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Deals of the Year 2011
India Business Law Journal celebrates 50 of the most significant transactions and cases of 2011 and reveals the law firms that guided them to fruition
Nandini Lakshman reports from Mumbai
The global financial crisis may have...
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...
Charting a course
Neerav Merchant explains the options available for insolvency and bankruptcy of companies in India
A buoyant economy and a foreign investment regime that is regularly being liberalized have made India a preferred destination for investments...
Tooling up
Deprived of adequate insolvency protection, Indian companies in distress are struggling to restructure
Raghavendra Verma in New Delhi reports
India’s third-largest airline, Kingfisher Airlines, is desperately seeking financial stability after suffering a series of losses –...
Force not allowed for recovery from hire-purchaser
A three-judge bench of the Supreme Court recently held that any action for forcible recovery of vehicles under hire-purchase agreements when a hirer defaults on payments “cannot but be struck down”.
Ruling in Citicorp Maruti...
RBI enhances all-in-cost ceiling for shorter ECBs
The Reserve Bank of India (RBI), through AP (DIR Series) Circular Nos. 51 and 52, both dated 23 November, has enhanced the all-in-cost ceiling for external commercial borrowings (ECBs) having an average maturity period...
Directions issued for micro finance institutions
In a welcome move, the Reserve Bank of India (RBI) has extended its surveillance over loans given by non-banking financial companies (NBFCs) to the micro finance sector by issuing directions for a new category...
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...
Non-residents can pledge shares of Indian company
Recent changes introduced in the foreign direct investment (FDI) policy of the government of India and the introduction of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011...
A hard act to follow
The stage is set, but will Ratan Tata’s successor live up to expectations?
Nandini Lakshman reports from Mumbai
Cyrus Mistry, anointed successor to Ratan Tata, the chairman of the US$83.3 billion Tata group, is best known...
An educated choice
Current regulations are choking the development of the education sector. Siddharth Hariani and Rohith Ashok examine the restrictions and outline innovative ways to get past them
In a nation of over a billion, where a significant chunk...
Calculated moves
Indian investors are sprinting eagerly towards attractive targets overseas, although they are taking more careful strides. A mix of economic uncertainty and a fear instilled by fractured deals are two important reasons Indian buyers...
DIPP removes bar on options in FDI policy
The Department of Industrial Policy and Promotion (DIPP) has deleted clause 3.3.2.1 of the foreign direct investment (FDI) policy relating to equity securities with built-in options. The clause was introduced on 30 September.
Clause had...
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...
Are foreign investors running out of options?
In the minds of foreign investors, doing business in India used to conjure up images of long queues, tedious paperwork and dealing with an endless bureaucratic maze. Much water has flowed under the bridge...
Money laundering spurs global and local response
Money laundering is an act or attempted act to conceal the identity of illegally obtained proceeds from drug trafficking, terrorist activity or other serious crimes. Laundered money appears to have originated from legitimate sources.
Money...
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...
Latest liberalization of ECB policy welcomed
During the last week of September, the Reserve Bank of India (RBI) issued several notifications liberalizing its external commercial borrowing (ECB) policy, in particular for the infrastructure sector.
ECB limits under the automatic route have...
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...
DIPP unveils revised FDI policy
The Department of Industrial Policy and Promotion (DIPP) has released its revised consolidated foreign direct investment (FDI) policy (circular 2 of 2011). The new FDI policy, effective from 1 October, supersedes the previous version...
Computing value of tech transfer into India
The recent liberalization of India’s technology transfer and collaboration regulations was carried out with the objective of making Indian industries competitive in the global market. It has been effective in attracting the latest technology...
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...
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...
Microfinance Institutions Bill: return of the prodigal son
The recently issued draft Microfinance Institutions (Development and Regulation) Bill, 2011, offers a ray of hope for India’s crisis stricken microfinance institutions (MFIs). Over the last couple of years, the industry has been in...
