ERISA requires that an ESOP’s fiduciaries—which generally include its trustees, the sponsoring employer, the individuals that sit on the sponsoring employer’s board of directors, and any employees involved in the administration and operation of the ESOP—establish and operate the ESOP for the exclusive purpose of providing benefits to ESOP participants and beneficiaries, while defraying reasonable expenses of administering the plan. This is a high standard that is often expressed as the idea that an ESOP fiduciary must act as a “prudent expert” would act. Given this “prudent expert” standard, ERISA permits, and may in fact require, the ESOP fiduciary to rely on an independent appraisal expert to assist the ESOP fiduciary in determining the value of closely held employer stock. … [Read more...] about Settling the Standard for Prudence? Fall Brings New Guidance for ESOP Trustees
Why reliance stock is falling
Davey O'Brien won the Heisman Trophy in 1938 and was the first winner to play in the NFL. He lasted two years before joining the FBI. That was typical throughout the 1940s and into the '50s. Dick Kazmaier, a running back for Princeton, won the Heisman in 1951 and was drafted the by the Bears. He decided to go to Harvard business school. … [Read more...] about NFL at 100: How College Football Became the Pipeline to NFL
Each Union Ministry/ Department should also have an exhaustive list of all public authorities, which come within its purview. The public authorities coming under each ministry/ department should be classified into (i) constitutional bodies, (ii) line agencies, (iii) statutory bodies, (iv) public sector undertakings, (v) bodies created under executive orders, (vi) bodies owned, controlled or substantially financed, and (vii) NGOs substantially financed by government. Within each category an up-todate list of all public authorities has to be maintained. Each public authority should have the details of all public authorities subordinate to it at the immediately next level. This should continue till the last level is reached. All these details should be made available on the websites of the respective public authorities, in a hierarchical form. A similar system should also be adopted by the States.In fact the executive should declare what is public authority to fulfil the mandate of … [Read more...] about Why Public bodies fear to be “Public Authorities”?
The central theme of this paper is an analysis of the impact of tax on fossil fuel electricity production in India. This presentation attempts to sequentially examine the existing tax structure, and draw a parallel to the new GST structure. As an economy about to embark revolution, it becomes vitally significant to understand the approach adopted by other GST countries, whose experience can be considered as reliable precedents to India’s evolution. Hence, this paper takes an evaluative approach towards other significant GST regimes. The Power Sector in India is as complex and chaotic as the near infinite, tangled, electricity lines that connect the homes of India. This paper deliberates on the crucial cogs in the power sector machinery, which are power production, transmission and distribution. Each component is vital to not only to the power sector, but to sustaining the Indian economic powerhouse. Each component is intricate in their own right, and face fundamentally specific … [Read more...] about Impact Of GST On The Power Sector
The same logic should apply to cases of breach of fiduciary duty: courts should respect any explicit contract in a settlement agreement that disclaims any fiduciary duty claim in future litigation. It is a widely-accepted legal concept that business partners may alter the scope of their fiduciary duties by contract. In certain cases, these contractual amendments to eliminate fiduciary duties may negate an otherwise-viable claim for a breach of fiduciary duty. For instance, in The DirecTV Group, Inc. v. Darlene Investments, Darlene Investments, a Cayman Islands limited liability company, alleged that DIRECTV violated the terms of a joint partnership between the two companies, and fraudulently induced Darlene into signing a mutual release, in violation of DIRECTV’s fiduciary duties owed to Darlene. The District Court for the Southern District of New York granted DIRECTV’s motion to dismiss this claim. The court held that Darlene failed to adequately … [Read more...] about Business Litigation and Fiduciary Duties – What Partners Should Know about Settlement Agreements