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Directors and shareholders of Indian companies are permitted to attend board meetings and shareholder meetings via video conference

India - June 6 2011 On May 20, 2011, the Ministry of Corporate Affairs, Government of India ("Corporate Affairs Ministry"), issued two general circulars ("Circulars") permitting attendance of meetings of the Board of Directors ("Board") and general meetings of the shareholders of an Indian company by using an electronic mode of communication.

Jai S. Pathak.

The government of India has notified the merger control provisions of the Competition Act, 2002

India - April 28 2011 In the first week of March 2011, the Ministry of Corporate Affairs, Government of India ("Corporate Affairs Ministry"), issued a notification appointing June 1, 2011 as the date on which Sections 5, 6, 20, 29, 30 and 31 of the Competition Act, 2002 ("Merger Control Provisions") will become effective.

Jai S. Pathak.

Indian Supreme Court ruling supports foreign arbitration proceedings

India - September 11 2012 Overturning a much criticized judicial precedent laid down by a Division Bench (consisting of three judges) of the Supreme Court of India ("Supreme Court") in the case of Bhatia International v.Overturning a much criticized judicial precedent laid down by a Division Bench (consisting of three judges) of the Supreme Court of India ("Supreme Court") in the case of Bhatia International v. Bulk Trading S.A. & Anr. in 2002 ("Bhatia International"), a Constitutional Bench (consisting of five judges) of the Supreme Court has effectively removed any interference by Indian courts in relation to arbitrations which have their 'seat' outside India.

Jai S. Pathak, Karthik A. Thiagarajan.

Bombay High Court holds that public listed company shares can be subjected to preemptive rights

India - October 15 2010 On September 1, 2010, a division bench of the Bombay High Court held that consensual preemptive arrangements between shareholders in a public listed company do not violate the principle of free transferability of shares enshrined in section 111A of the Indian Companies Act, 1956 ("Companies Act").

Jai S. Pathak.

Foreign venture capital investors permitted to participate in the secondary market

India - April 24 2012 The Reserve Bank of India recently issued a circular permitting foreign venture capital investors registered with the Securities and Exchange Board of India to participate in secondary market transactions, with effect from March 19, 2012.

Jai S. Pathak, Karthik A. Thiagarajan.