Friday, August 21, 1998
Not just law at stake
The decision of the Asian Paints board to reject the transfer of shares to Kotak Mahindra Capital Company (KMCC) is sure to raise several questions of law. The most important one is whether the board has contravened the Securities Contracts (Regulation) Act, which no longer gives companies the right to reject transfers.
Checking the slide
The sharp depreciation of the rupee over the last ten days has provided enough excuse to the Reserve Bank for yet another round of measures designed to strengthen the rupee. The question is the price which the economy will have to pay for keeping the rupee stable.
Devaluation is an ineffective policy tool
India is waiting with bated-breath for China to devalue. There seems to be an agreement of sorts that Indian rupee, too, must fall sharply to meet the devaluation of the Chinese yuan.
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