S&R Associates > Mumbai, India > Firm Profile
S&R Associates Offices
ONE INDIABULLS CENTRE, 1403, TOWER 2, B WING
841 SENAPATI BAPAT MARG, LOWER PAREL
MUMBAI 400 013
S&R Associates > The Legal 500 Rankings
India > Capital markets Tier 1S&R Associates‘ ‘sharp, focused, and technically very sound’ team is well regarded for its domestic and international capital markets expertise. Sandip Bhagat, Juhi Singh and Vinkatesh Vijayaraghava are key contacts in the team, advising on IPOs, QIPs, FCCBs, and REITs. Advising on FUTP regulations is also an area of strength for the group. Jabarati Chandra and Jitesh Shahani focus on debt capital markets transactions, private placements, and convertible bonds. Clients include international issuers, investment banks, and investment funds.
‘S & R’s capital markets team is very sharp, focused and technically very sound, helping clients like us to feel secure.’
‘Jabarati Chandra is a pure professional and a class apart from many in the profession thanks to her manner of dealing with clients: she has a helpful nature and yet is firm on her opinion to make sure that the client’s interests are at the forefront.’
‘The firm stands out for its people and their ability to understand the situation and find solutions.’
India > Corporate and M&A Tier 1S&R Associates deployed an impressively large team (consisting at the partner level of Rajat Sethi, Tanya Aggarwal, Radhika Iyer and Shivaji Bhattacharya) on the closing of Indus Towers’ merger with Bharti Infratel. The multibillion-dollar transaction showcased the team’s substantial regulatory expertise in a pan-Indian exercise. Additional highlights on the deal sheet include high-value acquisitions, foreign investments, distressed M&A and joint ventures in sectors ranging from hospitality, healthcare and real estate to aerospace and e-commerce. The group conducts corporate reorganisations entailing demergers, shareholding consolidations and court-sanctioned schemes of arrangement.
‘A highly responsive, committed and capable team. Customer-centric in their approach and give clear, succinct advice and guidance. The culture of the organization stands out as one that is diverse, inclusive and considerate.’
‘Rajat Sethi and Tanya Aggarwal are a core and trusted part of our M&A deal team and set the tone for the high level of support we receive from the rest of the S&R team. Highly customer focused and able to give clear and straightforward advice in highly complex and demanding situations.’
India > TMT Tier 2S&R Associates advises a number of renowned multinationals, Indian companies, and investment funds on corporate transactions and issues pertaining to data sharing and data privacy. Mumbai-based practice head Rajat Sethi is highly experienced in major TMT sector corporate deals, both for foreign and domestic clients. Sandip Bhagat advises issuers and major international and Indian investment banks on a wide range of capital markets transactions, with recent highlights in the tech venture capital space. New Delhi-based Mohit Gogia is a key figure within the team for data protection concerns.
‘The team have assisted us with numerous acquisitions of technology services companies with subsidiaries and operations in India. The team are exceptional in their ability to communicate Indian law issues effectively to attorneys and business leaders at multinationals outside of India. This is a skill I have found difficult to find among attorneys in India, even among some of the best law firms, and makes working with them easy and confidence-inspiring.’
‘Venkatesh Vijayaraghavan has been a great partner to work with across a number of acquisitions, and is tireless in his efforts and consistent in providing exceptional service.’
‘Niti Dixit, Abhishek Tiwari and Raunaq Mathur have the ability to understand and appreciate the litigation expectations of multinational corporations and effectively contextualise the Indian court process for a non-Indian audience.’
Press Releases10th 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.
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.
Legal Developments10th October 2022 While presenting the Union Budget this year, the Indian Finance Minister had announced the government’s intention to issue ‘green bonds’  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,  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.
3rd October 2022 A recent Delhi High Court judgement, issued on August 29, 2022 (the “August verdict”), set aside an arbitral award rendered in 2015 by the International Chamber of Commerce (“ICC”) 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.
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”.
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.
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.
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.
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.
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. 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.