Rationalizing FDI policy: review of sectoral caps
The Department of Industrial Policy and Promotion (DIPP) of India’s Ministry of Commerce and Industry recently issued a discussion paper on the relevance of sectoral caps for inbound investment. As a result of these...
FCCBs: Improving options for redemptions
In a move welcomed by much of corporate India, the Reserve Bank of India (RBI) is to consider applications for refinancing of foreign currency convertible bonds (FCCBs) under the automatic route. The RBI’s AP...
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...
FDI in LLPs: an unchartered voyage
In 2009, in an important step that gave enterprises the flexibility to combine the features of a partnership with that of a limited liability company, the government of India enabled the creation of limited...
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...
Guarantee backed project finance bonds
Project finance in India has traditionally been supplied by domestic and foreign banks and financial institutions through long term loans. These have been typically secured by the assets of the project itself, a pledge...
Guidelines on credit default swaps for corporate bonds
Earlier this year, the Reserve Bank of India (RBI) circulated draft guidelines on credit default swaps (CDS) for corporate bonds. The draft guidelines intended to elicit public comment, were based on a report of...
No RBI approval for cash and share escrow
The Reserve Bank of India (RBI) through a circular dated 2 May (circular 58) has made it possible for non-residents to open cash and/or share escrow accounts either independently or together with Indian residents...
FDI in limited liability partnerships
The Department of Industrial Policy and Promotion (DIPP) has released Press Note 1 (2011 Series) (Press Note 1) allowing foreign direct investment (FDI) in limited liability partnerships (LLPs). Press Note 1 modifies circular 1...
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...
Compounding of contraventions under FEMA
The compounding of contraventions under the Foreign Exchange Management Act, 1999, (FEMA) is a voluntary process available to the citizens of India. Under section 13(1) of FEMA, an applicant can seek compounding of an...
High court delays ruling on foreign law firms
Acase against foreign law firms that has been languishing in Madras High Court for over a year has been adjourned yet again. It is now scheduled to be heard on 2 August. The delay...
Guidelines on credit default swaps for corporate bonds
The Reserve Bank of India (RBI) has placed the draft guidelines on credit default swaps (CDS) for corporate bonds on its website and invited comments from the public. It has also published the report...
Towards a neo-liberal foreign investment policy
The flow of foreign investment in India is closely tied to the sensitivity of the regulators to market fluxes and investor sentiment. If news reports and industry sources are to be believed the government...
Review after dismissal of special leave petition?
In Gangadhara Palo v The Revenue Divisional Officer & Anr the Supreme Court considered if a high court can be petitioned to review an order it had made, even if the apex court had...
Learning new rules
As Akil Hirani of Majmudar & Co explains, private equity investors are bracing for regulatory changes
The promise of higher returns and opportunities for diversification drove up private equity (PE) activity in India over the...
Funds in flux
Regulatory obstacles and systemic turbulence disrupt the dealflow, yet India retains its allure to private equity investors
Alfred Romann reports
One of the many paradoxes of India is that widespread optimism about the country’s future growth...
Root and branch reform
India has upped the pressure on foreign banks to put down roots in the country by converting their branches into subsidiaries. But will a package of incentives be enough to allay their fears over...
Waiting for a nod
As it awaits government approval, the Cairn-Vedanta deal hangs perilously in the balance. The deadlock stems from an old dispute over royalty payments, but has nonetheless shaken investor confidence
By Vandana Chatlani
Contrary to popular belief,...
Private equity firms back Indostar
Everstone Capital Management has joined hands with the private equity arm of Goldman Sachs and UK-based investment manager Ashmore to launch a non-banking finance company (NBFC), which will be known as Indostar Capital Finance.
Indostar...
Nippon Life takes cover in India
Japan’s Nippon Life Insurance is to acquire a 26% strategic stake in Reliance Life Insurance valued at ₹30.6 billion (US$680 million). The acquisition will be made through a fresh subscription of equity shares and...
