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The Reserve Bank of India (RBI) has made it clear that, from a regulatory standpoint, it prefers that foreign banks operate in India through the subsidiary route. Such a route is not mandatory at the moment, and there remain uncertainties and concerns that will need to be addressed before many foreign banks go down that road
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DSP Merrill Lynch’s general counsel for India, Abhimanyu Singh Poonia, gives his verdict on how India’s regulators are rising to meet the challenges they face
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By Cyril Shroff, managing partner and Satyam Sharat, senior associate, Amarchand & Mangaldas
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The future of Indian Depository Receipts (IDRs) as a viable instrument for investors was shaken this year when the Securities and Exchange Board of India (Sebi) decided on the conditions under which IDRs could be redeemed. Practitioners have since offered mixed thoughts on the future of this instrument, with many market observers expressing concern over the vitality of the IDR market in India
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Kotak Mahindra Capital’s chief legal and compliance officer, Ajay Vaidya, gives a candid assessment of how he selects external counsel, the RBI’s subsidiary proposals for foreign banks, and the Sebi ruling on IDRs
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A conversation with capital markets practitioners from Linklaters
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The notification of merger control regulations this year was a pivotal development in competition law in India. Having come into effect in June, these regulations will play a crucial role in mergers and related transactions in future. Lawyers warn however that the regulations are at a nascent stage, with a number of concerns still to be addressed
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As secretary general of international non-governmental organisation CUTS International, Pradeep S Mehta is playing a key role in framing competition policy in India. This includes offering sobering advice to the competition regulator
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The justice delivery system in India, and the litigation system in particular, has been saddled with some degree of notoriety in recent years for being ponderous and inefficient. Recent developments from the judiciary and the legislature have been encouraging however, with a focused approach on improving litigation processes as well as promoting Alternate Dispute Resolution (ADR) mechanisms
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Godrej Group group counsel Rajiv Bakshi defends the role of the arbitrator, but is less inclined to defend the government when it comes to public interest litigation
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Mumbai-based Dr Amar Supate is principal scientific officer at the Maharashtra Pollution Control Board. He explains to Justin Kung how Maharashtra state is hoping to benefit from instilling a comprehensive, integrated, long-term environmental policy for development
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By Pradeep Parikh, senior adviser (and former vice president of income tax appellate tribunal), and Rajan Vora, head of direct tax litigation, ?Ernst & Young India
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In its 2011 Budget, announced in February, the Indian government increased the limit for foreign institutional investor (FII) investment in corporate bonds by infrastructure companies by US$25 billion. It followed this up in June, when it proposed a broad structure for the introduction of infrastructure development funds (IDFs)
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Gajendra Haldea is adviser to the deputy chairman of infrastructure at the Planning Commission. He told Justin Kung about a sector that is providing lots of opportunities for foreign investors
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Just another patent battle or larger war for management control
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In its annual review of the 50 most influential people in intellectual property, Managing IP magazine has included three entrants from India – or six individuals to be precise
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By Adarsh Ramanujan, Lakshmi Kumaran & Sridharan
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Changes to the Employees Provident Fund Act (EPF Act), which were notified in October 2008, are proving burdensome to multinational companies employing expatriates in their Indian subsidiaries, say lawyers. Of particular concern are the amendments that cover the concept of international workers, under which expatriates in India and Indian workers abroad apply
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Running what amounts to a small in-house law firm at the business process outsourcing subsidiary of Indian IT company Infosys, head of legal Neil Mathur is bullish about legislative developments
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Bankers’ counsel in India expect revised takeover rules to have little impact unless implementation issues are addressed
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As group general counsel of a US$30 billion conglomerate that derives 60% of its revenues from outside its home jurisdiction, Aditya Birla’s Ashok Gupta is ideally placed to comment on efforts to lure greater foreign investment
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By Cyril Shroff, managing partner and Rishabh Shroff, associate, Amarchand & Mangaldas
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Private equity investors welcomed April’s FDI Policy, which has incorporated important changes in an effort to encourage and promote foreign investment in India. One of these involved the allowance of price/conversion formulas to be used in relation to convertible capital instruments, and some lawyers have noted its immediate effect in augmenting FDI inflows in recent months
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Infrastructure Development Finance Company legal directors Pradeep Ratnam and Raju Dodti explain the ins and outs of investment in infrastructure and private equity
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By Cyril Shroff, managing partner, Alice George, principal associate and Smruti Shah, senior asssociate, Amarchand & Mangaldas
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The second annual India Awards, co-hosted by Euromoney Legal Media Group titles International Financial Law Review and Asialaw, took place at the ITC Grand Central Hotel in Mumbai on July 7. The large attendance suggested that a dedicated Indian law awards ceremony is an event that has been truly embraced by both the domestic and international legal professions