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Moving forward
Time to return to the drawing board
As concern mounts over the health of the Indian economy there is a growing realization of the enormity of the task at hand. As has been widely reported,...
DIPP issues consolidated FDI policy
The Department of Industrial Policy and Promotion (DIPP) issued the Consolidated Foreign Direct Investment Policy Circular of 2017, effective from 28 August. The consolidated foreign direct investment (FDI) policy has made certain general changes...
Open sesame
The arrival of foreign firms is now a matter of ‘when’, but are we overthinking our concerns?
All eyes are on the Indian government, which has now only to name the moment when international lawyers...
A work in progress
Regulatory and contract enforcement challenges continue to cast a shadow on the infrastructure sector, writes Rebecca Abraham
The Indian government’s proposed spending on infrastructure hit a record high in February, with Finance Minister Arun Jaitley...
RBI revises masala bond framework
The Reserve Bank of India (RBI) through Circular No. 47 dated 6 June amended the framework governing the issuance of rupee denominated bonds overseas, referred to as masala bonds.
The minimum original maturity period for...
Axis Bank’s FreeCharge acquisition awaits approval
Regulatory approvals are pending from the Reserve Bank of India to complete Axis Bank’s acquisition of FreeCharge as both are regulated entities, with the latter holding a prepaid payment instrument (PPI) licence.
The deal is...
New act poses challenges for real estate project financing
The much awaited Real Estate (Regulation and Development) Act, 2016, is a reality now. Hundreds of thousands of prospective homebuyers, and those who are stuck in under-construction projects, were eagerly waiting for the act to come into force. The act...
Bustling market
Liberalization and reforms fuel record-breaking M&A activity, writes Nandini Lakshman
The year 2016 saw a swell in the number of India-related mergers and acquisitions thanks to a series of changes. A more liberalized foreign direct...
Global stars
Top India-focused Law Firms 2007
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Top India-focused Law Firms 2013
Top India-focused Law Firms 2014
Top India-focused...
‘Estate planning’ needed as joint ventures may go awry
When a joint venture (JV) is set up between an Indian and an overseas company, both parties usually have a bullish view of things to come and an eagerness to get started with the...
‘Preferential allotment’ in restructuring schemes
The restructuring of stressed assets under the Strategic Debt Restructuring Scheme (SDR), the Scheme for Sustainable Structuring of Stressed Assets (S4A) or any other deep restructuring under the extant guidelines of the Reserve Bank...
Banking ordinance: Sound step or halfway measure?
The Banking Regulation (Amendment) Ordinance, 2017, was promulgated on 4 May to amend the Banking Regulation Act to give the Reserve Bank of India (RBI) powers to direct banks to refer certain borrowers into...
Cruz City ruling: ‘Option’ for downside protection
Delhi High Court in its recent decision in Cruz City v Unitech rejected Unitech’s objections to enforcement of an arbitral award. The dispute related to the put option exercised by Cruz City obligating Unitech...
Crime in cyberspace
Ashish Chandra outlines the legal recourse available for Indian companies facing cyber-attacks
On a pleasant Friday evening in Mumbai last month, my iPhone started flashing with updates on the “WannaCry” virus. With an end-of-week party on...
BanyanTree buys into Kanakadurga Finance
Luthra & Luthra represented Kanakadurga Finance when private equity (PE) investor BanyanTree Finance recently acquired a significant minority stake in it through BanyanTree Growth Capital Fund II. The firm’s team comprised partner Deepak THM...
Approval level eased for corrective action plan
Following the notification of an ordinance to help the Reserve Bank of India (RBI) tackle practical problems associated with its framework for revitalizing distressed assets in the economy/guidelines on joint lenders’ forum (JLF) and...
Outbound mergers: A welcome step forward
The Ministry of Corporate Affairs (MCA) on 13 April notified the long-awaited section 234 of the Companies Act, 2013, dealing with the merger or amalgamation of a company incorporated under the act and a...
Wholesale and long-term finance banks proposed
The idea of differentiated bank licences – first mooted in 2008 – gathered steam in 2013 when the Nachiket Mor committee recommended encouraging the establishment of differentiated banks to deepen financial inclusion. Guidelines for...
Digital financial services: Challenges for regulation
The National Payments Corporation of India (NPCI), supported by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA), was set up to achieve the goals of universal electronic payments, a “less-cash”...
