Category: Shreyas Bhushan
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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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Public M&A: JV’s with exclusivity under SEBI’s scanner – The Linde Case
Independent Directors must pay closer attention to transactions with related parties. They should ask- are there any non-price factors that are not reflected in the transaction price? If yes, what is the value of these factors? Can they trigger the materiality threshold and need shareholder approval? Non-price factors could be a non-compete clause, especially crucial…
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Group Captive Upheld –Stage Set for C&I Secondaries
Fetters on captive open access removed – group open access now has clear, consistent standards. ‘Captive User’ benefit not limited only to those who establish/ set up the plant but also to those who acquire later – providing much needed relief for secondary buyers of C&I assets.
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C&I Green Open Access-play: The next big investment destination for infra funds?
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C&I market significantly untapped – accounts for just 6% of the total renewable power purchases Captive open access the most preferred route – i.e. procuring power for captive consumption from private renewable players using govt. transmission facilities. C&I consumer perspective – low investment, significant cost savings,
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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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Blurring lines between FPI and FDI: Can foreign investors really acquire less than 10% listed stake off market?
Investors face roadblocks in picking up less than 10% listed stake off the market under the FDI routeThe shift from an investor-centric to investment-centric regime has been rather mismanaged, leading to divergent market practices…
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Budget 2023: Impact on InvITs
Distributions out of repayment of debt principal could now be taxed as ‘other income’ – at odds with global standards Distributions out of debt repayments through redemption of units not treated as ‘income’, but reduce cost of acquisition – InvIT / REIT Regulations do not permit redemption of units…
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SEBI’s Proposed Disclosure Regime: Impact on Public M&A and Directors’ Liabilities
Most proposals are well thought through – unintended impact in a few cases Mandatory clarification of media rumours – M&A dealmaking compromised and potential creation of a false market?…
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Unexplored Strategies in the Fortis Saga: Public shareholders and IHH Healthcare exposed to significant collateral damage?
Latest SC judgement uncovers Daiichi’s new approach – Fortis, IHH and, public shareholders under the gun for liabilities of Fortis’ erstwhile promoters Public shareholders will need to brace for impact and be proactive – else risk getting the short end of the stick Legal sanctity of the ‘theory of attribution’ possibly misplaced in the Fortis…
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SEBI orders public disclosure at M&A negotiation stage: Compromises deal certainty and amplifies directors’ liabilities
Listed companies forced to publicly disclose deal details pending finalization of negotiations Investors bereft of price and deal certainty, may even face reputational damage Directors of listed companies may be liable for market manipulation and exposed to litigation if they publicly disclose a deal which then falls through…