The Insolvency and Bankruptcy Code, 2016 ( Insolvency Code ) has been one of the biggest Indian reform of recent times, which has moved the regime away from one that was highly uncertain for foreign investors. Among other important changes, the Insolvency Code contemplates change in control of the c...
Blogs by Cyril Amarchand Mangaldas
This piece was previously published in the Economic Times Next on the list of dilemmas relating to corporate governance issues for independent directors (ID) of a listed company is Board Evaluations. These are 360-degree reviews of the performance of a board of directors, conducted by the Nomination...
As per the market regulator Securities and Exchange Board of India’s ( SEBI ) order dated March 31, 2017, in the Kamat Hotels (India) Limited ( Kamat Hotels ) case, Clearwater Capital ( Clearwater ) had subscribed to the foreign currency convertible bonds ( FCCBs ) of Kamat Hotels. Pursuant to a cha...
As per the market regulator Securities and Exchange Board of India’s ( SEBI ) order dated March 31, 2017, in the Kamat Hotels (India) Limited ( Kamat Hotels ) case, Clearwater Capital ( Clearwater ) had subscribed to the foreign currency convertible bonds ( FCCBs ) of Kamat Hotels. Pursuant to a cha...
This blog piece is excerpted from a previously published article in the Express Pharma, April 16-30 Issue Innovation is the root of success in the competitive world of today. Creativity manifests in new ideas and technologies. New technologies when adopted make life easy. This could not be more true...
Foreign investors into India have often found that when they seek to enforce customary contractual rights in investment agreements, such as option rights, guarantees and indemnities, they have been hamstrung by the ability of the Indian counterparty to contend that such rights are in contravention o...
India has historically been an economy driven by cash. With unique population demographics and modest literacy levels, it is a difficult market to “digitalise”. However, over the past decade, urban India has seen a significant rise in the use of pre-paid cards, mobile banking, internet wallets and e...
In this day and age of scams, crime by corporate entities throws a lot of challenges at multiple levels. The level of crime may be extraordinary owing to the magnitude, powers and reach of such corporations as opposed to an individual committing any crime. Once it is found that a corporation has com...
Over the years, companies have used employee stock option schemes ( ESOP Schemes ) as an effective method to align employee interests with shareholders, reward their efforts, increase their loyalty towards the company and motivate employees to perform better. An initial public offering ( IPO ) and c...
Do We Really Need the “Approval” Route? The announcement in the Budget Speech that the Foreign Investment Promotion Board (FIPB) is going to be wound down in 2017-18, has led to speculation amongst consultants, lawyers, foreign investors and the media as to what will take its place. After all, the F...
The Securities Exchange Board of India ( SEBI ) has, over the years, undertaken initiatives to align reporting and disclosure requirements for listed companies in India with global standards, including alignment with the principles prescribed by the International Organization of Securities Commissio...
The Sick Industrial Companies (Special Provisions) Act, 1985 ( SICA ) was enacted to make special provisions for the timely detection of sick (and potentially sick) companies owning industrial undertakings. The Board for Industrial and Financial Reconstruction ( BIFR ) was formed under the SICA to d...
There is a perception that arbitration proceedings in India are plagued with delays, interventionist courts, and parties attempting to scuttle the proceedings. A mere allegation of fraud was often enough to obstruct an arbitration proceeding on the ground that the criminality underlying the fraud wo...
In the Budget Speech of February 1, 2017, the Finance Minister (FM) announced that the Government has “decided to abolish the Foreign Investment Promotion Board (FIPB) in 2017-18”. He also announced that the roadmap for the same is expected to be announced in the next few months, and in the meantime...
On December 7, 2016, the Ministry of Corporate Affairs ( MCA ) notified and brought into operation a significant chunk of sections under the Companies Act, 2013, including provisions relating to compromises, arrangements, reconstructions, mergers and amalgamations, with effect from December 15, 2016...
One of the key tenets of effective corporate governance is the ability of a corporation to promote transparency. Transparency and accountability is strengthened not just by efficient management and robust disclosure policies, but also by the creation of systems and processes to detect and address in...
2017 is upon us, but many readers seem to have missed some very important and progressive changes to the Maharashtra Tenancy and Agricultural Lands Act, 1948 ( Act ) made last year on 1 January 2016! Two sections (63, and 63-1A) of the Act govern the ability to sell and buy agricultural lands (AL) f...
On November 15, 2016, the Supreme Court delivered an important judgment in IDBI Trusteeship Services Limited v. Hubtown Ltd [1] , a case involving investment in India by a foreign investor*.* While the main thrust of the judgment was on circumstances under which a defendant may be granted leave to d...
“ Raindrops on roses and whiskers on kittens Bright copper kettles and warm woollen mittens Brown paper packages tied up with strings These are a few of my favourite things…” Hearing my niece practice this iconic song made me introspect on the year gone by. So, here are select highlights of 2016 fro...
In March 2015, the Securities and Exchange Board of India ( SEBI ) constituted a standing Alternative Investment Policy Advisory Committee ( AIPAC ) under the chairmanship of Shri. N. R. Narayana Murthy. AIPAC submitted its first report in January 2016 and its second report was released by SEBI on D...