Current Legal Issues In Mergers, Acquisitions and Take-Overs Of Indian Companies - Goals For Corporate Law In The Millennium.The last few decades have seen a spate of Mergers and Amalgamations on a global scale, involving major corporations and billions of dollars1. Indian corporations were not free from this scenario. The rapid growth of the global economy with liberalized economic and legal environments has resulted in restructuring of commercial entities along more profitable lines so as to with stand global competition and to strengthen the business with the objective to maximize share holder value. Mergers and acquisitions are an important area of capital market activity in restructuring a corporation and had lately become one of the favored routes for growth and consolidation. The reasons to merge, amalgamate and acquire are varied, ranging from acquiring market share to restructuring the corporation to meet global competition. In recent years, India has seen a manifold growth in mergers and amalgamations, largely encouraged by liberalization lib·er·al·ize v. lib·er·al·ized, lib·er·al·iz·ing, lib·er·al·iz·es v.tr. To make liberal or more liberal: "Our standards of private conduct have been greatly liberalized . . . measures, which have substantially relaxed restrictions on international mergers and amalgamation transactions2. The acquisition of market control and extension of the product ranges are one of the additional reasons for a cross-country merger apart from globalization globalization Process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. Factors that have contributed to globalization include increasingly sophisticated communications and transportation of the corporation. Merger in the Indian and American contexts is similar and can be classified into three categories; Two corporate entities amalgamate and form a new entity (amalgamating entities being dissolved); A small and less profitable company merges with a big company (small company loses its identity); A relatively big and profitable company merges with a smaller company or a unprofitable company, which is popularly known as reverse merger( in which case the small or the unprofitable company survives) The usual form of consideration for a merger in both the U.S. and Indian context is an exchange of shares by the acquiring corporation for the shares of the target company and cash. Legal framework First, it is not possible to merge a U.S. company with an Indian Company, as the U.S. Company is an entity under the U.S. laws and the Indian Company is registered under the Indian laws3. As such these two entities cannot be merged and made as one entity. However, the U.S. company can take-over the Indian company, which results in the Indian company becoming the subsidiary of the U.S. company, or a merger can be effected by setting up a subsidiary of the U.S. company in India which in turn will merge with the Indian company. A statutory merger is the basic form of transaction. The statutory provisions of the state or states in which the parties to the merger are charted govern the transaction. In America the main elements of a statutory merger are the percentage of the votes required for the approval of the transaction by the shareholders that are entitled to vote, how the votes are counted and the rights of the voters who object to the transaction or its terms4. Merger provisions found in most of the states in America are based on the Delaware statute5. The procedure adopted in a corporation for a merger is that the boards of directors have to initially approve the transaction and then it is submitted for the ratification to the shareholders of the respective corporations. The state laws require a majority vote to ratify the transaction, however, the state of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of requires a two third majority for the approval the any such proposal. The interests of the minority shareholders are protected in a scheme of merger though the majority rule is the traditional legal doctrine Legal doctrine is a framework, set of rules, procedural steps, or test, often established through precedent in the common law, through which judgments can be determined in a given legal case. . Legal framework in India A merger of a U.S. and an Indian company is impacted by several Indian laws pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to foreign investment in India. An attempt has been in the paper to enlighten en·light·en tr.v. en·light·ened, en·light·en·ing, en·light·ens 1. To give spiritual or intellectual insight to: those applicable laws randomly besides raising questions that have been not clear or unapprised. Modus operandi [Latin, Method of working.] A term used by law enforcement authorities to describe the particular manner in which a crime is committed. The term modus operandi is most commonly used in criminal cases. It is sometimes referred to by its initials, M.O. If the Indian Company is an unlisted6 private company, then private arrangement can be made between the shareholders of the Indian Company and the US company for the purchase of shares. Necessary approvals under the Foreign Exchange Management Act should be obtained in India7. The Indian Company has