Advised State Bank of India’s Bahrain Branch in connection with its funding to a private sector bank in India under the external commercial borrowing (ECB) regulations.
Represented State Bank of India’s London branch on its loan to REC, formerly the Rural Electrification Corporation. This involved advising and negotiating the loan agreement and other ancillary documents.
Mashreqbank, MUFG Bank
Advised the consortium of lenders of Garden Silk Mills (GSM), led by Bank of Baroda, on the resolution of the GSM’s account under insolvency.
Acted for a client on the acquisition of a loan against property portfolio by an asset reconstruction arm of leading global credit fund from a non-banking financial institution.
Bank of India, Central Bank of India, Citibank, ICICI Bank, KKR, Union Bank of India
Advised Kunshan Q Tech Microelectronics India on raising $20 million from Kunshan Q Technology Hong Kong in accordance with the provisions of the foreign exchange management regulations.
Acted for Chalukya Holiday Resorts with respect to securing a term loan from IndusInd Bank for a takeover of an existing term loan and general corporate purposes.
Represented M3M India in procuring a drop-line overdraft facility from the State Bank of India for replacing an existing high-cost debt in relation to its residential development project of M3M Golf Estates.
Advised Goldman Sachs on the settlement of its debt under listed negotiable certificates of deposits issued by Nitesh Pune Mall, including filing under the insolvency code, negotiating a contentious settlement process with the issuer, acquirer and the refinancing bank.
Acted for the National Collateral Management Services on its issuance of privately placed debentures, the proceeds of which will be utilised for its special purpose vehicles to finance the construction of new silos for the storage and preservation of agricultural commodities throughout India.
ICICI Bank, IFC, JM Financial Credit Solutions, Torrent Power
Acted for a consortium of 18 lenders, led by State Bank of India, in relation to the stressed asset resolution of Prayagraj Power Generation Company by way of change in management and control.
Advised Nagpur Mumbai Super Communication Expressway on its $7.77 billion financing for the construction and development of the 700 km Maharashtra Samruddhi Mahamarg Expressway between Mumbai and Nagpur. This is the largest project financing ever undertaken in the country in the road sector on a greenfield basis.
Bank of Baroda, Deutsche Bank, ICICI Bank, IDBI Bank, Rabobank, Standard Chartered Bank, State Bank of India
Advised as L&T Infrastructure Finance on a term loan facility to Acme Solar Holdings for the refinancing the outstanding debt of its companies in relation to their respective solar power projects.
Acted for PTC India Financial Services on conducting the due diligence and documentation pertaining to subscription of non-convertible redeemable debentures issued by Ostro Energy.
HDFC Bank, IndusInd Bank, Saraswat Co-operative Bank, Tata Cleantech Services
Advised ICICI Bank as the lender in relation to rupee term loan facilities provided to Catasynth Speciality Chemicals for setting up certain facilities to manufacture specialty chemicals in the Mangalore special economic zone.
Acted for Axis Finance on its rupee loan to Adani Group entities, which are engaged in real estate development and related activities.
HDFC Bank, Edelweiss Alternative Asset Advisors, SBI Mutual Fund, SC Lowy Financial
Assisted IndusInd Bank with structuring and drafting a loan facility and security documents to a borrower.
Acted for RattanIndia Finance on its business tie-up agreement with Revolt Intellicorp to facilitate the financing of the manufacturing of electric two-wheelers. The vehicles would be exclusively financed by way of credit facilities to the customers of the e-bikes.
Allahabad Bank, Bank of Baroda, Standard Chartered Bank, Tata Capital Housing Finance
Advised Power Finance Corporation on debt financing to Wind One Renergy in relation to the Gujarat project.
Acting for Rural Electrification Corporation regarding the assignment of debt granted in respect of a hydropower project situated in Sikkim.
Allahabad Bank, Deutsche Bank, HDFC Bank, IFC, IndusInd Bank, Standard Chartered Bank, State Bank of India, Yes Bank
Acted for Akme Fintrade India on borrowing external commercial loan from a US-based financial institution.
Bygging India, Trench Shoring Rental
Advised Agritrade Resources on acquisition financing and transaction structuring for the one-time settlement that was used to acquire SKS Power Generation.
Represented IndusInd Bank with respect to a rupee term loan financing to KC Maritime, a part of Hong Kong-based Kishinchand Chellaram Group, for the purchase of a shipping vessel registered in Cyprus and to be chartered in India to Ambuja Cement as a cement carrier.
Cleantech Solar Energy, India Equity Partners, NCF, Silver Point Capital
Acted for Axis Bank, HDFC Bank, Kotak Mahindra Bank, The Federal Bank and The South Indian Bank in relation to long term loan facilities aggregating to $16 billion to Tata Steel BSL.
Advised Standard Chartered Bank as the arranger on a private placement of secured, rated, listed non-convertible debentures by West Coast Paper Mills. The proceeds of the debentures were utilised to partially finance the acquisition of a majority stake in International Paper APPM, the Indian arm of an NYSE-listed global paper company.
Axis Bank, BNP Paribas, Export-Import Bank of India, Indian Railway Finance Corporation, State Bank of India, Tata Steel
Advised Tata Motors on its working capital facilities from a consortium of over 20 banks.
Acting for Centrum Capital in its financing of DCW. The transaction required the financing to be structured to ensure commencement of project operations and repayment of existing debt and is cross-collateralised through multiple group entities.
Altico Capital India, ING Bank, JSW Group, Kotak Mahindra Group
Advised AB Svensk Exportkredit as the lender in relation to a loan to Volvo Financial Services. This is one of the first INR denominated long-term ECB deals involving a non-banking financial company as borrower after the overhauling changes made to the norms regulating ECBs.
Represented Citibank in relation to an uncommitted receivable purchase facility extended by the Bank to Nokia Solutions and Networks India.
Axis Bank, Bank of Baroda, Punjab National Bank, Standard Chartered Bank
Advised a consortium of banks led by State Bank of India in financing the Patanjali Group to acquire Ruchi Soya Industries through the corporate insolvency resolution process.
Represented Kairos Property Managers and the investor, BSREP II India Office Holdings III, in the acquisition financing for the acquisition of Mars Hotels and Resorts from its existing owners.
Bank of America, Citibank, First Abu Dhabi Bank, HSBC, ING Bank, JP Morgan Chase, South Indian Bank, Yes Bank
Advised Punjab National Bank, which led a consortium comprising Canara Bank, Central Bank, Indian Overseas Bank, UCO Bank and Vijaya Bank, as lenders to a certain project. The team reviewed existing financing and security documents, and development agreements.
Jammu & Kashmir Bank
Advised a consortium of lenders led by State Bank of India in their financing to Nagpur Mumbai Super Communication Expressway for funding construction and development of a six-lane access controlled expressway along the Nagpur Mumbai corridor, known as the Maharashtra Samruddhi Mahamarg.
Assisting Yes Bank on the financing structure and negotiations of the financing documents for a loan facility to Navi Mumbai International Airport.
Axis Bank, Export-Import Bank of the United States of America, HDFC Bank, L&T Infrastructure Finance
Advised State Bank of India as the lender of a project finance term loan to Technique Solaire Invest 1 India to refinance of its solar unit situated in Uttarakhand.
Acted for leading non-banking financial company SREI Equipment Finance on its loan to a private Hyderabad-based company.
Assisted Ummeed Housing Finance on its series D equity raising by Morgan Stanley and existing investor, LGT Impact.
Aditya Birla Housing Finance, Carlson Hotels, Lucid Holdings India, Steel Authority of India, Targus India, Uflex
Acting for L&T Infra Debt Fund and L&T Infrastructure Finance on their loan to RDA Energy, which is engaged in operating a solar power project at Mograle Village in Maharashtra.
Assisted India Infradebt on its facility to NVR Renew to fund the operation of its solar power project in Karnataka.
HDFC Bank, NIIF Infrastructure Finance, State Bank of India, Tata Cleantech Capital
Acted for a consortium of lenders concerning a master restructuring agreement for a term loan and working capital facility provided to the borrower.
Advised Northern Arc Capital in a structured financing transaction that involved the securitisation of the receivables of Ess Kay Fincorp.
Assisting client CredAble, which functions through Equentia SCF Technologies and Equentia Financial Services, on providing financial and factoring transactions through its online trading platform.
Advised joint structuring advisors, including JP Morgan, Kotak Mahindra and Morgan Stanley, on the allotment of tranche A debentures of $418.5 million in the issuance of rupee-denominated listed, rated, secured, redeemable, non-convertible debentures by Embassy Office Parks REIT. This was the first issue of listed debentures by a REIT registered with the Securities and Exchange Board of India.
Represented State Bank of India and a consortium comprising 18 financial institutions, on the $7 billion loan to finance the acquisition of Essar Steel India by ArcelorMittal and Nippon Steel. The firm also advised the committee of creditors in Essar Steel’s insolvency proceedings.
Azure Power, Brookfield, IFC, Mizuho Bank
Advised HSBC Bank Mauritius in relation to the issuance of a loan to TVS Credit Services.
Acted for Rallis India in receiving consortium funding for its working capital requirements in Mumbai.
Represented SBI Singapore in relation to its escrow arrangement for the sale of the shipping vessel MT Nerissa, which is afloat outside of India waters.
AU Small Finance Bank, DB Madhya Pradesh, Doha Bank, LIC Housing Finance, Union Bank of India
Acted for the lenders REC and Power Finance Corporation on their loan to Adani Power to set up two coal-fired power plants in Jharkhand for a dedicated supply of electricity to Bangladesh’s government. This is the first time a company in India has set up a power plant exclusively for supplying electricity to a foreign country.
Assisted Varde Partners and Goldman Sachs in the debt resolution through a one-time settlement scheme for the distressed power producer Rattanindia Power. This is the first successful scheme to have been closed under the Reserve Bank of India’s prudential framework for the resolution of stressed assets.
Axis Bank, Blackstone Tactical Opportunities, Future Group, ICICI Bank, IFC, Oaktree Capital, SBI Funds Management
Acted for BOB Capital Markets, Karvy Investor Services and PNB Investment Services as the underwriters with respect to the proposed public offering of ITI, a government-owned telecommunications equipment manufacturer in India.
Engaged by Canara Bank for its proposed divestment of a controlling stake in Can Fin Homes in accordance with the SEBI Takeover Regulations.
Karvy Financial Services, Virtusa Consulting Services
Acted for CSB Bank, its promoter, FIH Mauritius Investments and the selling shareholders on CSB’s IPO. This was the first IPO by a foreign promoted bank in India and the third IPO that has concluded under the new Securities and Exchange Board of India.
Advised Housing Development Finance Corporation on its $140 million drawdown under a medium-term programme.
Infosys, Kotak Mahindra Capital Company, Muthoot Finance, Yes Bank
Advised the Embassy Office Parks REIT, its manager, sponsors and the selling unitholders in connection with the $666 million IPO of the client, which would be India’s first registered REIT.
Represented the lead managers, which included Kotak Mahindra Capital and Morgan Stanley India, in the $3.5 billion Vodafone Idea rights issue, which was one of the largest rights issues undertaken in India.
Bajaj Finance, Barclays Bank, Blackstone, Greenko Group, Indian Oil Corporation, Power Finance Corporation
Acted for the placement agents, including Kotak Mahindra Capital, Axis Capital, DSP Merrill Lynch, and JP Morgan India, in the $971 million QIP of Avenue Supermarts followed by an offer for sale by the promoters of the company through the stock exchange mechanism.
Advising the lead managers Kotak Mahindra Capital, CLSA India, Edelweiss Financial Services and JM Financial in the proposed IPO by Burger King India.
Represented IIFL Securities, ICICI Securities and IDFC Securities as the placement agents on the $382 million QIP by RBL Bank.
