Decoding “Ordinary Course of Business” in M&A Transactions
In common parlance, transactions entered in the “ordinary course of business” include transactions carried out in the day-to-day course of business to further the company’s business, in line with its charter documents. Black’s Law Dictionary defines ordinary course of business as “normal routine in managing trade or business”.
Reverse Flipping: Is it Time to Return Home?
In the last few years, several Indian companies shifted their ownership structure outside India due to a host of reasons,
Child’s Play in Digital India: Handling Teen Data with Kid Gloves?
Background It appears that the Ministry of Electronics and Information Technology (“MeitY”) will soon make ready a draft bill for the ‘Digital India Act’ (the “Proposed DI Act”) for public/industry review,
Government Dues and IBC Waterfall: Are We Heading Towards a Non-uniform Approach Across Sectors?
The Insolvency and Bankruptcy Code, 2016 (“IBC”) prescribes an order of priority in which debts owed by the corporate debtor are required to be paid in case of resolution or liquidation.
SEBI Modifies Underwriting Framework for Public Issues
On February 22, 2023, the Securities and Exchange Board of India (“SEBI”) released a consultation paper on, among other things, amendments to the underwriting framework applicable to public offerings under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”). On March 29, 2023, changes were approved …
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Cross-Border Merger Framework in India: Limited Efficacy?
The Ministry of Corporate Affairs (“MCA”) notified Section 234 of the Companies Act, 2013, as amended (the “Companies Act”), and Rule 25A of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016, as amended (the “Companies Merger Rules”), on April 13, 2017, to permit merger and amalgamation of a foreign company with and into an Indian …
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Green Buildings and Energy Efficiency: The India Story
With 10 million new homes required to be built every year to keep pace with Indian housing demand, significant opportunities exist with regard to establishing new techniques in climate-responsive construction. Within this market, green buildings[1] have immense investment potential for both residential and commercial use.
InvIT and REIT Regulations: Recent Amendments
The Securities and Exchange Board of India (“SEBI”) issued amendments on February 14, 2023, to the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 (“InvIT Regulations”) and the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 (“REIT Regulations”). These are primarily governance-related requirements and apply to all infrastructure …
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E-Vroom! An Overview of the Electric Vehicle (EV) Sector in India
The road transportation sector accounts for a significant proportion of global emissions, making electric vehicles (“EVs”) a key focus area, including in India’s union budget announced a few days ago (the “Budget”). Meanwhile, the Indian government remains committed to its national mission on transformative mobility and battery storage (the “E-Mobility Mission”).[1] Over the last few …
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Building Bonds: The Mechanics of India’s Debut Sovereign Green Issuance
Introduction Last year, in India’s Union Budget for the present fiscal, the country’s finance minister had announced[1] that the Reserve Bank of India (“RBI”) would issue ‘sovereign green bonds’ (“SGrBs”) for the purpose of mobilizing resources for green infrastructure, and the proceeds from such bond issuance would be deployed in public sector projects to reduce …
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