to pass appropriate resolutions in its board to give effect to the transfers, subject to the Foreign Exchange Management Act8. In the case of listed companies, the procedure will be bit cumbersome and has to follow the guidelines on takeover and substantial acquisition of shares discussed later in the paper. This involves appointing a merchant banker, valuation of shares as per the guidelines, advertisements, offer to existing shareholders and opening of an escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. account. The Foreign Exchange Regulation Act of 1973 (repealed) was primarily intended to regulate certain payment and dealings in foreign exchange and security transactions indirectly affecting foreign exchange, and to ensure the conservation of foreign exchange resources of the country, however in the wake of liberalization measures, those provisions were scraped and a new Foreign Exchange Management Act replaced it. The Companies Act of 1956 regulates the law relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the formation and administration of companies in India as well as the operation of foreign companies, in India.9 The Securities and Exchange Board of India Securities and Exchange Board of India (SEBI) is a board (autonomous body) created by the Government of India in 1988 and given statutory form in 1992 with the SEBI Act 1992. Its head office is in Mumbai, and other offices in Chennai, Kolkatta and Delhi. (substantial acquisition of shares and take-overs) regulations are also an important set of regulations that govern mergers and amalgamations. Another important Act which has an impact on mergers of U.S. and Indian Companies This is a list of major companies based in India. Please note that the list is highly incomplete and does not have every company of all sizes. More information about the companies can be found in the links to the company articles. A
The merger/acquisition proposals are coupled with the policy guidelines of the Government of India The Government of India (Hindi: भारत सरकार [3]Bhārat Sarkār), officially referred to as the Union Government, and commonly as Central Government and the conditions under which foreign capital is welcomed are as follows: All foreign and Indian undertakings have to conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" the general requirements of the government's Industrial policy.10 Foreign enterprises can be treated on par with the Indian enterprises. Foreign enterprises should have the freedom to remit profits and repatriate repatriate To bring home assets that are currently held in a foreign country. Domestic corporations are frequently taxed on the profits that they repatriate, a factor inducing the firms to leave overseas the profits earned there. capital, subject to foreign exchange consideration. The objective of setting up the corporate acquisition vehicle in India has to be conformed with industrial policy below: (a) Approval will be given for direct foreign investment up to 51% foreign equity in 36 high priority industries11. (b) Other foreign equity proposals including proposals involving 51% foreign equity which do not meet the criteria in para (a) above will need prior clearance of The Secretariat of Industrial Approvals and Reserve Bank of India The Reserve Bank of India (RBI) is the central bank of India, and was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. Since its inception, it has been headquartered in Mumbai. . (c) To provide access to international markets majority equity holding up to 51% equity will be allowed for trading companies primarily engaged in export activities and such trading houses should be on par with domestic trading and export houses in accordance with the import export policy12 The Foreign participation is available in the Indian companies' up to 51% on an automatic basis; where significant contribution is made to import, foreign holdings can be higher even up to 100%13. TAX CONSIDERATIONS A scheme of merger/acquisition can be structured differently and each have their own tax and regulatory issues.The following scheme of Merger/Acquisition raises some important legal issues for our discussion. At times an Indian resident, holding the entire share capital of an Indian company, intends to transfer his entire share holding to a foreign company in exchange for shares in the latter. This makes the Indian Company a 100% subsidiary of the foreign corporation. The transfer of shares of the foreign corporation would result in capital gain tax as for shareholders in Indian Company. The consideration received by the shareholders of the Indian Company would have to be reduced from the cost of acquisition of the shares14. The important legal issue to be considered here is that consideration received would have to be computed based on the values of shares in the foreign corporation received and not on the value of the shares of the Indian Company, that have been parted with. The amount of tax depends on the valuation of the shares of the foreign company. If the US corporation is a listed15 company, the market value of the shares in foreign company received could be considered for the valuation; however, if the foreign company is a unlisted company, the authenticity of the valuation of shares is in question and often shareholders are deprived from raising their voice, as there is no proper forum to address these issues. Effect of cross border mergers on the developing economy International mergers in the context of developing economies like India need to be discouraged if they reduce or harm competition or are prejudicial prej·u·di·cial adj. 1. Detrimental; injurious. 