Delisting of Shares – Half a Step
Publication: Capital Market, November 2009 Article Summary: This article evaluates SEBI’s revised delisting regulations, highlighting improvements in voluntary delisting while identifying gaps in the framework for compulsory delisting. Earlier practices allowed promoters to exploit loopholes, enabling them to delist shares at undervalued prices and deprive minority shareholders of potential upside gains. The revised SEBI (Delisting […]
Limited Liability Partnership Act, 2008 – A Bird’s Eye View
Publication: Corporate Law Adviser, November 2009 Article Summary: This article provides a comprehensive overview of the Limited Liability Partnership (LLP) Act, 2008, positioning LLPs as a hybrid business structure combining features of partnership firms and companies. LLPs assure the advantage of ‘limited liability’ protection to partners while maintaining operational flexibility with minimal compliance requirements, making […]
Carbon Credits – Overall Perspective
Publication: Chartered Secretary, November 2009 Article Summary: This article provided a comprehensive overview of ‘Carbon Credits’ as a market-based mechanism for controlling greenhouse gas emissions. Carbon Credits emerged under global frameworks such as the United Nations Framework Convention on Climate Change (UNFCCC) and the Kyoto Protocol, which imposed emission reduction targets on developed countries while […]
DTC 2009 Spells Death-Knell for Life Insurance Policies
Publication: Dalal Street Investment Journal, September 2009 Article Summary: This article critically examined the taxation changes that were expected to be ushered in by the Direct Taxes Code (DTC), 2009, particularly their impact on life insurance policies and Unit Linked Insurance Plans (ULIPs). The DTC proposed shifting life insurance to an Exempt-Exempt-Tax (EET) regime, under […]
Direct Taxes Code – An Overview
Publication: Taxmann Magazine, September 2009 Article Summary: This article provided a comprehensive overview of the Direct Taxes Code (DTC) Bill, 2009, which aimed at replacing the Income-tax Act, 1961 with a simplified and globally aligned tax framework. The DTC Bill sought to improve efficiency, equity, and compliance by rationalising tax structures and expanding the tax […]
Minimum Public Shareholding – Norm Needs Fine Tuning
Publication: Dalal Street Investment Journal, September 2009 Article Summary: This article analysed the proposal to increase minimum public shareholding (MPS) in listed companies, aimed at enhancing market liquidity and reducing promoter dominance. The proposal sought to raise public float levels, particularly in companies where promoter holdings were significantly high, thereby improving price discovery and reducing […]
Critical Analysis of Appointment, Duties & Remuneration of Directors – Companies Bill, 2009
Publication: Chartered Secretary, September 2009 Article Summary: This article critically analyses the provisions of the Companies Bill, 2009 relating to the appointment, duties, and remuneration of directors, highlighting both structural improvements and regulatory gaps. As outlined on page 1, the Bill introduces modern governance norms, including mandatory board composition requirements such as independent directors and […]
Direct Tax Code – Second Thoughts
Publication: Capital Market, September 2009, Article Summary: This article critically examined the implications of the Direct Tax Code (DTC), 2009, highlighting several structural concerns despite its initial positive reception by the stock market. While proposals such as increasing tax deduction limits under Section 80C appeared beneficial, the broader shift towards an Exempt-Exempt-Tax (EET) regime introduced […]
Taxation of ESOPs – Problem Persists
Publication: Taxmann 2009 Article Summary: This This article examined the taxation framework applicable to Employee Stock Option Plans (ESOPs), particularly in light of the abolition of Fringe Benefit Tax (FBT) and the proposed shift to taxation in the hands of employees. While the removal of FBT was initially perceived as a positive step, the article […]
SEBI’s Attempt to Plug Short Swing Profits Lacks Clarity
Publication: SEBI & Corporate Laws, March 2009 Article Summary: This article analysed SEBI’s amendment to the SEBI (Prohibition of Insider Trading) Regulations, 1992, introducing the concept of “short swing profits” to curb insider trading. The amendment aimed to prevent directors, officers, and designated employees from undertaking opposite transactions (buy/sell) in the company’s shares within a […]