Mergers & acquisitions, the phenomenon has been a part of business for the developed countries for a long time. A combination of factors - increased global competition, regulatory changes, fast changing technology, need for faster growth and industry excess capacity - have fuelled mergers and acquisitions in recent times. Emerging markets like India have also shown aggressive approach. India Inc. has seen  some big deals recently like Reliance Power and Reliance Natural Resources merger, Airtel’s acquisition of Zain in Africa, ICICI Bank buys Bank of Rajasthan and many more. CCH India, in order to provide a rich insight from India’s M&A leaders and experts in conducting best-practice M&A strategy, transaction, integration and execution, is organizing The Global M&A Strategy Conclave 2011. The conclave is being held in Mumbai on 26th & 27th May 2011. With a detailed and dedicated focus on cross-border acquisition, large cap-acquisitions, joint ventures, trade flows between key Indian markets such as Europe and the US, etc. This leading conference will attract only the highest talent of speakers, industry experts and delegates alike, offering best insight into current M&A issues, financial trade issues, stimulating debate, panel discussions, informal networking opportunities, business network meetings and the chance to interact with all the leading market movers and shakers of the industry under one roof.
This master-class event will address the current issues affecting the variant industries in India dealing with Mergers and Acquisition, design a successful cross border strategy, mitigate risk for an M&A deal, examine local and global markets, and help you achieve a smooth deal completion and company integration. For further details, please contact Bhawana Khati at bhawana.khati@wolterskluwer.com
or +91-124-4960951.

Increasing Diversity by Increasing Access to Legal Education (IDIA) along with IMS is conducting its first ever CLAT National Aptitude Test on April 4, 2011. IDIA plans to choose a few financially weak students for free training and coaching for the Common Law Admission Test (CLAT) 2011. Once the students are selected, IDIA would then send them to IMS for the crash course during the months of April-May. IDIA has partnered with IMS, to use the infrastructure and to hold a national aptitude test for CLAT which will be held on May 15, 2011.  The test is being conducted in all the major cities in the country. The duration of the test paper will be one hour. Last date for registration is April 2, 2011. More test centres will be added depending on the registrations. Students planning to take the I-NAT can register by emailing their details at idianat2011@gmail.com or can call the following IDIA volunteers: 

Ananthu: +91 89433 11480

Indu: +91 89433 11939
s
Arya: +91 98092 11993

Yaashna: +91 91635 74614

I-NAT is being coordinated by two proactive volunteers, Diptoshree Basu from NUJS and Raghul Sudheesh from National University of Advanced Legal Studies (NUALS).

The Gujarat National Law University organised the First GNLU International Conference on Trade and Competition Law on 5-6 March, 2011 inaugural function followed by sessions and paper presentations for two days. Hon’ble Mr. Justice Deepak Verma, Judge, Supreme Court of India and Hon’ble Mr. Justice Ravi R. Tripathi, Judge, High Court of Gujarat graced the occasion. The inaugural session witnessed the launching of first ever journal on trade and competition law – Developing World Review on Trade and Competition (DWRTC). Welcoming the delegates Mr. Bimal N. Patel, Director, Gujarat National Law University pointed out that the conference is aimed at addressing the burning issues on international trade and competition in an integrated manner.
Hon’ble Mr. Justice Deepak Verma and Hon’ble Mr. Justice Tripathi well appreciated the contribution of GNLU in the reduction of backlog of cases in the High Court and District Courts of Gujarat. Both the Hon’ble judges have time and again appraised the pro-active actions like Swarnim Gujarat Legal Reform initiated by the Director of GNLU, Mr. Bimal N. Patel in reducing backlog of cases in lower courts, and enhancing standards of legal education in the state of Gujarat. Subsequently, Dr. Navneet Sharma, Director, CUTS Institute of Regulation and Competition, New Delhi was the key note speaker dealing on the various aspects of free trade agreements entered into by India chaired by Dr. T. R. Subramanya, Registrar (Evaluation), Bangalore University. The discussant Mr. Shreyas Jayasimha, Partner, AZB & Partners, Bangalore registered a critical evaluation of issues and challenges emanating from the World Trade Organization. The Dean of Academic Affairs, Dr. Shobhalata Udapudi, congratulated the organisers and wished the participants that they may have a highly intellectual interaction paving the path for a network for advanced research. The conference was well represented by the delegates, academicians, scholars, and other stake holders from across the country.