2. Causing or tending to preconceived judgment or convictions: to the interests of the investors and consumers. Very few Indian companies are of international size and that in the light of continuing economic reforms opening up of trade and foreign investment, a great deal of corporate restructuring is taking place in the country which allows the Indian corporations to be on an equal footing to compete with global giants, but at the same time, cross border mergers beyond a threshold limit would harm competition and are prejudicial to the interests of the investors and consumers. The investment potential of the US giant corporations will lead to predatory pricing Predatory pricing (also known as destroyer pricing) is the practice of a firm selling a product at very low price with the intent of driving competitors out of the market, or create a barrier to entry into the market for potential new competitors. , which is a situation where a firm with global market power, prices below costs so as to drive the domestic competitors out of the market which is generally prejudicial to the consumers interest .To allow such cross border mergers, acquisitions, take-overs might help the US corporate giants to increase their global market share, which shall result in undue concentration in global industry. The domestic regulations governing such restrictive trade practices are confined to the investigation of the exclusionary practices and their anti-economic effect only within the country. The monitoring and control of global monopoly is also another important legal issue that hasn't been addressed so far. International corporate commission The number and power of the multinational corporations
prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. United Nations estimates, there are over 35,000 multinational corporations worldwide that control about one third of all private sector assets.16 The multinational corporations have discovered the complexity in operating in several legal systems. It is too complex and perplexing per·plex tr.v. per·plexed, per·plex·ing, per·plex·es 1. To confuse or trouble with uncertainty or doubt. See Synonyms at puzzle. 2. To make confusedly intricate; complicate. to file a notice in every country that has nothing to do with the deal in this country. In the present scenario, there is a need for progressive harmonization har·mo·nize v. har·mo·nized, har·mo·niz·ing, har·mo·niz·es v.tr. 1. To bring or come into agreement or harmony. See Synonyms at agree. 2. Music To provide harmony for (a melody). and unification of the international corporate law. There is no consensus, however, on a preferred course of action. Ideas range from creating an accountability of reliable information on the laws of all jurisdictions, to the standardization of forms and procedures, to the adoption of common core principles, such as the prohibition of cartels. The question is who would do this and what charter of authority would they receive to do it? Should it be a part of the WTO See World Trade Organization. Governance mechanism? Should it be something established under the auspicious aus·pi·cious adj. 1. Attended by favorable circumstances; propitious: an auspicious time to ask for a raise in salary. See Synonyms at favorable. 2. Marked by success; prosperous. of a group such as the Organization for Economic Co operation and Development? Do we need to create another multinational institution to perform any of these functions? In the light of international economic developments and emerging global economy, where the multinational corporations have their existence beyond borders, it is necessary to establish an "International corporate commission" to promote, regulate and provide for the settlement of the disputes arising in cross-border operation of multinational corporations. It is the next reasonable step to share information, promote common processes, and seek substantive harmonization. The International corporate commission should be vested with the investigative, prosecutorial pros·e·cu·to·ri·al adj. Of, relating to, or concerned with prosecution: "a huge investigative and prosecutorial effort" Lucian K. Truscott IV. and adjudicative ad·ju·di·cate v. ad·ju·di·cat·ed, ad·ju·di·cat·ing, ad·ju·di·cates v.tr. 1. To hear and settle (a case) by judicial procedure. 