Axis Capital, Edelweiss Financial Services, Goldman Sachs India, Nomura Financial Advisory and Securities, Prince Pipes and Fittings
Advised Tata Sponge and Iron on its rights issue. The client had filed a letter of offer for an issue of up to 33 million equity shares on rights basis.
Acted for IDBI Capital Markets & Securities, SBI Capital Markets and YES Securities in relation to the IPO of Indian Railway Catering and Tourism Corporation.
Axis Capital, Citigroup Global Capital Markets, Credit Suisse Capital Markets, Edelweiss Financial Services Limited, ICICI Securities, IDFC First Bank, IIFL Holdings, IRB Group, JM Financial, L&T IDPL, SBI Capital Markets, UBS Securities
Acted for Assets Care and Reconstruction Enterprise on its issuance of structured debentures on a private placement basis.
Engaged by the lead managers including Morgan Stanley India, JM Financial and Axis Capital, for the IPO of equity shares of Chalet Hotels. This was the first transaction to include the recently SEBI-introduced unified payment interface (UPI) mechanism for retail investor applications of the IPO.
Advised Sterling and Wilson Solar and Metropolis Healthcare on their IPOs on the National Stock Exchange.
Bajaj Finance, Delhi International Airport, India Infrastructure Trust, RattanIndia Power, RBL Bank
Acted for Adani Electricity Mumbai (AEM) and Power Distribution Services as the obligors in connection to AEM’s issuance of $1 billion senior secured notes due 2030.
Advised a group of offshore banks as lead managers in connection with two offerings of $750 million and $500 million investment grade unsecured senior notes by the issuer, Adani Ports and SEZ.
Adani Transmission, DLF, Edelweiss Financial Services, Hudco, Kotak Mahindra Capital Company
Advised Mangalore Refinery and Petrochemicals on its maiden issue of listed, unsecured, rated, taxable, redeemable, non-convertible debentures on a private placement basis.
Acted for SBI Cards and Payment Services on the issuance of listed debentures ad a private placement.
Asirvaad Microfinance, Brooks Laboratories, Dredging Corporation of India
Acted for issuer Vodafone Idea on its $3.4 billion rights issue, which was the largest ever rights issue by an Indian company.
Represented the lead managers, including Morgan Stanley India, Kotak Mahindra Capital, JP Morgan India, Axis Capital, HSBC Securities and Capital Markets India, among others, on the $645 million IPO of units by Embassy Office Parks REIT, which was co-sponsored by the Embassy Group and the Blackstone Group. This was the first listing by a REIT in India.
Citigroup Capital Markets, DSP Merrill Lynch, IIFL Securities, Kotak Mahindra, Morgan Stanley, Polycab India
Acted for the lead managers, including Axis Capital, JP Morgan India, Goldman Sachs India Securities, and ICICI Securities, in the $3.5 billion rights issue by Bharti Airtel. This is the largest equity capital markets deal in India to date.
Advised Axis Bank on its $1.74 billion qualified institutions placement (QIP), the second-largest QIP in India ever.
Assisted the lead managers in the $458 million QIP of DLF, the largest one ever by a real estate company in the country.
BNP Paribas, Chalet Hotels, Citigroup Global Markets India, Orienta InfraTrust
Acted for Kotak Mahindra Capital Company, Axis Capital, CLSA India and DSP Merrill Lynch in the qualified institutional placement of Godrej Properties, valued at INR 2100 crore.
Represented ICICI Securities and Motilal Oswal International Advisors in the rights issue of Piramal Enterprises.
Advised the book running lead managers, including Edelweiss Financial Services and IIFL Holdings, on the proposed IPO of Bajaj Energy by way of a fresh issue of equity shares and an offer for sale by the promoter selling shareholder.
Citigroup Global Markets, Goldman Sachs India Securities, HDFC Bank, JP Morgan Securities, Standard Chartered Bank, UBS
Advised a global automotive parts manufacturer JTEKT in a cartel investigation and successfully secured leniency for the client under the leniency provisions in India. This was the first case decided by the Competition Commission of India (CCI) where it has granted a full reduction in penalty to a second leniency applicant.
Assisting Uber in an ongoing investigation by the Directorate General in relation to allegations by Meru Travel Solutions that Uber engaged in predatory pricing and offered loyalty inducing discounts to its driver partners in the relevant market for radio taxis in the Delhi region.
BCCI, GlaxoSmithKline, Google, Hitachi, Larsen & Toubro
Represented Bentley Systems India before the competition authority in a case where SOWiL had challenged its licence agreement with the client for use of the computer-aided design software. The team successfully argued that the information filed by SOWiL against Bentley had no merit.
Acting for Intel Corporation in a case filed by Velankani Electronics, involving allegations of abuse of dominance.
Bharti Group, Clariant, Google, HP, Khetan Group
Advising Mahindra& Mahindra on receiving approval from the competition regulator after setting up a joint venture with Ford Motor Company. The structure of the joint venture involved Ford India transferring its entire Indian business to the joint venture.
Acting for the Adani Ports and SEZ on its merger notification subsequent to its $1.9 billion acquisition of Krishnapatnam Port. This is the first transaction in the ports sector to be notified to the Competition Commission of India.
Adani Group, Apple, Aditya Birla Group, BSH, KraftHeinz, Mahindra & Mahindra Group, Reliance Industries Group, Warburg Pincus
Representing SKF India in an antitrust investigation into allegations of price coordination arrangement among bearing manufacturers in the automotive and industrial markets in India.
Advising Google in a competition matter where Remote Tech Services providers complained to the antitrust authority that Google had abused its dominant position.
Ericsson, GEEP Industries, Pan India Infraprojects, PVR
Secured unconditional regulatory approval for the combination between Toyota Motor Corporation and Suzuki Motor Corporation.
Successfully represented Pfizer in a joint merger filing with GlaxoSmithKline for the creation of their global consumer healthcare joint venture. The combined sales of the joint venture two years ago was $12.7 billion.
Represented Alkem Laboratories in a matter where a third-party alleged instances of anti-competitive conduct against Bengali Chemist & Druggist Association and the client.
Eli Lilly and Company, Inox Leisure, Nippon Life Insurance, Reliance Industries
Challenging penalties imposed by the Competition Commission of India on Honda Cars over allegations of abuse of dominance in the secondary market for spares and after-sales services.
Advising Plasser India on its collusion allegations against certain Chinese bidders in tenders floated by Indian Railways.
Corrugated Box Manufacturers’ Association, Glencore Agriculture India
Representing SpiceJet in proceedings initiated against various India airlines in respect of alleged concerned actions by various airlines in fixing fuel surcharges for transporting cargo.
Represented Bertram Capital on its pre-merger notification advice related to its acquisition of performance fabric manufacturer Perennials and Sutherland, which has two Indian subsidiaries and a manufacturing facility in India.
Advised management consulting firm Korn Ferry on its pre-merger notification advice on its acquisition of ESI Performance India.
United Requirement Plan Consultants
Obtained approval from the Competition Commission of India for ArcelorMittal concerning its joint acquisition with Nippon Steel for Essar Steel India.
Represented Nasdaq-listed MakeMyTrip on receiving approval from the antitrust regulator in relation to its share exchange transaction between Ctrip.com International and Naspers.
Embassy Office Parks REIT, C&S Electric, Eros International, Hitachi Payment Services, IL&FS, Vodafone Group
Advised Ctrip.com International and led on all competition law aspects of its acquisition of an additional 42% shareholding of MakeMyTrip from Naspers.
Represented Oravel Stays before the competition authority in an abuse of dominance case in the budget hotel sector. Ultimately the competition commission dismissed all allegations against the client.
Canada Pension Plan Investment Board, Larsen & Toubro, Saudi Arabian Oil Company, Uber India Systems
Represented Schneider Electric and Temasek in relation to competition aspects of their $2.1 billion acquisition of Larsen & Toubro’s electric and automation business.
Advising Peugeot on the Indian competition law and merger control aspects for its $50 billion merger with Fiat.
Acted for Tata Sons, GIC Ventures and SSG Capital Management in relation to their complex long-form filing for the acquisition of a stake in GMR Airports, subject to compliance of voluntary commitment.
Future Coupons, Hyundai Motor Company, Kia Motors Corporation, NSK, Ola Electric Mobility, Port of Singapore Authority, Wabco Holdings
Represented Ranchi Smart City Corporation on its bid to develop a smart city project during an auction process on an EPC basis.
Belectric Group, Shapoorji Group, Vestas
Assisting the Ministry of Economy and Finance of Cambodia and the Cambodian government on structuring and drafting the contractual framework and documentation for the establishment of rice warehouse facilities.
Advising City Industrial Development Corporation on the implementation of the $2 billion Navi Mumbai International Airport project.
Actis Global Services, Rosgeo Group
Advising the National Highways Authority of India in an EPC agreement for the construction of an emergency landing facility in Rajasthan.
Acting for REC Transmission Projects Company in its bid process management for a transmission system project in Jharkhand state.
Gujarat Maritime Board, Ramky Infrastructure, Wimberly Allison Tong & Goo
Advising a fast-growing Indian start-up in the yoga and wellness space, its founders and marquee angel investors on various transactions relating to corporate restructuring, transfer of intellectual property, and employee stock options.
Represented US-based ML Medical Billing on the sale of its US and Indian businesses to Coronis Health.
Certified Collectibles Group, Dalberg Development Advisers, Outfit7
Acquisition by a healthcare company of a health-tech start-up through a hybrid mechanism of acqui-hire and takeover.
Acquisition of a cold storage warehouse by an existing logistics entity in the cold storage business for geographic expansion.
Advised Archroma group on its acquisition of BASF's stilbene-based optical brightening agents business for paper and powder detergent applications.
Acted for AI-based educational platform Funtoot, its founder and investors on its acquisition by a subsidiary of the Reliance Group.
Compass Group, Polaris Consulting & Services, Seedfund Group
Acted for listed housing finance company GRUH Finance on its full share-swap merger with Bandhan Bank, valued at $12 billion.
Advised Tata Steel on its acquisition of Usha Martin’s steel division. This is one of the largest deals in the steel sector in 2019 outside the framework of the insolvency and bankruptcy code.
Represented HDFC on its equity shares investment in Yes Bank.
HDFC, Herbolab India
Advising cement manufacturer The India Cements on its acquisition of Springway Mining.
KCap, Marriott International, Rescom Mineral Trading
Represented Euramco Holding on its sale of redeemable optionally convertible cumulative preference shares of construction company DB Realtors, held by Immobilien Funds SPV Trinity Capital, to DB Realty.
Advised Atria Solar in the acquisition of the entire shareholding of Stellex Watt Sun Energy.
Kunshan QTech Microelectronics India
Acted for Larsen & Toubro in its successful $1.4 billion hostile takeover bid for Mindtree. This is the largest successful hostile takeover of an Indian listed company and the first-ever hostile takeover in the Indian IT sector.
Advised Walt Disney and 21st Century Fox (21CF) on the domestic corporate and merger control aspects of Walt Disney’s $71 billion acquisition of 21CF, pursuant to a merger between Walt Disney, 21CF and other group entities.
Amazon, Brookfield Asset Management, Reliance Industries, Tata Chemicals, Total Holdings
Advised Hitachi’s energy division on the $700 million execution of four power generation plants in India for National Thermal Power Corporation. The team additionally counselled on the Indian leg of the global integration of power systems business of Hitachi with Mitsubishi Heavy Industries.
Acted for Kobe Steel on the acquisition of its Indian joint venture company with Larsen & Toubro by way of purchasing shares from the partner and converting the joint venture into a wholly-owned subsidiary.
Fermator Group, Istyle Japan, Kose Corporation India, STMicroelectronics
Advised Indorama Netherlands on its acquisition of 31.8% shares in Indorama Synthetics India.
Acted for Akum Drugs and Pharmaceuticals in a primary issuance of equity shares to Ruby QC Investment Holdings, and then a secondary sale of its shares to the same subscriber.
