S&R Associates > New Delhi, India > Firm Profile

S&R Associates
64 OKHLA INDUSTRIAL ESTATE
PHASE III
NEW DELHI 110 020
India

Email firm Visit website 00 91 22 4302 8000 91 11 4069 8001

India > Capital markets Tier 1

India > Corporate and M&A Tier 1

India > Dispute resolution: litigation Tier 3

India > Labour and employment Tier 4

India > Private equity and investment funds Tier 4

S&R Associates is a full-service Indian law ﬁrm with oﬃces in New Delhi and Mumbai.

Our principles: a commitment to the quality of work, dedication to our clients and a professional culture in Indian legal services with international standards.

The Firm has more than 120 lawyers providing legal services to sophisticated international and Indian clients.

Department	Name	Email	Telephone
Capital Markets, M&A, Governance, Regulatory	Sandip Bhagat
M&A, Private Equity, Governance	Rajat Sethi
Litigation and Arbitration, Regulatory	Niti Dixit
M&A, Private Equity	Sanjeev Adlakha
Investment Funds, Capital Markets, Regulatory	Swapneil Akut
Tax	Sumit Bansal
Regulatory	Dr. Deborshi Barat
M&A, Corporate, Real Estate	Rachita R. Bhat
M&A, Private Equity	Shivaji Bhattacharya
Capital Markets, Regulatory	Jabarati Chandra
Competition	Simran Dhir
Finance, Insolvency, ESG	Arpita Garg
Corporate, M&A, ESG	Prachi Goel
M&A, Private Equity, Corporate	Mohit Gogia
M&A, Private Equity, Governance	Raya Hazarika
M&A, Private Equity, Employment	Rachael Israel
M&A, Private Equity, Employment	Radhika Iyer
M&A, Investigations, Employment	William Vivian John
Litigation and Arbitration, Regulatory, Insolvency, Real Estate	Shahezad Kazi
M&A, Corporate	Kanika Khanna
Competition	Akshat Kulshrestha
M&A, Private Equity, Insolvency	Sudip Mahapatra
Litigation and Arbitration, Regulatory	Raunaq B. Mathur
M&A, Private Equity	Viral Mehta
Capital Markets, Governance, Regulatory	Pratichi Mishra
M&A, Corporate	Dhruv Nath
Finance, Insolvency	Divyanshu Pandey
M&A, Corporate, Insolvency	Lakshmi Pradeep
M&A, Private Equity, Corporate	Kinnari Sanghvi
Capital Markets, Restructuring	Jitesh Shahani
M&A, Corporate	Prateek Sharma
Capital Markets, Regulatory	Juhi Singh
Litigation and Arbitration, Regulatory, Insolvency	Abhishek Tewari
M&A, Private Equity, Governance, Regulatory	Venkatesh Vijayaraghavan

S&R Associates announces new Counsel

5th June 2023 We are pleased to announce that Meher Mehta and Oishika Dasgupta have been designated as counsel at S&R Associates.

S&R Associates welcomes new Partner and Associates

12th April 2023 We are pleased to announce that Ajinkya Gunjan Mishra has joined S&R Associates as a partner based in the Firm’s New Delhi office, and is joined by associates Avani Tewari and Tarusha Airan.

S&R Associates welcomes new Partner and Associates

10th October 2022 We are pleased to announce that William Vivian John has joined S&R Associates as a partner based in the Firm’s Mumbai office, and is joined by associates Siddhi Kudalkar, Riyan Vatcha, Arunima Vijay, Chirali Jain and Shubhangi Rai.

S&R Associates Announces New Partners and Counsel

3rd October 2022 We are pleased to announce that Swapneil Akut, Raya Hazarika and Pratichi Mishra have been designated as retained partners at S&R Associates.

Managing Foreign Buyers’ Risks in Indian M&A Transactions

2nd November 2023 Foreign buyers looking to acquire or invest in Indian companies are challenged with known and unknown risks similar to other jurisdictions. However, certain aspects of India’s exchange control rules, occasions of retrospective changes in law,

Reaching for the Stars: Private Sector Participation in India’s Space Sector

27th October 2023 In recent weeks, India’s space endeavors have garnered international attention, including on account of the successful soft-landing of Chandrayaan-3 near the lunar south pole, followed by the launch of Aditya-L1 to study the solar atmosphere.

Decoding “Ordinary Course of Business” in M&A Transactions

25th August 2023 In common parlance, transactions entered in the “ordinary course of business” include transactions carried out in the day-to-day course of business to further the company’s business, in line with its charter documents. Black’s Law Dictionary defines ordinary course of business as “normal routine in managing trade or business”.