2. functions to address various international legal issues arising in the operation of the multinational corporations. The international corporate commission should be a multinational member body comprised of eminent and erudite er·u·dite adj. Characterized by erudition; learned. See Synonyms at learned. [Middle English erudit, from Latin persons of integrity and objectivity from the field of judiciary, economics, law and international trade. The commission should have necessary regulatory investigative and prosecutorial wings to address various legal issues arising in the field of international corporate, securities and competition laws.The commission shall strive for the international investor protection besides acting as a catalyst for the multinational companies to play efficiently in the global economy. An attempt to describe the objectives of the "International corporate commission" has been made here; The International corporate commission should be the core legal body within in the field of international corporate law. International corporate commission should be tasked with progressive harmonization and unification of the international corporate law. Preparing or promoting the adoption of new international conventions, model laws and uniform laws and promoting the codification The collection and systematic arrangement, usually by subject, of the laws of a state or country, or the statutory provisions, rules, and regulations that govern a specific area or subject of law or practice. and wider acceptance of international corporate laws in collaboration, where appropriate, with the organizations operating in this field; Promoting ways and means WAYS AND MEANS. In legislative assemblies there is usually appointed a committee whose duties are to inquire into, and propose to the house, the ways and means to be adopted to raise funds for the use of the government. This body is called the committee of ways and means. of ensuring a uniform interpretation and application of international conventions and uniform laws applicable to Multi national corporations Collecting and disseminating information on national legislation's and modern legal developments, including case law, applicable to multi national corporations Maintaining liaison with other Nations, organs and specialized agencies concerned with multinational corporations Taking any other action it may deem useful to fulfil its functions. 1 Asia intelligence wire, World reporter(TM) January 19,2000 2 Rodney D.Ryder, plumping the profit lines, Computers Today, (July 31st 2000) 3 A company incorporated outside India cannot alter its identity and become a company registered under the Act [The Hyderabad (Sind) Electric Supply Company Vs. Union of India, A.I.R. 1959 Punjab 199]. 4 Under section 11.04 of the Revised Model Business corporation Act , a plan of merger or share exchange must be adopted by the board. Thereafter, the board must submit the plan to the share holders for their approval, unless the conditions stated in section 11.04(g) or section 11.05 are satisfied A plan of share exchange must always be approved by the share holders of the class or series that is being acquired in a share exchange. Similarly, a plan of merger must always be approved by the share holders of corporation that is merged into another party in merger, unless the corporation is a subsidiary and the merger falls with in section 11.05.However, under section 11.04(g) approval of a plan of merger or share exchange by the share holders of a surviving corporation in a merger or of an acquiring corporation in a share exchange is not required if the conditions stated in that section, including the fundamental rule of section 6.21(f),are satisfied. Section 11.04(f) provides that a class or series has a right to vote on a plan of merger as a separate voting group if, pursuant to the merger, the class or series would be converted into shares or other securities, interests obligations rights to acquire shares or other securities, cash, or other property, or if the class or series would have the right to vote as a separate group on a provision in the plan that, if contained in an amendment to the articles of corporation, would require approval by that class or series ,voting as a separate voting as separate voting groups affects two or more classes or two or more series in the same or a substantially similar way, the relevant classes or series vote together, rather than separately, on the change. If separate voting by voting groups is required for a merger or a share exchange under section 11.04 (f), it will not be excused by section 11.04(g). For the mechanics of voting where voting by voting groups is required under section 11.04(f), see sections 7.25 and 7.26 of the RMBCA RMBCA Revised Model Business Corporation Act and the official comments there to. 5 Fred Weston ET AL., Take-overs , Restructuring and Corporate Governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. 6 Unlisted and Listed in this context means Unlisted and Listed on a Stock Exchange. 