Units’ permitted activities expanded
Through a circular dated 10 April, the Reserve Bank of India (RBI) has stated that with the approval of their board of directors, international financial services centre banking units (IBUs) may undertake derivative transactions...
Provisions enabling cross-border mergers notified
On 13 April, the Ministry of Corporate Affairs notified section 234 of the Companies Act, 2013, which governs cross-border mergers. It also notified the Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2017, making necessary...
Kedaara-Led consortium takes stake in Spandana
AZB & Partners advised a Kedaara Capital-led three-member consortium that included the Ontario Teachers’ Pension Plan and Soros Fund Management on its US$100 million purchase of a 60% stake in Spandana Sphoorty Financial, a...
Challenges to incursions on privacy
Dear Editor,
I read the article on data privacy in the banking sector (Banking on secrecy) in the April issue of India Business Law Journal with interest. I was struck by the fact that the...
Big, bold and bullish
The desire for control, the struggle for funding, a changing tax regime and increased liability are some of the key themes dominating India’s private equity landscape. Vandana Chatlani reports
Last year was a year of big and...
Banking on secrecy
How private is information provided to a banker? Mohit Shukla describes and analyses the existing norms
Every day, people routinely provide personal information of various types and with varying degrees of sensitivity to banks, insurance agents and...
Partners for life?
A high-profile merger in the insurance sector could ignite deal activity, but legal and regulatory labyrinths harbour many unknowns. Amitabh Lal Das explains
The last wave of intense M&A activity in India’s life insurance sector can be...
Rules for FDI in limited liability partnerships clarified
The Reserve Bank of India has notified a scheme for foreign direct investment (FDI) in limited liability partnerships (LLPs) through an amendment to the Foreign Exchange Management (Transfer or Issue of Security by a...
Commercial banks can decide savings bank deposit rate
The Reserve Bank of India has clarified that scheduled commercial banks are free to determine their savings bank deposit interest rate with the approval of their board of directors, subject to the following conditions:
...
Directions on commercial papers to be revised
The Reserve Bank of India released draft guidelines on revised directions on commercial papers through a press release. The revised guidelines are intended to broaden access to commercial papers (which will enable corporate borrowers...
A view from a neighbour
Dear Editor,
The following comment on the pros and cons of relaxed Indian overseas investment norms may be of interest to your readers.
Over the years, the Reserve Bank of India (RBI) has largely relaxed overseas...
Recent regulatory measures to boost Start-up India plan
In its endeavour to promote an effective eco-system for startups in India, the government in January 2016 came up with the Start-up India Action Plan under the aegis of the Start-up India initiative. The...
Cross-border mergers under the Companies Act, 2013
Until 2014, all matters relating to companies, mergers, acquisitions, etc., were governed by the Companies Act, 1956. The 1956 act only allowed the merger of a foreign company into an Indian company, not vice...
Dynamism endures
Iqbal Khan and Natashaa Shroff at Shardul Amarchand Mangaldas analyse India’s PE landscape in 2017
In a global investment environment characterized by increasing policy uncertainty, the India investment story is a rare example of a...
New connections
A Chinese mobile phone retailer acquires a stake in an Indian online telecom business. Is this a harbinger of more action to come? Rebecca Abraham reports
As the expansion of China’s mobile phone market slows,...
The M&A themes that may dominate in 2017
In 2016, the Indian government’s ban on high-denomination notes, the US presidential elections, the UK’s vote to exit the EU and the US Federal Reserve’s monetary stance occupied substantial boardroom bandwidth. Despite such economic...
Payment banks: Attempt to stimulate cashless economy
Access to banking services has always been inadequate for lower income groups. In order to dispense financial services to people in the lower strata at reasonable costs, the government of India introduced the distinct...
Direct transactions in Indian companies’ securities allowed
Through a circular on 27 December 2016, the Reserve Bank of India has allowed foreign portfolio investors (FPIs) to acquire non-convertible debentures and bonds issued by Indian companies either directly or in any manner...
Foreign portfolio investors still waiting for easier entry
To deepen the Indian corporate bond market and broaden the sources of funding available to Indian borrowers, the 2016-17 budget announced that foreign portfolio investors (FPIs) would be allowed to invest in unlisted debt...
A push for procedural certainty
Gowree Gokhale and Jaideep Reddy analyse the problems of delegated legislation and suggest ways to resolve them.
While the constitution and central and state statutes are the basis of India’s legal regime, delegated (or subordinate)...