LII of  India  is a  joint project of  the National Law Schools of Hyderabad, Delhi, Bangalore, Kolkata and the RGSOIPL, IIT Kharagpur in conjunction with the Australasian Legal Information  Institute  (AustLII)  to  provide  free  online  access  to  Indian  Legislations, Treaties, Case Laws and other legal resources. LII of India is part of the Free Access to Law Movement which aims  to provide  free  information about  laws and  treaties  free of cost to the public, legal profession, universities and governments. LII of India has received initial  funding assistance  from AusAID. LII was launched on 9th March, 2011 be by Dr (Shri) M Veerappa Moily, Honourable Union Minister of Law and Justice, Government of India. Other Guests of Honour to speak at the launch  included Dr Lachlan Strahan, Australian Deputy High Commissioner, the Chief Justice of the Delhi High Court, the Chairman of the Law Commission of India, and the Chairman of the University Grants Commission. LII of India now has 107 databases, as we have today added a further 28 databases of State and Territory legislation.

George Washington law school successfully defended the 3rd GNLU International Moot Court (GIMC) by defeating NALSAR University of Law, Hyderabad in the finals which were held at the Cambay Golf Resort & Spa in Gandhinagar, Gujarat on 13th February, 2011. The George Washington team comprised of Sean Williamsson and Jeremiah Newhall who also bagged the ‘best speaker’ trophy for the competition while the NALSAR team comprised of Chitra Rentala who was adjudged the ‘best speaker’ in the finals, Mandavi Singh and Anusha A. Sinha. RMNLU, Lucknow bagged the trophy for the best memorials. In addition to books from Westlaw which was one of the sponsors of GIMC, the winners received a free scholarship to pursue summer school in international trade law at the World Trade Institute at Berne, Switzerland while the runners and the team winning the best memorial got internship offers from Luthra & Luthra Law Offices. The winning team also got a complimentary subscription from India Law Journal which was the ‘Online Law Journal Partner’ for the event. The other semifinalists were NLU Jodhpur and NLS Bangalore. The finals was judged by a seven judge bench comprising of Shishir Priyadarshi, Director, WTO; Prof. Bimal N. Patel, Director, GNLU; Hon’ble J. M.B. Shah (Retd.), Supreme Court of India; Dr. Christian Haberli, Senior Research Fellow at the WTI; Moushami Joshi, Partner, Luthra & Luthra Law Offices; Dr. S.K. Verma, Director, Indian Society of International Law and Prof, Krista, University of Basel. According to the GIMC Student Convener, Manju Sagar B.S, “It is an honour for GNLU to partner with the WTO and we look forward to an even more fruitful partnership with them in the near future.”

Amarchand & Mangaldas & Suresh A. Shroff Co. was awarded the prestigious India Business Law Journal’s 2010 Indian Law Firm Awards. The Firm was awarded for 13 categories including Law firm of the year Award which is awarded to only one firm.  The thirteen awards won by the Firm include:

• Law Firm of the year
• Best Overall Law Firm
• Banking & Finance
• Capital Markets & Corporate. Finance
• Competition & Antitrust
• Corporate & Commercial
• Dispute Resolution
• Energy, Projects & Infrastructure
• IT, Media & Telecommunications
• Mergers & Acquisitions
• Private Equity & Venture Capital
• Restructuring & Refinancing
• Securitization & Structured Finance

Delighted at his firms’ achievements, Mr. Shardul S. Shroff, Managing Partner, Amarchand Mangaldas, said, “It gives us great pleasure to be recognized for our hard work, sincerity and dedication. We aim to provide the best service for our clients. The Award is a motivator to keep performing even better.”

Wasim Khan, an advocate practicing in the High Court and subordinate courts in Andhra Pradesh has written to the Registrar (Judicial) of the A.P High Court as well as to the President, of the High Court Advocate’s Association regarding Resolution No. 58/2006 of the Bar Council of India and amendment of Chapter III A in part VI of the Bar Council of India Rules abolishing the addressing of the Honourable High Court and Honourable Supreme court judges as “MY LORD” and “YOUR LORDSHIP” but to address them as “YOUR HONOUR” or “HONOURABLE COURT”. Please
click here for viewing the letter written by Wasim Khan.

