Will pre-packages arrest delays and speed up distressed deals in India?
Background Micro, Small, and Medium Scale Enterprises (“MSMEs”) have faced a lot of hardships and financial stress during the Covid19 pandemic. The Indian government has taken several measures to mitigate their distress, including increasing the limit of the minimum amount that constitutes a default for the initiation of the Corporate Insolvency Resolution Process (“CIRP”) and …
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SHOULD INDIAN SECURITIES LAW SHIFT FOCUS FROM PROMOTERS TO PERSONS IN CONTROL?
Indian securities law has focussed on regulating, holding accountable and penalizing “promoters” as a result of concentrated family owned businesses which are largely prevalent in India. In this regard, the Securities and Exchange Board of India (the “SEBI”) defines a “promoter” to include any person: (a) who has been identified as a promoter by the …
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