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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...
Renewable energy sector: M&A issues and incentives
In recent times, the government of India has reiterated the potential of renewable energy (RE) to meet the growing demand for power in the country. In its February 2015 report on India’s Renewable Electricity...
Service providers’ liability for copyright infringement
The internet has been the most omnipresent form of media for two decades and along with all its benefits and popularity the legal ramifications have increased manifold. These include copyright infringement, which has been...
Analysis of amendments to the Payment of Bonus Act
The Payment of Bonus (Amendment) Act, 2015 (Amendment Act), received presidential assent on 31 December 2015. The Amendment Act provides for major changes in the eligibility limit and calculation of bonus of employees under...
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...
Revamp of Supreme Court to trim backlog and costs
India’s Law Commission in its 229th Report noted the dire need to reduce the alarming backlog of cases in the Supreme Court as well as the spiralling costs of litigation for those living far...
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...
Taking the reins
In-house lawyers have the talent, knowledge and aptitude to become CEOs, writes Kapil Chaudhary
As our businesses become more complex and regulated, there’s a compelling case to be made for lawyer CEOs. There are several examples...
PPP problems
Sumeet Kachwaha and Dharmendra Rautray analyse five key infrastructure construction issues in India
Given the infrastructure gap and resource crunch in India, the country has adopted the public private partnership (PPP) model and now has...
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...
Anti-corruption laws and how to ensure compliance
India’s image for public sector corruption is steadily improving. In 2015, India was ranked 76th (out of 168 countries) in Transparency International’s Corruption Perceptions Index, up from 94th in 2013 and 85th in 2014.
Corruption...
Buying into business ethics
Akhil Prasad and Manoj Kumar Agarwal explain why general counsel should make corporate sustainability a priority
General counsel around the world are increasingly being called upon to play a new and more central role in...
Jurisdiction of labour courts clarified
Allowing an appeal in Nandram v Garware Polyester Ltd, the Supreme Court of India has held that labour courts at the place where a person was last employed and at a place where a...
Liability of heirs of guarantor in suit for recovery
Allowing an appeal in Rohini Kanoi & Anr v Allahabad Bank & Ors, Delhi High Court quashed an order for impleading the grandchildren of a guarantor of a loan in a case where recovery...
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...
Predatory recruitment complaint fails
The Competition Commission of India (CCI) recently rejected a complaint by Air India alleging abuse of dominance by InterGlobe Aviation, holding that “an airline recruiting another airline’s pilots will not bring about structural changes...
Regularization of assets under Black Money Act
Through a press release dated 10 February, the RBI has invited applications seeking regularization of assets held abroad by a resident of India and declared under the Black Money (Undisclosed Foreign Income and Assets)...
RBI relaxes restrictions on trading by NRIs
Through a notification dated 15 February, the RBI has permitted non-resident Indians (NRIs) to purchase and sell securities or units on both a repatriation and non-repatriation basis. With this in mind, regulation 5(3) of...
FDI permitted in LLPs under the automatic route
The RBI has amended schedule 9 of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000, modifying paragraph 4 to permit foreign direct investment (FDI) in...
Proposed changes to FDI controls under the budget
Up to 49% foreign direct investment will be allowed in the insurance and pension sectors under the automatic route subject to the extant guidelines on Indian management and control to be verified by...
Definition of manufacture introduced
The RBI has amended regulation 2 of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000, to include the following definition of “manufacture” after clause (viiA):
“(vii...
RBI replaces rules for immovable property transfers
The RBI has repealed the Foreign Exchange Management (Acquisition and Transfer of Immovable Property outside India), Regulations, 2000, and replaced them with the Foreign Exchange Management (Acquisition and Transfer of Immovable Property outside India)...
Criteria prescribed for determining ownership and control in LLPs
The RBI has amended regulation 14 of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000, to determine “ownership and control” by amending existing clause (i)...
Thresholds for merger control increased and ‘group’ exempted
Through a notification on 4 March, the central government in consultation with the Competition Commission of India (CCI): (a) increased the thresholds for the purposes of section 5 of the Competition Act, 2002; (b)...
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...
SEBI provides exit for dissenting shareholders
The Securities and Exchange Board of India (SEBI) issued a notification on 17 February to amend the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, by inserting chapter VI-A, which gives dissenting shareholders...
Ahana purchases Armstrong unit
Ahana Renewables, a specialized investment firm with headquarters in San Francisco, has purchased the development business of Armstrong Energy Global, a developer, builder and owner of solar farms in India.
