February 2009 - Posts - Initial Private Opinion

February 2009 - Posts

FMC and NCDEX

Posted by Sandeep Parekh at 
A friend pointed me out to this very interesting ruling by the Forward Markets Commission (they regulate commodity futures and options) against NCDEX (a commodity exchange). Share this post: email it! | del.icio.us! | digg it! | newsVine!

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Art funds - illegal offerings - another Satyam?

Posted by Sandeep Parekh at 
Today's Mint reports on the first page about art funds indulging in all forms of illegal activities including inflating the price of art objects, tax evasion, money laundering, faking bills, price rigging, tax haven related party transaction, and quotes an anonymous government officer as stating: "Art houses can use these fictitious purchase...

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Shankar Sharma - politically damned by SEBI?

Posted by Sandeep Parekh at 
Shankar Sharma contacted me last week in light of last week's order by SEBI against him. He has flooded me with documents and papers by email and courier. Unfortunately, because of my class schedule and other commitments, I have not been able to go through them. But I hope to soon and you can look forward to some interesting analyses of the facts...

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Subhiksha and ICICI Ventures

Posted by Sandeep Parekh at 
Prof. TT Ram Mohan has posted an entry on the ICICI - Subhiksha rift. "Subiksha MD R Subramaniam holds 59% of equity but he apparently contends that the company is actually controlled by ICICI Venture because the latter has the right to appoint a majority of directors." I have long argued with my friends in private equity that if they sign...

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The Satyam regulations

Posted by Sandeep Parekh at 
In an ad hoc move, the Indian securities regulator has created an amendment for Satyam in the takeover regulations. This is wrong in principle even though the regulator may have done it with good intentions. The amendment also reduces the scope of a fair competition in the bidding process. Also, as an amendment specifically targeted at Satyam, it will...

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Corporate Governance reforms?

Posted by Sandeep Parekh at 
I was on a conference call with the Asian Corporate Governance Association (ACGA) on the Satyam episode and it's lessons. I re-iterated that there were some areas including corporate disclosures which needed a wholesome overhaul in it structure and presentation (something I have blogged about recently - integrated disclosures). I also think there...

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