Category: Payaswini Upadhyay
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Part II- DoJ & SEC v Adani: The U.S. Law Perspective
Part II- DoJ & SEC v Adani: The U.S. Law Perspective 16 December, 2024 Download PDF Key Takeaways The U.S. SEC and DoJ have alleged civil and criminal violations by Adani Group’s Gautam Adani, Sagar Adani and Vneet Jain The allegations against them are in their capacity as key managerial personnels at Adani Green Energy…
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FPI To FDI Reclassification: SEBI, RBI Lay Down SOP
FPI To FDI Reclassification: SEBI, RBI Lay Down SOP November 22, 2024 Authors: Hrishikesh Anand & Payaswini Upadhyay What? SEBI, RBI clarify the process for reclassifying FPI investments as FDI Existing framework lacked detailed guidelines on such reclassification As per law, an investor cannot be an FPI and FDI in the same entity. FPI investments…
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Part II: Deal Value Trigger and CCI Approval – How does it affect dealmaking?
Part II: Deal Value Trigger and CCI Approval – How does it affect dealmaking? 15 November, 2024 Download PDF Key Takeaways CCI has notified a new filing trigger linked to deal value – a numerical threshold of over INR 2000 crore + substantial business operations in India test If breached, a CCI filing will be…
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Amendments To InvIT Voting Thresholds
Amendments To InvIT Voting Thresholds October 24, 2024 Authors: Anirudha Sapre & Payaswini Upadhyay What? SEBI amends the InvIT regulations, clarifies that all votes at a unitholder meeting will be calculated on a ‘present and voting’ basis Amendment also simplifies the language of the provisions that spell out the voting thresholds for ordinary unitholder resolutions…
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Part 1: CCI approval for minority PIPE deals – to file or not to file?
CCI’s recent changes streamline the ‘solely as investment’ exemption – most relevant for minority PIPE investments
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Should investors be subjected to “gift-tax” when subscribing to listed shares?
Listed companies generally issue the shares at SEBI mandated floor price. However, allotment of shares due to procedural requirements can happen only after a month or more resulting in stock price run up and notional gains This run up in market price may inadvertently be caught under ambit of “gift tax”, which seeks to tax…
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SEBI Reaffirms Its Linde Order: Non-Cash Deal Terms Must Be Valued
SEBI Reaffirms Its Linde Order: Non-Cash Deal Terms Must Be Valued July 30, 2024 Authors: Shreejith R & Payaswini Upadhyay What? SEBI reiterates its order against Linde India; finds the company in violation of related party provisions under the Listing Regulations Linde had entered into a joint venture with Praxair, its unlisted associate. They also…
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SEBI vs Hindenburg: Separating The Law From The Noise
SEBI issues show-cause notice to Hindenburg, alleges violation of securities laws and fraud Hindenburg in its public response calls SEBI’s notice as ‘non-sense’ and lacking substance ….
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The Road To Take-Private In India: What’s The Most Efficient Route For Deal-Making?
Fixed price delisting debuts as an alternative to RBB, but lackluster in the absence of counter-offer ability Reverse Book Building (RBB) made a bit more palatable with easing of counteroffer mechanics, yet route continues to remain inadequate ….
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IPO-Bound Companies: SEBI Sees Private Equity’s POV
IPO-Bound Companies: SEBI Sees Private Equity’s POV June 27, 2024 Authors: Anirudha Sapre & Payaswini Upadhyay What? SEBI, in an advisory to merchant banks, has allowed for investor protection rights of a shareholder (such as board seat, veto, pre-emptive rights etc) to continue till the company is listed SEBI’s earlier advisory [dated May 29] required…