Ahana has retained the Armstrong...
HP sells Mphasis stake to Blackstone
The Blackstone Group and private equity funds managed by Blackstone have acquired a majority stake in Mphasis from Hewlett-Packard for approximately US$1.1 billion. This is Blackstone’s largest investment in India to date.
Mphasis is an...
New lease of life for Vastu Housing
Private equity fund Multiples Alternatives, together with a group of former senior bankers (Pramod Bhasin, Samir Bhatia and Vikram Gandhi), has invested over US$10 million in Vastu Housing Finance. The investment relaunches the Mumbai-based...
Tata powers Indo Rama deal
Tata Power Renewable Energy (TPREL) has signed a share purchase agreement with Indo Rama Renewables (IRRL) to acquire its wholly owned Indo Rama Renewables Jath (IRRJL) subsidiary. TPREL is a wholly owned subsidiary of...
Singapore’s GIC in property purchases
Last month Singapore’s sovereign fund, GIC, and Indian real estate developer Brigade Group jointly acquired a 16-acre property in Perungudi, a commercial corridor in Chennai. They purchased the property from Kansai Nerolac Paints for...
Bharat Wire Ropes in public issue
Bharat Wire Ropes listed its shares on the Bombay Stock Exchange and National Stock Exchange on 1 April. The company issued 15.6 million equity shares with a face value of ₹10 each for cash...
GE moves out of finance ventures
General Electric (GE) has agreed to sell its 100% stake in GE Capital Services India and GE Money Financial Services to a consortium comprising Pramod Bhasin, Anil Chawla and AION Capital Partners. The deal...
Engie sells stake in coal-fired plants
Shearman & Sterling has advised French company Engie Global Developments on the sale of its 89.11% shareholding in Meenakshi Energy to India Power Corporation. The deal value was not disclosed.
Meenakshi Energy owns two coal-fired power...
NTPC completes offer for sale
The government has divested 5% of its equity in NTPC, India’s largest state-run power producer, raising US$731 million through an offer for sale (OFS). The sale reduces the state’s share in NTPC to 69.96%.
The...
Medicover to open 50 fertility clinics
Medicover Healthcare, the leading private healthcare organization in central and eastern Europe, has retained boutique healthcare and environment law firm Trust Legal to advise on its US$100 million investment in India’s healthcare sector.
Medicover focuses...
Mandala gets CCI nod for investment
Mandala Capital has obtained approval from the Competition Commission of India (CCI) for a ₹2.9 billion (US$43.5 million) investment in Jain Irrigation Systems (JISL) and a ₹4 billion investment in Jain Farm Fresh Foods...
PDS Legal wins tax relief for Flipkart
PDS Legal has won a tax case for e-commerce company Flipkart in Allahabad High Court. Delhi partner Tarun Gulati and principal associate Kishore Kunal obtained an order from the court against Uttar Pradesh’s value...
HSA expands partnership to 19
Delhi-based Arun Mani and Avijeet Lala have been elevated to the partnership at HSA Advocates. Mani has been with HSA since 2009 and is part of the firm’s disputes and infrastructure practice group. Lala...
Argus inducts new salaried partners
Argus Partners has promoted four lawyers as salaried partners from 1 April.
They are: Aastha (banking and finance) and Shubha Karra (infrastructure and education) in Mumbai; Kumar NJ (litigation and real estate) in Bangalore; and...
Alpha merges with Seth Dua
Noida-based law firm Alpha Partners has merged with Seth Dua & Associates. Alpha founder Akshat Pande will head Seth Dua’s Noida office, backed by his 10-member team. The team specializes in private equity, venture capital,...
Khaitan lawyers rise up the ranks
Khaitan & Co has promoted 12 lawyers to its partnership, eight lawyers to associate partner level and four lawyers to the role of counsel. A total of over 100 promotions across ranks and offices...
Sodhi’s new firm offers GC services
Shruti Sodhi, the former chief compliance officer at Aircel, has set up Word & Law, a firm that provides niche general counsel services to companies. “In terms of the idea, I had to think...
Star partner at JSA prepares to go solo
Somasekhar Sundaresan, an equity partner at J Sagar Associates and a member of its executive committee, will leave the firm by the end of 2016 to become an independent counsel. Sundaresan will focus on...