Clariant Chemicals, Indorama Ventures Holdings, Thai Plaspac
Advised a New Zealand-based insurance and reinsurance company in relation to its joint venture in India and incorporating a step-down subsidiary to undertake the business of credit risk guarantee and credit enhancement. This joint venture will the first of its kind in India which will offer credit services to its clients by offering sureties on their behalf.
Acted for a leading bottling company in Mexico on its investment in an Indian start-up by way of convertible notes and compulsory convertible preference shares.
Represented a UK-based power transmission manufacturer in acquiring its existing joint venture company in India through a buyback process.
Advised a media and broadcasting company on the acquisition of its joint venture partner’s shareholding and minority shareholding of promoters by an investor.
Assisted an international client in relation to the share subscription of a government incorporated SPV to undertake the business of a government project.
Atal Nagar Vikas Pradhikaran, Bombay Hemp Company, Fastway Transmissions, GCC Services India
Advised online marketplace Flipkart on its acquisition of a strategic stake in EasyRewardz Software Services, India's first social collaborative rewards platform.
Represented ReNew Power on its joint venture partnership with GS E&C, one of South Korea’s largest construction and development companies. The joint venture investment will mark the entry of GS E&C into the Indian renewable energy sector.
Avantor Materials, Bergguen Hotels, Flipkart, First Data Corporation, ReNew Power, Shapoorji Pallonji Investment Advisors
Acting for Raghuleela Builders on its sale of a business undertaking to One BKC Realtors, an entity controlled by Blackstone Group.
Advising a listed Japanese company and a listed Chinese company on its joint venture agreement with Steelmint Infor Services (SIS) to set up a new company, to which the assets of SIS would be transferred through a business transfer agreement.
CAC Holdings Corporation Japan, HT Music and Entertainment, TGP Tecnocap Group, Thriveni Earthmovers
Advised Powerupcloud Technologies and its selling shareholders on the company’s 100% sale to Larsen & Toubro Infotech.
Assisted domestic paint manufacturer Sheenlac Paints in negotiating an endorsement agreement with a leading and renowned music director in relation to the endorsement of their brands and products.
Anicut Capital, Bluebolt Accelerator, Pymalion Renaissance, Specsmakers Opticians
Advising E2Open Software India for the integration and closure of various client entities in the country.
Assisting Yourownroom in raising equity capital from entities incorporated outside India.
Indusviva Healthsciences, Metropolitan Cancer Care Centres India, Voylla Fashions
Engaged by the Fertiliser Corporation of India to advise on its joint venture agreements, concession agreements, lease agreements, and financial documents with various fertiliser plants including the Ramagundam project, Gorakhpur project, Sindri project, Talcher project and Korba project.
Advised Concur IP Consulting on its sale of shares to French IP firm Questel.
Apollo Fiege Integrated Logistics, Hindustan Fertilizer Corporation, Indian Tourism Development Corporation, JBM Auto
Advised DS Group on its acquisition of a minority stake in Swiss-listed entity Lalique.
Acted for Vishakhapatnam Port Trust and others on their acquisition of 100% of the government of India's shares in Dredging Corporation of India.
Mindgate Solutions, Renascent Power Venture, Sansera Engineering, Tata Power Company
Advised Delta IES India on the purchase of its shares from Delta Gruppe, a company registered in Germany.
Represented Agritrade Resources, a listed company on the Hong Kong Stock Exchange, on the acquisition of SKS Power Generation through a one-time settlement for all outstanding debt owed to State Bank of India, L&T Infrastructure Finance and PTC India Financial Services. The target is currently developing a domestic coal-based thermal power plant in two phases.
Advised Pine Labs India on its strategic collaboration with Mastercard, which made a primary and secondary investment in the client, pushing Pine Labs’ valuation to over $1 billion.
Accel India, CNPL, FirstCry, Helion Venture Partners, Wipro
Assisted PepsiCo India Holdings in relation to the sale of its entire company-owned bottling operations for its carbonated drinks business to Varun Beverages. The buyer is PepsiCo's largest bottler in India and the flagship company of the RK Jaipuria Group.
Represented the Indian government, acting through the Department of Investment and Public Asset Management and the Ministry of Power, in the sale of its entire shareholding in REC to Power Finance Corporation for $2 billion.
Baring Private Equity Asia, Ford Motor Company, Hain Celestial Group, Indiabulls Real Estate, Mastercard International
Represented Crestline Direct Finance, as Indian counsel, in connection with a loan facility provided for the acquisition of a multinational healthcare company with operations in India and the US.
Advised the founders and existing investors of Cygnus Medicare in their significant stakes sale to Amar Ujala.
Aspada LGT, Evolvence Capital, India Infoline, Mahindra Lifespaces, Tata Motors, Sequoia
Advised Langoor Digital, a digital marketing agency, on the acquisition by a French multinational advertising and public relations company.
Represented Applect Learning Systems on its acquisition by Aakash Educational Services.
Bellatrix Aerospace, Sazu Media
Advised Nippon Life Insurance Company on its acquisition of 75% of the share capital of Reliance Nippon Life Asset Management.
Represented Reliance Industries in relation to its proposed joint venture with oil multinational, BP Group. The joint venture company will, subject to regulatory and other customary approvals, own Reliance’s existing petroleum retail marketing business and operate its aviation fuel business.
City Football Group, Ingersoll-Rand, Laureate Education, Manipal Health Enterprises, Wabco Holdings
Acted for the Indian subsidiary of US-based Bio-Rad Laboratories in acquiring office space in a multi-storied commercial building in Bangalore.
Advised Bombay Stock Exchange-listed refractories and monolithics manufacturer Orient Refractories on its $6.45 billion acquisition of a manufacturing plant in Cuttack, Odisha from Manishri Refractories and Ceramics.
Asiya Capital Investments, JCK Infra Projects, Lingaraj Pipes, Rettenmaier India
Advised the promoters of Lohia Auto on the additional 25% stake acquisition in their motorbikes joint venture in India with UM Group USA.
Represented vehicle and manpower tracking start-up NMS Global Tracking in setting up its franchise and channel partner business wing to assist in a pan-India expansion.
Acted for Paras Buildtech Group on the acquisition of their new real estate project Ekam, which is an affordable 15-acre plotted development project in the state of Haryana.
Assisted one of the largest warehousing and logistics company in India in its acquisition of 20 hectares of land in Uttar Pradesh.
Served as lead counsel to ArcelorMittal and Nippon Steel Corporation Japan on their $7 billion acquisition of Essar Steel India.
Acting for UV Asset Reconstruction Company in its acquisition of Reliance Communications and Reliance Telecom, respectively. This was one of the largest transactions in the telecoms sector in 2019 with the target possessing outstanding debt of $20 billion.
Inteva Products, Mylan Pharmaceuticals, Petronas, Reliance Capital
Assisting healthcare digital platform mScripts in its acquisition by global healthcare services provider Cardinal Health.
Advised Bangalore-based biotech startup String Bio in raising an undisclosed amount of funding from a number of investors including Ankur Capital, Oil and Natural Gas Corporation, and French investor Seventure Partners among others.
Elior India Catering, General Electric, Quesscorp, Teamlease Services
Represented listed public sector undertakings company Engineers India on its acquisition of Projects and Development India.
Elara Capital, HP Cotton, Intercontinental Group of Hotels, Sunflame Enterprises, Vector Consulting
Advised Gail India regarding its participation in the bid process for the acquisition of wind power assets that are jointly owned and operated by IL&FS group and Orix Corporation.
Acted for Megha Engineering and Infrastructures in the acquisition of the oil and gas division of the Trevi Group.
Chennai Port Trust, Den Networks, Enstage Software, First Tek Services, Mohalla Tech, Venus Remedies
Advised Sloki Technologies on the strategic investment received from Technopro Japan.
Acted for Otsuka Pharmaceutical Factory on its acquisition of an additional 20% stake in its existing joint venture company, Otsuka Pharmaceutical India, from its joint venture partner, Mitsui & Co.
Advised Radiant Life and its promoter Abhay Soi in signing an agreement, alongside KKR, to acquire Max Healthcare from Analjit Singh and create a $1.1 billion listed healthcare entity through a series of demergers and a reverse merger. With this acquisition, Radiant will add 20 more hospitals to its current roster of two.
Acted for Square Dotcom on the merger between its subsidiary Square Yards and FITRR Technologies.
Represented buyer Actis on its $500 million acquisition of fully operational solar power projects in Jaipur and Andhra Pradesh from Acme Solar.
Advised Nexus Venture Partners and Jungle Ventures on the sale of their entire stake in consumer lending platform Paysense to PayU.
Foundation Holdings, Intel Corporation, Ryan Group, Tiger Global Five Holdings
Advised Homage Ventures in relation to the incorporation of an overseas joint venture with Speciality Hospitality UK. They incorporated the overseas joint venture company as Caterland Hospitality to establish and operate an Indian restaurant in London.
Acted for Metaphor Tradelinks on the transfer of the Jo Malone London business to Shoppers Stop, a company that is engaged in the business of running and operating retail stores brands such as MAC, Bobbi Brown, Clinique, and Smash Box.
Represented financial publisher Euromoney Institutional Investor on its acquisition data provider, Wealth-X. The team advised the client on the India leg of the transaction and conducted due diligence on DataSift.
Harappa Learning, Kristal Advisors, Verity Knowledge Solutions
Represented Tata Steel BSL on its merger with its parent company, Tata Steel, in the course of the country’s largest recent restructuring.
Acted for Amazon.com on its acquisition of Witzig Advisory Services, including securing unconditional approval from the antitrust authority for the deal.
Advised the Ferro Corporation on the sale of its tile coatings business to Pigments Spain, a company owned by the portfolio fund of Lone Star Funds.
Acted for Haldia Water Services, a joint venture consortium between Shristi Infrastructure Development Corporation, Swach Environment and Ion Exchange India. The joint venture agreement was for the repair, upgrading, operation and maintenance, and management of the existing water supply projects.
Assisted Navigant Consulting on the Indian aspects of its $1.1 billion acquisition by Guidehouse.
BDO India, Daiichi Sankyo, IL&FS India, RIB Group, Schneider Electric, Tech Mahindra, TransUnion, Uttarwar Group, Varo Infotech
Advised Turner Morrison, STP and other shareholders of STP on its sale of 92% paid-up equity share capital of STP to Berger Paints India. The buyer intends to acquire another 3.59% shortly, thus acquiring a total of 95.5%.
Acted for Madhu Jayani International on acquiring the rights to Eveready Industries India’s tea brands. In addition to the rights to use these brands, the client also acquired some of the assets of the tea business of Eveready.
Brinton Pharmaceuticals, Ernst & Young, Export-Import Bank of Korea, Supreme Treon, SV Creditline
Acted for Cooper-Standard France on the sale of its subsidiary business interests in its Anti-Vibration Systems to ContiTech USA.
Advised Reliance ADAG Group on the divestment of its entire stake in Reliance Broadcast Network.
Assisting Mitsui & Co on its joint venture agreement with Ichibanya to open the world's largest chain of Japanese-style-curry restaurants called ‘Curry House CoCo Ichibanya’ in India, with starting its first outlet in New Delhi.
Apis Partners, Dell, Sanctum Wealth Management, Sojitz Corporation
Advised unlisted Sumitomo Chemical India on its reverse merger with listed company Excel Crop Care (ECC). Post-merger, the client was required to issue and allot shares to the shareholders of ECC, in accordance with the share exchange ratio provided under the scheme of merger. After, the shares of SCIL would be listed on the Bombay Stock Exchange and the National Stock Exchange. The significance this matter is that reverse mergers are not common in India, where the last notable reverse merger in India occurred in 2001.
Represented Dentsu Aegis Network India on its 87% acquisition of share capital of target, Ugam Solutions, through the purchase of equity shares from the sellers under the provisions of a share purchase agreement.
