General Corporate Archives - Page 2 of 9

New Opportunities in India’s Defence Sector

Insights | June 30, 2025 | Practice Area: General Corporate, International Trade, Mergers and Acquisitions, Private Equity, Regulatory

Recent geopolitical dynamics, regional conflicts and related national security concerns have made the Indian defence sector ripe for additional growth and investment. As technologies evolve and new forms of warfare emerge, this growing sector is likely to witness further transformation. India’s proposed reform measures in the defence industry, together with rising domestic demand and increased focus on self-reliance, indigenization and exports; emerging technologies and technology transfers, innovation and R&D; as well as strategic international partnerships with global OEMs and key allies, are likely to provide new opportunities for private and foreign participation in the sector.
This note provides a broad overview of India’s defence industry and proposed reforms, including with respect to new defence technologies, the startup ecosystem, and international collaborations; the ease of doing business and FDI; defence acquisition procedures and recent budgetary allocation trends; along with the export of dual-use items and production-linked incentive schemes for the defence sector.

Succession Planning through Private Trust (Part 1): Implications under the Indian Trusts Act, 1882

Insights | June 25, 2025 | Practice Area: General Corporate, Tax

In a country in which family structures, business dynamics, and forms of wealth are evolving rapidly, private trusts have emerged as a widely adopted method for succession planning. In this series of publications, we explore key aspects of setting up a trust, including tax and regulatory implications. In this part, we focus on the provisions of the Indian Trusts Act, 1882.

Take-Privates in India: Time to Revisit the Rules

Insights | June 4, 2025 | Practice Area: General Corporate, Mergers and Acquisitions, Private Equity

S&R Associates and Houlihan Lokey are pleased to present their co-authored white paper, Take-Privates in India: Time to Revisit the Rules.
2024 saw a resurgence of take-private M&A transactions globally, with 89 take-private transactions in North America and Europe valued at an aggregate of ~USD 150 billion and 14 take-private transactions in the U.K. valued at an aggregate of ~USD 21 billion. Interestingly, during the same period, no take-private transaction was announced in India.
We explore the current regulatory landscape for take-private transactions in India, compare it with other jurisdictions, and provide our suggestions on the way forward for greater efficiency in the market.

RBI Eases Investments by FPIs in Corporate Debt Securities

Insights | May 22, 2025 | Practice Area: Banking and Finance, General Corporate, Investment Funds, Mergers and Acquisitions, Private Equity, Restructuring and Insolvency, Tax

The Reserve Bank of India recently issued a circular onInvestments by Foreign Portfolio Investors in Corporate Debt Securities through the General Route(“RBI Circular”) on May 08, 2025, to withdraw short term investment limits and concentration limits, applicable on investments by FPI in corporate debt securities under the general route. This note highlights the changes to the regulatory framework brought about by the RBI Circular that are intended to provide greater flexibility and ease of investments for FPIs investing in corporate debt securities in India under the general route.

Regulatory Initiatives on ESG Disclosure Requirements in India

Insights | May 21, 2025 | Practice Area: Banking and Finance, Corporate Governance and ESG, General Corporate, Regulatory

Regulatory initiatives to build the legal frameworks around environmental, social, and governance (“ESG”) disclosures in India, while still nascent, are not of recent origin. Various regulators have gradually introduced requirements aimed at enhancing transparency and fostering corporate responsibility. This note examines these evolving ESG disclosure frameworks as implemented by the Securities and Exchange Board of India, the Reserve Bank of India, and the International Financial Services Centres Authority. It further analyzes the regulatory gaps that these initiatives seek to fill, andproposes solutions to enhance these frameworks.

