J Sagar Associates

J Sagar Associates is ranked ‘Outstanding’ in several practice areas and sectors. Joint managing partners Amir Kapur and Vivek Chandy are recognised for their expertise in dispute resolution and corporate practices. The firm welcomed dispute resolution partners Farid Karachiwala and Asim Abbas from Wadia Ghandy & Co and Cyril Amarchand Mangaldas during the research period respectively, while the regulatory partner Mansoor Shoket left the firm to start his own firm in March 2018.

Banking and finance

Work highlights

Advised the Singapore branch of Credit Suisse and Standard Chartered Bank in providing the credit facilities with the value up to $1.1 billion to Volcan Investments Cyprus for funding the delisting offer for Vedanta Resources from the London Stock Exchange.

Key clients

Australia and New Zealand Banking Group, BPEA Investment Managers, Crédit Agricole, First Abu Dhabi Bank, HDFC Bank, Mizuho Bank, State Bank of India

Capital markets

Work highlights

Advised the joint lead managers on the issue and listing of Rule144A bonds at a total value of $1.25 billion by the State Bank of India, which consists of $400 million three-year notes that carry a coupon of 4% and  $850 million five-year notes that carry a coupon of 4.38%.

Key clients

Axis Capital, Edelweiss Financial Services, JM Financial, IDBI Capital Markets & Securities, IIFL Holdings, Nomura Financial Advisory and Securities (India), Rural Electrification Corporation, Sintex-BAPL

Competition/antitrust

Work highlights

Represented Hyundai Motar in an appeal over the order against car manufacturers, including the client for restricting the supply of genuine spare parts in India passed by the Competition Commission of India. The Commission also imposed a penalty of about $58.4 million and behavioural directions on the client.

Key clients

Claymore Investments (Mauritius), Ecoman Enviro Solutions, Indian National Shipping Association, Nuziveedu Seeds, Oriental Rubber Industries

Construction

Work highlights

Advised Airports Authority of India in relation to the privatisation of operations, management and development of six airports in Guwahati, Thiruvananthapuram, Lucknow, Mangaluru, Ahmedabad and Jaipur.

Key clients

Safal Constructions

Corporate and M&A

Work highlights

Advised UPL, an Indian chemicals corporation in the $4.2 billion acquisition of Arysta LifeScience and its subsidiaries through its wholly owned subsidiary UPL Corporation, backed by the $1.2 billion equity investment of the corporation’s long-term investors, including the subsidiary of Abu Dhabi Investment Authority and TPG.

Advised the Indian government, acting through the Department of Investment and Public Asset Management and the Ministry of Power, in relation to the sale by Gol of its entire 52.6% shares in REC to Power Finance Corporation for approximately $2 billion.

Key clients

Conneqt Business Solutions, eBay Singapore Services, Indiabulls Real Estate, Key Safety Systems, Mastercard International, Reliance Infrastructure, Quess Corp, Teleperformance

Dispute resolution

Work highlights

Successfully represented the Association of Power Producers, Rattan India, GVK, GMR Group and Coastal Energen, in the challenge towards the Reserve Bank of India’s 12 February 2019 circular on stressed assets as arbitrary and ultra vires Article 14 and the Banking Regulation Act.

Key clients

Louis Dreyfus Armateurs, SAP India, Stumpp, Schuele & Somappa Springs, West Bengal Industrial Development Corporation

Investment fund

Work highlights

Advised L&T Infrastructure Development Projects, ICICI Securities and Citigroup Global Markets India in the $450 million private placement of IndInfravit Trust, the first-ever private placement of an infrastructure investment trust.

Labour and employment

Work highlights

Assisted a leading global semiconductors producer and software solutions provider in the transfer of more than 100 employees during its recent acquisition of a well-known company. The firm drafted the related documentation as well as provided advice on post-transfer compliances.

Key clients

International Finance Corporation, Marvell India

Private equity

Work highlights

Advised iSON Xperiences, one of the largest outsourcing and customer experience companies with business in Africa and India, in securing the structured loan and equity investment valued at $51 million from Gulf Capital and AfricInvest.

Key clients

Ban Labs, Baring Private Equity Asia

Regulatory

Work highlights

Successfully represented Green Infra Wind Power Generation in the renewable power companies’ challenge towards the order passed by the Karnataka Electricity Regulatory Commission that revises the banking arrangements for renewable power companies situated in the state of Karnataka. As the order would have caused the banked power not to be available, it could cause huge losses to the renewable power companies.

Key clients

BSES Rajdhani Power, BSES Yamuna Power, Tata Power Delhi Distribution Power

Restructuring and insolvency

Work highlights

Advised Aircel, Aircel Cellular and Dishnet Wireless, the first telecom operators to seek insolvency resolution under the Insolvency and Bankruptcy Code in India. It was the first insolvency resolution filing by retail companies that have an aggregate debt of more than Re500 billion.

Client feedback

“Commercially very savvy.” – Banking and finance

“The firm, especially Mr Aashit Shah and his team, is very strong in banking and finance and insolvency related issues. They have a very good understanding of complex structures and are able to meet challenging deadlines for the clients.” – Banking and finance

“The firm values honesty, integrity, transparency and partnership. With JSA I got all these and more than that. I'm always treated first class and like part of the family. I’m excited about the future and a long and fruitful partnership I will have with it.” – Corporate and M&A

“Client-oriented, good in communication, knowledgeable and pragmatic.” – Investment funds

“We have always found JSA to be committed and responsive, and highly focused on the need to provide timely and comprehensive services.” – Technology and telecommunications

“Very sincere and timely.” – Technology and telecommunications

Rupinder Malik

“Knowledgeable, client-oriented, pragmatic and responsive.”

Aashit Shah

“Aashit provides very sound and reliable legal advice and understands a client's commercial concerns. He is a problem solver and great in negotiations.”

Upendra Nath Sharma

“Upendra has provided legal advice and guidance during many difficult situations. I found him to be experienced, responsive, knowledgeable and honest. While working with Upendra, I felt as though my situation was in adept and trustworthy hands, and he did not steer me wrong.  I would highly recommend Upendra to anyone seeking legal representation, excellent service, professionalism and personal attention to all details.”

Tony Verghese

“We have always found JSA to be committed and responsive, and highly focused on the need to provide timely and comprehensive services. Tony and his team exhibit all these characteristics across the board.”