Shobiz Experiential Communications
Advised Asianet News Media and Entertainment with respect to its strategic partial exit from ARG Outlier Asianet News, the company operating India’s largest English news channel.
Acted for AxisCades on its tranches of investment in Mistral Solutions. The phased acquisition was completed as a step to enhance its capabilities in the embedded electronics space and improve its customer base in India.
Eka Analytics, Volvo Group India, YH Precision
Advised ArcelorMittal on its landmark $7.1 billion joint acquisition with Nippon Steel of Essar Steel India under the insolvency and bankruptcy code.
Representing Aeroports de Paris on its investment of $1.45 billion for an aggregate 49% stake in GMR Airports.
Goldman Sachs, McDonald’s Corporation, Dana Incorporated, Firmenich, Hitachi, IndoSpace, IRB Infrastructure Developers, Reliance Infrastructure, Vodafone Group
Advised Nujam Technologies on investments made into it by high net worth individuals and advisors to the company.
Acted for Resurgence PE Investments and other investors in a consortium in a proposal to partially dispose of their shareholding in an investee company.
Alga Energy, B&S Strategy Services, One by Two Media, Vikas Publishing House
Assisting Bank of China on due diligence of Vodafone Idea as the client was financing its contract with ZTE Corporation.
Engaged by Divyaang Mytithri Sports Academy to broker official recognition from the Karnataka State Cricket Association.
Advised Buzz India Trust on a proposed project to provide microfinancing to female entrepreneurs in India with the objective of enabling them to purchase assets for their businesses.
Aarohi Trust, GivFunds Social Ventures Trust, Uppal Housing, Waste Capital Partners
Represented an American financial services company on its acquisition of Ness Software Engineering Services India by way of purchase of ownership and economic interests for an undisclosed amount.
Assisting software testing company Qualitest Group in buying out the shares of its joint venture company with Yethi Consulting from the partner.
Best Koki Automotive, Corinthian India Holdings, McGraw Hill Education India, Secure Parking Solutions
Advised SunEdison Infrastructure on a series of M&A deals, including its acquisition of a controlling stake in Megamic Electronics, its acquisition of a majority stake in Enrecover Energy, and in its sale of a significant stake portion to Ayvan Renewable Solar.
Acted for the selling shareholders of Ruletronics Group, an international pure-play Pega consulting and implementation company, on its acquisition by Larsen & Toubro Infotech.
Represented Axon Smart Health on the acquisition of its controlling stake by EduSpark International.
Aerem Solutions, Cherise India, Neogen Chemicals, SIL Rooftop Solar Power
Advised the government of India and the Department of Investment and Public Asset Management on their disinvestment of a 74.5% stake in THDC India and 100% shareholding in North Eastern Electric Power by way of sale to NTPC. The entire divestment round was valued at $2.9 billion.
Acted for Future Group on its 49% stake sale in Future Coupons to Amazon.com NV Investment Holdings.
Represented WPP, a British advertising multinational, on its sale of a 60% stake in its global data analytics arm to Bain Capital for $4 billion.
Ant Financial, Bilcare, Coca Cola Company, Cube Highways and Infrastructure, Equifax Credit Information Services, Medlife, Paysense, Zomato
Advised Taraspan Solutions on its merger with Petan Communication Solutions.
Acted for Axcestrack Software Solutions in a settlement between the client and other shareholders in the form of division of the business of the company and having one group exit.
Representing poultry farmer Sai Vijaya Poultries and its majority stakeholders on charges laid against it by minority shareholders that alleged oppression and mismanagement, including funds misappropriation and siphoning.
DLF Group, Embassy Group, JKM Infra Projects, Wave Group
Acted for Hotel Leelaventure, now known as HLV, and its promoters in connection with the sale of various hotels to BSREP III India Ballet, part of Brookfield Asset Management’s private real estate fund.
Advised TPG Growth Fund and CTSI India in relation to the acquisition of Cancer Treatment Services International by Varian Medical Systems. The deal marked one of the most significant exits by a healthcare platform owned by a private equity fund.
Represented Siemens in relation to its sale of a manufacturing unit and its land, located in Gujarat, to LM Wind Power Blades India.
International Paper Company, SPi Global Content Holding, Partners Group, Ugam Solutions
Advising Siemens Gasema in relation to the petition filed by PGCIL seeking preferential allotment of connectivity to the selected bidders in the Solar Energy Corporation of India auction.
Belectric Group, GMR Warora Energy, ONGC, Petronet, Shapoorji Pallonji Group
Advising an individual entrepreneur in strategising and resolving a decade-old shareholder dispute with a former friend and colleague relating to cross-holdings in six companies.
Defending IAG Cargo, a British air cargo provider, in a commercial suit filed against it by a consignor of gold jewellery that was shipping through the client.
Ellipsis Entertainment Media, R Mall Developers
Representing the Pension Fund Regulatory and Development Authority before the Supreme Court in a matter involving the mandatory linking of Aadhaar in order to avail various benefits under government schemes.
Advised the Federation of Indian Mineral Industries before the Supreme Court in various proceedings including matters relating to constitutional and fiscal issues pertaining to iron ore mining in Karnataka.
ABB, Edelweiss, HDFC Group, KKR, Mercedes, Volkswagen Group, Volvo, Tata Group
Representing Ramesh Prasad Sao in a long-standing case related to mining in the state of Orissa. The client is seeking permission to restart mining operations as the lessee has all the requisite clearances and a valid mining lease.
Advising Mayor Jaipur Municipal Corporation Rajasthan India in an ongoing real estate land laws matter pertaining to the property ‘Lal Niwas’ purchased by the appellant from a local ruler in Jaipur. At stake are the rights of the property and the amount necessary for payment of conversion of the land use for constructing commercial-cum-residential complex.
Deepak Vegpro, Rajasthan Election Commission, Union of India
Represented IHH Healthcare in proceedings before multiple forums in relation to disputes arising out of a shareholders agreement with the minority shareholders of its subsidiary, Continental Hospitals.
Acting for Discovery Communications and Discovery Networks Asia-pacific as a defendant against a writ petition that was filed by a former service provider. This is one of the first cases where a high court was asked to interfere with the application made to the Ministry of Information and Broadcasting by an entity holding a valid downlinking licence.
ASF Keystone, Axis Bank, Reserve Bank of India, WhatsApp, Yatra Online
Advised Bharti Infratel on filing a claim against Reliance Communications and Reliance Telecom, demanding an exit amount on account of premature termination of their contract and for outstanding charges for services rendered under the contract, plus interest.
Hindupur Solar Park, Malwa Solar Power Generation, Ricoh India
Represented the Bank of Baroda on its merger with Vijaya Bank and Dena Bank to become India’s third largest domestic bank. This deal, the first three-way merger of nationalised banks, was valued at $216 billion.
Advised the resolution professional of Essar Steel India during its workout plan, where Essar Steel was acquired in full by ArcelorMittal India and Nippon Steel & Sumitomo Metal Corporation for $7 billion.
Represented Piramal Enterprises on the divestment of its Healthcare Insights and Analytics business to Clarivate Analytics for $950 million.
Aditya Birla Group, Bata Group, Coca-Cola Group, Hindustan Unilever, Infosys, Procter & Gamble, Siemens, Wipro
Representing the Amtek Group Companies in over 35 various claims filed by the lenders before the Debts Recovery Tribunal in New Delhi for the recovery of their outstanding dues.
Advising Jaiprakash Associates and Jaypee Infratech on contesting the claim of consortium lenders claiming a total amount of more than $1.34 million.
Binani Industries, Essar Steel India, Jindal India Thermal Power, Murli Industries, Punjab National, Soma Enterprises, State Bank of India
Representing a group of investors in proceedings against Kakade Constructions Company (KCC) concerning the execution of the consent terms between the investors, KCC and its promoters for an arbitration award. KCC and its promoters rejected the execution proceedings and the consent terms, leading to the high court challenge.
Advising Larsen & Toubro in disputes arising out of the invocation of Bank Guarantees.
Aditya Birla Housing Finance, GMR Infrastructure, Life Insurance Corporation of India, Vistra ITCL India
Representing Helm Dungemittel as it initiated arbitration proceedings against The State Trading Corporation of India and Canara Bank to recover monies owed to it pursuant to its contract with STC and the wrongful invocation of the performance bank guarantee by STC.
Engaged by Otsuka Chemicals India in an ongoing arbitration initiated by the contractor arising out of a contract for construction of a GCLE project at the client’s site in Rajasthan.
Representing e-pharma company Medlife International in a public interest litigation filed by activists and brick and mortar chemists seeking a blanket ban on the online sale of drugs and pharmaceutical products.
Acting for the Multiplex Association of India challenging a price cap that the Karnataka government had imposed on all movie theatres.
Hindalco Industries, JSW Steel, Seabird Marine
Defending Arjas Steel in a suit filed by Banjour Agencies for specific performance of a contract, to which the client had supplied its goods earlier.
Representing Peerless Hotels in arbitration hearings against Sai Anirudh Construction and Developers (SAICD) after the two parties became embroiled in disputes over a hotel in Hyderabad the client had acquired from SAICD.
Represented Mother Dairy in a dispute against the Nalgonda Rangareddy District Milk Producers Mutually Aided Cooperative Union with regard to usage of its trademark.
Advised Perfect India in a landmark matter revolving around the issue whether revenue from pure internet service in adjusted gross revenue is privy to a levy of the licence fee on the internet service providers under the unified licensing regime.
Airport Economic Regulatory Authority of India, Lakshmi Vilas Bank, RHC Holding
Successfully represented Varian Medical Systems in a government tender dispute opposing the current government’s threat of blacklisting the client if it supplied businesses controlled by the opponent party. This was the first-ever tender contract issued for the supply and installation of high-end medical equipment and turnkey at Maharashtra state government controlled hospital.
Advising an ultra-high net worth individual against a summons issued to the client by the Enforcement Directorate pursuant to an investigation for money laundering.
Representing Bruker AXS Handheld on debt recovery after it terminated its cross-border distributor agreement with a hostile local party.
Successfully represented Renascent Power Venture in obtaining a favourable judgment from the Appellate Tribunal for Electricity by setting aside an order from the Uttar Pradesh Regulatory Commission, granting its conditional approval by reducing the bid out power-purchase agreement tariff.
Acted for Sembcorp Energy India in disputes arising out of power-purchase agreements with states in Andhra Pradesh.
Represented Mumbai International Airport in the matter where the levy of development fee at the airport has been challenged before the Airport Economic Regulatory Authority Appellate Tribunal by airlines on various grounds.
Adani Group, Avantor Performance Materials, GMR Group, L&T Finance, Mytrah Energy, Welspun Group
Represented Lakshmi Vilas Bank in a suit filed against it by Religare Finvest for the recovery of $103 million along with other ancillary reliefs.
Advised Cadila Healthcare, a major domestic pharmaceuticals player, before the Supreme Court on charges of an alleged anti-competitive agreement with the Chemists & Druggists Association of India.
Builders Association of India, CTR Manufacturing, Electronic City Industrial Township Authority, Schott Glass
Acting for Deutsche Bank in relation to defaults under a credit facility made by it to Uttam Galva Steels, which is undergoing insolvency proceedings.
Advising sponsors of Videocon group in its disputes with Dish TV and the Essel Group.
Kirloskar Group, SSG Capital, Tata Motors, Videocon Group, Vsoft Technologies
Advising Credit Suisse in relation to the enforcement of the pledge over the shares of Reliance General Insurance created in favour of a trustee, IDBI Trusteeship Services by Reliance Capital.
Representing Oil and Natural Gas Corporation before the Supreme Court in a dispute arising from the imposition of indirect taxes and penalties by the state government.
Essel Energy, JP Morgan Chase
Representing real estate company Pioneer Urban Land & Infrastructure in writ proceedings before the Supreme Court, challenging the constitutional validity of certain provisions of India’s insolvency and bankruptcy code.