Reverse Flipping: Is it Time to Return Home?

26th June 2023 In the last few years, several Indian companies shifted their ownership structure outside India due to a host of reasons,

Child’s Play in Digital India: Handling Teen Data with Kid Gloves?

8th June 2023

Background

It appears that the Ministry of Electronics and Information Technology (“MeitY”) will soon make ready a draft bill for the ‘Digital India Act’ (the “Proposed DI Act”) for public/industry review,

Government Dues and IBC Waterfall: Are We Heading Towards a Non-uniform Approach Across Sectors?

8th June 2023 The Insolvency and Bankruptcy Code, 2016 (“IBC”) prescribes an order of priority in which debts owed by the corporate debtor are required to be paid in case of resolution or liquidation.

SEBI Modifies Underwriting Framework for Public Issues

2nd June 2023 On February 22, 2023, the Securities and Exchange Board of India (“SEBI”) released a consultation paper on, among other things, amendments to the underwriting framework applicable to public offerings under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”). On March 29, 2023, changes were approved by the SEBI Board and such amendments became effective on May 23, 2023, pursuant to the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2023 (the “ICDR Amendment”).

Cross-Border Merger Framework in India: Limited Efficacy?

27th April 2023 The Ministry of Corporate Affairs (“MCA”) notified Section 234 of the Companies Act, 2013, as amended (the “Companies Act”), and Rule 25A of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016, as amended (the “Companies Merger Rules”), on April 13, 2017, to permit merger and amalgamation of a foreign company with and into an Indian company and vice versa. Further, the Reserve Bank of India (“RBI”) notified the Foreign Exchange Management (Cross Border Merger) Regulations, 2018, as amended (“FEMA Merger Regulations”), on March 20, 2018, to address the gaps in the existing framework from a foreign exchange perspective.

Green Buildings and Energy Efficiency: The India Story

28th March 2023 With 10 million new homes required to be built every year to keep pace with Indian housing demand, significant opportunities exist with regard to establishing new techniques in climate-responsive construction. Within this market, green buildings^[1] have immense investment potential for both residential and commercial use.

InvIT and REIT Regulations: Recent Amendments

22nd February 2023 The Securities and Exchange Board of India (“SEBI”) issued amendments on February 14, 2023, to the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 (“InvIT Regulations”) and the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 (“REIT Regulations”). These are primarily governance-related requirements and apply to all infrastructure investment trusts (“InvITs”) and real estate investment trusts (“REITs”), including those planning a listing.

E-Vroom! An Overview of the Electric Vehicle (EV) Sector in India

13th February 2023 The road transportation sector accounts for a significant proportion of global emissions, making electric vehicles (“EVs”) a key focus area, including in India’s union budget announced a few days ago (the “Budget”). Meanwhile, the Indian government remains committed to its national mission on transformative mobility and battery storage (the “E-Mobility Mission”).[1] Over the last few years, a plethora of EV-related policies and laws has been introduced, spanning several discrete pivots, such as in respect of: (1) local manufacturing, (2) emissions and waste reduction, and (3) charging infrastructure and batteries. Accordingly, this note aims to highlight some of the key initiatives undertaken by the government in the Indian EV sector, along with existing concerns and future opportunities in such sector.

Building Bonds: The Mechanics of India’s Debut Sovereign Green Issuance

25th January 2023

Introduction

Last year, in India’s Union Budget for the present fiscal, the country’s finance minister had announced^[1] that the Reserve Bank of India (“RBI”) would issue ‘sovereign green bonds’ (“SGrBs”) for the purpose of mobilizing resources for green infrastructure, and the proceeds from such bond issuance would be deployed in public sector projects to reduce the carbon intensity of the economy. Accordingly, the framework (the “SGrB Framework”)^[2] and indicative issuance calendar^[3] with regard to the SGrBs were released on November 9, 2022 and January 6, 2023, respectively. Consistent with global practice, India’s SGrB Framework is based on the green bond principles (“GBPs”) of the International Capital Market Association (“ICMA”), as updated through June 2022.^[4]

Liberalized Rules for Overseas Investment by Indian Entities: Laying the “Round Tripping” Ghost to Rest (or not just yet)

12th December 2022 On August 22, 2022, the Ministry of Finance and Reserve Bank of India (the “RBI”) introduced a new overseas investment regime comprising of Foreign Exchange Management (Overseas Investment) Rules, 2022 (the “OI Rules”), Foreign Exchange Management (Overseas Investment) Regulations, 2022 (the “OI Regulations”) and Foreign Exchange Management (Overseas Investment) Directions, 2022 (the “OI Directions”) (collectively, the “Revised Framework”) in supersession of the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004 (the “FEMA 120”) and the Foreign Exchange Management (Acquisition and Transfer of Immovable Property Outside India) Regulations, 2015 (collectively, the “Old Regime”).

