Luthra & Luthra senior associate Shishir Jose Vayttaden has written and published a 1000-page book on SEBI Takeover Regulations, which is touted by the publisher as the best commentary on the topic.
The book entitled SEBI's Takeover Regulation was launched to hit the book stalls on 26 January 2010, but Vayttaden first entered into a contract for publication two years ago with LexisNexis Butterworths Wadhwa group.
NLSIU Bangalore alumni Vayttaden joined Luthra & Luthra soon after completing his LLB in 2005 and has been with the firm since then.
The transactional work carried out by Vayttaden while servicing clients in the M&A space was what laid the foundation for his manuscripts, he explained, which was in turn converted into a book after extensive research that he undertook for over two years.
Vayttaden said: "We had worked extensively with an international law firm which was advising a foreign acquirer and for several months we were answering very detailed questions, minute details that the foreign counsel would go into, so for two to three months it was as though we had completely fleshed out the takeover code."
"After the transaction got over, I just happened to take a look at my notes," he continued. "It seemed to me to be like a book, and that was way back in 2007."
"In hindsight it’s an amateurish view to have had that those notes were anywhere close to a book," he concedes, "but in 2007, standing where I was, I thought if I could polish those notes a bit, I could have a book ready."
"The unique thing as far as I'm aware is that there is no commentary on the takeover code; there was a gap in that space. I'm hopeful that my book will be able to fill in the void," he said, adding: "Academically, to write on the common takeover code as an exercise is to write about other legislations / areas of law which may not be central to the code but are nevertheless important."
Vayttaden would take out time to finish the book on the weekends and on other holidays, apart from writing during free hours at work.
"Sometimes I would carry a laptop and would work on my ride back home in the metro," he said.
The publisher's blurb on the book reads: "Until this publication, there was no work that wove the jurisprudence of SEBI, SAT and court orders with the rich source of industry practice found in published public announcements and the practical insights of practitioners. This provision-by-provision commentary on the Takeover Regulations can safely claim to be the most exhaustive work on its subject."
28-year old law firmite inks 1000-page tome in spare time
Photo by alancleaver
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I work at a similar law firm and I can barely catch up on my sleep on weekends - don't know how you managed to write a book on your weekends!
2006: Contract for publishing of the Book with Lexis Nexis.
2007: Comes up with the Idea of writing a book, while going through his notes.
?????????????????????????????
[Yes, sorry, that is a clear mix-up on our part - we have now corrected this. The contract was negotiated two years ago, I believe. -Ed]
What is the price and title.
Congratulations! Congratulations, once again.
1. If your average 'client research' (which I assume you're viewing as research compiled in the course of a transaction) led to voluminous and authoritative commentaries on a particular area of law, then wouldn't our bookshelves be better endowed with commentaries on Indian corporate law?
2. The client paid for the agreements, the advise and the time spent by the law firm on providing both. If you've had the good sense to the read the article, then you will see that Shishir 'polished the notes'. He has reviewed his research and added on to it.
3. Suffice it to say, that a publisher like Butterworths will not act impulsively when provided with a manuscript of a commentary and publish any random commentary if it was of the opinion that more incisive commentaries can be f produced.
4. I haven't read the commentary (and probably won't be able to go through the entire volume) and while it will bring 'personal commercial gain' to the authour, you should be aware of the fact that the authour has probably sacrificed that very 'personal commercial gain' during the weekends he worked on his commentary.
5. Also, if it is as good as Kian says it is, then it will bring personal commercial gain to other lawyers as well as provide further clarity on the Takeover Code which will lead to quicker resolutions of takeover issues and shorten the time involved thereby attracting investors and relaying further commercial gain to India which will translate into further earnings for Indian law firms including the one that you manage the pantry for.
Which means better food for breakfast, a better appraisal by your employers leading to a better word of mouth regarding your catering services and subsequently leading to other catering stints and contracts at more profligate organisations that will ensue more 'personal commercial gain' for you. That in turn will put more resources at your disposal and enable you to enroll your kid in a good university like HLS and subsequently afford him a chance at working at magic circle law firms where your son will enroll as a trainee with a 6 figure salary and work under an expert on corporate law. Say someone with expertise specifically in the Takeover Code, an expertise acquired after pleasant and benign readings of Shishir Jones' commentary on the Takeover Code.
Oh the irony of it all!
YAWN
stretches his arms and look at his watch
Damn, I'm hungry. Look at what you've done!
Now go make me a sandwich!!
By the way, on your point 5 - we have not read the book either and have no idea whether it's good or not although people who have read it say it is.
