The Employee Retirement Income Security Act (ERISA) was enacted in 1974 to protect the interests of employee benefit plan participants and their beneficiaries. The responsibility for the interpretation and enforcement of ERISA is divided among the Department of Labor, the Department of the Treasury and the Pension Benefit Guaranty Corporation. Andrew L. Oringer, a Partner and Co-Head of the US Executive Compensation and Benefits Practice at White & Case LLP, shares with us his take on the Department of Labor's recent action involving ERISA and the implications it could have on plan managers and fiduciaries.

As we try to understand the nuances of NOLs as it relates to companies filing for protection under Chapter 11, Dr. Larry Maples, Professor of Accounting at Tennessee Technological University, provides some valuable insight in his article entitled "Pitfalls in Preserving Net Operating Losses."

In the period from August 1991 through August 2007, foreign investors pumped some $56 billion worth of capital into the country. Within just the past year, the amount of capital invested in India from foreign entities and investors has totaled nearly $6.5 billion. It is quite clear that venture capitalists and private equity firms see strength in the future potential of the Indian economy and people. However, making any investment, even in a country where so many others are investing their resources, still requires due diligence to determine the appropriateness of the investment.

In the last of the three part series on investing in India, VC Experts welcomes a new voice to our community--Arjun Sethi, An advisor and angel investor in early stage startups.

After an economic crisis in the early 1990s, the country truly started to embrace economic reforms. This has brought about a dramatic change in the fortunes of the country. Within a very short period India has emerged from the shadows of poverty and has become a super power in the making. Some economic indicators are as follows:

• India's GDP is growing at 9% per annum - the second fastest in the world.
• According to Goldman Sachs, Indian economy is set to overtake that of Western Europe by 2030 and by 2050 it is set to overtake the US economy to become the second largest economy in the world, (next only to China). In terms of Purchasing Power Parity (PPP) India is already the third largest economy in the world.
• The forex reserves of India currently stand at US$ 230 billion. In March 1991 when India was in the throes of its financial crisis it stood at merely US$ 5.8 billion.
• According to US Department of Commerce, India has amongst the highest returns on Foreign Investment and as per the FDI Confidence Index, India is amongst the three most attractive FDI destinations in the world.
• In the first quarter of 2007, there were 72 foreign takeovers by Indian companies worth nearly US$ 25 billion. (Yes, VC's call these exits)
• India's capital markets have soared six times in five years.
• 26% of the US technology companies founded by immigrants in the last decade have an Indian founder, which is more than those from the U.K., China, Taiwan and Japan combined.
• 1/5^th of the Fortune 500 companies have set up R&D centres in India. Some like, Microsoft have their only R & D centre outside their home country in India. IBM has its largest non - US workforce in India.

As the second of a three-part series on investing in India, VC Experts welcomes Sumeet Kachwaha, Partner, Kachwaha & Partners, an expert in doing business in India.

After an economic crisis in the early 1990s, the country truly started to embrace economic reforms. This has brought about a dramatic change in the fortunes of the country. Within a very short period India has emerged from the shadows of poverty and has become a super power in the making. Some economic indicators are as follows:

• India's GDP is growing at 9% per annum - the second fastest in the world.
• According to Goldman Sachs, Indian economy is set to overtake that of Western Europe by 2030 and by 2050 it is set to overtake the US economy to become the second largest economy in the world, (next only to China). In terms of Purchasing Power Parity (PPP) India is already the third largest economy in the world.
• The forex reserves of India currently stand at US$ 230 billion. In March 1991 when India was in the throes of its financial crisis it stood at merely US$ 5.8 billion.
• According to US Department of Commerce, India has amongst the highest returns on Foreign Investment and as per the FDI Confidence Index, India is amongst the three most attractive FDI destinations in the world.
• In the first quarter of 2007, there were 72 foreign takeovers by Indian companies worth nearly US$ 25 billion. (Yes, VC's call these exits)
• India's capital markets have soared six times in five years.
• 26% of the US technology companies founded by immigrants in the last decade have an Indian founder, which is more than those from the U.K., China, Taiwan and Japan combined.
• 1/5^th of the Fortune 500 companies have set up R&D centres in India. Some like, Microsoft have their only R & D centre outside their home country in India. IBM has its largest non - US workforce in India.

As the first of a three-part series on investing in India, VC Experts welcomes Sumeet Kachwaha, Partner, Kachwaha & Partners, an expert in doing business in India.

The new market, unlike the main market, is clearly not designed for funds that are targeting retail investors, and the extensive eligibility criteria and continuing obligations that apply to those funds will not apply. But the admission process will be more onerous than for AIM (which usually does not require a prospectus to be prepared) and it looks like a halfway house between the two.

The choice of three distinct markets in London for specialist investment funds may look like overkill but, given that many funds have recently been looking for sources of permanent capital, this greater choice is to be welcomed. VC Experts looks to CMS Cameron McKenna as well as SJ Berwin for their respective overviews.

With the collapse of the credit markets, many commentators and M&A practitioners predicted that deal terms in private equity buyouts, particularly in going-private transactions, would undoubtedly change. Yet, while there is little doubt that financing terms have changed, including the disappearance of "covenant-lite" loans and other debtor-friendly loan features, there has been surprisingly little change in deal terms. In fact, a review of going-private transactions announced this year indicates that financial buyers continue to be willing to live with certain seller-favorable terms that have arisen in going-private acquisition agreements in recent years.

This week, legal and finance expert (and NYU grad) Christopher Bellini, Of Counsel, Dorsey & Whitney LLP gives us the overview of why deal terms for private equity are remaining the same.