as the legal counsel to Power Grid Corporation of India in connection with its US$1.13 billion further public offering of equity shares. The deal, which closed on 6 December, is the...
The renaissance of real estate investment trusts
The reintroduction of a consultative draft paper for industry feedback on real estate investment trusts (REITs) by the Securities and Exchange Board of India (SEBI) after a gap of five years has once again...
Enforceability of options clarified
Put and call options are customarily found in investment transactions, joint ventures and acquisitions. A “put option” is the right of a shareholder of a company to sell its shares to another person at...
Put and call options are an option now
In what can be perceived as a paradigm shift in a long held position, the Securities and Exchange Board of India (SEBI) on 3 October issued a notification allowing investors to include pre-emptive rights...
Draft REIT regulations introduced
India’s securities regulator, the Securities and Exchange Board of India (SEBI), recently released the draft SEBI (Real Estate Investment Trusts) Regulations, 2013. Some of the key features are captured below.
Investment Restrictions: Real estate investment...
Treading carefully
With elections looming, foreign investors have one more reason to be wary. For those that take the plunge, what strategies are available to manage the considerable uncertainties of investing in India? Rebecca Abraham finds out
In...
Revitalizing India
Ten legal thought leaders talk candidly about India’s economic woes and outline a series of bold measures to put the shine back into the country’s economy
The odds appear to be stacked against India at...
Tax pass through for AIFs: A vexed issue for investors
Ayear ago the Securities and Exchange Board of India (SEBI) introduced the Alternative Investment Funds Regulations, 2012, which replaced the SEBI (Venture Capital Funds) Regulations, 1996. The aim was to bring in regulations that...
Companies Bill to change corporate restructuring
The Companies Bill finally received presidential assent after being passed by the Rajya Sabha on 8 August. The bill designates the National Company Law Tribunal as the authority to decide on matters relating to...
Insurers allowed greater investment coverage
The Insurance Regulatory and Development Authority (IRDA) released a circular on 23 August concerning investments in alternative investment funds (AIF) registered with the Securities and Exchange Board of India (SEBI) under the SEBI (Alternative...
New rules for non-convertible preference shares
The Securities and Exchange Board of India (SEBI) notified the SEBI (Issue and Listing of Non-Convertible Redeemable Preference Shares) Regulations, 2013, through a press release dated 14 June. The regulations allow Indian companies to...
Put and call options: Light at the end of the tunnel?
The Law Ministry is reported to have approved a proposal by the Securities and Exchange Board of India (SEBI) to permit the use of put and call options for corporate restructuring and non-speculative purposes....
Investing in India through non-convertible debentures
Indian companies are increasingly looking at alternative means of raising capital. In the past few years, the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) have taken significant...
End of another exit option for private equity investors?
Over the past couple of years, India has witnessed the maturing of various private equity investments of the 2006-07 vintage, which has necessitated finding a suitable exit for such investors. At a time when...
Bill offers new protections for minority shareholders
While the Companies Act, 1956, includes certain provisions for protection of minority shareholders’ interests, the Companies Bill, 2012, which was passed by the Lok Sabha on 18 December 2012, has introduced further significant provisions...
Faltering banks and fickle funds
The bailout of banks in Cyprus and a haircut being imposed on deposit holders has attracted global attention, but is it affecting investments into India?
Rebecca Abraham reports
Cyprus is to Russia what Mauritius is to...
Government rationalizes debt allocations
On 1 April the Indian government through complimentary circulars issued by the Reserve Bank of India and the Securities and Exchange Board of India (SEBI) rationalized sub-limits set on debt investments by foreign institutional...
Warrants: Investment tool or an instrument of abuse?
Warrants are market driven, investor friendly, low risk financial instruments, which give the holder the right but not the obligation to buy a certain quantity of an underlying security at a certain price and...
