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Corporate Amicus: April 2013

Sweat equity shares and the laws governing them is the topic of discussion this month. This April 2013 issue of Corporate Amicus covers article which deliberates on various aspects of issuance of such shares. Foreign Direct Investment (FDI) Policy has been further relaxed and hence a circular consolidating all the changes has been issued by the Indian Government. Requirement of ownership of the brand, in case of single brand retailing, by the foreign investor has been done away with. Ministry of Corporate Affairs has clarified that where the effective rate of return on tax free bonds is greater than the yield on prevailing bank rate, purchase of tax free bonds shall not be a violation of the Companies Act, 1956. Further, SEBI Takeover Regulations have been amended to incorporate changes relating to timing of making a public announcement. Supreme Court of India has delinked the environment and forest clearances for the infrastructure road projects, thus ending a two year old deadlock. Under Ratio decidendi, this issue covers recent Delhi High Court order which held that Indian laws cannot be ignored even when there is a choice of law in agreement to arbitrate. Competition Appellate Tribunal has held that no appeal lies before it in cases where the Director General has found violation of the Competition Act, 2002, but the Competition Commission of India had chosen not to proceed.

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