Startups can issue convertible notes to foreign investors
The Reserve Bank of India (RBI) has amended the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 (TISPRO), through a notification on 10 January to allow...
Two rise to Juris Corp partnership
Juris Corp has promoted principal associates Nand Gopal Anand and Arunabh Choudhary to its partnership.
Delhi-based Anand heads up the firm’s project finance and banking practice. He has advised banks and companies on project-related legal...
India in 2017
Four in-house counsel, a mediation specialist and partners at three law firms share their views on the developments that are likely to shape India’s business and legal climate in the coming year.
Privacy, data protection and...
Deals of the year 2016
Deals of the year 2022
Deals of the year 2021
Deals of the year 2020
Deals of the year 2019
Deals of the year 2018
Deals of the year 2017
Deals of the year 2015
Deals of...
RBI regulations for startups a boost for entrepreneurs
With the government’s announcement of the Start-up India initiative in January 2016, there have been discussions and endeavours to create an environment which is conducive for nurturing growth of innovations and startups. The latest...
Cross-border online services subject to service tax
The Reserve Bank of India (RBI) has amended the memorandums of foreign exchange management regulations relating to general/health insurance and life insurance, in line with the repeal in 2015 of the Foreign Exchange Management...
‘Two factor authorization’ requirement relaxed
The Reserve Bank of India on 6 December 2016 issued a notification stating that the requirement of an “additional factor of authentication” (AFA) for card not present (CNP) transactions up to ₹2,000 (US$30) could...
New avenues open for portfolio investment in debt
The Reserve Bank of India (RBI), via a notification dated 17 November 2016, amended the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000, to allow foreign...
Effort continues against stress in banking system
As part of its ongoing putsch against stress in the banking system, the Reserve Bank of India (RBI) issued guidelines on sale of stressed assets by banks on 1 September. The guidelines continue the...
Sweat over stressed assets: First big test for RBI chief
In wake of Indian commercial banks having far exceeded their loss-bearing capacity, microprudential supervision for revival of assets prior to the onset of trouble has donned a veil of urgency. The Reserve Bank of...
Digital wallets in India: The road ahead for India’s fintech?
Financial technology (fintech) in India has been attracting significant attention from legacy financial services providers, venture capitalists and regulators alike. A recent KPMG and NASSCOM study suggests that the Indian fintech ecosystem could grow...
Welcome move on escrow and deferred consideration
The Reserve Bank of India (RBI), by a notification dated 20 May, eased restrictions on certain deal structuring tools, i.e. payment of consideration on a deferred basis, escrow and indemnity. To facilitate cross-border M&A,...
Bank guarantees: Limiting the enforcement period
The banks in their normal course of business issue guarantees against deposit of margin money on behalf of their clients in favour of government or government-owned entities. Banks need to know with certainty their...
Double act
Gautam Khurana and Savitri Parekh discuss what it takes to launch a successful joint venture in India.
As the demands and buying power of Indian consumers rises, the market for new products and services previously unaffordable...
Falling out of favour
The removal of Tata Sons’ chairman Cyrus Mistry cast a spotlight on an unfolding boardroom drama. But what are the legalities?
Nandini Lakshman finds out
Boardroom dramas are not new to India. Neither are they rare. But...
Venture capital investors get clarifications
Earlier this year, the Reserve Bank of India (RBI) amended schedule VI of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 (TISPRO regulations), which govern...
Automatic route for ‘other financial services’
The Reserve Bank of India (RBI) amended the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 (TISPRO regulations), on 9 September to allow foreign direct investment...
Recent measures a fillip for nascent bond market
With ever increasing levels of non-performing assets (NPAs) in the banking system, the Reserve Bank of India (RBI) has been seeking ways to reduce the burden of providing credit on banks. In particular, the...
Asset reconstruction: Are latest amendments enough?
The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI), was enacted to allow for the registration and regulation of asset reconstruction companies (ARCs) by the Reserve Bank of...
Liberalization of FDI in financial services sector
Implementing the change announced in India’s budget for 2016-17, the Reserve Bank of India (RBI) on 9 September liberalized the norms for foreign direct investment (FDI) in the financial services sector. The effect is...
Amendments to SARFAESI Act notified
On 5 September, the government notified the majority of provisions amending the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Certain provisions of the Enforcement of Security...
TATA Power and ICICI eye Indian power projects
Tata Power subsidiary Tata Power International and ICICI Venture have created a platform to facilitate investments in power projects in India over the next two or three years.