New norms for scheme of arrangement
The Securities and Exchange Board of India (SEBI) has streamlined and consolidated the requirements for listed companies to: (i) undertake a scheme of arrangement under sections 391-394 of the Companies Act, 1956; and (ii)...
Investment opportunities in the real estate sector
Real estate is an asset class that can deliver handsome returns on a long-term basis. With the real estate sector flourishing, the pace of investment in the sector has increased tremendously. The expansion in...
Corporate governance undergoing major review
Corporate governance is the acceptance by a company’s management of the inalienable rights of the shareholders as the true owners of the company and of the management’s role as trustees on behalf of the...
Widening participation
Rahul Guptan comments on the nuances of the year-old offer for sale mechanism and the rationale behind its introduction by the Securities and Exchange Board of India
In March 2012, the Aziz Premji Trust sold...
New restrictions on employee stock option schemes
The Securities and Exchange Board of India (SEBI) issued a circular on 17 January to amend the SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999, (ESOP Guidelines) and the Equity...
A silver lining?
Bharti Infratel’s recent IPO may point to a revival of India’s capital markets despite the dark clouds that hang over the telecom sector
Rebecca Abraham reports
Three initial public offerings (IPOs) that happened within days of...
India’s first long-form merger filing approved
The Competition Commission of India (CCI) has approved India’s first form II merger notification since merger control was implemented in June 2011. This long-form filing relates to the acquisition of 65.12% of the equity...
Lighting up the bourses
An imminent deadline for raising the minimum public shareholding in listed companies could revitalize India’s equity markets
Rebecca Abraham reports
In August 2007, the Blackstone Group acquired 50.1% of Gokaldas Exports, an Indian listed company based...
Indirect evidence can be used to find insider trading
Upholding an order by the Securities and Exchange Board of India (SEBI) in VK Kaul v The Adjudicating Officer, Securities and Exchange Board of India, the Securities Appellate Tribunal (SAT) held that the term...
Sahara companies to refund ₹244 billion to investors
Dismissing an appeal in Sahara India Real Estate Corporation Limited & Ors v Securities and Exchange Board of India & Anr, the Supreme Court held that listing on a stock exchange is a “legal...
Limited two-way fungibility permitted for IDRs
The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) have paved the way for limited two-way fungibility for Indian depository receipt (IDRs) through circulars on 28 August. The...
Floodgates open for foreign investors
The Indian government has lifted investment caps in retail, broadcasting, civil aviation and power trading exchanges, permitting greater foreign participation. We highlight details of each policy change below.
Multi-brand retail trading
The Department of Industrial Policy...
Tweaking of QFI scheme may lead to more takers
In recent years, captivated by the Indian growth story, the global investor community has been keen to participate in the Indian capital markets. However, until recently, access to investment opportunities in India was by...
Drawing the line between profit and accountability
Asilver lining of the recent global financial crisis has been the subsequent introspection on market structures and institutions, and how their interplay could impact systemic stability.
In 2010, India’s securities regulator, the Securities and Exchange...
Promoting governance by regulation of directors
Companies are expected to adopt preeminent corporate governance practices to increase the confidence of investors and stakeholders. Scrutiny of the books of account conducted by auditors rotated periodically would add further value in strengthening...
India Business Law Directory 2012
India Business Law Journal presents its annual legal market report and directory of Indian law firms
Legal market report by Rebecca Abraham
Sitting at the Gurgaon office of the 240-lawyer, five-office law firm that he has...
New rules for stock exchanges and clearing corporations
The Securities and Exchange Board of India (SEBI), notified the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 (SECC Regulations), on 20 June to regulate the recognition, ownership and governance of stock...
MCX gets green light on exchange
The Securities and Exchange Board of India (SEBI) has granted the Multi Commodity Exchange of India (MCX) approval to operate as a fully fledged stock exchange, after lengthy litigation in Bombay High Court and...
