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Dhir & Dhir Associates

D-55, DEFENCE COLONY, NEW DELHI 110 024, INDIA
Tel:
Work +91 11 4241 0000
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Fax +91 11 4241 0091
Email:
Web:
www.dhirassociates.com
Aichi-Ken, Hyperbad, Mumbai, New Delhi

Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

DHIR & DHIR ASSOCIATES ADVISES NATIONAL HOUSING BANK ON THE TRANCHE- II OF PUBLIC ISSUE OF TAX FREE

April 2014. Press Releases by Dhir & Dhir Associates (view listing).

Dhir & Dhir Associates advised National Housing Bank, wholly owned by Reserve Bank of India, on the Tranche- II of public issue of tax free bonds in the nature of secured, redeemable, non-convertible debentures with benefits under Section 10(15)(iv)(h) of the Income Tax Act, 1961, aggregating upto Rs. 1,000 Crore.

The Tranche- II Issue was subscribed 5.0 times on its opening day on Friday, March 7, 2014. The base issue size was Rs. 250 crore with an option to retain over-subscription up to Rs. 1,000 crore. The issue was pre-closed on Tuesday, March 11, 2014.

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WHAT CANNOT BE DONE DIRECTLY CANNOT BE DONE INDIRECTLY ANDHRA PRADESH HIGH COURT

April 2014. Press Releases by Dhir & Dhir Associates (view listing).

In a recent landmark judgment of the Hon'ble Andhra Pradesh High Court in the matter of Deccan Chronicle Holdings Ltd. (DCHL) & Ors. Vs. Union of India & Ors., the Hon'ble Court has laid down an important principal of law to the effect that SARFAESI Action can be taken by an assignee/ successor in interest only if the original lender had SARFAESI power.

 

DCHL had been aggrieved by an action taken by Indiabulls Housing Finance Ltd. (IBHFL) under the SARFAESI Act against DCHL and the properties of its promoters, which were being put to action. DCHL had preferred a writ petition before the Andhra Pradesh High Court challenging the action of IBHFL on account of the fact that IBHFL was not the original lender of the company and was not entitled to take the action under the SARFAESI Act since the original lender viz.  Indiabulls Financial Services Ltd.(IBFSL) a NBFC, was not an entity empowered to take action under the SARFAESI Act. IBFSL had accordingly invoked the arbitration proceedings against the company and its promoters prior to its merger with IBHFL. 

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DHIR & DHIR ASSOCIATES ADVISES NATIONAL HOUSING BANK ON THE PUBLIC ISSUE OF TAX FREE BONDS AGGREGATI

April 2014. Press Releases by Dhir & Dhir Associates (view listing).

Dhir & Dhir Associates advised National Housing Bank, wholly owned by Reserve Bank of India, on the public issue of tax free bonds in the nature of secured, redeemable, non-convertible debentures with benefits under Section 10(15)(iv)(h) of the Income Tax Act, 1961, aggregating upto Rs. 2,100 Crore.

The Issue was subscribed 2.08 times on its opening day on Monday, December 30, 2013. The base issue size was Rs 1,000 crore with an option to retain over-subscription up to Rs 2,100 crore. The issue was pre-closed on January 1, 2014.

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DHIR & DHIR ASSOCIATES ADVISES NHPC LIMITED ON IT’S RS. 2,368 CRORE BUYBACK

January 2014. Press Releases by Dhir & Dhir Associates (view listing).

Dhir & Dhir Associates advised NHPC Limited, a Mini Ratna Category- I public sector undertaking on its Rs. 2,368 crore buyback of 10% its equity shares. The Buyback Offer opened on November 29, 2013 and closed on December 12, 2013.

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Legal Counsel for the public issue of two tax free bonds of IIFCL and NHPC

January 2014. Press Releases by Dhir & Dhir Associates (view listing).

