Category: Uncategorized
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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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Paytm’s ESOP Scheme Stock Options To Founders Under SEBI Scanner
Paytm’s Esop Scheme Stock Options To Founders Under SEBI Scanner October 15, 2024 Authors: Shreejith R & Payaswini Upadhyay What? Just prior to its listing in 2021, Paytm called a shareholder vote to approve removal of its founder Vijay Shekhar Sharma as promoter Paytm then granted Sharma 21 million stock options – which it couldn’t…
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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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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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Should Holding Companies Like Tata Sons Be Forced to List?
Should Holding Companies Like Tata Sons Be Forced to List? August 14, 2024 Author: Sharia Shoaib What? RBI’s Scale Based Regulations (SBR) classified Tata Sons, a core investment company (CIC) in the upper layer of Non-Banking Financial Companies (NBFC-UL) in September 2022, subjecting it to the mandatory listing requirement by September 2025 SBR for NBFCs…
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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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Employee Incentivisation in InvITs – What is SEBI regulating?
SEBI introduces framework for unit-based employee benefit plans for employees of the investment manager of the InvIT. All such plans now to be managed through an employee benefit trust (EBT) Trust can acquire units from the secondary market or get them from the manager (swapped for management fees) – in each case subject to 60%…
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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 ….