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Asset Finance
India
Overview
Including: Companies Act; Charges; Registration of Charges; Modification of Charges; Satisfaction of Charges; Company Law Board; Penalties; Company Registers
Asset Finance Round-Up
Recent developments include plans by ICICI, a leading private sector bank in India, to securitize its loan portfolio which is worth Rs500 billion.
Aviation Industry Secures High-flying Deal
Jet Airways' Rs16 billion deal is the first rupee transaction to be supported by the US Exim Bank, which took on the credit risk upon the purchase of aircraft by an Indian operator.
Developments in Asset Finance
Recent developments concern Air India's impending privatization and the completion of a syndicated foreign currency term by Reliance Petroleum Limited.
Capital Markets
India
SEBI Relaxes Creeping Acquisition Limit
The Securities and Exchange Board of India has doubled the creeping acquisition limit under its Substantial Acquisition of Shares and Takeovers Regulations 1997 from 5% to 10%. The new limit will apply for six months.
Raising funds by issuing commercial papers to meet the working capital requirements of companies is gaining popularity, as this is a quick method of raising funds without the necessity of issuing prospectuses and obtaining approvals from the Securities and Exchange Board of India.
New Companies Act Comes Into Force
Under the Companies (Amendment) Act 2000 a company may issue shares with differential voting rights to the extent of 25% of the total share capital, provided it has distributable profits in the three years preceding such issue.