Pausing for reflection
“Crisis and deadlocks when they occur have at least this advantage, that they force us to think”
Wise words from Jawaharlal Nehru, India’s first prime minister, that seem particularly pertinent right now. For while the...
Mergers in general insurance sector: soon to be a reality
On 9 February the Insurance Regulatory and Development Authority (IRDA) released an exposure draft of an order on Schemes of Arrangement and Transfers of Non-Life Insurance Business. In it the Indian insurance sector regulator...
Doing business in the United Arab Emirates
The United Arab Emirates (UAE) has enjoyed strong economic, political and cultural ties with India dating back more than a century.
In the economic realm, bilateral trade has been expanding: the total annual trade between...
Court intervention in the reduction of share capital
Reduction of share capital under section 100 of the Companies Act, 1956, is used by companies to extinguish the shares of a group of shareholders. While the procedural requirements of undertaking a selective reduction...
Gradual liberalization of ECB policy welcomed
In February 2010, the Reserve Bank of India (RBI) made significant amendments to simplify the norms for external commercial borrowing (ECB).
It did away with the obligation cast on Indian entities to obtain the consent...
Playing by which rules?
The imminent introduction of India’s new takeover code presents an opportunity for regulatory arbitrage
Cyril Shroff and Amita Choudary report
The acquisition of shares of a listed company in India is currently governed by the Securities...
Battling the bribes
India Business Law Journal talks to Nick Panes and John Bray, directors of risk consultancy Control Risks, about managing compliance with Indian and international anti-corruption legislation
On 30 January, thousands of anti-corruption demonstrators took to...
RBI proposes tougher entry rules for foreign banks
On 21 January, the Reserve Bank of India (RBI) released a discussion paper on the presence of foreign banks in India.
Currently a foreign bank can operate either by setting up a branch office or...
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Indemnity clauses in commercial contracts
Indemnity clauses are a ubiquitous feature of corporate finance and share acquisition contracts in India. It is important to be aware of the extent of the protection offered by an indemnity clause governed by...
Financial sector legislative reforms commission
India has an extensive array of legislation regulating the various sectors of the Indian banking system. Private sector banks are governed by the Banking Regulation (BR) Act, 1949, as also the Indian Companies Act,...
Firing up the markets
Coal India’s IPO was the largest in India to date. Vandana Chatlani examines the complex preparations that were required and reveals the secrets behind the listing’s success
Make a call to Coal India and while waiting...
Deals of the Year 2010
India Business Law Journal showcases 50 of the most significant transactions, court cases and IP enforcement actions of 2010 and reveals the law firms that guided them
George W Russell reports
The international financial crash that...
India in 2011
Business and legal professionals share their hopes and fears for the year ahead
India Business Law Journal invited in-house counsel, private practice lawyers, an academic and a business strategist to share their predictions on the...
Foreign lawyers’ fate to be decided
The case against foreign law firms filed by a sole practitioner, AK Balaji, in Madras High Court has been adjourned to 25 January 2011.
It was decided on 24 November that the case would be...
Microfinance, micro manage
Microfinance is not quite so micro anymore and, as the potential to book profits from it grows, so does its potential for scandal. It is the latter that has prompted a scramble to regulate...
Conversion terms of convertible instruments
Compulsorily convertible instruments have been the preferred investment route for private equity and strategic investments entering India, as they offer protection from equity risks. In the absence of specific regulatory prohibition and a pro-foreign...
Circulars, notes and orders
Steps are finally being taken to simplify the process through which businesses are notified of regulatory changes
Rebecca Abraham reports
When the government recently tightened rules on foreign direct investment (FDI) in real estate – saying...
Opera secures UK bank loan
Opera Minmetals, a subsidiary of Chennai-based Opera Holdings, has received a US$20.5 million loan from Punjab National Bank in London. Opera Minmetals is based in Jersey. The loan will be used by two affiliate...
Coal India closes record-breaking IPO
Coal India, the world’s largest coal miner, has made history with its initial public offering on the National Stock Exchange of India and the Bombay Stock Exchange. The offering raised US$3.43 billion, making it...
