CALL FOR PAPERS - JGLR SPECIAL ISSUE ON CORPORATE
AND FINANCIAL LAW
JINDAL GLOBAL LAW REVIEW
Jindal Global Law Review (ISSN 0975-2498) is the flagship journal of Jindal Global Law School (JGLS). It is published bi-annually. As a double-blind peer reviewed journal, JGLR aims to publish inter-disciplinary scholarship at the intersections of legal theory, critical theory, political economy, international relations and the humanities. It lays emphasis on publishing work that is at the cutting edge of doctrinal, theoretical and empirical research. Each issue of JGLR, edited by subject-experts from the JGLS faculty, is themed on a contemporary topic to rigorously explore its legal, political, social, economic and policy dimensions. The inaugural issue of JGLR was published in September 2009. JGLR encourages scholars and researchers from disciplines other than the law to contribute their work to the journal.
MANAGING EDITOR:
Dr. Vishwas H. Devaiah, Associate Professor and Executive Director Centre for Intellectual Property Rights Studies, Jindal Global Law School
SPECIAL ISSUE: Developments in Corporate and Financial
Law
GUEST EDITORS
1. Arjya B.
Majumdar, Assistant Dean (Academic Affairs) and Assistant Professor, Jindal
Global Law School, Assistant Director, Michigan-Jindal Centre for Global
Corporate and Financial Law and Policy
2.
Faiz
Tajuddin, Assistant Professor, Jindal Global Law School, Assistant Director, Michigan-Jindal
Centre for Global Corporate and Financial Law and Policy
SUBMISSIONS:
Submissions
can be in the form of articles and book reviews and should be emailed to us at jglr@jgu.edu.in in an MS
Word *.doc (Times New Roman, font size 12, double spacing) format.
Articles
should be of 8,000 to 10,000 words and book reviews should be of 3000 to 4000
words (including footnotes). All manuscripts should be in UK English and
footnotes should conform to the requirements of The Bluebook: A Uniform System
of Citation (19th ed.).
KEY DATES:
1. Deadline for submission of full paper: 15st
July 2015
2. Notification of acceptance: 30th July 2015
3. Publication of Journal: October 2015
Since JGLR
follows a double-blind peer review process, it is imperative that contributors
stick to the deadlines. For further information or clarifications, you may also
write to us at abmajumdar@jgu.edu.in or ftajuddin@jgu.edu.in.
Concept Note
Through the 1980s and into the 21st century, a
number of wide, sweeping changes have been witnessed in the way how
corporations are governed. Whether it is the shareholder value maxim that
emerged in the 1980s, or the corporate governance failures that led to the
Sarbanes-Oxley Act of 2002 and the legislations it inspired, or the Dodd-Frank
Act of 2010 which considers shareholder empowerment and enhanced executive pay
disclosure, the law related to corporations is one that is in a constant state
of flux.
A number of issues in corporate and financial
law continue to generate lively debate amongst scholars across the world. This
issue of the Jindal Global shall examine developments in corporate and
financial law in the 21st century, the changes in perspectives and the law that
have taken place in the last decade and how such developments may have a
considerable impact in the manner in which corporations are governed in the foreseeable
future. We welcome papers on the following themes:
1. Corporate
Jurisprudence
With Berle and Means’ seminal work
in 1932, followed by Merrick Dodd’s response, the debate as to whether corporations exist for the sole
purpose of maximizing shareholder wealth or also for the purposes of social
welfare continues to rage. The application of the stakeholder primacy model in
alternative forms of businesses such as community-based enterprises or
microfinance institutions would be of considerable interest.
2. Corporate
Social Responsibility
Another
issue that dogs current developments in the corporate jurisprudence is that of
corporate social responsibility. Section 135 of the Indian Companies Act, 2014
mandates companies meeting certain requirements to compulsorily contribute to
corporate social responsibility (CSR) activities, or explain the failure to do
so. This mandatory provision in Indian law in question has been met with
considerable resistance from the industry.
3. Financial
Sector Reforms
A vibrant
and efficient financial sector is the prerequisite for a strong economy. The
economic reforms and the second wave of liberalisation that India is presently
embracing calls for more efficient and inclusive financial system. Additionally,
the recent financial crisis has brought the deficiencies in the financial
regulation to the fore. The policy makers in India seem to have taken note of
these exigencies and thus have proposed changes in the financial sector
regulatory structure by way of Financial Sector Legislative Reform Commission (FSLRC)
report.
In the
backdrop of the mentioned developments, it has now become pertinent to
scrutinise laws and regulations in the financial sector globally in order to
support and strengthen economies.
4. Path-dependency
in Corporate Governance
China and India and countries at similar positions are faced with
similar challenges to maintain the aggressive rates of economic growth. While
these countries attained economic independence in the late 1940s, each followed
a different course in terms of growth. For example, China preferred to open up
its economy to FDI much earlier and only in recent times, has it turned towards
domestic capital. India, on the other hand, began by attempting to develop
local talent and began focusing on foreign participation in 1991. The political
and economic background and the resultant corporate governance paths undertaken
by countries in the same vein of growth may be examined.
5. Board
Composition and Diversity
The constituent elements of the board of directors, as an agent for
shareholders have been well established post the Sarbanes-Oxley Act of 2002.
The introduction of independent directors and a committee structure at the
board level and task specific requirements for committee composition have
brought up interesting questions in both developed as well as emerging
economies. At the same time, gender diversity on corporate boards has become a
global issue. In countries such as the U.S., Australia, U.K. and more recently,
Canada, regulations require listed companies to disclose their diversity policy
in their annual reports.
6. Related
Party Transactions
A major issue faced by companies, particularly those with concentrated
shareholding, is the diversion of assets for non-corporate use. Whether through
managerial remuneration or through self-dealing, the abuse of related party
transactions has been the subject of considerable study and concern for
regulators in recent times. As mechanisms to combat the abuse of related party
transactions, corporations are subject to disclosure norms, shareholder
approval and anti-pyramid provisions. The efficacy of such provisions to
prevent the abuse of related party transactions is of significant interest.
7. Minority
Shareholder Protection
Economies
having a predominantly concentrated shareholding pattern in their corporations
continue to grapple with the issue of opportunism of the majority shareholder
vis-à-vis the
minority shareholder. Thus arises a need to determine and assess the
effectiveness of minority shareholder protection.
8. Disruptive
Technologies in Corporate Functions
With the
advent of new technologies and more effective means of widespread
communication, the classical concepts of registered offices, board and
shareholder meetings are being replaced by newer practices of virtual offices
and video conferencing. At the same time, newer ways of fundraising in the form
of crowdfunding has emerged, perhaps bringing about a new form of shareholder
dominance which was hitherto unknown. In the aftermath of the 2008 financial
crisis, small businesses found it increasingly difficult to raise funds. As a
response, crowdfunding has emerged as a viable alternative for sourcing capital
to support innovative, entrepreneurial ideas and ventures. With the swift growth
of the crowdfunding industry, risks associated with it have also come into
sharp focus.
The above
themes are indicative only and papers on related topics would also be
appreciated. We welcome well-researched papers having an analytical, empirical,
critical or practitioners’ perspective.