7 Foreign Exchange Management Act, 1999 An Act to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India. In exercise of powers conferred by clause (b) of sub section (3) of section 6 and section 47 of the Foreign Exchange Management Act,1999 (42 of 1999) the Reseve Bank of India This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. makes the regualtions to prohibit,restrict or regualte ,trasfer or issue securitiy by a person resident outside India 8 Concept of corporate governance had gained momentum in the latter part of 1990s.With the globalization and liberalization of the Indian economy since 1991 the Government had formulated different measures to protect the diverse interest of shareholders and stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. in the companies. Internationally different reports were published on corporate governance notably among them are the Report of the Cadbury committee, the Report of the Greenbury committee, the Report of the Blue Ribbon committee Noun 1. blue ribbon committee - an independent and exclusive commission of nonpartisan statesmen and experts formed to investigate some important governmental issue blue ribbon commission in the U.S. ,the OECD OECD: see Organization for Economic Cooperation and Development. code or Corporate Governance. The corporate governance laws of India are the same as the corporate governance laws of the US 9 ECONOMIC REFORMS IN INDIA-LAW AS THE FACILITATOR available at http://www.cj-law.com/pub7.htm 10 The Government of India's policy on foreign private investment is based on the approach adopted in 1949.The basic policy is to welcome foreign private investment on a selective basis in areas advantageous to the Indian economy. 11 Metallurgical industries ,Boilers and steam generating plants, Prime movers The Prime Movers were a blues band based in the Detroit area, formed in 1965. Robert Vinopal left soon after the band's formation and was replaced by Jack Dawson. James Osterberg, who would later be known as Iggy Pop, took over the drums not long after. (other than electrical generators),Electrical equipment A piece of electrical equipment is a machine, powered by electricity and usually consists of an enclosure, a variety of electrical components and often a power switch. Examples of Electrical Equipment
ni·trog·e·nous adj. Relating to or containing nitrogen. nitrogenous containing nitrogen. & Phosphatic fertilizers falling under, Chemicals (other than fertilizers),Drugs and Pharmaceuticals: According to Drug Policy, Paper and pulp including paper products, Industrial laminates,Automobile tyres and tubes, Plate glass, Industrial Ceramics, Cement Products, High technology reproduction and multiplication equipment, Carbon and carbon products, Pretensioned high pressure RCC RCC - An extensible language. pipes, Rubber machinery, Printing machinery ,Welding electrodes other than those for welding mild steel, Industrial synthetic diamonds, Photosynthesis improvers, Extraction and upgrading of minor oils, Prefabricated pre·fab·ri·cate tr.v. pre·fab·ri·cat·ed, pre·fab·ri·cat·ing, pre·fab·ri·cates 1. To manufacture (a building or section of a building, for example) in advance, especially in standard sections that can be easily shipped and building materials Building materials used in the construction industry to create . These categories of materials and products are used by and construction project managers to specify the materials and methods used for . , Soya products, Certified high yielding hybrid seeds and synthetic seeds and Certified high yielding plantlets developed through plant tissue culture Plant Tissue Culture, also called micropropagation, is a practice used to propagate plants under sterile conditions, often to produce clones of a plant. Different techniques in plant tissue culture may offer certain advantages over traditional methods of propagation, including; 11 The governing act is "The Foreign Trade (Development And Regulation) Act, 1992" The sections that empower the Central Government to make rules to regulate foreign trade and declare the EXIM EXIM Export & Import EXIM Export and Import Bank of India policy are section 3 & 5. Section 3 reads as "Powers to make provisions relating to imports and exports - 1) The Central Government may by order publish in the official gazette A compilation published weekly by the Patent and Trademark Office listing all the Patents and Trademarks issued and registered, thereby providing notice to all interested parties. , make provisions for the development and regulation of foreign trade by facilitating imports and increasing exports. 2) The Central Government may also, by order publish in the official gazette, make provisions for prohibiting, restricting or otherwise regulating, in all cases or in specified classes of cases and subject to such exceptions, if any as may be made by or under the order, the import or export of goods. 3) All goods to which any order under sub-section (2) applies shall be deemed to be goods the import or export of which has been prohibited under section 11 of the Customs Act, 1962 (LII Adj. 1. lii - being two more than fifty 52, fifty-two cardinal - being or denoting a numerical quantity but not order; "cardinal numbers" of 1062) and all the provisions of that Act, shall have effect accordingly. So section 3 is the general enabling section whereas section 5 is more specific about the policy it is as under: Export and Import Policy - The Central Government may, from time to time, formulate and announce, by notification in the Official Gazette, the export and import policy and may also in like manner amend the policy. 