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Thursday, January 22, 2009 12:06 PM

Improved disclosure on pledged securities

Here is the contrarian view of the improved disclosure decided by the SEBI Board yesterday regarding disclosure of pledged securities by controlling shareholder (promoters). It is too little too late. I've been going hoarse talking about a complete...
Posted by Sandeep Parekh | with no comments
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Wednesday, December 17, 2008 1:25 PM

Satyam - name and reputation are upside down - 2

Compensation of independent directors In case you are curious, here is the list of the independent directors of Satyam and what they were paid last year for attending 3 to 4 Board meetings: Prof. Krishna G Palepu (non-independent but non-executive member...
Posted by Sandeep Parekh | 10 comment(s)
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Wednesday, December 17, 2008 8:04 AM

Satyam - name and reputation are upside down

The story till now in brief: Satyam, one of the leading software and BPO companies of India declared yesterday (16th Dec) after market close that it was planning to buy large stakes (100% and 51%) in two promoter companies. Maytas and Maytas Infrastructure...
Posted by Sandeep Parekh | 8 comment(s)
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Saturday, November 08, 2008 11:30 PM

US India Business Council conference call

Day before evening I had a conference call with members of the US-India Business Council organized by their financial services executive committee. I spoke about the following issues which are summarized below: Overview of Financial Climate in India:...
Posted by Sandeep Parekh | with no comments
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Tuesday, November 04, 2008 11:08 PM

Creeping capitulation - takeover regulation amendments

If you had any doubts about my views of the perversity of the SEBI action on relaxing the creeping acquisition limits (blogged yesterday, linked here ), take a look at what the Hong Kong regulator has said about similar lobbying efforts by promoters,...
Posted by Sandeep Parekh | 2 comment(s)
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Tuesday, November 04, 2008 12:10 AM

The new amendments to the takeover regulations - misguided or sloppy? Yes.

SEBI has once again played around with the numbers in the takeover regulations. In light of the recent downward movement of prices, it seems that SEBI is attempting to make it easier for promoters to acquire shares from the market without making an open...
Posted by Sandeep Parekh | with no comments
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Monday, November 03, 2008 11:07 AM

Buy back of securities by companies resulting in compulsory takeover offer - new SEBI amendment to hurt ordinary shareholders

My friend Jayant Thakur has recently blogged here and here about buy backs and its impact on the takeover regulations. I fully disagree with his views. Here is the issue in brief. When a company does a buy back of its equity shares, its promoters may...
Posted by Sandeep Parekh | 4 comment(s)
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Saturday, November 01, 2008 11:27 PM

The government is above the law - Corporate Governance in public sector

A first of its kind SEBI (Securities and Exchange Board of India) order against GAIL India (a listed government controlled company registered under the Indian Companies Act 1956 as a government company) was passed on the 27th Oct 08. It relates to applicability...
Posted by Sandeep Parekh | 4 comment(s)
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