Firm Profile > Cyril Amarchand Mangaldas > Mumbai, India

Banking and finance Tier 1

Frequently acting for consortiums of lenders in project financing and debt restructuring mandates outside of the IBC process, Cyril Amarchand Mangaldas is well-positioned to advise distressed companies on creative resolutions, including bidding processes, and brings additional expertise in the country’s flourishing renewable energy sector, where they act for banks providing capital to fund major development projects. Amey Pathak, whose expertise lies in infrastructure projects, successfully advised a consortium of 18 lenders, led by the State Bank of India, on the resolution of Prayagraj Power Generation’s debt through an acquisition of the company’s majority shareholding, outside of the insolvency process. L. Viswanathan specialises in project financing, predominantly in the energy sector.

Capital markets Tier 1

With expertise advising clients, predominantly lead managers and issuers, on debt and equity issuances, Cyril Amarchand Mangaldas’ practice stands out for its pioneering position in respect of IPOs in relation to India’s first registered REIT and InvIT. More broadly the firm handles extremely high-value capital raising mandates and bond issuances in a wide range of sectors, including renewable energy, financial services and banking. 'Excellent' practice head Yash J. Ashar manages the full gamut of capital markets transactions, including IPOs, QIPs, rights offerings and ADRs. Recently he led the team that advised Indinfravit Trust, the sponsor and the selling unit-holder in connection with the initial offering of units in the company, totalling approximately $460m, which required making representations to the SEBI and other regulators to establish a regulatory regime for listing units of an InvIT.

Corporate and M&A Tier 1

Acting for major companies in a diverse range of sectors, banks and investors Cyril Amarchand Mangaldas is best known for its involvement in mergers and acquisitions of considerable complexity, its corporate governance expertise and its strength in private equity mandates, where the group frequently advise on the sale and purchase of majority and minority shareholdings in private companies and oversee the subsequent open offers. Practice head Cyril Shroff brings insider experience to the group as a former member of the Securities and Exchange Board of India’s Uday Kotak Committee on Corporate Governance. Recently he acted alongside several colleagues to advise Fortis on its issuance of $235.9m equity shares to Northern TK Venture, managing to negotiate a clause allowing the client to opt out of the agreement if an unsolicited binding offer was made that the Board preferred. Varun Sehgal has joined from Shardul Amarchand Mangaldas & Co.

Dispute resolution Tier 1

Cyril Amarchand Mangaldas' 'excellent' litigation group has extensive experience representing and advising clients, including members of the committee of creditors and financial creditors, during cases under the IBC, and has acted in several landmark judgments before the Supreme Court of India. The firm’s broader litigation expertise spans corporate, criminal, intellectual property and fraud cases, and the team handles proceedings in courts throughout the country as part of its pan-India offering. Gauri Ragostra, who has 26 years’ experience handling contentious and non-contentious corporate matters, stands out for her representation of the new board of directors of IL&FS in proceedings before the National Company Law Tribunal (NCLT) in relation to the company’s default of INR900bn.

Dispute resolution: arbitration Tier 1

Cyril Amarchand Mangaldas' pan-India practice handles a high volume of domestic and international arbitrations in a broad sweep of sectors, including construction, sports, banking and power, as well as in emerging sectors such as fintech and renewable energy. The group has particular expertise in contractual and construction disputes, matters involving the invocation of bank guarantees, and insolvency and bankruptcy law. In a significant ongoing mandate, Raunak Dhillon is acting for IDBI Bank in a dispute between a consortium of public sector lenders and private concessionaires relating to the financing of the western peripheral expressway around New Delhi. Junior partner Indranil D Deshmukh covers disputes relating to commercial contracts, joint ventures, shareholders' agreements, construction projects and media rights contracts.

Investment funds Tier 1

Cyril Amarchand Mangaldas’ Shagoofa Khan is a leading name in the fund of funds space, having handled the establishment of National Investment and Infrastructure Fund's fund of fund platform and subsequent downstream investments. Joint venture investment exercises are another strong point for the team for fund types including private equity, venture capital, distressed funds, REITs and infrastructure funds. The full lifecycle is managed by the firm, from the establishment of all manner of vehicles and ongoing regulatory compliance to the winding-up process. Domestic fund buyouts by foreign investors is another niche field of expertise. Ravindra Bandhakavi has joined from Trilegal.

Projects and energy Tier 1

Cyril Amarchand Mangaldas is one of the first ports of call for transactions (including acquisitions) in the renewable energy space, in which the practice receives instructions from leading domestic and international lenders, manufacturers and developers. The department has extensive experience in drafting and negotiating project agreements in various infrastructure sectors, including power, airports, oil and gas, ports, roads and railways, and is also adept at advising clients on various forms of concession agreements, as well as cross-border financing structures. L Viswanathan has particular expertise in regulatory aspects of large-scale energy projects, while Santosh Janakiram leads on mandates pertaining to renewable energy, and is involved in bond and structured debt financing. Another key practitioner is Amey Pathak, who is active in the financing of infrastructure projects.