Tatva Legal partner Ekta Bahl opts for seat at Samvad Partners
Ekta Bahl has left Tatva Legal in Hyderabad to join Samvad Partners as a partner with effect from 1 April. She will establish Samvad’s operations in Hyderabad to extend its reach to Andhra Pradesh...
ELP recruits Hariani lawyer
Dinesh Pedneker, a litigation and dispute resolution lawyer, has joined Economic Laws Practice as an associate partner in Mumbai.
He moved to ELP from Hariani & Co, where he practised for almost four years. Before...
Prasad plans exit for counsel practice and politics
Anand Prasad, one of the founding partners of Trilegal, has announced he will leave the firm next year to pursue a career as an independent counsel and focus on politics.
Asked whether this was a...
A fantastic issue
Dear Editor,
What a fantastic February 2016 issue! While I would admit I generally have a “short attention span”, I actually read the issue cover to cover. Some great features – the views in Spotlight (Funds in...
Ground realities
Dear Editor,
I read your coverage on the proposed bankruptcy code (New hope for creditors) in the March issue with interest. The article crisply captures the length and breadth of the code and what it...
Time to make in India?
“Nobody gave us a chance but every game somebody stepped up and took responsibility”
Words spoken in victory by Darren Sammy, captain of the West Indies cricket team, at the recently concluded World T20 tournament...
Play it again
Are we entering a new era for IP protection in China? Or are infringement and compliance issues singing the same old song?
Leo Long looks for answers from in-house counsel
Officials are dubbing it China’s “IP era”...
IP world tour
Intellectual property rights and protection remain a vital sector for Chinese outbound investors. Joanna Law stops off at some global IP hotspots
No matter where you look in the world, it’s a certainty that a...
Sealing approval
Simplifying government and delegating authority has driven a boom in overseas investment by Chinese enterprises. So how should Chinese and foreign counterparties allocate Chinese government approval risks, asks Leslie Zhang
How to allocate and handle...
Determining foreign law
In today’s world, where cross-border transactions are increasingly common, there are many disputes in which issues will be governed by foreign law. This may be because the governing law of a contract is a...
Is clampdown on Swiss stem cell therapies justified?
In Switzerland, an increasing number of organizations have been offering stem cell therapies for the treatment of a broad range of diseases and conditions including neuro-degenerative diseases, strokes and traumatic brain injuries, diabetes, heart...
Steps to making it safely through a CFIUS review
On 23 February, Unisplendour Corporation announced its decision to terminate the acquisition of Western Digital, a US storage giant, due to concerns regarding the review process of the Committee on Foreign Investment in the...
Impact of new Commercial Companies Law on LLCs
Federal Law No. 2 of 2015 Concerning Commercial Companies (CCL) came into force on 1 July 2015, replacing the previous Commercial Companies Law (Federal Law No. 8 of 1984). The CCL contains a number...
Applications must heed: ‘what is not claimed is disclaimed’
Recently, patent applications have been rejected at the Indian Patent Office where the claims have been amended to change the scope of claim, not necessarily by narrowing or broadening, but by amending and directing...
When are foreign arbitral awards contrary to public policy?
Article 5.2(b) of the UN’s Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the New York Convention) specifies that if the recognition or enforcement of an award would be contrary to the...
Guarding against real estate trust investment risks
Where returns on bank wealth management products have dropped significantly, ordinary investors have started to place their confidence in investing in real estate trust investment products. The basis of this confidence is that effective...
Examining revisions to Catalogue of Telecom Services by Category
The Catalogue of Telecommunication Services by Category is a piece of legislation that complements the Telecommunication Regulations and exists separately in the form of an appendix. Since its issuance and implementation as an appendix...
Innovation the key for PPP project operational models
In addition to the traditional BOT (build-operate-transfer), TOT (transfer-operate-transfer), and ROT (rehabilitate-operate-transfer) models, a vast number of innovative operational models for PPP (public-private partnership) projects have arisen in light of the specific circumstances of...
Sifting past and present requirements for operating an e-business
China’s booming e-business industry is one of the key areas foreign investors focus on. Many e-business enterprises are backed by private equity funds. Before the release of the Circular on Removing the Restrictions on...
Issues with transfer of staff during M&A transactions
Merger and acquisition (M&A) transactions involve not only the transfer of assets, equity and debts, but also issues with the transfer of staff. Here there are two major concerns: how working hours are counted...
Avoiding disputes, risk with domestic trade credit insurance
Due to its marked financial attributes, short-term domestic trade credit insurance has played an active protective role in domestic trade, particularly commodities trading, in recent years. However, due to the slowdown in the Chinese...