Engaged by a joint venture company for a dispute arising out of the termination of an EPC contract for the construction of an LNG import, storage and regasification terminal in Maharashtra.
Altico Capital, India, Betamax, Shapoorji Pallonji Company, Uber
Successfully represented Modi-Mundipharma in a landmark judgment that released its client’s novel technology pharmaceuticals product from rigorous and incremental price control notification.
Engaged by SMC Global Securities and 16 brokers to file writ petitions challenging the proceedings being conducted by the Collector of Stamps in Delhi for the levy of stamp duty on ‘proprietary trade’ where no broker note is generated.
Bougainvillea Multiplex Entertainment Center, GS Pharmbutors, Winmedicare
Acting for a leading French utility company in an arbitral dispute against Bangalore Water Supply Board. The government body is seeking to recover GST dues on the allegation that the client has unfairly profiteered with the implementation of GST due to additional credits.
Representing Darrameks Hotels before the Supreme Court to determine the extent of construction activity that can be undertaken in surrounding hilly areas and adjoining water bodies.
Ambience Construction, Penguin Random House India
Represented the members of the Independent Power Producers Association of India in a writ petition case challenging sections of the Banking Regulation Act. The outcome was a landmark judgement passed by the Supreme Court which has curtailed the powers of the banking regulator by declaring a circular issued by the RBI had no effect in law.
Acted for Wapcos in a dispute arising out of the construction of the Aghan-India Friendship Dam, a landmark infrastructure project undertaken by India in Afghanistan that will irrigate land and generate power.
Clean Sustainable Energy, Delhi Aviation Fuel Facility, Delhi International Airport, Drake & Scull Water and Energy India
Represented MNP Interconnection Telecom Solutions in the Delhi high court and subsequently, the Supreme Court. The client was duly challenging the regulation notified by the Telecom Regulatory Authority of India where the regulator slashed the applicable rates in relation to mobile number portability. The firm helped win a favourable judgement for its client.
Acted for Axis Bank in execution proceedings filed before the Bombay high court against the owner of a premises it provided a mortgage for. The client was seeking enforcement of a decree that was in its favour for the retrieval of the security deposit paid under leave and licence agreements. The respondent had also mortgaged the same premises to a public sector bank to borrow credit facilities, and that bank was attempting to take forceful possession of the premises under the Sarfaesi Act. This is an important matter because it raises an issue on the priority of payments among banks, especially when the same security has been given to two banks.
Clariant Medical Specialties India, Positronic
Successfully represented the petitioners Internet and Mobile Association of India and a Unocoin co-founder, in a case where the clients challenged a circular released by the Reserve Bank of India prohibited regulated entities from engaging in any form of cryptocurrency and blockchain business. In a landmark judgement, the Supreme Court quashed the circular and deemed it unconstitutional. The judgement opens the door for millions of Indians to invest, buy and sell crypto assets via bank accounts and allowing cryptocurrency exchanges to use banking facilities.
Representing the Federation of Indian Airlines in a case related to petitions filed by GMR Hyderabad International Airport over the user development fee.
Invisalign India, Maynards Europe, Vedant Dyestuff Intermediates
Represented Daiichi Sankyo Company in an ICC arbitration matter where the senior advocate briefed by the firm was the first time an Indian lawyer was given the right of audience before Singapore’s high court and its Court of Appeal. The arbitral tribunal successfully proved the allegations of fraud by Ranbaxy promoters. This award was upheld by the Supreme Court of India, as well as Singapore’s high court.
Advised Asianet News Media and Entertainment with respect to its strategic partial exit from ARG Outlier Asianet News, the company operating India’s largest English news channel.
Acted for AxisCades on its tranches of investment in Mistral Solutions. The phased acquisition was completed as a step to enhance its capabilities in the embedded electronics space and improve its customer base in India.
Eka Analytics, Volvo Group India, YH Precision
Advising the Airports Authority of India in a dispute pertaining to eviction of Frank Airways from an airport in Indore due to the non-payment of the licence fee, occupational charges and consequential damages.
Representing Wipro in a high-profile ad hoc domestic arbitration arising out of a breach of contract between parties, for failure to perform and consequent non-payment by the respondent, West Bengal’s food and supplies department.
Abhijeet Hazaribagh Toll Road, Jayaswal Ashoka Infrastructure, Prime Interglobe, SBS Transpole Logistics
Representing a fast food giant in a long-running shareholders dispute against its former joint venture partner. The dispute involved the determination of not only the client’s rights as a shareholder of its Indian joint venture but also questions of arbitrability of shareholders’ disputes.
Acting for F Hoffman-La Roche and Genentech in their civil claims against the Drugs Controller General of India and certain Indian manufacturers, relating to biosimilar drugs before the Supreme Court of India.
Asia Pragati Capfin, Cairn Energy, Glencore, Pure
Retained by Om Metals Infraprojects to defend a challenge to an award passed by the arbitral tribunal in favour of the National Thermal Power Corporation.
Defending Coastal Projects against IFCI in arbitration proceedings where the main issue revolved around the personal liability of promoters and whether a put option on securities constitutes a promoter’s guarantee obligation.
Bharat Heavy Electricals
Represented Uppal Housing as a minority shareholder of Umang Realtech, which was facing a lawsuit by the Flat Buyers Association Winter Hills over the delays in the residential building project as a result of deteriorating financial health.
Acting for GuarantoCo in recovering monies that were due from Calcom Cement, which is a subsidiary of the dominant listed cement player in the local market, Dalmia Cement.
Adani Group, Dilip Buildcon, Vikram Solar, West Haryana Highways Projects
Representing the National Highways Authority of India after a special leave petition was filed by Hindustan Construction Company, challenging the client on its inability to feature in its winding up.
Successfully acted for Nikhara Bharath Construction before the Securities and Exchange Board of India Mumbai in a matter pertaining to alleging violation of its interim order wherein it had restrained the client from carrying out its business activities.
ISGEC Heavy Engineering, Power Finance Corporation, Railtel Corporation of India, Solar Designs
Represented the Securities and Exchange Board of India against the fraudulent collective investment scheme (CIS) company, Pancards Club, and its promoters for illegally raising huge sums of monies. It defended the order annulment of Pancards Club and demanded the full recovery of all the investor funds.
Acted for the project implementation agency of the Mumbai Metro Rail Corporation before the Supreme Court arguing that the averments made by the petitioners, Parsi community individuals that claimed the construction of the metro tunnel beneath two of their Atash Behrams violated their religious rights, has not been sufficiently demonstrated.
Bharat Petroleum Corporation, Mumbai Port Trust, ONGC
Successfully defended Hotel Leela Venture in a challenge by ITC, a domestic hotelier and minority shareholder in the client, to the sale of some of the client’s undertakings to Brookfield Asset Management to wipe off $1 billion in debt. ITC argued that the sale was contrary to the interests of the minority shareholders.
Represented ICICI Bank in a writ petition filed against it by its former CEO and managing director, who challenged the decision of the client’s board of directors to treat her early retirement as a termination for cause to claw back the bonuses paid to her from a certain date onwards.
GVK Airport Holdings, Remondis Aqua
Advised Koninlijke Philips in a landmark case against Amazestores and others that clarifies awarding aggravated damages for an IP case and lays down a rule of thumb for calculating these damages in order to avoid arbitrariness in cases of clear mala fide and egregious infringement.
Represented AstraZeneca against Emcure Pharmaceuticals in a seminal patent litigation that highlighted the species-genus patent and clarified the misconception that no species patent be granted once a genus patent has been granted.
Bristol-Myers Squibb Holdings, Dubai Islamic Bank, Louis Vuitton, Pharmacyclics, Pfizer
Represented US apparel company Wrangler on investigations and suits involving the counterfeiting of its products under its ‘Wrangler’ mark.
Acted for Max Healthcare Institute in a trademark infringement suit against Sahrudya Health Care that was using its mark ‘MaxCure’.
JanSport, NRB Bearings, Thomas Cook India, Vans
Provided publicly-listed digital technology company Mindtree with a detailed opinion on the licensing of IP ownership over a digital platform as part of its CSR activity to a not-for-profit organisation.
Assisting TVS Electronics on developing an IP protection strategy and filing of applications with the Trademark Office.
Intellect Design Arena, Lucas-TVS
Successfully assisted RMKV Silks in a trademark and copyright infringement action by initiating criminal action against the infringer who was raided, and all their infringing materials seized and the owner arrested.
Represented perfumery Sarathi International in two trademark infringement cases, where it was able to obtain temporary injunction orders on the defendants.
Dover India, Rainbow Children’s Medicare, SEG Automotive, TTK Protective Devices
Represented Adidas in a filing a suit for injunction restraining infringement of trademark and passing off filed against the defendants based in Delhi and Noida who were manufacturing and selling shoes bearing the well-known and distinctive three-stripes device mark of the client.
Advising TTK Prestige in a case pertaining to the infringement of the client’s registered trademark and its logo. The defendant, Hiveloop Technology, was posting unauthorised advertisements for the sale of products bearing the client’s trademark on Hiveloop’s website.
Bennet Coleman & Co, Dart Industries, LG Electronics, Nestle, Novartis
Successfully represented a large diversified Indian business group in a pre-grant opposition against a multinational’s key patent application.
Obtained a rare judgment for a client on infringement of copyright in a storyline, including plot or theme by telecasting or adaptation in a web series.
Successfully represented a large biotechnology company in challenging a third-party subpoena issued by a US court.
Handling a trademark infringement suit and disparagement for Jyothi Laboratories related to ‘Harpic’ branded toiletries against the client.
Represented JC Bamford Excavators in a patent infringement matter, arguing that India’s patent office had overlooked important facts and passed an unreasonable order in a previous case.
Acted for Apple in the rejection of its European patent application for being non-technical during oral proceedings.
Antaria, Merck Sharp & Dohme, Travel Triangle, TVS Motors
Representing domestic hybrid seed company Nuziveedu Seeds and its group companies in a patent infringement litigation which fundamentally involves questions on patentability and enforceability of biotechnology inventions including patent claims directed to nucleic acid sequences against plant breeders.
Defending Shilpa Therapeutics against a patent infringement countersuit filed over the client’s original declaratory suit, seeking a declaration of non-infringement of the plaintiffs’ patent on water-soluble thin film systems.
Successfully represented Super Cassettes Industries in one of the few cases in India where the liability of user-uploaded content-based internet services in relation to copyright infringement has been examined. The court held that music owned by the client cannot be exploited, stored, communicated to the public or made available through the Sharechat mobile app and website without a licence from the client.
Acting for Everest Industries as the plaintiff in a suit to permanently injunct defendant, Visaka Industries, from using the registered trademarks of the client.
Advising a German beverage company on local law regarding adversarial actions against the misuse of its marks by other parties and representing the client in contentious proceedings before the Trade Marks Registry.
Preparing and implementing a strategy for a US-based car technology company to deal with the counterfeiting of the client’s products pan India.
Hindustan Unilever, Kraft Heinz Company, Reliance Retail Ventures
Successfully acted for plaintiff Exxon Mobil Corporation in a trademark infringement suit over the defendant’s use the mark ‘Mobolene’.
Advised Pioneer Corporation as the plaintiff in a counterfeit case against six entities in Delhi, Thirror, Kannur and Cochin that used its trademark, device mark and identical packaging on speakers that did not originate from the client.
Geneva Laboratories, Marico, Singer Company
Entrusted by Grammy award-winning artist Billie Eilish to file multiple marks, including the word mark ‘Billie Eilish’ and Blohsh Man logo.
Represented production house Navketan on its trademark strategy for various TV shows, movies, documentaries and series, and also on protecting the house mark of ‘Dev Anand.’
Successfully obtained the well-known mark status for Forbes Marshall.