Enforcing put options as a method of investor exit
Much has been written about the enforceability of put options generally, and as a means of investor exit. The Securities and Exchange Board of India (SEBI) and Reserve Bank of India (RBI) have both...
Good governance increases shareholder value
Indian financial markets are among the most heavily regulated markets in the world. However, India cannot claim to have a healthy regulatory compliance record. As financial disclosure norms become more sophisticated and the implementation...
A new roadblock?
India ends its experiment in using consent orders to atone for capital market offences. This could increase the pressure on the already overloaded court system
Raghavendra Verma reports from New Delhi
The Indian stock market regulator,...
Options trading in India and the changes made by the Reserve Bank of India
The Reserve Bank of India must review its position on put options or risk driving foreign investors away
Umakanth Varottil explains
Put options provide a customary and useful exit mechanism to foreign financial investors such as...
AIF regulations to govern all investment funds
The Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, (AIF Regulations) regulate all forms of investment vehicles set up in India to pool money from investors (Indian or foreign). The funds...
The calculus of confidence
The can-do spirit that has characterized India over the past decade is taking a beating
While this is hardly surprising given the policy paralysis that is crippling the economy, it suggests that any attempt to...
Judgment reserved on offer for sale on stock exchanges
In 2010, the Securities Contract (Regulations) Rules, 1957, were amended to require all listed companies to achieve and maintain a minimum public shareholding of 25% by 5 June 2013. At 30 March 2012, approximately...
Good governance practices will enliven M&A culture
Astringent regulatory approach requires a framework of strong financial disclosure norms, aimed at ensuring transparency and accountability. Such an approach promotes self-governance by enabling participants in the system to discharge their rights and duties...
Regulating private traffic
N Raja Sujith at Majmudar & Partners analyses the entry and exit hurdles facing private equity investments
Regulatory hurdles in India have been always a challenge for private equity (PE) investors. However, the flow of...
Frustrated funds
Will a new regulator and a more favourable tax regime succeed in stimulating the private equity sector?
Nandini Lakshman reports from Mumbai
Emerging markets are still an attractive playground for private equity (PE) players. Over the...
DIPP updates foreign direct investment policy
On 10 April the Department of Industrial Policy and Promotion (DIPP) released a revised version of the consolidated foreign direct investment (FDI) policy through circular 1 of 2012. The new FDI policy subsumes the...
Some issues surrounding FII investments in India
Indian regulations have generally recognized that the objectives of foreign direct investment (FDI) are different from “portfolio investment”; in the latter case, investors do not expect to influence the management of an enterprise. Consistent...
What constitutes ‘control’ to be decided another day
The concept of “control” in takeover regulations in India has evolved and developed over time. If one were to trace the history of the definition of control, it might appear that the draftsmen consciously...
QFI route widens direct access to Indian equities
On 1 January, the Indian government announced a major policy change to open the country’s equity markets to a much greater number of foreign investors. Under the new scheme, qualified foreign investors (QFIs) would...
New category created: the qualified foreign investor
Until recently, only two categories of non-resident investors, namely, (i) foreign institutional investors (FIIs) and their sub-accounts registered with the Securities and Exchange Board of India (SEBI), and (ii) non-resident Indians (NRIs), were permitted...
FIIs can invest in primary issues of NCDs and bonds
The Reserve Bank of India (RBI) has decided to allow foreign institutional investors (FIIs) to invest in primary issuances of non-convertible debentures (NCDs) and bonds by Indian companies. The RBI’s circular 89, published on...
Life insurers’ IPO norms: Right step at wrong time
To describe 2011 as a forgettable year for the life insurance segment of the insurance industry would be an understatement.
The run-up to 2010 saw the life insurance segment piggyback successfully on unit-linked insurance plans...
SAT decision contradicts new takeover regulations
Under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, as amended, a practice developed whereby promoters of listed companies approached the Securities and Exchange Board of India...
