Impact of India’s 18/25 cap on indemnities in cross-border M&A transactions
It is commonplace in global M&A deals for buyers and sellers to strongly negotiate the seller’s indemnity obligations, and many a times,...
India’s tax regulator clarifies indirect transfer provisions in case of redemption of shares outside India
Brief Background Under the provisions of the Income-tax Act, 1961 (the “ IT Act”), the income of a non-resident will be deemed to accrue or arise in...
NTT Docomo finds itself in a tax bind
Brief facts of the dispute On March 25, 2009, NTT DoCoMo Inc., a company incorporated in Japan (“ NTT”), entered into a shareholders’ agreement with...
Brightline tests to determine change of “control” for takeovers a no-go
Introduction In India, under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (the “...
India’s securities regulator on shell companies, exemptions from open offer
Introduction Recently, the Securities and Exchange Board of India (the “ SEBI”) has approved and notified several important changes to Indian...
Supreme Court order may pave the way for out-of-court settlements
Introduction The Indian government enacted the Insolvency and Bankruptcy Code, 2016 (the “ Code”) to consolidate the law on insolvency in India, and...