SC validates assignment of debt between banks
Readers will recollect the APS Star litigation that arose from a transfer, by way of assignment, of a pool of non-performing loans (NPAs) along with their underlying security, from ICICI Bank (the assignor) to...
Supreme Court allows banks to assign debts
In ICICI Bank Ltd v Official Liquidator of APS Star Industries Ltd & Ors the Supreme Court considered whether the transfer of non-performing assets (NPA) by banks was permissible under the Banking Regulation Act,...
Latin America, country by country
Markets in the region range from emerging economic powers to small, resource-rich nations that can be surprisingly business-friendly or present major obstacles to investors
Argentina
While Argentina has natural resources and a well-educated workforce it often...
The art of the deal
A revival of inbound and outbound mergers and acquisitions is adding colour to India Inc
By George W Russell
India-related merger and acquisition deals totalled US$44.2 billion in the first three quarters of 2010, a 24.5% increase...
Transfer of NPAs is bona fide banking business
Does the Banking Regulation Act, 1949, allow transfer of non-performing assets (NPAs) by banks? Ruling in ICICI Bank Limited v Official Liquidator of APS Star Industries Ltd & Ors, the Supreme Court held that...
Axis Bank to open UK subsidiary
The Reserve Bank of India (RBI) recently gave Axis Bank approval to establish a subsidiary in the UK. At present, the private sector bank has branches in Singapore, Dubai and Hong Kong and a...
Consolidated FDI policy – introducing changes
On 31 March, the Department of Industrial Policy and Promotion (DIPP) issued circular 1 of 2010 to consolidate all policy on foreign direct investment (FDI). This includes policy contained in the Foreign Exchange Management...
Take-out finance scheme for infrastructure
The current policy for external commercial borrowing (ECB), does not permit refinancing of domestic rupee loans with overseas borrowings. However, to address the special funding needs of the Indian infrastructure sector, the Reserve Bank...
Laying the foundations
Hemant Sahai, the managing partner of Hemant Sahai Associates, provides a rare inside look at the evolution of the legal framework for privatizing India’s airports
How do you create a legal, regulatory and contractual framework...
Look before you leap
Many of Vedanta’s problems in India are self-inflicted and largely caused by poor due diligence, argues Ngangom Junior Luwang
The controversy surrounding British mining company Vedanta and its business ventures in India holds important lessons...
RBI allows take-out financing through ECBs
Over the last few years we have seen the public shunning investments with long term maturities. At the same time the push for developing India’s infrastructure has resulted in local banks sanctioning a large...
Foreign acquirers and the Takeover Code
The acquisition of an Indian listed company by a foreign company is regulated by the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (Takeover Code).
Public announcement
Under regulation 10...
The final verdict on ULIPs: has SEBI lost?
The five-month-long proxy battle between the Securities and Exchange Board of India (SEBI) and the Insurance Regulatory Development Authority (IRDA) has ended abruptly. On 18 June the president promulgated the Securities and Insurance Laws...
Issue of non-convertible debentures regulated
The Reserve Bank of India (RBI) has recognized the importance of corporate deposits for meeting the capital requirements of companies in need of finance.
In a circular dated 23 June, the RBI has prescribed directions...
Micro magic
India’s micro financiers have struck gold while reaching out to the poor and vulnerable
Alfred Romann reports
By most definitions Bihar is one of the toughest places in India to do business. The state is unstable and...
RBI to regulate the issue of short-term NCDs
Non-convertible debentures (NCDs) – traditionally used by companies to meet their short-term funding requirements – need to have a validity of at least 90 days. This is part of new directions, put together by...
New symbol gives rupee elite status
In mid-July, the Indian government announced the Indian rupee would have a new symbol. Designed as a combination of the Sanskrit “ra” and the Roman letter R, the symbol was created by D Udaya...