Does copying an app name constitute trademark infringement?
The 10 bright spots in internet development in China during the 12th Five-Year Plan published by the China Internet Network Information Centre (CNNIC) at the end of October 2015 reveal there were 594 million...
Challenges relating to evidence collection within China by foreign parties
For foreign and domestic parties alike, collection of evidence within China can raise some interesting and specific issues. Such evidence may be foundational for a dispute before a PRC court or arbitral institution, a...
AVCJ 29th Annual Private Equity & Venture Hong Kong Forum
The AVCJ Forum brings together over 1,000 of the world's leading GPs, LPs and other professionals for three days of quality discussions, speeches and networking. Often copied but never duplicated, the AVCJ Forum combines...
The 8th China Overseas Investment Fair (COIFAIR)
Chinese web： http://www.codafair.org/
English web： http://en.codafair.org/
AVCJ Private Equity & Venture Forum Singapore
Book now for your 10% discount. Email book@avcj.com quoting the discount code CBLJ_SG16 for China Business Law Journal readers.
American Conference Institute (ACI) 2nd China Seminar on Antitrust
This exclusive conference is specifically designed for China in-house counsel, antitrust lawyers and consultants, and will provide a comprehensive and up to date China antitrust road map. ACI has selected the leading in-house counsel,...
INTA’s 138th Annual Meeting
China Business Law Journal and India Business Law Journal are proud to be media sponsors at the International Trademark Association's annual meeting in Orlando. Come and visit us at booth 1027 in the exhibition hall.
Innoxcell Annual Symposium Singapore
For our readers: Quote 'CBLJ IAS2016' to obtain your discount
Innoxcell Annual Symposium Shanghai
For China Business Law Journal readers: Quote 'CBLJ IAS2016' to obtain your discount
Legal Counsel Congress
The 13th edition of the Legal Counsel Congress and 5th edition of IDEX LEGAL Awards is all set to be hosted on 22nd April 2016. The conference focuses on addressing operational challenges faced by...
2nd ICC Asia Conference on International Arbitration
‘Still time to register: 2nd ICC Asia Conference on International Arbitration, 28-30 June 2016, Hong Kong’. Please go to the events registration page and enter the following promotion codes to obtain your 10% discount on...
Judicial authorities differ on Trademark Law interpretations
Regardless of the different opinions on “made in China”, the “OEM plus export” business model has developed rapidly in China. OEM (original equipment manufacturer) is a model where an overseas company engages a Chinese...
Anti-Unfair Competition Law revisions get tough on bribery
The State Council on 25 February released for public consultation draft amendments to the Anti-Unfair Competition Law (AUCL), the first time it has done so in more than 20 years since the law’s enactment....
Tax risks and compliance issues in corporate equity M&A
In M&A transactions, especially in equity deals, tax-related issues directly affect the transaction costs for the acquiring party, as well as the taxation risks after the acquiring party takes over the target company. This...
Domestic parties need to prepare for outbound joint venture disputes
Last year saw a record high of about 600 China outbound deals with a total value of more than US$112 billion. Towards the end of the first quarter of 2016, Chinese corporations were already...
Contract choices for importing and localizing equipment technology
With a common pursuit of major developments in designing and manufacturing technological equipment in China, a series of innovative projects has been accelerated in the past decade or so. To satisfy an increasing appetite...
New regulations on residence permits for PRC citizens
The new Interim Regulations on Residence Permits promulgated by the State Council took effect on 1 January 2016. Under these regulations, a PRC citizen who resides in another city outside his or her original...
Family Planning Law changes impact leave entitlements
On 27 December 2015, the National People’s Congress (NPC) Standing Committee adopted changes to the Family Planning Law, which used to encourage couples to marry and give birth later in life (the so called...
NPC fast-tracks emerging cybersecurity regime
The Standing Committee of the National People’s Congress (NPC) passed the 9th Amendment to the Criminal Code in August 2015, and the new Anti-terrorism Law about four months later. Both have now come into...
Aviation finance expert to build Pillsbury’s Hong Kong office
Pillsbury is applying for a licence to open a Hong Kong office, and has appointed Paul Jebely to lead the new office and the firm’s expanding transportation finance practice. Jebely joined from Clyde &...