Great Expectations: India’s Tryst with Climate Change

10th October 2022 While presenting the Union Budget this year, the Indian Finance Minister had announced the government’s intention to issue ‘green bonds’ [1] with a sovereign rating, the proceeds of which would be used to finance a variety of public-sector green infrastructure projects. According to recent media reports, [2] it appears that the government is about to finalize the framework for such sovereign issuance, including for the purpose of identifying projects/sectors that will qualify for funding.

The Elephant in the Room: India’s Place in the International Investment Regime

3rd October 2022 A recent Delhi High Court judgement, issued on August 29, 2022 (the “August verdict”),[1] set aside an arbitral award rendered in 2015 by the International Chamber of Commerce (“ICC”)[2] in respect of the protracted Antrix-Devas dispute. While the August verdict is being hailed as a significant win for the Indian government, it also presents an opportunity for India to figure out how to avoid such situations in the first place. As the traditional divide between capital-exporting and capital-importing countries continues to blur, it is now time that India started identifying itself as a key player in the international investment system (and its corresponding dispute resolution regime) – rather than playing defense.

New Overseas Investments Regime in India

3rd October 2022 On August 22, 2022, the Government of India issued the much-awaited revised rules, regulations and directions applicable to overseas investments by Indian entities and individuals. These include: (i) the Foreign Exchange Management (Overseas Investment) Rules, 2022 (the “Overseas Investments Rules”) issued by the Ministry of Finance, Government of India; (ii) the Foreign Exchange Management (Overseas Investment) Regulations, 2022 (the “Overseas Investments Regulations”) issued by the Reserve Bank of India (the “RBI”); and (iii) the Foreign Exchange Management (Overseas Investment) Directions, 2022 (“Overseas Investments Directions”) issued by the RBI. The Overseas Investments Rules, the Overseas Investments Regulations and the Overseas Investments Directions are hereinafter collectively referred to as the “New Regime”.

Competition Amendment Bill, 2022: Key Changes to the Competition Act, 2002

22nd August 2022 On August 5, 2022, the Competition (Amendment) Bill, 2022 (the “Bill”), to amend the Competition Act, 2002 (the “Competition Act”), was introduced in the Indian Parliament. The timing of approval of the Bill, and its coming into effect, is uncertain at present.

Changes to Quarterly Shareholding Disclosures by Listed Entities in India

13th July 2022 On June 30, 2022, the Securities and Exchange Board of India (“SEBI”) issued a circular amending the quarterly shareholding pattern disclosed by listed entities in India (the “2022 Circular”). This amended an earlier SEBI circular dated November 30, 2015 (the “2015 Circular”). The 2022 Circular comes into force with effect from the quarter ending September 30, 2022. Listed entities are required to submit their shareholding pattern to the stock exchanges within 21 days of the end of each quarter in formats prescribed under the circulars.

Indian Legal Regime for ESG

14th June 2022 The need for addressing Environmental, Social and Governance (“ESG”) related aspects, has never had more prominence than now. There is growing recognition of the financial and economic impacts of ESG risks across the globe. ESG is also attaining significance as the investors are increasingly relying on ESG as an important metric to guide their investment decisions. Internationally, regulators and enforcement agencies are taking greater cognizance of ESG related issues and a more stringent view of non-compliances or greenwashing by any business regarding their ESG credentials.

Shareholder Activism in India: The Zee-Invesco Decision

19th May 2022 India has witnessed a significant increase in institutional shareholder activism over the past few years. As a consequence of the rapid rise in shareholder activism, there has been much greater focus on the rights of minority shareholders in relation to a company. In this context, the judgment of the division bench (“Division Bench”) of the Bombay High Court (“High Court”) on March 22, 2022 in Invesco Developing Markets Fund v. Zee Entertainment Enterprises Limited addresses two key issues: (i) the statutory right of shareholders to call a shareholders’ meeting and (ii) the appropriate judicial forum for such shareholder disputes.

Testing the Frontiers of the Insider Trading Regulations

26th April 2022 By an order issued on January 14, 2022, the United States District Court, Northern District of California allowed the Securities Exchange Commission (“SEC”) to proceed on the misappropriation theory of insider trading in its “shadow trading” complaint against Matthew Panuwat.[1] The SEC had alleged that Panuwat used confidential information about the acquisition of his employer, Medivation, to buy options in another publicly traded company and Medivation’s peer, Incyte and that such material non-public information made Incyte a more valuable acquisition target.