BigTree Entertainment, Hindustan Petroleum Corporation, National Stock Exchange, Super Cassettes Industries, Tata Consultancy
Defending Jain Irrigation Systems in a patent infringement suit where the plaintiff, Dura-Line India, is seeking the cessation of the client’s use of polythene and polypropylene products due to its registered patent.
Acting for banana conglomerate and brand owner Chiquita Brands in an infringement and counterfeit suit against Raghunath Packers and others.
Jain Farm Fresh Foods, Tata Starbucks
Enforced Glaxo Group’s IP rights against trademark and copyright infringers HUK Natural and Shivam Healthcares during the pre-litigation stage and advised the client of possible enforcement options.
Represented Velcro Group in a trademark infringement suit against Veilcro Group regarding the infringement of the client’s mark ‘Velcro’.
Assisted Louis Vuitton Malletier in obtaining the registration of the numeral mark ‘1854’ for apparel goods and fashion accessories.
American Eagle Outfitters, Aston Martin Lagonda, BMW, Comic Con India
Advised IFC in the restructuring and migration of its investment from India Resurgence Fund into the
Represented Tata AIA Life Insurance on its investment in A91 Emerging Fund.
Avendus PE Investment Advisors, BASF Venture Capital, CDPQ Fixed Income X
Advised National Investment and Infrastructure Fund – Fund of Funds on its investment in Multiples Private Equity Fund III, a category II alternative investment fund launched by Multiples Alternative Asset Management.
Acting for Edelweiss Alternative Asset Advisors on the structuring and set up of Edelweiss Infrastructure Yield Plus, an infrastructure-focused alternative investment fund.
Fosun International, JSW Investments, SIDBI Venture Capital
Advised Indo Japan Emerging Technology & Innovation Fund in raising $975 million of investment from the Development Bank of Japan, Mizuho Bank, Nippon Life Insurance Company and Toyota Tsusho. The client fund is the first-of-its-kind and one of the largest fund-of-funds launched in India to date.
Assisting UTI Structured Debt Opportunities Fund II, a scheme of UTI Emerging India Opportunities Fund, on its set up.
Fireside Investment Advisory, Helios Capital Management, Smartweb Internet Services
Assisted Meritz Financial Group on the structuring of one of its companies’ investments into a fund with a target size of $429 million. The fund proposes to purchase the non-convertible debentures of certain identified portfolio companies.
Engaged by Piramal Asset Management to set up a category II alternative investment fund with Caisse de dépôt et placement du Québec, with a target of $300 million. Through this platform, the fund will offer private credit solutions to such companies across various sectors.
Bain Capital, HealthQuad Capital Advisors, IIFL Wealth & Asset Management, Lightbox Ventures, Makrana Capital Management
Acted for AustralianSuper on its $1 billion investment into the National Investment and Infrastructure Fund and its company. This transaction marked one of the largest commitments made in the Indian private equity industry
Assisted Asian Development Bank on local law aspects related to its investment in the Tata Capital Growth Fund II.
Represented Kotak Investment Advisors to set up its ‘Kotak Special Situations Fund’. It was able to close its initial round of funding with a total commitment of $1 billion, half of that coming from UAE sovereign wealth fund, Abu Dhabi Investment Authority.
Apollo Global Management, Blackrock, CLSA, Fidelity, Iroha Investment Management, Morgan Stanley, Softbank Vision Fund
Advising a US multinational company on implementing a restructuring plan during the COVID-19 lockdown.
Successfully defended its Europe-based multinational client in a criminal complaint filed by an employee against the company and its directors, including a global head, alleging harassment and victimisation at work.
Provided advice to a global investment and technology development firm on several sensitive issues pertaining to workplace conduct, including bullying, harassment and discrimination.
Engaged by Amazon for its pro bono initiatives in India, specifically in relation to conducting awareness and sensitisation training for teachers and counsellors in the government-funded and private schools in New Delhi.
Bytedance, Daimler Financial Services India, Goldman Sachs, Netgear Technologies, Sandoz India, Simon & Schuster, Tata Motors, Xiaomi Technology India
Engaged by Kobelco Trading India for advice in conducting an inquiry into a matter involving misconduct by certain employees of the company.
Advised International Trading Fashion & Apparel Supply Hong Kong, a subsidiary of French retail giant Kiabi, on the options of transferring the employees of its Indian distributor to its Indian entity.
Amity Group, Canon, GE Industrial Systems, Honda, L’Occitane, Oppo, Toyota, William Grant & Sons
Appointed by Pfizer Healthcare India to provide advice and assistance in connection with the cessation of manufacturing activities at two of its local plants and the proposed exit from these sites by the end of 2019. These factories employed approximately 1780 employees.
Advised Quess Corp in connection with the appointment of its CEO-designate and executive director, who would subsequently be appointed as the sole chief executive officer.
Air India, Hotel Corporation of India, Tailwind Capital Group, Thomson Reuters International Services
Providing advice to Dion Global Solutions relating to the GDPR and its implementation across its offices based in London and Australia.
Advising Taurus Asset Management and Taurus Investment Trust in drafting all their HR and labour-related policies, particularly those pertaining to insider trading.
Fastway Transmissions, GCC Services India, India Infrastructure Finance Company, Rocking Engineering Solutions
Advised Amneal Pharmaceuticals on a reduction in force exercise that had to be undertaken due to business reasons.
Represented Armstrong Fluid India in providing time-sensitive strategic and legal advice on how to mitigate risks against the formation of a union and preparing a formal legal dispute against certain influential employees that were making specific compensation demands.
Clarivate Analytics, Moneygram International, Shell India Markets
Assisting US-headquartered trucking fleet management company KeepTruckin on Indian employment law issues in connection with its Indian subsidiary.
Advising thyssenkrupp Elevator Indian in assessing the implications under the minimum wages laws in India and counselling on compliance with various categories of employees and apprentices. The client has operations across 27 states in the country.
Hamburg Sud India, Livevox Solution, MBB Labs, Sysdig
Advised Disney on Indian employment law issues arising out of its $71.3 billion acquisition of 21st Century Fox, including but not limited to the transitioning of employees.
Assisted NVidia on the local employment aspects related to its $6.9 billion acquisition of Mellanox.
Accenture, Amdocs, Blackstone, Crocs, Discovery, Google, Intel, Microsoft, Netflix, PayPal, Rockstar, Slack, Softbank, TPG Global, Uber
Advised Dell on a strategy for the transfer of employees in India as part of the acquisition of Unifi Software by Boomi, a subsidiary of the client. Boomi was also involved in the acquisition of its wholly-owned subsidiary in India, Unifi Software India.
Assisting Groupon on local law employment issues, including advising on the obligation to conduct training under The Sexual Harassment of Women at Workplace Act, reviewing its overtime policy, and assessing and revising policy to prevent and prohibit sexual harassment at work.
Asta Energy Transmission Components, Dynavax Corporation, Equentia Natural Resources
Assisting CECO Environmental India on various employment matters, including data privacy and protection, and drafting and vetting employment contracts.
Working with Semtech International on a range of employment issues, such as drafting and vetting of an anti-sexual harassment policy and drafting its employee’s handbook.
iQor Group, Kohler Group, Oxford University Press, Shangri-La International Hotel Management
Acted for global technology company Pitney Bowes on labour issues during the sale of its software business to Syncsort. This involved preparing HR documentation for internal restructuring and monitoring the reorganisation exercise.
Advised American Mortgage on dealing with an employee of its Indian entity, String Information Services, who failed his drug test. The client wanted to understand, specifically from an employment law standpoint, the treatment of drugs under Indian law and whether local law distinguishes between 'hard drugs' and 'soft drugs'.
Associated British Foods, Beam Suntory, Etihad Aviation, Home Depot, Lyondell Basell, Wells Fargo
Acted for Ascent Capital Private Equity Trust on its investment into Naari Pharma, a pharmaceutical company with a focus on women’s healthcare products.
Advised Innovation in Food and Agriculture Fund on its funding of Ecozen Solutions, an agriculture start-up.
Aquasail Distribution Company, August Jewellery, Sanghvi Beauty and Technologies
Acted for DMI Finance and its parent company DMI on an equity investment from NIS Investment Solutions.
Advised DMI Alternatives in an early stage pre-series A investment in Quickwork Technologies, a business that enables business automation with chatbot and AI software.
Advised a group of investors led by the founder of Rainbow Hospitals on their investment in Browndove Healthcare, a renal care medical device supplier.
Acted for Gambit Sports in receiving funding from global technology VC fund Vereeni for its Bangalore-based Indian fantasy sports start-up, Nostragamus.
Represented the angels and promoter group in the series C fundraising for Waycool Foods and Products, an omnichannel fresh produce distribution company.
i3 Systems, Rhapsody Music Education
Represented Chinese investment company Fosun RZ Capital in the $750 thousand seed funding round for social audio platform, Headfone, which is owned and operated by Diacoustic Labs.
Acted for Fosun RZ Capital, which together with PayU Fintech Investments, led the seed funding round for Dotpe, a payments company established by a former PayU India co-founder.
Deli CMF, Euramco, Ruizheng Investment
Assisted Warburg Pincus in setting up a joint venture with Runwal Developers for the development of a retail real estate project and providing services to the retail portion of mixed-use assets.
Advised Softbank on its investment in Ola Electric Mobility, an electric ground vehicle maker.
Binny Bansal, DFM Foods, Orix Corporation, Sequoia Pine Investment Holdings
Advised as local counsel to the Brookfield Group in its $13.2 billion global acquisition of Johnson Control Group’s power solutions business.
Represented private equity firm Stone Point Capital on its $4.2 billion acquisition of Duff & Phelps, along with funds managed by another investor, Further Global, from Permira Funds.
Apax, Blackstone, Carlyle, General Atlantic, Softbank, Warburg Pincus
Advised Prestige Hospitality Ventures on its investment for theacquisition of a 50% equity stake in Bamboo Hotel and Global Centre.
Acted for India Advantage Fund S4 I and Dynamic India Fund S4 US I with respect to its investment in BTI Payments.
Hero Electric Vehicles, Lightbox Ventures III, Manash Lifestyle Private, National Investment and Infrastructure Fund, VKL Seasoning
Advised Seven Islands Shipping on investment by Fairfax through FIH Mauritius Investments by way of primary issuance and secondary acquisition from existing shareholders.
Represented Samara Capital on its investment in Blue Heaven Cosmetics (BHCP) through Nature’s Essence, which had acquired a majority stake in BHCPL with an option to purchase additional equity stake from the promoters of BHCP in the future.
Accor Group, IvyCap Ventures Trust, Mayfield India II, Multi-Act Trade & Investments
Represented OYO on its $3 billion funding from Softbank Vision Fund and RA Hospitality Holdings.
Advised Ribbit on its investment into Dreamplug Technologies, along with multiple investors including SCI Investments V, Gemini Investments, RTP Global Investments and others.
Acted for Wickedride Adventure Services, Accel India V (Mauritius), ON Mauritius, and Qualcomm Asia Pacific in relation to their investment into Bounce, a domestic online motorbike and scooter rental platform.
Elevar Equity, LGT Capital, Rapido, Saturn Shine
Advised Baring Private Equity Asia on its $700 million acquisition of IT provider NIIT Technologies from NIIT and its founders.
Acted for Sanaka Capital in its investment in Edelweiss Securities and Edelweiss Global Investment Advisory Business.
ANI Technologies, Mirae Asset-Naver Asia Fund, Oman India Joint Investment Fund, Suryoday Small Finance Bank
Assisting the IIFL Special Opportunities Fund on its investment in Parksons Packaging, a public company in the business of manufacturing of cartons and other customised packages for business conglomerates.
Assisted VH Capital XI in its investment in a domestic bike and carpooling platform, Quickride, alongside Naspers and Sequoia Capital.
