May 2017

Sebi’s Informal Guidance to Kotak Mahindra: Intepreting continuous disclosure norms under the Insider Trading Regulations

Introduction In a recent informal guidance issued to Kotak Mahindra Bank Limited, SEBI has clarified its position on the continuous disclosure norms required under Regulation 7(2) of the SEBI (Prohibition of Insider Trading) Regulations, 2015 (“PIT Regulations”). Regulation 7(2)(a) provides that a promoter, employee and director of a company is required to inform the company, within 2…

NCLT Order in the Tata-Mistry Battle: Setting out principles for making claims of Oppression and Mismanagement

On April 17, 2017, the newly formed National Companies Law Tribunal (Tribunal), Mumbai, issued an order rejecting the petition filed by companies controlled by Shapoorji Pallonji group, holding 18.37% of equity capital of Tata Sons Ltd. (collectively, Petitioners) claiming oppression and mismanagement under Sections 241, 242 and 244 of the Companies Act, 2013 (Act) against Tata Sons…

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