Recently, the adjudicating officer of the Securities and Exchange Board of India imposed a penalty of 2.5 million on one of the leading domestic intermediary Enam Securities Private Limited which was the merchant bankerfor its violation of the provisions of Regulation 13 of SEBI (Merchant Bankers) Regulations, 1992 alongwith relevant provisions of the erstwhile SEBI (Disclosure and Investor Protection) Guidelines, 2000. SEBI conducted an inspection of books and records of the merchant banker in August 2005 to examine the role of the merchant banker in the public issues. Thereafter, in June 2007, based on the above inspection, a notice was issued to the Enam Securities requiring it to show cause as to why an inquiry should not be held against it and why penalty, if any, should not be imposed on it under Section 15HB of the SEBI Act, 1992 for violation of the provisions of Regulation 13 of SEBI (Merchant Bankers) Regulations, 1992 and certain provisions of then existing DIP Guidelines issued under SEBI Act, 1992.

The Delhi High Court in the case of Shriram Bharatiya Kala Kendra Vs Shubha Mudgal & Anrrejected an amendment application brought after 14 years from filing of the Suit, where Plaintiff sought to expand the scope of the suit to include infringement of copyright in 'musical work' when the original suit was filed claiming copyright in 'sound recording'. The suit was filed by Plaintiff in the year 1996. The scope of the original suit was allegations of violation of Sec. 14 (1) (e) of the Act i.e. infringement of copyright subsisting in their Sound Recording. After 14 years Plaintiff brought about an application for amendment of Plaint, inter alia, pleading that music composed by Shubha Mudgal amounts to joint authorship and Plaintiff claimed ownership in musical works and on the basis of that the Plaintiff allege contravention of Sec. 14 (1) (a) of the Copyright Act, 1957 by the Defendants.

In a move that is likely to give a fillip to development activities along the coastal zones of India, the Ministry of Environment and Forests issued the Coastal Regulation Zone Notification 2011 repealing the erstwhile Coastal Regulation Zone Notification of 1991 The MOEF has also issued a separate island protection zone notification regulating development activities in the islands of Andaman and Nicobar and Lakshadweep. Based on the recommendations of the “Final Frontier” report prepared by Dr. M.S. Swaminathan Committee on coastal regulation, CRZ 2011 seeks to provide for a revised regulatory framework catering to the peculiarities of the different coastal zones of India.

The Delhi High Court rejected the Delhi Metro Railway Corporation’s plea to protect their designs from disclosure under the Right to Information Act on the ground of Copyright infringement. In the case of Delhi Metro Rail Corporation Limited Vs Sudhir Vohra, the court held that the DMRC being an instrumentality of the State cannot claim an exemption of disclosure of information under the RTI Act on the ground that such disclosure would violate their copyright. The Respondent who was an architect, made an application under the RTI Act before the Central Public Information Officer of DMRC seeking all the structural drawings and other design related information of the Metro Pillar No. 67 which collapsed on July 12, 2009 killing seven people. The CPIO of DMRC declined to disclose the information on the ground that it was the intellectual property of DMRC and maintained that such disclosure was exempted under Sec. 8 (1) (d) of the RTI Act, which protects disclosure of confidential information. The Respondent appealed before the Appellate Authority of DMRC, which concurred with the CPIO. Respondent filed the next Appeal before the Central Information Commission which also was in the favour of DMRC and it is against this order that the respondent appealed before the Delhi High Court.

