Recently introduced SEBI (Real Estate Investment Trusts) Regulations, 2014 is the topic of discussion this month in Corporate Amicus-November 2014 issue. The author is of the view that introduction of REIT structure in India may emerge as an alternate and new source of funding as well as one of many potential exit strategies that can be explored by investors. Notifications and Circular part of this Amicus contains Ministry of Corporate Affairs’ latest clarification on Company Law Settlement Scheme 2014. Regional Offices of Reserve Bank of India have been delegated more powers to compound various offences relating to contraventions of Foreign Exchange Management Act, 1999 (FEMA). Securities and Exchange Board of India (SEBI) has directed all depositories for Consolidated Account Statement (CAS) for all securities assets. Reports on these news items are included in this issue.
Ratio decidendi portion of this Amicus covers various important judgments passed by different forums. While Electricity Appellate Tribunal has held that even ‘Local authority’ cannot subsidize its other business from their electricity distribution business, Competition Commission of India (CCI) has held that the conduct of members of an association jointly, is not hit by the provisions of Section 4(2)(a) of the Competition Act, 2002 as there is no provision for collective dominance. Readers may go through the issue for reports on such important orders.