Life insurance companies get rules for public offers
The Insurance Regulatory and Development Authority (IRDA) in November notified the IRDA (Issuance of Capital by Life Insurance Companies) Regulations, 2011, which pave the way for life insurance companies in India to raise capital...
QFIs permitted to invest in Indian equity markets
The government has decided to allow qualified foreign investors (QFIs) to directly invest in Indian equity markets so as to widen the investor class, attract more foreign funds and reduce market volatility. The announcement,...
Ruling on passive buyback a boon for market players
The year 2011 has witnessed a dramatic overhaul of the regulations governing the acquisition and takeover of listed companies. While a dampened capital market has left players with a lot to desire in terms...
Green shoe option reduces post-listing price volatility
In August 2003, the Securities and Exchange Board of India (SEBI) introduced the concept of green shoe option (GSO) to the Indian capital markets, with a view to arresting short-term volatility in post-listing prices....
India in 2012
Business and legal professionals share their forecasts for the coming year
Capital markets
Sandip Bhagat, partner, S&R Associates: The Indian capital markets experienced declining activity in 2011. The trends that impacted the Indian market include the...
Increased debt allocation put up for bid
The Securities and Exchange Board of India (SEBI), in a circular dated 18 November, announced an increase in the limit for debt investments by foreign institutional investors (FIIs). The increased debt limits were to...
Big money and easing target foreign investors
Among the various factors which have contributed to the Indian growth story, infusion of funds from foreign investors would rank near the top. To fulfil the country’s much-touted potential as an economic superpower in...
India has strict regime to deal with insider trading
Greed can lead people to act in utter disregard for all principles of fair play, honesty and morality. In the past two decades we have witnessed instances not only in India but across the...
22 million investors too many for private affair
Two unlisted companies of the Sahara Group issued optionally fully convertible debentures (OFCDs) to raise about ₹194 billion (US$3.8 billion), purportedly by way of private placement, without advertising to the general public. The irony...
Share transfers with non-residents made easier
The Reserve Bank of India (RBI) has continued to liberalize policies and procedures governing foreign direct investment and has relaxed the requirement of RBI approval for the transfer of shares between residents and non-residents....
RBI eases rules for infrastructure investment
The Reserve Bank of India (RBI) has eased restrictions on investments in debt securities to allow foreign institutional investors (FIIs) to invest in non-convertible debentures (NCDs) and bonds issued by non-banking financial companies (NBFCs).
This...
Offers of foreign securities need careful structuring
Companies incorporated outside India may seek to raise funds by offering securities to investors resident in India. As outlined below, a private placement exemption and the foreign exchange regulations in India need to be...
Testing the waters with SME listings
The small and medium enterprises (SMEs) sector contributes significantly to India’s economy. In value terms, this sector accounts for about 45% of the manufacturing output and 40% of the total exports of the country....
What lies beneath?
Investors are diving deeper to rigorously assess their business targets before sealing a deal
Raghavendra Verma reports from New Delhi
High-profile corruption cases have left investors feeling jittery about inking deals in India. Accounting irregularities, financial mismanagement...
Defending your turf
As India’s new takeover regulations take root, Akil Hirani provides practical tips for corporate counsel
On 23 September the Securities and Exchange Board of India (SEBI) notified the new SEBI (Substantial Acquisition of Shares and...
Surveying the field
Predators eyeing India’s listed companies have been empowered by new takeover rules
Nandini Lakshman in Mumbai reports on key changes
For some years now, the growing challenges and complexities confronting companies globally have seen regulators tweak...
New FII norms for infrastructure bonds
The Securities and Exchange Board of India (SEBI) has revised the norms for foreign institutional investment in long-term corporate bonds issued by infrastructure companies.
Foreign institutional investors (FIIs) are permitted to invest up to US$25...
More brickbats than bouquets?
Balancing conflicting interests while maintaining a semblance of transparency can be a thankless task. It often draws more brickbats than bouquets
For, while public participation in the process of policy making is on the rise, scepticism...