Restructuring and insolvency Tier 1

Cyril Amarchand Mangaldas has a strong track record of advising on stressed assets, restructuring and insolvency law across sectors including steel, power and telecoms. The practice is well equipped to deal with stressed debts on behalf of financial institutions to enhance recovery alternatives, and is also adept at representing bidders for distressed assets. Having advised on the insolvency resolution processes of all 12 of the largest defaulters in corporate India, the team primarily assists insolvency professionals, lenders, and resolution applicants and bidders. The practice is co-headed by L Viswanathan, who is currently advising on many proceedings under the Insolvency and Bankruptcy Code (IBC), and Cyril Shroff, who has experience across restructuring mandates. Dhananjay Kumar has expertise in debt restructuring, as well as in acting for leading banks, office-holders and asset reconstruction companies in cases under the IBC.

TMT Tier 1

Cyril Amarchand Mangaldas counts global banking, technology, consumer goods and medical companies to its client list, providing the full range of TMT-related matters. The team recently supplied regulatory guidance on the establishment of e-commerce platforms, OTT streaming platforms, payment system companies and other emerging technologies. Data protection is a particularly strong point for the practice, having advised on compliance with the fast-moving legislative developments in that area. A number of production houses and media networks often approach the firm for advice on licensing, sponsorship and other agreements. The firm also cites niche regulatory knowledge in the fields of online gaming and interactive media. In a recent development, the firm acquired the media and entertainment practice of Ashni Parekh, who has joined as a senior adviser.

Antitrust and competition Tier 2

The merger control expertise of Cyril Amarchand Mangaldas’ competition practice significantly bolsters the firm’s market-leading transactional presence; professionals such as Avaantika Kakkar and Anshuman Sakle regularly appear before the CCI on complex merger filings including Phase II applications for multinationals in sectors such as retail, FMCG, telecoms, e-commerce, pharmaceuticals and energy. Enforcement instructions comprise abuse of dominance and cartelisation investigations and relevant turnover applications in the upper courts. The firm is also known for assisting clients during dawn raids by the CCI.

Insurance Tier 2

The corporate team at Cyril Amarchand Mangaldas provides the full range of insurance support for its extensive client list. Typical instructions involve assisting domestic and international insurers and reinsurers on market-entry strategy, joint venture structuring, minority and majority stake acquisitions, investment structuring and IPOs.

Real estate and construction Tier 2

The real estate team at Cyril Amarchand Mangaldas handles the full gamut of mandates, ranging from title due diligence to drafting and negotiating conveyance deeds, leases, licences and construction contracts. The practice is proficient in dealing with complex real estate transactions, including equity and debt financing and joint development arrangements, and also provides advice on land acquisition, township developments and slum rehabilitation projects. Namrata Kolar, who handles disputes in the sector, jointly heads the department with Abhishek Sharma, who joined from Khaitan & Co LLP and specialises in commercial and retail real estate transactions. Mridul Kumbalath, who is based in the Bangalore office, has experience in advising on construction laws concerning development control regulations, buildings rules and bye-laws.

Tax Tier 2

The tax practice at Cyril Amarchand Mangaldas offers the full range of advisory services to a sizeable list of domestic and international corporate clients. Key names Mekhla Anand and S.R. Patnaik provide expertise in indirect and direct tax issues respectively, with an emphasis on handling significant corporate M&A transactions and restructurings. Daksha Baxi strengthens the team’s international taxation knowledge; she provides particular expertise in global restructuring strategy, anti-avoidance compliance and providing regulatory advice for corporate names entering the Indian market.

White-collar crime Tier 2

The majority of instructions at Cyril Amarchand Mangaldas involve establishing white-collar crime compliance frameworks and anti-bribery and corruption reviews for corporate clients. The team assists with internal investigations owing to whistleblower complaints, while forensic diligence on corporate transactions is also another regular avenue of work. Former practice head Kunal Gupta departed for Trilegal.

Intellectual property Tier 3

Recent contentious matters for Cyril Amarchand Mangaldas’ IP offering involved defending and initiating trade mark infringement and passing off cases through the courts as well as handling opposition proceedings before the Intellectual Property Office and Appellate Board. Practice head Ranjan Negi assists with transactional issues such as portfolio transfers on M&A deals, due diligence exercises and content licensing.

Labour and employment Tier 3

Rashmi Pradeep and associate Bishen Jeswant of Cyril Amarchand Mangaldas’ labour and employment practice received client praise for handling large-scale restructuring programmes resulting from acquisitions and divestments. Internal policy review, general regulatory advice, C-suite level terminations and contractual drafting (including employee benefit plans) for market-entry clients are others fields of expertise. Recent contentious work involved data privacy disputes and defending misconduct allegations. The client list comprises a diverse range of multinationals in sectors such as financial services, aviation, manufacturing and IT. Manishi Pathak is now at IndusLaw.