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Corporate Amicus: June 2013

Squeeze out provisions in the Companies Act, 1956 is the topic of discussion in this June 2013 issue of Corporate Amicus. The article in this issue holds that the principle to majority rule cannot be used to deprive a person or group of persons of their property. Department of Industrial Policy and Promotion has defined 'group company' in the context of Foreign Direct Investment (FDI) Policy currently in force and has clarified some issues pertaining to FDI in multi-brand retail. SEBI had clarified on scheme of arrangements undertaken by listed companies, while Reserve Bank of India (RBI) has reduced the time period for realization of export proceeds. Department of Telecom is considering disallowing crossholding by one telecom company in another, competing in the same circle. Under ‘Ratio decidendi’, Competition Commission of India has held that issue of dominance would not arise in case of franchise agreement. In another case, Delhi High Court has held that terms of shareholders’ agreement will not regulate internal management of company unless the same is captured in the Articles of Association.

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