Private equity investors face an exit conundrum
Foreign private equity investments have made a considerable contribution to India’s economic growth. Through their role of providing “enabling capital” – funds injected into a company at a critical juncture – private equity investors...
Independent directors to take a stand on takeovers
The Securities and Exchange Board of India (SEBI) recently announced key changes to the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. Accordingly, when a target company faces an open offer, its shareholders...
Enforceability of put options
Foreign investors typically include exit options in transaction agreements that govern their investment in Indian companies. One such exit option is a put option. By this a foreign investor retains the right, but is...
TRAC recommendations are finally on track
The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, have been the single-most important regulations for listed companies in India.
While they have served the capital market well, they...
Takeover Code: A brand new image
The Securities Exchange Board of India has ratified substantial amendments to the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (Takeover Code), approving the majority of recommendations made by the Takeover Regulations Advisory...
Mandatory disclosures for company promoters
In line with a recent amendment, the promoters or members of a promoter group of a listed company are expected to inform the company about their existing interest or holding in that company and...
Credit rating agencies: adapting with challenges
The principal concern of every lender is the repayment capability of a potential borrower. Creditors and investors need to form an objective opinion on the creditworthiness of the issuer of a debt instrument and...
Legal Market Report & Directory of Indian Law Firms – 2011
To accompany this year’s directory of Indian law firms, India Business Law Journal consulted widely with the country’s legal practitioners to reveal the current state of play in the legal market
Vandana Chatlani reports
Ashopkeeper in...
New IDR rules confuse investors
The Securities and Exchange Board of India (SEBI) has said that Indian depository receipts (IDRs) cannot be converted into London-listed shares. The news has shocked foreign investors, who previously believed that such conversions would...
New takeover norms please investors
The Securities and Exchange Board of India (SEBI) has approved a series of amendments to the Takeover Code proposed by the Takeover Regulations Advisory Committee (TRAC). Some important changes include raising the trigger point...
FDI and convertible instruments: trial and error
The foreign direct investment (FDI) regime relating to convertible instruments has been the changed several times over the years. This almost gives the impression that the regulators are relying on trial and error to...
Option agreements in India
The law on options in securities in India is governed by the Securities Contracts (Regulation) Act, 1956, (SCRA) and rules and regulations framed under it. Foreign investors should be aware that Indian law on...
The delisting regime in India
The Securities and Exchange Board of India (SEBI) introduced delisting guidelines in 2003. However, there were operational difficulties in implementing the guidelines and in 2006 SEBI issued a concept paper on improving it. Then...
The long wait for reform
Is greater foreign investment in India’s insurance sector still a pipe dream?
Neeraj Tuli and Celia Jenkins investigate
The Indian insurance industry has come a long way since the Oriental Life Insurance Company opened its doors...
Mixed signals
The introduction of India’s competition law has been marred by contradictions between the act, the implementing regulations and government notifications
Rebecca Abraham reports
In March 2008, a conference in New Delhi on India’s new merger notification...
Consolidated FDI policy: easing investments in India
On 31 March, the Department of Industrial Policy & Promotion (DIPP), Ministry of Commerce & Industry, issued circular 1 of 2011. It reflects the policy framework on foreign direct investment (FDI) in India as...
IDRs: can they be instruments of choice?
Indian Depository Receipts (IDRs) allow companies incorporated outside India to raise funds from the Indian capital market. They are depository receipts that are denominated in Indian rupees and created by the domestic depository in...
Minimum public float: an analysis of amendments
Listed companies are required to maintain a minimum “public float” or issue to the public as prescribed by rule 19(2)(b) of the Securities Contract Regulation Rules, 1957 (SCRR). This rule was recently amended to...
Riding solo
As Hero and Honda part company after 26 years, India Business Law Journal discovers that dismantling an old deal can be as complex as putting together a new one
Raghavendra Verma reports from New Delhi
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