Category: Shivam Yadav
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India’s New Global M&A Flavour: Cash-free M&A, SPACs, Roll-ups now possible?
Foreign expansion of Indian companies gets a boost – offshore acquisitions now allowed by share swaps SPACs and roll-ups greenlit – foreign investors can now acquire Indian companies by a share swap….
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Chevron Deference Struck Down: End of Regulator as Judge, Jury and Executioner?
Chevron Deference Struck Down: End of Regulator as Judge, Jury and Executioner? July 11, 2004 Authors: Sidharth Kumar & Shivam Yadav What? The United States Supreme Court has struck down a doctrine of administrative law known as “Chevron deference” in Loper Bright v. Raimondo, by a majority of 6-3 The doctrine held that federal courts…
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Indian HNI investments into offshore funds – RBI addresses industry concerns
Indian HNI investments into offshore funds – RBI addresses industry concerns June 12, 2024 Author: Aditya Jain & Shivam Yadav What? Indian individuals can now invest in offshore investment funds setup as companies or partnerships, which though unregulated themselves are managed by a regulated investment manager as per the RBI circular dated June 07, 2024…
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AIFs Subjected To Beneficial Ownership Threshold Of 10% – Implications?
AIFs Subjected To Beneficial Ownership Threshold Of 10% – Implications? Shivam Yadav What? Since Jan 2024, foreign investors in AIFs have been required to comply with ‘beneficial ownership’ (BO) norms under AML law (PMLA) requiring disclosure of the ultimate natural person investing more than 10% in the foreign investor or exercising control This moves away…
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Shadow trading – a new chapter in Insider Trading? Learnings from US SEC
In a novel case of Shadow Trading, California District Court held that MNPI about one company could count as MNPI for another company if they are economically linked What is Shadow Trading? What is the concept of economically linked entities? How is international jurisprudence…
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RBI eases restrictions on Bank investments into AIF – Why and what next?
‘Evergreening’ of loans by banks, NBFCs, etc. through fund structures shut down through 2 circulars – Banking entities can no longer indefinitely extend loan tenures by transferring their loan exposures to AIFs In RBI’s first circular, banks having indirect exposure to a borrower through an AIF required to either liquidate their…
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Public M&A: Are Warrants attractive price protection instruments?
Recent SEBI informal guidance to Paramount clarifies ambiguity on holding periods for warrantsThough warrants could be listed, listed warrants are almost non-existentUnlisted warrants cannot be transferred (no matter how long they’ve been held for)Shares received upon conversion of warrants are locked-in for 6 months, but unlike other convertibles, the…
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Public M&A: Do List Cos Really Need Omnibus RPT Approvals?
There seems to be an overlap between regular RPT approvals and omnibus approval routecreating ambiguity on what type of approvals must be procured for long term related partycontracts?Listed companies often enter into long term contracts with…
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SEBI is slowly re-defining InvITs: What’s at risk for the product and its institutional audience?
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Strong minority unitholder protections introduced – for both public and private InvITs Private InvITs originally designed to attract large institutional capital – light touch re- gulations allowed flexibility to parties to manage their arrangements…
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Investing into Infrastructure Holding Companies: What if you become a core investment company?
Infrastructure companies are mandated to execute concessions through SPVs, which often results in qualification of the holding company as a core investment company (CIC)CIC risk is often avoided by structuring EPC and O&M revenues through the hol- ding company and swelling …