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Special Purpose Acquisition Companies (SPACs): Are we ready to launch the spac-ship?
By Sudish Sharma and Vidhi Madan
The article in this issue of Corporate Amicus analyses the Special Purpose Acquisition Companies (‘SPACs’) which raise capital from an initial public offering (‘IPO’) to acquire an unspecified operating business. Elaborating on various benefits of SPACs, the article discusses the regulation framework around SPACs and examines various issues under the Companies Act, 2013 and the Securities and Exchange Board of India Act, 1992 which seek attention of the legislature. A consultation paper by the International Financial Services Centres Authority on the issuance and listing of securities, containing draft guidelines, has also been elaborated upon. The article notes that the Consultation Paper envisages the listing of SPACs on the international exchange at Gujarat International Finance Tec-City (GIFT City). The authors note that like any other business venture, SPAC transactions are also susceptible to market risks and pitfalls. According to them, though the SPAC structure has well caught the attention of the regulators in the country, SPAC-ships in India are not ready for a launch just yet. They believe that with an enabling framework in place, India shall hold a promising future for the SPACs...
Adjudicating authority, in case of admitted debt and in absence of pleadings of Corporate Debtor, cannot assume defenses on behalf of ‘Corporate Debtor’ – NCLAT Chennai
Merely having an explicit clause in contract is not sufficient to make time the essence of the contract – Supreme Court
Limitation period for appeal under IBC operate from date of pronouncement of order – Delay caused by waiting for certified copy of order cannot be ground for claiming relief – Supreme Court
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High Court has no standard power of appellate forum under Arbitration Section 37
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Centre seeks comments on Draft Mediation Bill, 2021
Singapore Stock Exchange opens first offshore office in India at GIFT City
