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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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