mARCH 2012 70 Legal Focus www.lawyer-monthly.com Foreign Investment in India

This month, as part of Lawyer Monthly’s focus on foreign investment in India, we speak to Manu Shanker Mishra, Managing Partner of M S Mishra Associates, a New Delhi-based full service law firm. Here, he discusses with us the issues that are commonly raised within this subject and the challenges he faces.

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anu began: “As a market pulse breaks down the axioms of choice,

the market forces are not only the rectangular matrices but also the diagonal matrices which resolve the complexities of the interaction of fundamental forces constituting market force. We now write the angular matrices where the first axiom of choice is about the order of rotations, as a choice has to be made about the order of matrix rotation.”

“A competitive cost of capital depends

on firm-specific characteristics that attract international portfolio investors. Looping the market forces in resonation, the surface volatility would generate graphs. The beta loops give a sensitivity test. The alpha loops show the stress bearing capacity and the stability on which arbitrage can be calculated. We can write the lower order regression lines with a statistical leverage h, and market beta is the most widely used measure of risk. Multi-market statistical trading strategies are built on notions of volatility, arbitrage and hedging. With local isometry and analogies lower order regression lines with a statistical leverage h (hat) are given. We have market lambda’s depending on binding and substitutions and loop alpha and loop beta reductions as market betas of regression, the market conjecture on prices is solved by double coincidence. Market friction would set up a secondary pulse which requires a full wave rectification.

“In the capital asset pricing of

regression analysis the question of market completeness is equivalent to externality or predictable representation properly. Market delusions play a role. Market lambda gives a ring, tax plan a curve, risk free rate a tangent, expected yield a curve and delta hedging which also gives a ring, the curves and rings are coplanar with asymptotic stability for a point lying below the plane for heterogeneous expectations and market volatility. The rings show arbitrage and currency risks. The problem solving strategies require calculating inductors. Introducing option prices and volatility derivatives, the plane is punctured; its second turn by investors attitude has a cuboid forming. This is firm specific and aggregation gives an average market rate.

“Tax planning is at two levels first

so that differential taxation is clear, secondly the linear program maximizing profits after tax and minimizing tax liability across differing tax jurisdictions. Establishing correspondence between decision making variables and stress variables, successive approximations at local optimal solution from a global sensitivity analysis requires removal of sub-optimal global solutions in the semi-global system. The iteration represents restoration of third state under a strategy.

“Structured FDI is a suboptimal

strategy and can be vertical or horizontal FDI and requires calculating structural

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residuals, though horizontal FDI appears to be favored whether it increases or decreases with market volatility is the question. Market volatility is a random process Tax rulings like Vodafone ruling are firm specific, however the market lambda and beta requires local optimization of FDI location and investment environment. The consistency of rulings on merger and acquisitions is what helps FDI. Transparency in policy making would reduce corporate corruption and help FDI, the recent ruling on 2G spectrum allotment has put telecom companies Telenor, Sistena and Etisalat in their joint ventures in India on the mat and consumers in a quandary.” LM

M S MISHRA ASSOCIATES Patna, Hyderabad, New Delhi

Website : www.msmishraassoc.org Email: info@msmishraassoc.org