1. We have on occasion been skeptical of the way commercial contracts are
written. We have believed that contracts get written in an environment of compulsion and retribution, not in a fashion that would be commercially ‘enabling’. We share our thoughts with you in this Ensouth.
2. Although implementation of the amended clause 49 of Listing Agreements has been deferred once again, the central question remains: India may expect its independent directors to enforce better
standards of corporate compliance but do they have the means to do so? We examine this question in light of our experience.
3. The Indian government’s move to nullify a decision of the Supreme Court in a single case in relation to a single tax payer through a targeted piece of retrospective legislation came in for
widespread criticism. Whatever the ethics of the decision, contrary to the popular view, we argue that retrospective tax legislation is entirely legal in India.
4. In the Feb 2005 issue of Ensouth, we traveled through Kinnaur in the Inner Himalayas. In our leisure section this time, we reproduce another great Himalayan journeys, into Spiti, north east of Manali in the Kulu valley, often
called Little Tibet, and with good reason.
5. Finally, in continuance of the successful interactions we have had with the business community in the last few months, we share with
you our workshop schedule for the next two months.