12 Under the Foreign Trade (Development And Regulation) Act, 1992" section 3 empowers the Central Government to make rules to regulate foreign trade and declare the Foreign Investment Policy; FOREIGN INVESTMENT POLICY As a part of the economic reforms program, policy and procedures governing foreign investment and technology transfers have been significantly simplified and streamlined. Today, foreign investment is very welcome in practically all sectors of the economy, except those of strategic concerns such as railways, atomic energy atomic energy: see nuclear energy. , defense etc. Any proposal involving foreign investment requires approval. The following two routes are available for foreign investors for obtaining such approvals. Approval by Reserve Bank of India Automatic approval is given by the Reserve Bank of India (RBI RBI abbr. Baseball runs batted in Noun 1. rbi - a run that is the result of the batter's performance; "he had more than 100 rbi last season" run batted in ) for direct foreign investment up to 74% of equity for 9 categories of Industries, 51% of equity for 48 categories of Industries and unto 50% of equity for 3 categories of Industries as given at Appendix - 1 Capital goods Capital Goods Any goods used by an organization to produce other goods. Notes: Examples of capital goods include office buildings, equipment, and machinery. See also: Capital Expenditure, Disinvestment Capital goods comprising plant and machinery which are required to be imported are to be new and not second hand. For proposals relating to technical collaboration agreement the payment of know-how fees and royalties conform to specified Parameters .The RBI accords automatic approval to such proposals within a period of two weeks. Approval by Secretariat for Industrial Assistance/ Foreign Investment Promotion Board All other foreign investment proposals where the parameters for automatic approval are not met, need prior approval of the Government. Such foreign investment proposals are considered and approved by FIPB FIPB Foreign Investment Promotion Board (India) . The FIPB normally clears the foreign investment proposals within a period of four to six weeks. Foreign Investment Promotion Board (FIPB) The FIPB is especially empowered to engage in purposive pur·po·sive adj. 1. Having or serving a purpose. 2. Purposeful: purposive behavior. pur negotiation and also consider proposals in totality free from predetermined pre·de·ter·mine v. pre·de·ter·mined, pre·de·ter·min·ing, pre·de·ter·mines v.tr. 1. To determine, decide, or establish in advance: parameters on procedures. Industry Secretary is the Chairman of FIPB. The Finance Secretary, Commerce Secretary and Secretary (Economic Relations) Ministry of External Affairs are the other Members of the FIPB. Foreign Investment Promotion Council The Government has recently constituted a Foreign Investment Promotion Council (FIPC FIPC Foreign Investment Promotion Center (Russia) FIPC Federal Investigations Processing Center (security clearances, Office of Personnel Management) ) in the Ministry of Industry. It has been set up to have more target oriented approach towards foreign direct investment promotion, its functions are to identify the sector/project within the country requiring foreign direct investment and target specific regions/countries of the world from where FDI FDI See: Foreign direct investment will be brought through. 13 In order to obtain the amount of capital gains or loss, from the amount of sales proceeds deduct the expenses incurred on transfer. From the balance, deduct cost of acquisition . to obtain the short term capital gains or loss. The value of foreign shares is the question of concern here. Sale proceeds (Value of foreign shares) - Less:Expenses on transfer - Less:Cost of acquisition of the shares( In Indian company, when initially acquired _____________________________________ Amount of capital gains liable to 'Capital Gains Tax' 14 Id Fn. 6 Foreign Investment Promotion Council The Government has recently constituted a Foreign Investment Promotion Council (FIPC) in the Ministry of Industry. It has been set up to have more target oriented approach towards foreign direct investment promotion, its functions are to identify the sector/project within the country requiring foreign direct investment and target specific regions/countries of the world from where FDI will be brought through. 15 In order to obtain the amount of capital gains or loss, from the amount of sales proceeds deduct the expenses incurred on transfer. From the balance, deduct cost of acquisition . to obtain the short term capital gains or loss. The value of foreign shares is the question of concern here. Sale proceeds (Value of foreign shares) - Less:Expenses on transfer - Less:Cost of acquisition of the shares( In Indian company, when initially acquired _____________________________________ Amount of capital gains liable to 'Capital Gains Tax' 16 Id Fn. 6 The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances. Mr Praveen Medikundam Mascot Technologies,Inc. 81 Watchogue Rd Staten Island Staten Island (1990 pop. 378,977), 59 sq mi (160 sq km), SE N.Y., in New York Bay, SW of Manhattan, forming Richmond co. of New York state and the borough of Staten Island of New York City. New York 10314 UNITED STATES United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Tel: 6307951535 E-mail: hipraveeen@yahoo.com (c) Mondaq Ltd, 2002 - Tel. +44 (0)20 7820 7733 - http://www.mondaq.com |
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