The Mumbai bench of the Income Tax Appellate Tribunal in the Reliance case recently adjudicated on the tax treatment of transactions involving payments for the license of software. Clubbing several common appeals filed by the Revenue Department, the Tribunal relying on judicial pronouncements and relevant commentaries reiterated the distinction between the purchase of a copyrighted article as juxtaposed to the copyright itself. The Tribunal opined that, a transaction involving the payment for purchase of a copyrighted article does not fall within the ambit of ‘royalty’ under Article 12 of the India-US Tax Treaty. In this case, Reliance Industries Limited entered into a license agreement with M/s TIBCO Software Inc. under which it obtained a perpetual, non-excusive and unlimited license for the use of software for internal operations such as ASP services and Web Hosting services. The Assessing Officer after examining relevant provisions of the Copyright Act, 1957 and the Income Tax Act, 1961 directed Reliance to deduct tax at source under section 195 (2) of the ITA, since  the said license was for the use of software and  was taxable both under the ITA and the Treaty as royalty. Given that the definition of ‘royalty’ under the ITA includes a transfer of all / any rights in respect of, a patent, invention, secret formula or other such similar property, the AO was of the view that the software could also be termed as patent or invention and scientific work. On appeal, this order was reversed by the Commissioner of Income Tax. The two important issues that were raised by Reliance before the Tribunal were firstly, whether payment for such software was in the nature of business receipts and secondly, whether such payment could be considered royalty, thereby attracting income tax in India.

According to a Times of India report, the Kerala High Court recently dismissed a petition challenging the state government's plans to co-promote an Islamic finance institution. This move could now pave the way for introduction of Islamic finance products by existing lenders and also reduce regulatory objections for an Islamic Bank. A Division Bench of the Kerala High Court dismissed petitions objecting to the creation of an Islamic financial institution and said the proposed body was to work in accordance with financial laws of the country even while it complied with sharia rules. The key difference between Islamic and conventional banking is that while the conventional form offers interest on deposits mobilized, Islamic finance works on the principles of investment and sharing of profits. The move has much broader implications considering Islamic finance has not taken off due to a stand taken by the Reserve Bank of India that such a form of banking is not possible given present regulation.

According to the Reuters, Russian potash miners Uralkali and Silvinit are all set to enter into a legal battle to complete their $23.9 billion merger after a Russian court halted the process following a claim by investor Acron. Uralkali and Silvinit which are both majority owned by billionaire Suleiman Kerimov and associates agreed merger terms at a shareholder meeting earlier this month. The combined group would be the world's second biggest producer of potash, a key ingredient in fertilizer, and now a hot commodity in a world struggling to cope with growing pressures on food supplies. Fertilizer group Acron  with 6 percent of Silvinit had opposed the deal since it believes that the  terms are stacked against minor shareholders in Silvinit and strongly favor those in Uralkali. The Russian court issues a temporary injunction on the merger agreement pending a hearing on April 12. However, the court action did not affect the completion of Uralkali's purchase of a 20 percent stake in Silvinit, which forms part of the merger process.

According to a Wall Street Journal report, Harvard University has issued $600 million in municipal bonds. Harvard had to agree to an interest rate above a benchmark and also reduce the amount it intended to borrow by about 20%. Harvard sold $178 million of bonds with a 5.25% nominal interest rate, maturing in 2034. The second part consisted of $261 million bonds with a 5% coupon due in 2040.

According to a Wall Street Journal report, Dell will purchase medical data technology company, InSite One. The acquisition will help the computer maker expand its services business, which specializes in healthcare information technology. Wallingford, Connecticut-based InSite One’s 50 employees will join Texas-based Dell’s medical services unit. The financial terms of the deal have not been disclosed.

On February 16, 2011, India and Japan successfully concluded a historic bilateral free trade agreement - the Comprehensive Economic Partnership Agreement - in Tokyo. The CEPA follows from the commitment made by both the countries’ Prime Ministers in October 2010. India has already signed similar comprehensive agreements with Singapore and South Korea. Japan CEPA is the third such comprehensive agreement and the first such agreement with one of the largest economies in the world. CEPA will reduce tariffs on 94% of goods within a decade. The CEPA is expected to boost bilateral trade between India and Japan to $25 billion from the present $10.3 billion.

Kenya's High Court of Nairobi ruled that recent judicial nominations by President Mwai Kibaki were contrary to its Constitution thereby halting parliament's approval proceedings. Justice Daniel Musinga ruled in favor of eight advocacy groups, largely devoted to women's rights, which alleged that recent appointments violated promises of equality. The court found that there was violation of Article 27(3) of the constitution which states, "[w]omen and men have the right to equal treatment, including the right to equal opportunities in political, economic, cultural and social spheres." The Justice and Legal Affairs committee and Finance Planning and Trade committee will research and deliberate on the issue, and announce their decision thereafter in the light of this judicial pronouncement.