Three legal veterans join AnJie Law Firm’s Beijing office
AnJie Law Firm has recently made three appointments to its Beijing office, including an expert in government affairs and two intellectual property (IP) partners.
Gillian Xi has joined as senior counsel on policy and government...
Stephenson Harwood, Wei Tu form association via CEPA
Stephenson Harwood has entered into an association with Chinese law firm Wei Tu under the name Stephenson Harwood – Wei Tu (China) Association.
The association was formed under the Closer Economic Partnership Arrangement (CEPA), a...
State-owned companies agree to massive property deal
China Overseas Land & Investment is to expand the presence of its property assets across China by inking an agreement to purchase a large-value property portfolio from CITIC Group, at a time when the...
Bain Capital acquires prominent medical service provider in China
Bain Capital Private Equity recently announced the acquisition of a majority stake in Asia Pacific Medical Group (APMG) to meet the growing demand for medical services in China.
APMG is a leading private hospital group...
Chinese banks back Cinda’s purchase of Nanyang Commercial Bank
A consortium of Chinese lenders led by China Construction Bank has agreed to provide a HK$39 billion (US$5 billion) term loan facility for China Cinda Asset Management to acquire Nanyang Commercial Bank, marking the...
Asia Business Law Journal
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Panacea or problem?
Fast-paced reforms are being pumped into health-related industries, but are they well prescribed or will they cause more pain for unwary investors? Richard Li reports
A growing middle class and an aging population, rising life...
Cancer at the core
It can be difficult to tell when fruit goes rotten from the inside. Violet Ho offers practical advice for mitigating insider fraud risks in China
No company in any industry is immune to insider fraud, which...
Special brew
Mixing the conservative legal world with the risk-taking brashness of successful business is a challenging recipe for in-house counsel to follow. Tom Yu offers frank and valuable insights on how to balance the brew
There is...
Power hungry
As China’s appetite for energy increases, so does its desire for sources that will alleviate a traditional reliance on foreign oil. Vanessa Ip reports on the quest for alternative energies
The world’s largest energy consumer’s...
Syndicated lending
A company can raise finance for its business purposes in many different ways. For example, it can raise equity finance through the issuance of shares. Alternatively, it can raise debt finance in the form...
Amendments to the Swiss disclosure, takeover regime
On 1 January 2016, the new Financial Market Infrastructure Act (FMIA) entered into force. Apart from supervisory provisions for the operation of financial market infrastructures and rules concerning derivatives trading, the FMIA also contains...
Legal risks in M&A of overseas manufacturing enterprises
Earlier this month, China National Chemical Corp (ChemChina) announced that it made an offer of US$43 billion to acquire 100% equity of Swiss agrochemical giant Syngenta International. Once completed, this is expected to be...
Unified trademark law for GCC has pros and cons
Since 2007, there have been significant talks between members of the Gulf Co-operation Council (GCC) about adopting a unified trademark law. This article will look at key elements of the GCC Unified Trademark Law.
The...
Judgments make patent eligibility easier pill to swallow
Indian jurisprudence is developing with the recent judgments and decisions issued by the courts and the Controller of Patents. Patent decisions are attracting the pharma industry and making both innovators and generics alike re-examine...
Exploring the extraterritorial application of antitrust laws
In early 2013, an enterprise in country A intends to set up a join venture enterprise Z with an enterprise in country B. Joint venture Z is a business that involves the simple processing...
Boundaries where antitrust laws are applicable to SEP
Standard Essential Patent (SEP) is a recent hot term for the study of antitrust practice in China. This article relates to the applicable boundaries imposed by the antitrust law, public and private equity rights,...
Curbing risks with independent guarantees in construction sector
In recent years, with the continuous stream of international projects contracting business and the vigorous growth in the investment in, and construction of, domestic infrastructure, independent guarantees have repeatedly made an appearance in the...
Disputes over laws applicable to procurement for PPPs
The competition between private investors for public-private partnership (PPP) projects has reached white-hot intensity. In a few of the projects which the author handled recently, potential investors lodged complaints against each other over the...
Fundamental methods for the dismantling of VIE structures
A captive structure, or a variable interest entity (VIE) structure, is a method of compromise used by foreign investors for their investment in certain domestic industries in China. The reasons behind its adoption include...
Types and targets of inbound M&A by foreign investors
Foreign investors in China typically set up wholly foreign-invested companies or partner with Chinese investors to establish Sino-foreign joint ventures or co-operative enterprises. To penetrate the Chinese market and speed up the execution of...