I was in the same class as Shishir - I can't believe it will be anything but good quality - he can do wonders when he puts his mind to something - but I can't believe anyone other Shishir has 'read' this 1000 page monster.
We dont want to do anything on our own accord and when someone else does... all we can do is get jealous and become judgmental cynics? Why? Just because the guy did a good job and you didnt?
I think the haters need to make all of us sandwiches!!
Great job Shishir!!
Now i need to get back to my "magic circle" job... only 23 more hours to go before i go home to get ONE hours sleep!!
yes - thats how and why "Envy" is one of the 7.
I have just come to know of this book. I have not read it, but having known Shishir and seen him work at Luthra for several years, I am pretty sure the work must be an excellent piece. And yes, it is indeed very difficult to achieve this feast with the workload that one (and particularly Shishir had in Luthra), but Shishir only could do it.
Well done Shishir! and all those sceptics..get your act together.. read it, before you comment on it,instead of merely conjecturing and casting aspersions on his ability. You may get some real masaala to comment on.
Chap. I Preliminary
Chap. II Disclosures of Shareholding and Control in a Listed Company
Chap. III Substantial Acquisition of Shares or Voting Rights in and .Acquisition of Control Over a Listed Company
Chap. IV Bail-Out Takeovers
Chap. V Investigation and Action by the Board
Annexures
Annex. I. Formats under Takeover Regulations
Annex. II. The Securities and Exchange Board of India Act, 1992
Annex. III. Securities and Exchange Board of India (SubstantialAcquisition of Shares and Takeovers) Regulation, 1994
Annex. IV. Justice PN. Bhagwati Committee Report on Takeovers (Date 18-1-1997)
Annex. V. Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997
Annex. VI. Report of the Reconvened Committee on Substantial Acquisitions of Shares and Takeovers Under the Chairmanship of Justice P. N. Bhagwati
Annex. VII. Format of Public Announcement
Annex. VIII. Standard Letter of Offer for an Open Offer in Terms of the SEBI (Substantial Acquisition of Shares And Takeovers) Regulations, 1997 and Subsequent Amendments Thereof
Annex. IX. Report on ‘Reduction in cost involved in the open offers’-SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997
Annex. X. Report of the Internal Group on SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997
Annex. XI.. Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997
Annex. XII. Securities and Exchange Board of India (Investor Protection and Education Fund) Regulations, 2009
Annex. XIII. Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009
Annex. XIV. Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme, 1993
Annex. XV. Standard Listing Agreement Form with Schedule of Listing Fees
Annex. XVI. Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009
Annex. XVII. Securities Appellate Tribunal (Procedure) Rules, 2000
Annex. XVIII. Format of Post-offer Public Announcement
Annex. XIX. SEBI Takeover—FAQ
The last 19 items are available online free of cost....
@ lexisnexis - Then why should I shell out INR 1695.00 / US$ 84.75 for this treatise?
Critics/envious "ONIDA devils", including # 24: If you haven't read/used it or don't mean to read/use it, why are you getting bothered and wasting your time commenting on this article? If you think you will read/use it, then at least wait till you read/use it and make some informed comments. The kind I expect form you is "Hey there is a typo on p. 879 (the annexure downloaded for the Sebi website)"
P.S. Kian: is "lawfirmite" a term of art, or has it been recently invented??
I think #24 has not heard of Ramaiya, because if he had, he would have flipped on seeing the 3 volumes of "annexures". It is standard practice for most publishers to put all referenced legislation, regulations at the back of any legal commentary. The premise is that you shouldn't have to go around looking on Vakilno.1 every time you want to refer to the bare act(s).
I have read a significant portion of the book. The book has about 500 pages of commentary and about 500 pages of annexures. As far as paying for the book is concerned, that is your prerogative.
This is surely the first that I have heard of about an Indian firm. I hope Mr. Luthra gave the author time off for producing this book. if he did then credit goes to him.
I know of an instance where a Magic Circle firm gave time off to an Indian lawyer to edit a book (on Indian laws). Has any Indian law firm done something similar?
Nonetheless, I would like to reserve my comment on the quality of the treatise as I haven't even skimmed through it.
A book of this nature necessarily needs to contain the text of the applicable rules, orders and notifications, and it is standard practice to have them as annexures. Moreover, it is not Shishir's claim that he has authored all the 1000 pages.
To write a book of any length and have Butterworths publish it is in itself a commendable achievement. Irrespective of the flaws that the book may contain, Shishir deserves all praise for his achievement. I sincerely wish him luck.
Legal Dodo
Congrats Shishir !
How about writing another book using a different set of notes on an altogether different subject:-) that is what I would suggest you do reading the inspiring words from a few "anonymous guests"... they probably are afraid of losing some of their clientele I guess...
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