The platform is co-sponsored by Tata Power...
Unity in Asia?
A new institute was formed earlier this year to champion the cause of business law convergence in the region. A key supporter, Singapore’s Chief Justice Sundaresh Menon, tells John Church about the possibilities
One could be...
Much needed progress seen in debt recovery laws
While the passage of the goods and sales tax (GST) bill has stolen the limelight, much was achieved by lawmakers in a productive monsoon session of the Indian parliament. An unheralded achievement is the...
Shops and establishments: 2016 model bill explained
Labour and employment laws in India are complex. Private employers need to ensure compliance with all of the central and state labour and employment laws that may be applicable to their industry and/or employees.
The...
Negotiating joint ventures in FDI restricted sectors
The foreign direct investment (FDI) policy announced by the Department of Industrial Policy and Promotion regulates the extent of FDI permitted across various sectors in India. While due to progressive liberalization in the FDI...
Bankruptcy Code’s impact on ease of doing business
The World Bank’s Doing Business Report, 2016, ranks India 130 among 189 economies on “ease of doing business”. One of the sub-indexes on which the ranking depends is resolving insolvency. It is interesting to...
Resolvable clash?
The Tata-Docomo case highlights the conflict between party autonomy and public policy in international commercial arbitration
Priyanka Dasgupta explains
Although international commercial arbitration is increasingly popular as a means of dispute resolution in cross-border transactions, there continue to...
Indian residents permitted to sell options against contracted exposures
The Reserve Bank of India has permitted resident exporters and importers of goods and services to write (sell) standalone plain vanilla European call and put option contracts against their contracted (i.e. covered call and...
Money laundering
Dear Editor,
This is to bring to the notice of your readers issues surrounding money laundering and in particular trade-based money laundering. The use of trade channels by money launderers is a fast growing menace...
The S4A: Genuine progress or a mere flash in the pan?
With catchy acronyms such as SDR (strategic debt restructuring), JLF (joint lenders forum), and CAP (corrective action plan), the alphabet soup of the measures taken by the Reserve Bank of India (RBI) over the...
Non-convertible debentures: Issues in private placement
Banks, non-banking financial companies, debt funds and companies are increasingly using the route of private placement of listed and unlisted non-convertible debentures (NCDs) to raise funds from players such as pension funds, insurance companies,...
Share sales via exchange: Decoding the mechanism
Through a notification dated 24 March 2015, the Securities and Exchange Board of India (SEBI) amended its Buy Back of Securities Regulations, 1998, Substantial Acquisition of Shares and Takeovers Regulations, 2011, and Delisting of...
Update on assured return for foreign investors’ exit
India has been one of the hot destinations for global financial investors, and private equity and venture capital investment has been the most popular route for foreign investments in India. What is of paramount...
Residents may sign foreign exchange derivative contracts
The Reserve Bank of India has amended regulation 4 of the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000, to allow an Indian resident to enter into a foreign exchange derivative contract in...
RBI permits NBFCS to refinance infrastructure, project loans
The Reserve Bank of India, through a circular dated 2 June, has permitted non-banking financial companies (NBFCs) to refinance infrastructure and other project loans by way of take-out financing without a predetermined agreement with...
Central bank eases regulations on deferred consideration, escrow
The Reserve Bank of India (RBI), as part of its efforts to liberalize policies for foreign direct investment, promote the ease of doing business and improve the growth of startups, has amended the Foreign...
Foreign currency accounts for overseas subsidiaries of Indian startups
The Reserve Bank of India (RBI) has amended regulation 5 of the Foreign Exchange Management (Foreign currency accounts by a person resident in India) Regulations, 2015 (Foreign Currency Account Regulations), to allow an Indian...
Paradigm shift to ‘on tap’ universal bank licences
Its monetary policy statement for 2014-15 on 1 April 2014, the Reserve Bank of India (RBI) announced that it would work on a framework for granting licences “on tap” to universal banks, and for...
Five exit challenges for VC and PE investors
The period between 2006 and 2008 saw a large number of venture capital and private equity (VC/PE) deals in the Indian market. The exit rights negotiated by VC/PE investors during the haydays of India’s...
Investors eye RBI move to regulate P2P lending
The online industry and e-commerce have acted as a game-changer, affecting the nature and dynamic of sectors including transportation, retail, hospitality, etc. It is now perhaps set to do the same to the financial...
