corporate law

THE Union Cabinet today gave its approval for signing of the Agreement on the establishment of the South Asia Regional Standards Organisation (SARSO) during the forthcoming 15th SAARC Summit to be held in Colombo, Sri Lanka on 2nd - 3rd August 2008. This Agreement is expected to enhance the level of our economic engagements with the SAARC countries by envisaging regional cooperation on st..

India's total outbound investments in joint ventures and wholly owned subsidiaries (WOS) abroad grew by 53.2 per cent in FY 08, at $23.071 billion, as compared to $15.06 billion in the previous fiscal, Reserve Bank said in its monthly report. Total number of proposals, during FY 08, stood at 2,261, much higher than the 1,817 proposals registered in the previous year, posting a growth of..

Recent developments in the Ranbaxy deal have heightened debate over the issue of conducting due diligence of operations of listed companies and whether an adverse development could lead to an open offer under the Sebi (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 ("Takeover Regulations") being aborted. Yet the stock price crashed and then shot back up after the promoters c..

New Delhi : Backed by young Indians, music and gaming are going to be cherry on the pie for the telecom sector growth, with value-added services estimated to reach about USD 2 billion this year, says consultancy firm PwC. India has one of the youngest tech-savvy population, ready to adopt new services, which is giving a fillip to the value-added services (VAS) in the country, a study by Pric..

New Delhi : The Reserve Bank is considering a Finance Ministry's proposal to increase the limit of foreign institutional investors exposure in corporate bonds, while retaining the current overall cap of USD 8 billion, to get long-term fundings for infrastructure. RBI is considering the proposal and likely to take a view on the issue after some time, sources told PTI. The proposal is to inc..

New Delhi : Securities and Exchange Board of India has sought the Supreme Court's intervention on whether the sectoral tribunal, a quasi-judicial body, has the powers to impose penalty on the market regulator. The matter is likely to come up for hearing next week. The regulator said that there were no explicit or implicit provisions authorising the Securities Appellate Tribunal (SAT) to ..

The government is planning to scrap Press Note 1, allowing foreign companies to invest in sectors where they already have a joint venture without obtaining a no-objection certificate (NOC) from their current partner. The NOC condition is applicable for JVs set up before January 2005 and the Foreign Investment Promotion Board (FIPB) clearance is mandatory in such cases. The Department of In..

The woes of special economic zones (SEZ) just don’t seem to end. Fresh trouble has now broken out with the revenue department seeking clarity on provision in the SEZ Act that makes these zones deemed to be outside Customs territory. The matter has been referred to department of legal affairs for a detailed examination, sources said. The issue comes close on the heels of some states writing to ..

The U.S. Department of Justice has accused $1.6 billion (sales) Ranbaxy Laboratories, India's largest pharmaceutical firm, of selling adulterated drugs. In a motion filed July 3 in federal court in Maryland, the Justice Department alleged that Ranbaxy, one of the world's biggest generic drug makers, has engaged in a "pattern of systematic fraudulent conduct," including false and fabricated inf..

India's Reliance Communications Ltd. (RCom) said it is unable to conclude its proposed $66 billion merger with South Africa's mobile operator MTN Group Ltd., 'owing to certain legal and regulatory issues'. RCom said the two parties have mutually decided to call off talks and allow the 'exclusivity agreement' to lapse. On May 26, Anil Ambani-controlled RCom entered exclusive talks to combine ..

A proposed online search advertising deal between Yahoo and Google came under fire at a US Senate hearing as Microsoft claimed that Yahoo CEO Jerry Yang had himself admitted that the agreement would hurt competition. Speaking before the Senate's Judiciary Committee, Microsoft's general counsel Brad Smith recounted a June 8 meeting at the San Jose airport involving Microsoft Chief Executive Ste..

Four days after the news of US government’s legal action against India’s largest drugmaker became public, Ranbaxy CEO and MD Malvinder Singh came out in the open on Wednesday to defend the pharma firm. He said a few rival firms, which include a global pharma company and a leading Indian company and a clutch of stock brokers, were spreading wrong information to hammer Ranbaxy’s share price to ‘ente..

The US government’s legal move against Ranbaxy for allegedly selling adulterated drugs in the US could expose the company to an investigation back home too. Concerned whether shareholders in the company were kept in the dark about potential risks or were given a rosier picture of the state of affairs, the Indian government is set to examine the charges levelled by US authorities and the compan..

Anil Nanda, younger brother of Escorts Group Chairman Rajan Nanda, today approached the Delhi High Court challenging an order by a single bench regarding conversion of Escorts Heart Institute and Research Centre (EHIRC) from a trust hospital into a company. A division bench headed by Justice A K Sikri, however, refused to pass any order after the opposite party led by his brother Rajan Nanda po..

MTN will not comment on media reports that the deal with India-based Reliance may be Communication in jeopardy. “MTN Group Limited and Reliance Communications Limited have agreed to extend the period of exclusive talks until 21 July. At this stage, no further comment can be issued on the discussions. MTN cannot comment on legal matters involving Reliance Communications Limited,” says MTN spokes..