India

SNG & Partners represented investors and the debenture trustee in relation to the issuance of rated, listed, senior, secured, redeemable non-convertible debentures (NCDs) aggregating to a total of ₹500 crore by Lodha Developers Limited. The debentures were privately placed and subsequently listed on the stock exchange, marking a significant capital mobilisation by the company. SNG & Partners acted as legal counsel to the investors and the debenture trustee, advising on all aspects of the transaction including structuring of the issuance, drafting, reviewing, and negotiating the transaction documents and overseeing regulatory compliances leading to successful listing of the debentures on the stock exchange. Further, the firm also conducted title due diligence of the land offered as security for the NCDs, totally admeasuring approximately 111 acres, and spread across two separated townships. The documentation team was led by Aditya Vikram Dua (Partner & Head – Financial Services), with Aniket Sawant (Associate Partner), Parvathi Menon (Senior Associate), Prashant Dubey (Associate) and Neel Gokhale (Associate), and the real estate team was led by Samreen Paloba (Partner), with support of Zainab Patel (Associate) and Kiran Patil (Paralegal). The firm provided end-to-end legal support and seamlessly executed the transaction within tight timelines. Lodha Developers were advised by their in-house legal team on this NCD issuance. Formerly known as Macrotech Developers, Lodha Developers is a key player in India’s real estate sector with a diversified and expansive portfolio spanning residential, commercial, and mixed-use developments. The funds raised through this issuance are intended to be utilised towards Lodha Developers’ capital expenditure, refinancing of existing debt, meeting long-term working capital requirements, and general corporate purposes—forming an integral part of the company’s broader strategy to optimise its capital structure and fuel future growth.  

Argus Partners is pleased to announce that it has advised 360 ONE Asset and Narotam Sekhsaria Family Offices on their Series B investment in Two Brothers Organic Farms (“TBOF”), a Maharashtra-based organic food brand. TBOF has raised USD 12.4 million as part of its Series B round.  The funding round also witnessed participation from Rainmatter Investments and Rahul Garg (ex-Premji Invest Senior Partner) of IGNITE Growth LLP. The company intends to utilise the funds to expand its manufacturing capabilities, enhance its international presence across the US and MENA regions, and strengthen operational capacity through technology enablement and strategic talent acquisition. The team at Argus Partners advising consisted of Pallavi Kanakagiri (Partner), Siddharth Malakar (Senior Associate) and Aradhana Pandit (Associate). Read more at: The HinduBusinessLine, VCCircle.

Saraf and Partners successfully represented the State Bank of India (SBI) in a landmark decision, with the Bombay High Court on Friday refusing to quash the bank’s order classifying the loan account of Reliance Communications and its Chairman, Anil Ambani, as "fraud." The order was pronounced by a division bench comprising Justices Revati Mohite-Dere and Dr. Neela Gokhale. The classification, made on June 13, 2025, was issued under the Reserve Bank of India’s Master Directions on Fraud Risk Management and SBI’s internal policies. Mr. Ambani had challenged the action, alleging non-compliance with principles of natural justice, including not being granted an opportunity of hearing prior to the classification and delayed provision of certain material relevant to the decision. The High Court upheld SBI’s action, reinforcing the bank’s authority and discretion to classify accounts under the regulatory framework. A detailed copy of the order is awaited. The Saraf and Partners team representing SBI comprised Founder and Managing Partner, Mohit Saraf and Partners, Sudeshna Guha Roy and Abhiraj Arora.

SNG & Partners has successfully advised on a strategic listed debt issuance of INR 1,100 crores by DLF Cyber City Developers Limited (“DCCDL”), a subsidiary of DLF Limited that houses DLF’s commercial leasing assets, and a leading player in India’s commercial real estate sector. The firm advised the investor and the debenture trustee on the issuance of listed secured non-convertible debentures (NCDs) of an amount aggregating to INR 1,100 crores. The proceeds are earmarked to support DCCDL’s routine operations and the completion of its ongoing projects including, operational expenses of DLF Cyber Green, DCCDL’s commercial project in Gurugram, Haryana. SNG & Partners acted as legal counsel, engaging in the drafting, reviewing, and negotiation of transaction documents, advising on compliance with the Companies Act, 2013 and relevant RBI and SEBI guidelines, and facilitating listing and execution protocols. The transaction was led by Aditya Vikram Dua (Partner and Head of Financial Services), with Aniket Sawant (Associate Partner), Parvathi Menon (Senior Associate) and Aditi Singh (Associate) forming the core execution team.