Considering P2P lending as a finance alternative
With the Indian economy not growing as expected, widespread economic disparity, and financial institutions reeling under pressure from stressed and non-performing assets, there is a strong need for small and medium-sized enterprises, and individuals,...
FDI limits eased for asset reconstruction companies
On 6 May the Department of Industrial Policy and Promotion issued press note 4, allowing 100% foreign direct investment (FDI) in asset reconstruction companies (ARCs) under the automatic route. Under the earlier FDI policy, FDI...
Too hot to handle?
Bobby Ladwa and Niloufer Lam explore why masala bonds may be too spicy for investor appetites
A “masala bond” is an Indian rupee denominated bond listed outside India and sold to investors outside India. Globally,...
Financing infrastructure: The hybrid annuity model
India’s Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, recently gave its approval for the hybrid annuity model as one of the modes of delivery for implementing highway projects. The introduction...
More changes from the RBI: Good news for bond market
In line with its (now) prevailing approach of providing a mix of principle-based and prescriptive regulations, which also take into account market feedback and market conditions, the Reserve Bank of India (RBI) via a...
M&A in stressed assets: Issues and challenges
Recently, there has been an increased focus on M&A activity in stressed assets. A significant factor in this regard has been a drive by the Reserve Bank of India (RBI) towards greater provisioning for...
Corporate bond investment limit fixed in rupees instead of dollars
On 13 April the Reserve Bank of India, via circular 60, fixed the then-limit of US$51 billion for investment in corporate debt securities in rupee terms at ₹2,443.23 billion. The circular also reduced the minimum...
Regulations on non-residents’ accounts revised
The Reserve Bank of India (RBI) has issued the Foreign Exchange Management (Deposit) Regulations, 2016, which supersede the Foreign Exchange Management (Deposit) Regulations, 2000. The regulations have effectively made the following key changes:
(1) The...
RBI issues ‘place of business’ regulations
On 31 March the Reserve Bank of India (RBI) issued the Foreign Exchange Management (Establishment in India of a branch/liaison/project office or any other place of business) Regulations, 2016 (place of business regulations). The...
RBI revises rules for FPI in government securities
The Reserve Bank of India (RBI) through a circular on 29 March has revised and increased the investment limit for foreign portfolio investors (FPIs) in central government securities and state development loans. The revised...
Redistributing risks
As a fresh model emerges for developing India’s highways, Rebecca Abraham uses a hypothetical case study to assess what’s new
India’s infrastructure needs are well documented. While some of these are being addressed, the challenges...
Budget 2016: Good times ahead for bond markets?
While the Indian corporate bond market has become more active in the private placement segment in the past few years, the market’s overall development has been ad hoc. This situation seems set for a...
Enforceability of options has seen positive evolution
The past few years have witnessed sluggish primary market activity and few startups and mid-size companies have taken effective steps towards going public. In this environment, one of the typical exit strategies that assumes...
Government and RBI draw startup revolution roadmap
The government’s 2016-17 budget, released on 29 February, included a number of initiatives promised for startups, such as one-day company registration, 100% deduction of taxes (except minimum alternate tax) on profits for three consecutive...
External borrowing changes for the infrastructure sector
A country’s economy has a direct correlation with the performance of companies and accessibility to funds. Accordingly, poor performance by companies leads to difficulties in servicing debt and/or accessing additional debt (thereby overleveraging) and...
Budget unveils steps to relieve stress on banks
The government’s budget for the year 2016-17 is considered to be extremely critical for the banking industry, especially the public sector banks. The Reserve Bank of India (RBI) had conducted an asset-quality review across...
Private bank officials subject to anti-corruption act
Allowing an appeal in Central Bureau of Investigation, Bank Securities & Fraud Cell v Ramesh Gelli and Others, the Supreme Court held that the chairman, directors and officers of a private bank can be...
Regulatory relaxations for startups clarified
The Reserve Bank of India (RBI) in circular No. 51 on 11 February stated the following with respect to startups accepting payments on behalf of subsidiaries:
A startup in India with an overseas subsidiary...
Capital markets curbs imposed on wilful defaulters
In line with its objective of restricting access by wilful defaulters to the capital markets for raising funds from the public (as specified under the master circular on wilful defaulters issued by the Reserve...
Testing the waters?
The proposed US listing of solar power developer Azure Power suggests there could be more action to come in India’s booming renewable energy sector. Rebecca Abraham reports
In February 2015, India set itself the mammoth...