Evolvence Capital, Kae Capital, OML, Sequoia
Acted for Citiustech Healthcare Technology on the sale of an 80% controlling stake by the founders and existing investor, General Atlantic Singapore Fund to a special purpose vehicle backed by Baring Private Equity Asia for $750 million.
Advised Advent International Corporation on the acquisition of a minority stake in Aditya Birla Capital.
Apax Partners, Advent International, Blackstone Group, Brookfield Asset Management, Global Infrastructure Partners, Temasek Holdings
Acted for Ramky Enviro Engineers as the target in its sale of a 60% stake to Metropolis Holdings, a KKR company, for $530 million. This was KKR’s first investment in the environment sector worldwide.
Advised Hindustan Media Ventures on its advertisement-for-equity transaction with Snapdeal.
Represented Xiaomi Singapore on its Series B1 investment in AI keyboard company, Talent Unlimited Online Services.
Kalpavriksh Fund, Lightspeed Indian Partners, Morningside Venture Capital, Qiming Venture Partners
Assisting Wynnchurch Capital on its proposed acquisition of a US-based group with subsidiaries in Europe and India that is engaged in the manufacturing of steel flanges.
Represented Accelerator Enterprise on raising series B investments from CDH Investment China, Accel Partners, Korea Investment Partners and Vertex Partners Singapore to fund its social commercial platform GlowRoad.
Advised GIC Singapore on its $500 million investment into a private unlisted infrastructure trust (InvIT) sponsored by IRB Infrastructure Developers. This is the first-ever private unlisted InvIT in the country and the largest investment in the road sector.
Assisted Solara Active Pharma Sciences on its fundraising from TPG and its promoters for the first time since its demerger.
Represented Dewan Housing Finance Corporation on its securitisation of $200 million debt to Oaktree Capital.
Hillhouse Capital, Naspers Ventures
Acted for D2C Consulting Services, which runs online insurance seller Renewbuy, in raising $19 million from Lok Capital, IIFL and Amicus in its series B funding round.
Acted for US-based private equity firm TA Associates on its acquisition of 35% of Indira IVF Hospital, a company offering fertility treatments pan-India.
Advised True North Managers and True North Trusteeship as the trustee of the True North Fund III-A as investors to Adani Logistics on its acquisition of Innovative B2B Logistics Solutions.
Represented Gaja Capital in the investment in EuroKids Group by KKR Asia.
Advised True North Fund and its SPV, Activ Pine Fund, on its subscription of a minority stake in Biocon Biologics India.
Assisted Tata Capital in acquiring an additional stake in a target company through a subscription of further shares.
Acted for Lenskart Solutions, Chiratae Trust and Unilazer Venture in its $275 million investment from Softbank.
Advised Matrix Partners in the series B fundraising round for of Ola Electric Mobility to ensure that its rights were protected and not diluted from the series A terms. With this investment, the valuation of Ola surpassed $1 billion.
Acted for Unilazer Ventures that held shares in ShopClues relating to an all-stock deal where Qoo10 acquired ShopClues.
Represented Five Star Business Finance, a domestic loan provider to SMEs, on a follow-on investment by TPG.
Advised local fintech company Rupeek in its series C round of fundraising, which received $30 million from Bertelsmann and a secondary from onshore and offshore angel investors.
Chiratae, Kalaari Capital, Nexus, Saama Capital, Sequoia Capital India, Stellaris
Acting for IRB Infrastructure Developers on receiving investments of up to $5.9 billion by affiliates of Singapore wealth fund GIC for the client’s road platforms. This is the largest transaction in the roads and highways sector in India.
Representing Aakash Educational Services on the sale of its equity shares by its promoters and investments in its differential voting rights shares by Blackstone-managed PE funds.
Aavishkaar-Intellecap Group, Artis Ventures, Blue Wolf Capital Partners, Goldman Sachs, Jacob Ballas, Lok Capital Growth Fund, Nine Rivers Capital, Steadfast Financial
Advised Culbro-Helix Investments in its investment into SJ Healthcare and SJ Dental. The investment was spread across India and the UAE.
Acted for e-commerce company Teabox on its multiple rounds of investment, the latest rounds bringing in $4.5 million from Accel India and RB Investments.
Represented Zenfold Ventures on its investments in animal healthcare company Vvaan Lifesciences, and in Esperer Onco Nutrition, a nutraceutical company focused on cancer patients.
AapkaPainter Solutions, Big Phi Technologies, Hostello, Snaptrude Technologies, WeGot Utility Solutions
Advised Ontario Teachers’ Pension Plan Board as part of a consortium of investors that agreed to buy a majority stake in Mumbai International Airport, including the development rights in Navi Mumbai International Airport, for $1.1 billion.
Represented Blackstone Advisors India, along with an affiliate, on its purchase of equity shares in Aakash Educational Services from one of the existing promoters.
Acted for EIG Partners on its investment to acquire a majority stake in Tamil Nadu-based renewable energy company, Leap Green Energy.
Baring Private Equity Asia, Carlyle Group, GIC Singapore, Goldman Sachs, KKR, Oaktree Capital, Qatar Investment Authority
Acted for and Asia Healthcare Holdings, a healthcare operating platform founded by TPG Growth, in the acquisition of a substantial majority stake in Nova Medical Centre.
Advised Partners Group on the sale of its stake in Eurokids International and Euroschool to KKR.
Cravatex, Goldman Sachs Asia Strategic, Kedaara Capital Fund II, Z3Partners
Advised Norwegian Microfinance Initiative in the secondary sale of Fusion Micro Finance shares in the company and investment in the client by Warburg Pincus.
Represented the promoters of Nobroker Technologies Solutions in the series C round of investment from General Atlantic Singapore Fund, SAIF and Beenext.
Acted for Poncho Hospitality and the promoters in their series C round of primary issuance of preference and equity shares to EWTP Ecosystem Fund.
Aavishkaar Bharat Fund, Finova Capital, Flipspaces Technologies Labs, Loan Frame Technologies, Windlass Healthcare
Advised Renew Power Ventures on the applicability of extant laws in relation to the issue of accounting for depreciation.
Acting for the National Skill Development Corporation, a unique PPP in India to facilitate skills development, in reviewing loan agreements entered into with a borrower, and drafting and reviewing policy guidelines for the implementation of various skilling programmes.
Provided Madhya Pradesh Power Management Company with regulatory and legal advice on revised framework regulations in power purchase agreements.
Central Electricity Regulatory Commissions, Essar Power, GMR Group, Kudgi Transmission
Providing end-to-end regulatory advice to CG Power and Industrial Solutions on defending its interests under the regulatory proceedings initiated pursuant to an interim order passed by the Securities and Exchange Board of India.
Assisted the Fertiliser Corporate of India on obtaining waivers on the loan and interest levied on its multiple units.
Submitted a report to the government's law secretary on allowing the entry of foreign firms into the country in a phased and regulated manner.
Advised Hindustan Power and its subsidiaries on various regulatory issues concerning its solar, thermal and hydropower projects before different adjudicatory bodies.
CLP Group, Greenko Group, Holisol Logistics, Reliance Nippon Life Assets Management, National Solar Energy Federation of India
Represented Uber in proceedings concerning a constitutional challenge made to regulations concerning taxi aggregators.
Acting for Bajaj Auto, India’s largest three-wheeler manufacturer, seeking review of a court-imposed cap on the number of three-wheelers permitted to in the city of Delhi.
Bangalore Environment Trust, Dalmia Cement, FlixMobility, Sander Geophysics
Advised Padget Electronics in relation to procuring RBI approval for post-facto regularisation and write-off of the import-related bill of entries.
Obtained the necessary approvals from the Department of Pharmaceuticals (DoP) for the Zentiva group to acquire Sanofi India’s manufacturing facility in Gujarat. This was one of the biggest pharma deals in 2019, and required lengthy explanations of the deal mechanics at the DoP.
Airports Economic Regulatory Authority, Directorate of Enforcement, Electricity Regulatory Commissions, Securities and Exchange Board of India, Telecom Regulatory Authority of India
Advised Shivsu Canadian Clear Waters on the initiation and filing of insolvency proceedings against Bank Note Paper Mill India.
Represented real estate investor Jamal Ahmed in filing for claims before the National Company Law Tribunal to challenge a claim rejection by the resolution professional.
Advising the interim resolution professional of Ballarpur Industries, one of the current large companies being admitted to the insolvency process.
Representing the liquidator of Concast Steel & Power in one of the larger liquidation cases under the insolvency and bankruptcy code.
Acting for KKR as a secured creditor in the insolvency proceedings against Flexituff Ventures International, Wanderland Real Estates and Seven Star Properties.
Bank of Baroda, IL&FS Energy, IL&FS Financial Services
Advised the Reserve Bank of India and the resolution professional of Dewan Housing Finance Corporation (DHFL) as their sole counsel in the initiation of India’s first-ever insolvency resolution process for a systemically important financial institution. DHFL was a landmark admission into the insolvency resolution process.
Representing the resolution professional of Jet Airways India and Grant Thornton following the admission of the company under the new insolvency regime. The team has initiated the restructuring process and are in the final stages of evaluating a suitable bidder, while closing several key arrangements and processes to preserve assets and maximise value.
Edelweiss, Carval Investors, Deutsche Bank, Oaktree Capital, Varde Partners
Representing the resolution professional of Ricoh India on its insolvency resolution process and in various forums across the country. Ricoh India is now out of insolvency and is now known as Minosha India.
Successfully acted for the resolution professional of ASGPL, whose resolution process was predicted to be jeopardised due to purported termination of a power purchase agreement under an ipso facto clause.
Jawaharlal Nehru Port Trust, ResponsAbility Fair Agriculture Fund, Trimax IT
Acting for the Indian lenders forming part of the committee of creditors in the Jet Airways India insolvency proceedings.
Advised the resolution professional of Essar Steel India in accordance with the provisions of the new insolvency regime. ArcelorMittal India and Nippon Steel & Sumitomo Metal acquired Essar Steel India after the Supreme Court of India approved the resolution plan at the end of 2019.
Adani Power, Ernst & Young, IL&FS, Trend Electronics
Representing the resolution professional of media company Deccan Chronicle Holdings in its appeal preferred by SREI Infrastructure, wherein SREI was objecting to its removal from the committee of creditors on account of SREI having a shareholding in the company, which is undergoing a resolution process.
Assisting Jindal India Thermal Power in filing a writ petition against the minority lender ICICI Bank, which is opposing the revival of the company based on RBI circular terms.
Avantha Holdings, Binani Cement, Cox & Kings, Eight Capital India Recovery Fund, Essar Steel, MBL Infrastructure, Punjab Bank
Represented SC Lowy Financial Hong Kong in a transaction related to the restructuring of Dewan Housing Finance. This deal involved complex structuring such as senior pass through certificates (PTCs), mezzanine PTCs and junior PTCs to ensure that the commercial objectives of the investors were duly safeguarded while maintaining due compliance with the Reserve Bank of India guidelines.
Advising the liquidator of SBQ Steels on the company’s ongoing liquidation process.
Aditya Birla Finance, Global Cloud Xchange, Poppys Vista Hotel, Vistra ITCL
Acting for the resolution professional of Videocon Group Companies to guide it through the resolution process to ensure compliance with legal and statutory obligations. The total debt admitted of the group companies is $3.36 billion.
Representing Diamond Forever International, one of the resolution applicants for Provogue India, which is undergoing a corporate insolvency resolution process with a debt load of $34 million.
Catholic Syrian Bank, Sify Technologies, State Bank of India, Tata Realty and Infrastructure
Acting for the petitioner that is collectively representing all the investors that have formed a trust called the Citrus Welfare Society in a Ponzi scheme case against Royal Twinkle Star Club and Citrus Check Inns. This is a potential landmark case which will help provide a safeguard to investors being fraudulently duped by companies that they invest their money in.