British PM on India ‘jobs mission’
Britain’s recently elected coalition government has embarked on an ambitious drive to woo India and boost trade and investment between the two countries.
British Prime Minister David Cameron arrived in India on 28 July, bringing...
SEBI legal chief goes solo
Sandeep Parekh, a former head of legal affairs and enforcement at the Securities and Exchange Board of India (SEBI), has set up a boutique law firm in Mumbai. The firm, which is called Finsec...
Japanese bank finds Indian partner
Sumitomo Mitsui Banking Corporation has signed an agreement to acquire a stake in, and a memorandum of understanding for business cooperation with, Kotak Mahindra Bank. The Japanese bank will acquire approximately 4.5% of Kotak...
Foreign firms braced for legal battle
On 4 August, M Ravindran, senior counsel and additional solicitor general for south India, told Madras High Court that the government was in talks with the Bar Council of India (BCI) as to how...
Tighter controls on securitizations
As a fall out of the credit crisis, regulators and governments globally are introspecting on every aspect of financial services regulation – be it policy formulation, administration, implementation or enforcement.
The UK has gone as...
Regulatory changes without bite
Close on the heels of the new consolidated FDI policy (which this column discussed last month), comes yet another regulatory change that is impacting deal-making in India with foreign money. The Reserve Bank of...
Impact of revised pricing guidelines
The Reserve Bank of India (RBI) recently amended the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations 2000 (FEMA Regulation) with respect to the issue price for...
Foreign investment through convertible securities
Foreign investors invest in Indian companies through equity shares or securities that are fully and mandatorily convertible into equity shares within a specified time period. These convertible securities include compulsorily convertible preference shares (CCPS)...
Credit enhancement seeks to lift infrastructure projects
The Indian government permits external commercial borrowings (ECB) as an additional means of finance for Indian companies, thereby enabling them to augment their existing capacity and to supplement domestic resources. According to existing ECB...
Cash trapped
Repatriating funds from India is a highly regulated process that continues to frustrate many foreign investors. Nishant Parikh, Siddharth Sharma and Meghana Singh identify and evaluate some commonly used exit routes
Before investing in any...
Sharing the spoils or spoiling the shares?
Heightened risk aversion and financial prudence on the part of investors may drive a revival of joint ventures. Vandana Chatlani investigates the risks and rewards of joint venturing
To many foreign investors, India’s proverbial legal...
Big bang or big gamble?
India’s new securities rules may trigger a boom in share offerings, but have sparked fears over the liquidity of the market. They have also prompted mixed reactions from listed companies and their legal advisers
George W...
Reserve Bank amends pricing of shares
The pricing guidelines with respect to the issue and transfer of shares from a resident to a non-resident and vice-versa has been revised by the Reserve Bank of India (RBI) through a notification issued...
Bharti Airtel acquires African operations of Zain
On 30 March Bharti Airtel indirectly acquired 100% of Zain Africa, and through it the entire African operations of the Kuwait-based Mobile Tele-communications Company KSC (Zain), except those in Sudan and Morocco.
This acquisition is...
Foreign credit will benefit Indian infrastructure projects
In a move designed to provide continued support and deepen access to credit for the infrastructure sector, the Reserve Bank of India (RBI) has through a series of circulars issued on 2 March, introduced...
The foreign direct investment fuddle
April is normally a time when transactional lawyers look forward to breathing easy and recovering from year-end closings and attendant hectic times of March. But this new financial year, the government has kept us...
RBI relaxes borrowing norms for greater access to capital
External commercial borrowings (ECB) have been an increasingly popular route for Indian enterprises looking for alternative funding avenues outside India. This is particularly because domestic borrowing costs are seen as being much higher than...
The key to success
Opening an Indian office has never been easier for multinational and foreign-domiciled companies. New rules have further expedited the process and created greater transparency
George W Russell reports from Bangalore
Even the most innovative multinational companies...
Holding company structures come under scanner
In an attempt to regulate the corporate holding company structures, the Reserve Bank of India (RBI) on 21 April announced a proposed regulatory framework for governing core investment companies (CICs) with an asset size...
