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Anti-Dilution – Balancing the ills of a Down Round
By Shipra Verma
Anti-dilution rights are the most common armour provided to investors against a down round funding raised by any company. These can be exercised in two ways - the first being full ratchet anti-dilution protection while the second is weighted average method of computation. The article in this issue of Corporate Amicus discusses both the ways at length along with illustrations, etc. It also analyses for this purpose pricing guidelines set forth in the Foreign Exchange Management (Non-Debt) Instruments Rules, 2019 and possible routes out of the hurdle caused by the Rules. According to the author, negotiations of anti-dilution clauses must consider all intricacies, advantages and limitations of the concept, firstly to ensure that the interests of the investors remain protected and secondly to see that the down-round does not become burdensome to the promoters or other shareholders.
Master Directions on Cyber Resilience and Digital Payment Security Controls for non-bank Payment System Operators issued
Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018 – Third amendment of 2024
SEBI (Mutual Funds) Regulations, 1996 – Second amendment of 2024
Additional disclosures by FPIs – SEBI Circular revised to exempt University Funds and University-related Endowments
SEBI (Alternative Investment Funds) Regulations, 2012 amended
Valuation of Additional Tier 1 Bonds (AT-1 Bonds) by Mutual Funds
Master Circular for Real Estate Investment Trusts (REITs) amended
Master Circular for Infrastructure Investment Trusts (InvITs) amended
SEBI issues modalities for migration of Venture Capital Funds
Ratio decidendi
Judicial interference under Article 226 of Constitution is limited when Arbitral Tribunal’s Order related to conduct of arbitration proceedings is challenged – Delhi High Court
Arbitral Tribunal or Courts are not empowered to grant compound interest or interest on interest unless expressly authorized by statute or contractual agreement – Supreme Court
MSME loan accounts cannot be classified as NPAs without following the procedure laid down in the Framework for Revival and Rehabilitation of MSMEs – Supreme Court
Section 4 of the Limitation Act does not allow a 30-day extension for Arbitration Appeals filed more than 3 months after the date of the Award – Supreme Court
News Nuggets
DPIIT seeks distinction between the ‘game of skill’ and the ‘game of chance’
Labour Codes – Centre seeking a legal pathway for implementation
Platform to connect exporters, government agencies, and MSMEs being explored
MCA likely to strike-off around 400 Chinese companies over the next few months
PSUs granted additional 2-year exemption from minimum public shareholding norms
Liquor surrogate advertisements rules set to be revamped