Counselling the petitioner in the ACCIL Auto Steels’ insolvency where it is challenging the constitutionality of regulations of the Insolvency and Bankruptcy Board of India. The dispute rests on the ground that during the corporate insolvency resolution process of a corporate debtor, the vested rights and interest of a third party in the assets of a corporate debtor cannot be affected or dealt with in any manner through a resolution plan.
Allianz Partners, Balaji Telefilms, Burger King India, IDBI Capital Markets & Securities
Represented IFCI in a matter pertaining to the challenge against the insolvency resolution professional of Jaypee Infratech.
Represented US-based hedge fund Silver Point concerning the debt it owned in the distressed assets of Essar Steel India.
Advised JM Financial Asset Reconstruction in the insolvency proceedings of Alok Infrastructure. The client framed the resolution plan along with Reliance Industries after the committee of creditors was formed.
India Equity Partners, Lexington and Falafal, Mauritius Commercial Bank, Rolta India
Advised the committee of creditors (CoC), comprising 40 Indian and foreign banks and financial institutions, in the Reliance Communications insolvency.
Assisted the committee of creditors in the resolution process of Korba West Power. The team drafted and negotiated the documents required for the implementation of the resolution plan, including the restructured financing documents.
Bank of Baroda, Central Bank of India, ICICI Bank, UCO Bank
Represented Kirloskar Electric to obtain an interim injunction against a German official liquidator in a cross-border insolvency matter filed against the Indian company’s subsidiary in Germany.
Advising SSG Capital, an investor in certain bonds issued by a corporate debtor, in proceedings filed before various forums.
Centrum Capital, India Infoline, Jet Airways
Advised HSBC Bank, ICICI Bank, Deutsche Bank and others in relation to the financial restructuring of the outstanding loans owed by Jindal Steel & Power.
Protected the interests of its existing and new clients that were affected by the non-payment of dues because of the insolvency of Dewan Housing Finance.
Represented a multinational bank before the Supreme Court in a dispute pertaining to corporate insolvency resolution process of the Essar Steel India.
Acting for a group of foreign bank lenders in relation to the resolution process of a corporate debtor, one of India’s leading infrastructure construction companies.
Australia and New Zealand Banking Group, JSW Steel
Acted for RattanIndia Power in relation to the binding one-time settlement between the client, its promoters and its lenders effected by the assignment of entire outstanding debt to a trust set up by Aditya Birla ARC.
Representing Jayaswal Neco Industries on the restructuring of its existing $761 million debt towards the full and final settlement of the dues of the company.
AnaCap Financial Partners, Cantor Fitzgerald, Carlyle Group, Deutsche Bank Special Situations Group, Redwood Capital, Silver Point Capital
Represented ArcelorMittal and Nippon Steel Corporation as successful resolution applicants in the insolvency resolution process of Essar Steel India before various fora, including the Supreme Court.
Acting for UV Asset Reconstruction Company, which submitted a successful plan to resolve insolvency of Reliance Communications and Reliance Telecom.
Assisting Cube Highways, which submitted a successful restructuring plan of certain highway assets of IL&FS which is in debt in excess of $ 14.6 billion.
Axis Bank, Deloitte Touche Tohmatsu India
Advising the resolution professional and Duff & Phelps India concerning the insolvency resolution process of Gitanjali Gems. The team is also providing litigation support in various courts and tribunals.
Representing the resolution professional and BDO India with regards to the insolvency resolution process of Jyoti Structures, with wind-up valued at $1.1 billion. This matter was one of the first cases to be referred to the National Company Law Tribunal pursuant to the list of 12 companies mandated by the Reserve Bank of India under India’s insolvency and bankruptcy code.
Adani Group, Aditya Birla, Tata Capital, Xander Finance
Assisting Cummins Generator Technologies India in filing and conducting creditor’s insolvency proceeding against RA PowerGen Engineers.
Representing US-based population health management group, Essence Group Holding Corporation, on its restructuring and winding-up of its Indian group company, Lumeris India. The assistance includes the disposal of assets and closure of the balance sheet.
Armstrong Teasdale, Dhanlaxmi Bank, Roto-Die Company, Sabic UK Petrochemicals
Represented the former management of United Breweries Holdings in an appeal against the order of winding up of the company before Karnataka’s high court. This was one of India’s largest winding up actions involving a consortium of India’s largest banks, and creditors from across the world.
Bennett Property Holdings, Jupiter Capital
Representing Kalyani Transco before the Supreme Court on its civil appeal filing against the judgement passed in the famous ‘JSW v Bhushan Power and Steels’ case on the ground of non-application of a section of the Insolvency and Bankruptcy Code 2016.
Advised Coastal Projects as the corporate debtor in international commercial arbitration on issues around the effect of the moratorium on legal proceedings under Indian law.
Exit10 Marketing, IAP Company, Siddhi Vinayak Power Generation and Distributors
Acted for Power Finance Corporation and a consortium of lenders in relation to the resolution of debts of Rattan India Power under the Reserve Bank of India’s prudential framework.
Assisted the resolution professional of Alok Industries in managing the insolvency process through its entirety.
Advised the committee of creditors for various insolvencies, including Bhushan Energy and Aditya Estates.
Bank of America Merrill Lynch, Deloitte Touche Tohmatsu India
Acted for Varde Partners and Goldman Sachs on various legal and strategic issues regarding the acquisition of the debt of RattanIndia in light of its resolution process. This resolution process was the largest one-time-settlement (OTS) transaction in the country and the first OTS of its kind involving international credit funds.
Advised India Resurgence ARC on the various legal and strategic issues with regard to the acquisition of debt of Indian Steel in light of the stringent regulatory framework that governs asset reconstruction companies in India.
China Development Bank, Power Finance Corporation, Reliance Industries
Represented RCI Industries and Technologies as a resolution applicant in the corporate insolvency resolution process of Shilpi Cable Technologies.
Advised Larsen & Toubro to file an application for the initiation of the resolution process of Three C Universal Developers, as the client was its operational creditor.
Assisting Era Group on its corporate insolvency resolution process that was initiated by the National Company Law Tribunal.
Divine Infracon, Huayong Communication, Poonam Resorts, Venus Sugars
Representing the Indian Bank Association, Kotak Bank and 12 other banks in a case against the Union of India relating to GST on the commitment to maintain minimum average bank account balances.
Acting for India Coke and Power against the government challenging the constitutional validity of GST on ocean freight services rendered by a foreign entity to another foreign entity located outside of India. Gujarat’s high court, in a landmark ruling, held the GST on these freight services as unconstitutional.
Alstom Transport India, Beam Suntory, Bharat Petroleum Corporation, Diageo, KPMG, Softbank Energy, Vedanta, Uber, United Spirits
Acting for a large multinational drilling company on establishing an office in India and seconding individuals to the office. It is also assisting the client on offshore drilling operations off the coast but within Indian territorial waters.
Advised a non-resident Indian on the implications of a proposed change in his residential status from non-resident Indian to resident Indian, especially with respect to his shareholding in various companies set up outside of India.
Successfully represented Pyramid IT Consulting India in a landmark transfer pricing litigation by pointing out the mistake apparent on the face of record that had crept into the Income Tax Appellate Tribunal order in a miscellaneous application.
Secured a stay order for client Cinestaan Entertainment in response to the rejection of fair market value which its equity shares were issued at. The issue pertained to a section of the Income Tax Act that has troubled numerous start-up companies.
Astra Business Services, De Diamond Electric India, Renus Creations
Represented CWT India before the Mumbai bench of the Income Tax Appellate Tribunal on the issue of transfer pricing adjustment with respect to technical assistance services availed by CWT India from its foreign associated enterprise.
Engaged by Spencer Stuart International concerning the issue of characterisation and taxability of executive search fees received by the client from Spencer Stuart India under their service agreement.
3M India, Accenture Services, CLSA India
Advised Nazara Technologies on strategic and tax advice surrounding online gaming companies for their Indian operations.
Assisted Qatar Investment Authority on tax implications of its 3% stake acquisition in Think & Learn.
Abu Dhabi Commercial Bank, HGGC, Investcorp Private Equity Fund II, Mitsui Sumitomo Insurance
Engaged by several reputed domestic and MNC companies in drafting and filing writ petitions challenging the retrospective amendment to a section of the Central Goods and Services Tax Act, before various high courts across India.
Representing the Gem & Jewellery Export Promotion Council before tax authorities in seeking clarifications under customs and GST laws on the re-import of goods exported on a consignment basis to foreign consignees.
Bharti Airtel, Mondelez India, Sterlite Power Grid Ventures
Acted for the promoters of Metropolis Healthcare in relation to the income tax implications arising from its IPO and on the exit of the existing private equity investor, Carlyle.
Provided tax counsel to the Laureate group in relation to its divestment of eight education companies in India to Global University Systems, which owns and operates an international network of higher education institutions.
Birlasoft, Hardcastle Restaurants, Pune Kondhwa Realty, Varian Medical Systems India
Acted for all major cement companies, including Ultra Tech, Nuveco Cement, JP Cement and Heidelberg Cement, before the Supreme Court challenging to the consolidated duty demand raised by the Central Excise Department (CED). The final bench ruled that the clients would not pay higher excise duty and the CED dropped its demands.
Representing Sony, Nikon and Canon in a Supreme Court case that relates to the international commercial laws of the WTO that India must keep while abiding with local import tax laws.
Emaar MGF, Gas Authority of India, Johnson & Johnson, Mahindra & Mahindra, Suez
Advising NapCloud, an IT and software provider, on the transfer pricing provisions and the prescribed methods under the income tax rules after it set up an Indian subsidiary company to provide back office support to the parent company and its other group entities.
Providing advice to US electric vehicle infrastructure company ChargePoint on relevant Indian tax regulations such as transfer pricing provisions.
Dealogic Holdings, Linode, RotoMetrics
Successfully represented Nexture Technologies in an industry-wide dispute regarding the correct rate of GST on the client’s particular type of goods, plastic handles and fittings. The team helped the client gain a favourable advance ruling on classification and applicable GST rate.
Acted for Shriram Pistons & Rings in an indirect tax case, successfully obtaining a favourable ruling for the client from the appellate tribunal against a service tax demand on notice pay recoveries from outgoing employees. The case was unique as there is no jurisprudence on taxation of notice pay recovery in India.
Devyani International, Ericsson India, Hindustan Unilever
Defended Suguna Goods in a case against the Commissioner of Customs Chennai at the Customs Excise and Service Tax Appellate Tribunal stage.
Acted for appellant Vedanta, a copper concentrates importer, in a matter relating to refund claims filed by the client.
Helios Food Additives, Marico, Ratnamani Metals & Tubes, Welspun Corp
Successfully helped Samsung India Electronics obtain a stay on payment of approximately 98% of the outstanding tax demand of $562 million for two assessment years. The tribunal held that the client had a strong prima facie case against the demand raised by the tax department due to transfer pricing adjustments.
Represented Oriflame in a transfer pricing dispute involving adjustments made in the distribution and sales of cosmetic products on the basis of the gross profit margin of a single comparable.
AB Mauri, Alibaba, Bank of Baroda, Bennett Coleman, Continuum, LGT Lightstone, Morningstar, Mosaic, Sterlite Power
Representing Whirlpool of India in the largest transfer pricing dispute in India that relates to the creation of marketing intangible, in cases of several taxpayers which are manufacturers or distributors, before the courts.
Acted for LG Electronics India in a transfer pricing matter before the Delhi Income Tax Appellate Tribunal. The tribunal held that transfer pricing adjustment made by the tax department on account of payment of intra group services was not justified.
Successfully represented Volvo India in a case that resulted in a significant decision from the Bengaluru Income Tax Appellate Tribunal. The authority laid down important principles regarding the taxation aspect for the reorganisation of the business on account of slump sale as well as on determination of arm’s length price of international transaction.
Adidas India Marketing, Aricent Technologies, Brillio Technologies, GoDaddy, Hitachi High-Technologies Singapore, Mitsubishi Electric Automotive India