Misleading Advertisements: A Cautionary Tale on Advertisement of Consumer Goods and Services

Insights | May 6, 2025 | Practice Area: General Corporate, Regulatory

Misleading advertisements in India have been a growing concern, particularly in sectors like healthcare, pharmaceuticals, food and consumer goods, where exaggerated or false claims can have serious consequences. This note provides an insight into the legal and ethical implications of misleading advertisements in the consumer goods sector and how the Supreme Court has reinforced its directions issued in the case ofIndian Medical Association v. Union of Indiaby actively reviewing submissions by central and state governmental bodies on the actions taken by them to prevent violations of advertising laws in India. The Supreme Court has demanded concrete actions to ensure compliance with advertising laws, signaling a stricter approach towards enforcement. This judicial intervention underscores a new era of consumer protection, where regulatory complacency is no longer tolerated and misleading advertisements face stringent scrutiny.

‘Prior’ CCI Approval of Resolution Plans: A Case for a Legislative Amendment

Insights | April 28, 2025 | Practice Area: Banking and Finance, Competition/Antitrust, General Corporate, Mergers and Acquisitions, Regulatory, Restructuring and Insolvency

The recent judgment of the Supreme Courtin Independent Sugar Corporation Ltd. v. Girish Sriram Juneja & Ors. has reignited the debate on whether the approval of the Competition Commission of India (“CCI”) must precede the Committee of Creditors (“CoC”) approval in the insolvency process. This note critiques the Court’s strict interpretation of the proviso to Section 31(4) of the Insolvency and Bankruptcy Code, 2016 and supports the dissenting opinion, arguing for a liberal interpretation of the proviso to Section 31(4). The note proposes a legislative amendment to the proviso, proposing that CCI approval be requiredprior to approval of the adjudicating authority(i.e., the NCLT) instead ofprior to CoC approval, to better balance regulatory compliance with efficiency of the insolvency process.

Updated Master Direction on Foreign Investment in India: Clarifications to the Regulatory Framework

Insights | April 3, 2025 | Practice Area: General Corporate, Mergers and Acquisitions, Regulatory

The Reserve Bank of India recently issued an updated Master Direction on Foreign Investment in India (“Master Direction”) on January 20, 2025 to clarify various aspects in the regulatory framework for inbound investments. The Master Direction provides significant regulatory clarifications on foreign investments in India, particularly in relation to downstream investments, cross-border share swaps, share issuances to non-resident shareholders pursuant to a scheme of merger or amalgamation, and the issue of equity-based employee benefits to directors and employees resident outside India. This note highlights the key clarifications and changes to the regulatory framework brought about by the Master Direction that are intended to provide greater certainty and enhance the ease of doing business for overseas investors in India.

Evaluating the Regulatory Framework Governing Executive Compensation in Listed Companies

Insights | April 2, 2025 | Practice Area: Capital Markets, General Corporate, Regulatory

Executive compensation in listed Indian companies is determined through a three-stage process involving the Nomination and Remuneration Committee (“NRC”), the Board of Directors, and shareholders. The NRC identifies candidates, formulates a remuneration policy, and submits recommendations to the Board. The Board then reviews and approves these recommendations before presenting them to shareholders for a final vote. While shareholders theoretically have the ultimate authority, ambiguities in India’s regulatory framework may weaken its effectiveness. This note examines key issues in executive compensation governance, analyzing relevant regulations and proposing solutions to enhance the framework.

The Legal Framework for Nuclear Energy in India: The Way Ahead

Insights | March 17, 2025 | Practice Area: Clean Energy, General Corporate, Mergers and Acquisitions, Private Equity, Projects; Infrastructure and Energy, Regulatory

Despite significant progress made by India with respect to renewable energy, its nuclear power capacity remains relatively small. Recognizing the necessity of nuclear energy deployment to achieve net-zero targets, including the advantages that such deployment offers over renewable sources of power, the Indian government has renewed its focus on the nuclear sector in the budget announced on February 1, 2025, including through permitting private and foreign investment in the sector.
However, India’s plans to promote private/foreign investment in the nuclear sector require certain changes to the existing legal regime, including with respect to civil nuclear liability. In that regard, the government appears keen to introduce necessary legislative amendments soon. This note aims to discuss current challenges and potential modifications with respect to such laws.