Companies Act suggestions: A step in line with the times
India’s Companies Act, 2013, has had a chequered and a sluggish start. While it received presidential assent on 29 August 2013 and appeared in the official gazette the next day, only 98 of its...
Roadblocks to banking amalgamations in India
The cut-throat competition in India’s banking industry, together with the cocktail of systemic difficulties that the industry faces, present stiff challenges to stabilized and sustained growth. The issues being faced by the banking industry...
The road ahead for FDI to meet India’s growth target
The prime minister, during “Make in India” week, urged investors to “seize the opportunity and invest” in India. The government’s drive to woo foreign direct investment (FDI) led to reforms in over 15 sectors...
Report proposals’ impact on financing transactions
The Companies Act, 2013, is being implemented in a phased man- ner, with some provisions brought into force from September 2013, some from April 2014, and some yet to be notified. The 2013 act...
The curious case of FAQs
Ipsita Dutta takes a look at clarifications issued by financial regulators and how to pre-empt the risks they pose
The Indian financial sector has seen a steady rise in the number and scope of regulations,...
McDonald’s loss in small dispute not a precedent
In M/S McDonald Family Restaurant v Shyam Joshi, Delhi High Court disposed of a writ petition filed by McDonald’s challenging orders passed by the National Consumer Disputes Redressal Commission, the State Consumer Disputes Redressal...
Online reporting of foreign exchange transactions
Through a circular issued on 1 February, the Reserve Bank of India (RBI) has altered reporting requirements and procedures for foreign exchange transactions.
Earlier, the prescribed forms had to be filed with an authorized dealer,...
Rules eased for bank units in special finance centres
As part of a larger policy move to align India’s financial markets with international standards and to clamp down on the diversion of Indian rupee denominated business to offshore locations such as Singapore and...
Former CCI chair joins CAM board
Ashok Chawla, the former chairperson of Competition Commission of India, joined the strategic advisory board of Cyril Amarchand Mangaldas (CAM) on 15 January, after his tenure at the CCI ended on 7 January.
The board...
Revised ECB framework: Simpler or more complex?
As part of easing capital account controls on the Indian economy, the Reserve Bank of India (RBI) has gradually been liberalizing regulations on external commercial borrowings (ECBs) from overseas lenders. A report of the...
RBI held to be subject to Right to Information Act
The Supreme Court recently decided several transferred matters on the issue of whether the Reserve Bank of India (RBI) can deny information sought by third parties under the guise that divulging of information would...
The India Diaries
India Business Law Journal indulges in a little festive fun and asks 15 foreign lawyers to reveal what they love and and don’t love about India and to recount their most memorable experiences in the country
By Vandana Chatlani
India’s legal...
Deals of the Year 2015
Deals of the year 2022
Deals of the year 2021
Deals of the year 2020
Deals of the year 2019
Deals of the year 2018
Deals of the year 2017
Deals of the year 2016
Deals of...
India in 2016
Four in-house counsel and the president of the Society of Indian Law Firms share their views on the developments that are likely to shape India's business and legal climate in the coming year.
The international...
Regime simplified for alternative investment funds
In a bid to simplify and rationalize the regime for foreign investment in alternative investment funds (AIFs) and other investment vehicles and to promote the Indian investment management industry, the Reserve Bank of India...
GMR raises cash from Kuwait fund
GMR Infrastructure has raised US$300 million through the issue and allotment of 7.5% subordinated convertible bonds due in 2075 to Kuwait Investment Authority (KIA), a sovereign wealth fund.
The foreign currency convertible bonds (FCCBs), which...
Pooled finance mechanism for infrastructure funding
Municipal bond issuance by special purpose vehicles (SPVs) promoted jointly by the state governments and urban local bodies (ULBs) can be effectively used to fund the staggering capital requirements for developing smart cities in...
Rupee denominated bonds: A major shift with potential
Quite without warning, the Reserve Bank of India (RBI) notified the framework for issuance of rupee denominated bonds under the overall external commercial borrowing (ECB) framework on 29 September. Unlike other surprises from the...
The curious case of ‘composite caps’
In a press release dated 16 July, India’s cabinet said that in an attempt to ensure that “uniformity and simplicity are brought across the sectors in the FDI policy for attracting foreign investments”, it...
Infrastructure sector and external borrowing rules
On 23 September, the Reserve Bank of India (RBI) released a draft framework on external commercial borrowing (ECBs), which aims to replace the existing framework with a more rational and liberal one. Separately, on...
