Articles and Updates

• Phoenix Legal - 28-06-2016

The (Indian) Companies Act, 2013 ("Companies Act") requires a company to issue an abridged prospectus along with the application form for purchase of securities by public. The Securities and Exchange Board of India ("SEBI") had issued the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 ("Disclosure Regulations") which, amongst others, provide the requirements for disclosures to be made in relation to an abridged prospectus. Specifically, Regulation 58(1) read with the Schedule VIII of the Disclosure Regulations identify the disclosure related requirements for an abridged prospectus.

• Phoenix Legal - 01-06-2016

The Insurance Regulatory and Development Authority of India ("IRDAI") has, by way of a circular dated 18 May, 2015, issued the IRDAI (Transfer of Equity Shares of Insurance Companies) Regulations, 2015 ("Transfer Regulations") to govern the transfer of equity shares of insurance companies and prescribe conditions where such transfer would require prior approval of the IRDAI.

• Phoenix Legal - 17-05-2016

The upper house of Parliament (the Rajya Sabha) passed the Insolvency and Bankruptcy Code 2016 on May 11 2016. The code was previously passed by the lower house of Parliament (the Lok Sabha) on May 5 2016.(1) The code is expected to be approved by the president shortly, and with it the much-awaited overhaul of India's cumbersome laws for insolvency and bankruptcy proceedings will officially be in place (for further details please see "Insolvency and Bankruptcy Code 2015: well worth the wait").

• Phoenix Legal - 09-05-2016

Now that the dust has settled, and the din has died down, and the sound-bytes have shot into the ether, and the op-eds have swung between utter condemnation and relentless fawning, one can actually sit down and assess the budgetary proposals free of distraction. The best starting point for this is the speech of Dr. Raghuram Rajan, the current governor of the Reserve Bank of India (RBI) at the inaugural Ramnath Goenka Memorial Lecture at New Delhi on March 12, 2016, which amongst others noted that "the monetary reforms of this Government will stand out as one of its signal achievements".

• Phoenix Legal - 18-04-2016

In Pegasus Assets Reconstruction P Ltd v M/s Haryana Concast Limited1 a division bench of the Supreme Court held that a company court (through the official liquidator) cannot wield any control in respect of a sale of secured assets by a secured creditor in exercise of powers available to the creditor under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002. The decision clarifies the position of law and reconciles conflicting decisions from several high courts.