Liberalization: Impetus to technology collaborations
The dependence of developing countries on the technology of developed countries is widely accepted and there are various modes by which it is made available. These include collaborations comprising capital investment, licensing and franchising...
Draft guidelines on short-term NCDs: key issues
With a view to regulating short-term debentures, the Reserve Bank of India (RBI) placed on its website on 3 November 2009 draft guidelines on issuing non-convertible debentures (NCDs) of maturity less than one year....
Liberalizing borrowing norms for infrastructure
The Reserve Bank of India (RBI) classifies non-banking financial companies (NBFC) into three categories: asset finance companies, loan companies and investment companies. All three types of NBFC are expected to maintain a minimum capital...
Rebuilding value
Last year the Indian real estate market saw one of its worst plunges in recent history. The sector is now rebounding, with postponed and cancelled projects back on track
George W Russell reports
One sure sign of...
The greening of India
India is stepping up efforts to establish itself as a global leader in solar energy. Surveying the country’s renewable energy landscape,
Bob Nelson discusses the way forward
As countries continue to come to terms with a...
Under attack
The gloves come off as foreign lawyers face a legal battle in Chennai
Vandana Chatlani reports
Foreign lawyers who thought the worst of the “quit India” campaign against them was over were in for a surprise last...
Tax withholding judgment poses dilemma for businesses
Withholding tax on payments to non-residents has been a bone of contention between the taxpayer community and the tax department. Until recently, the controversy related to whether income in the hands of a non-resident...
Are changes in FCCB pricing norms a boon?
With the gradual liberalization of exchange control regulations in India during the 1990s, Indian corporates have had the ability to raise funds from global markets. A popular instrument, especially in the past few years,...
Foreign investment in Indian retail
The Indian retail market is ranked as one of the most attractive retail destinations globally. Press Note 3 of 2006 permits up to 51% foreign investment in an Indian company in the retail sector...
Clear skies ahead?
As India Inc rediscovers its globetrotting ambitions, outbound investors face complex regulatory challenges at home and overseas
George W Russell reports
Corporate India is developing a fresh enthusiasm for international acquisitions after a lull in 2009....
Master Press Note could clarify India’s FDI policy
While most of the world was preparing for the holiday season, the Department of Industrial Policy and Promotion (DIPP), without much notice and publicity, released a draft Master Press Note on foreign direct investment...
Fairer financial weather leads RBI to amend ECB policy
The Reserve Bank of India (RBI) has made significant amendments to the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, which govern policies relating to external commercial borrowings (ECB).
The changes, which...
What now for foreign law firms?
Legal professionals assess the impact of Bombay High Court’s ruling on foreign law firm liaison offices
Ajay Shamdasani reports
A recent court ruling on the issue of foreign law firm liaison offices has set the global...
Reserve Bank amends ECB policy
The Reserve Bank of India (RBI) has brought in changes to the policy governing external commercial borrowings (ECBs), though its circular 19 of 9 December 2009. The previous policy permits eligible borrowers to raise...
RBI withdraws some ECB policy relaxations
The recent increase in liquidity and availability of capital in the economy has prompted the Reserve Bank of India (RBI) to change its policy on external commercial borrowings (ECBs), reverting to the pre-credit crunch...
Investing in India through convertible instruments
There are certain issues an overseas investor should take into account when structuring an investment in an unlisted Indian company through instruments that are compulsorily convertible into equity shares of the company.
Foreign direct investment...
RBI updating payment and settlement systems
The government of India introduced the Payment and Settlement Systems Act, 2007, to enable the regulation and supervision of payment systems in India. The act empowers the Reserve Bank of India (RBI) to fulfil...
Deals of the Year 2009
India Business Law Journal celebrates the top transactions and cases of 2009 and reveals the law firms that guided them to fruition
Chris Crowe reports from London
India Business Law Journal’s third annual Deals of the...