1. IIFCL- Public Issue of Tax Free Bonds:                                                                                   

The Firm acted as Legal Counsel for the public issue of tax free bonds by India Infrastructure Finance Company Limited (IIFCL) upto the shelf limit of Rs. 10,000 Crore, in one or more tranches, in Financial Year 2013-14. The First Tranche was issued by IIFCL for an aggregate amount of Rs. 500 Crore with an option to retain over subscription up to Rs. 2,000 Crore aggregating to Rs. 2,500 Crore. The First Tranche was closed for subscription on October 31, 2013. SBI Capital Markets Limited, A.K Capital Services Limited, Axis Capital Limited, Karvy Investors Services Limited and RR Investors Capital Services Private Limited were the lead managers to the said public issue of tax free bonds. Girish Rawat, Associate Partner led the team in the matter. The other members of the team comprised of Guranpreet Sarna, Jyoti Ojha and Malvika Tayal, supported by Deepak Sharma.

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‘Dhir & Dhir advices UP Government for development of IT City/ Park across the State

January 2014. Press Releases by Dhir & Dhir Associates (view listing).

Dhir and Dhir Associates in association with Ernst & Young have been mandated by the U.P. Electronics Corporation Limited (an U.P. Government undertaking) to prepare model documents for the development of Information Technology City/ Park on DBFOT ( Design Build Finance Operate Transfer)  basis in the State of Uttar Pradesh. This is the first initiative of its kind in the country, wherein a State Government has decided to develop model framework for setting up of IT Cities/Parks across the State to boost the IT Industry by creating a level playing field.

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Comptroller and Auditor General of India set to knock on the doors of corporate India for audit

January 2014. Press Releases by Dhir & Dhir Associates (view listing).

In a landmark judgment (in Association of Unified Telecom Service Providers of India and Others Vs. Union of India and Others, Writ Petition (Civil) No. 3673/2010 and Cellular Operators Association of India and Others Vs. Union of India and Others, Writ Petition (Civil) No. 3679/2010), High Court of Delhi has held that Comptroller and Auditor General of India (‘CAG') under the Constitution of India has power to audit the receipts of Private Telecom Operators.

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'Relevant Product Turnover' may become new benchmark for calculation of penalty in cartel matters

November 2013. Press Releases by Dhir & Dhir Associates (view listing).

In a landmark judgment (in Excel Crop Care Ltd. v Competition Commission of India and Another, Appeal No. 79 of 2012, delivered on 29 October 2013), the Competition Appellate Tribunal ("COMPAT") recognised the concept of 'Relevant Turnover' for calculation/ imposition of penalties in cartel cases. Until now the Competition Commission of India ("CCI") has been imposing penalty on the total turnover of the Company, even if the company was a multi-product company.

However, while deciding the appeal filed by Excel Crop Care Limited in Aluminium Phosphide cartel matter, the COMPAT modified the penalties imposed by CCI and ordered 9% penalty on the 'Relevant (product) Turnover'/ affected turnover instead of the turnover of the entire company. The COMPAT observed that although the penalty at 9% of three years average turnover was not unreasonable, the said turnover would have to be the "relevant turnover". The penalty on Excel Corp Care Limited was thus reduced from Rs. 63.9 crore (INR 639 million) to Rs. 2.92 crore (INR 29.2 million).  

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DHIR & DHIR ACTS IN TWO PUBLIC BOND ISSUES

November 2013. Press Releases by Dhir & Dhir Associates (view listing).

Dhir & Dhir associate partner Girish Rawat has led the firm in two multi-billion rupee issues of tax-free bonds by Indian government enterprises in the energy and infrastructure space.

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Legal Developments in India

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • BRAND-JACKING

    WHAT IS BRANDJACKING?
  • Post Marketing Surveillance of Drugs

    Post marketing surveillance is performed after market approval/clinical trials of drugs in India. The regulatory framework for conducting clinical trials of drugs is provided under the Drugs and Cosmetics Act, 1940 (“ Act ”) and the Drugs and Cosmetics Rules, 1945 (“ Rules ”). Further, Part X-A and Schedule Y of the Rules specifically deal with the statutory provisions applicable for clinical trial of drugs in India. Schedule Y divides Clinical trial of drugs into 4 Phases, namely, Human Pharmacology (Phase-I), Therapeutic exploratory trials (Phase-II), Therapeutic confirmatory trials (Phase III) and Post Marketing Trials (Phase-IV).
  • Protection of Biotechnology under Indian Laws

    According to the eighth annual survey conducted by the Association of Biotechnology-Led Enterprises (ABLE) and Bio Spectrum, the Indian biotech industry grew threefold in just five years to report revenues of US$ 3 billion in 2009-10, a rise of 17 per cent over the previous year. Maintaining the momentum of the previous years, the Indian biotech industry grew 16.28 per cent in FY2014; the total industry size was US$ 5 billion at the end of the financial year and it reached US$ 7 billion in FY2015. Fast-paced growth is likely to continue; the industry is expected to increase in size to USD11.6 billion by 2017, driven by a range   of factors such as growing demand, intensive R & D activities and strong government initiatives ( http://www.ibef.org/industry/biotechnology-india.aspx )
  • Cabinet Approves India’s IPR Policy - “Creative India; Innovative India: रचनात्म??

    The Union Cabinet on 13 May 2016 approved the National Intellectual Property Right (IPR) policy roadmap ( http://dipp.gov.in/English/Schemes/Intellectual_Property_Rights/National_IPR_Policy_12.05.2016.pdf ) to foster creativity and innovation, promote entrepreneurship and enhance socio development, enhance access to healthcare, food security and environmental protection. The Policy recognizes the abundance of creative and innovative energies that flow in India, and the need to tap into and channelize these energies towards a better and brighter future for all.
  • Real Estate - India

    Real Estate - India
  • SEBI’s Jurisdiction | Analysis of the Supreme Court judgment in the Sahara case

    The Securities and Exchange Board of India (SEBI) is responsible for investor protection and development and regulation of the securities market in India. The scope of SEBI’s jurisdiction over the issue of securities by public companies is an important issue. This issue was recently considered by the Supreme Court in Sahara India Real Estate Corporation Ltd. and Ors. v. Securities and Exchange Board of India and Anr., MANU/SC/0702/2012; (2012) 8 SCALE 101. This article analyses this judgment and its implications.
  • Mainstreaming the Alternative: Issuance of NCDs

    Debt financing is a significant means for corporates to raise capital. Indian regulators have taken a number of steps to deepen the Indian debt market. Permission has been granted to foreign institutional investors (FIIs) and qualified foreign investors (QFIs) to invest in non-convertible debentures (NCDs) issued by Indian companies. This article summarises the legal and regulatory requirements for Indian companies to issue NCDs to FIIs and QFIs.
  • Options – Not a Part of History Yet

    At the time when India is completing two decades of the economic liberalization there are several laurels which the policymakers can boast of.   The path-breaking shift from the license-raj to a regime focusing on regulation introduced by the Government of India in the landmark year 1991 have been continued through further economic reforms and the same has also found support from the regulators and the market players.
  • Liberalization Back on Track with the Relaxation of Share Transfer Norms

    Soon after the rollback of the much criticized aspect of the Consolidated Foreign Direct Investment policy dated October 1, 2011 which treated foreign investments in Indian securities as external commercial borrowings in case such investments conferred options on the foreign investors, the policy makers have brought more good news for the investor community.
  • Franchising in India

    In the last two decades, India has witnessed a sea change in its foreign investment policy resulting in it being one of the most preferred investment destinations. With growing globalisation and liberalisation, brand awareness has been created in the Indian masses and today India is the one of the biggest and fastest emerging markets for various businesses across the world. Being geographically vast and culturally diverse, India offers the most favorable franchising environment with a huge consumer market. Franchising in this respect has managed to pick up as a successful business module for local companies in India.