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Link Legal > The Legal 500 RankingsLink Legal remains a market leader in the aviation space and has a proven track record of acting for a wide roster of domestic and international airlines under the leadership of practice heads Atul Sharma, Anand Srivastava, and corporate partner Milind Jha. The team handles transactional matters including aircraft financing, acquisitions, and leasing arrangements, regulatory work and litigation; recent instructions include advising GMR Hyderabad International Airport on competitive bidding and contractual negotiations for the airport’s expansion project. On the contentious side, Abhishek Sharma and Milanka Chaudhury are key contacts, handling litigation and arbitration for clients in relation to regulatory issues, aircraft maintenance contracts, and share purchase agreements.
GMR Hyderabad International Airport Limited (GHIAL)
Kalyan Jewellers India Limited
Delhi Aviation Fuel Facility Private Limited (DAFFPL)
Delhi International Airport Limited (DIAL)
Bangalore International Airport Limited
Turbo Aviation Limited
Navi Mumbai International Airport Limited
National Industrial Corridor Development & Implementation Trust (NICDIT)
Big Charter Private Limited (FlyBig)
Air India Limited
GMR Goa International Airport Limited
Flight Simulation Solutions Private Limited (FSSPL)
GMR Vishakhapatnam International Airport Limited
- Advising Air India Limited, the national carrier of India, on its proposed disinvestment transaction, pursuant to which the Government of India will transfer its stake in Air India to another party pursuant to a competitive tendering process.
- Advised SpiceJet Limited on the launch of seaplane services for the first time in India in the State of Gujarat.
- Represented Delhi International Airport Limited in a challenge to the imposition of Rs. 2,600 crore in property tax by the Delhi Cantonment Board on land forming part of the airport.
India > Projects and energy Tier 1Owing to a long-standing reputation in the infrastructure sector, Link Legal is routinely seen on large-scale and complex projects of national significance. End-to-end legal guidance — from bidding stage to dispute resolution — on major transport, waste management, power and manufacturing projects is provided by Anand Srivastava, Atul Sharma, Milind Jha and arbitration specialists Milanka Chaudhury and Ravi Varma. The group’s extensive knowledge of aerospace regulation makes it a go-to name for complex mandates combining contentious and non-contentious factors.
‘The people at Link Legal are a versatile lot, covering diverse practices. So one doesn’t have to think too hard where to go in case any legal help is needed. The partners are competent, are diligent about the assignments, and make sure that no worries remain with the client. The billing is competitive and does not seem out of the curve. On the whole, the experience with them is quite satisfying.’
‘The individuals we have interacted with at Link Legal have been really good and quite competitive in their areas of practice. They provide really useful service if one looks at the complete offering.’
Alstom System India Pvt. Ltd. (India)
Azure Power Forty-Three Private Limited (Azure 43)
Madhepura Electric Locomotive Pvt. Ltd. (MELPL)
Azure Power India Private Limited (Azure)
Sterlite Group (Sterlite)
Hitachi Rail STS India Private Limited
SB Energy (SoftBank Group)
Larsen and Toubro (L&T)
Uttar Pradesh Cricket Association (UPCA)
Freyr Energy Services Private Limited (FESPL)
IL&FS Rail Limited (IRL)
Rapid Metro Gurgaon Limited (RMGL)
Rapid Metro Gurgaon South Limited (RMGSL)
Zheneng Capital Holding Co.
Jindal SAW Ltd.
IDE Technologies (Israel)
CRRC Corporation Limited
Navayuga Engineering Company Limited
Delhi International Airport Limited (DIAL)
Clean Sustainable Energy Pvt. Ltd.
TBEA Xinjiang Sunoasis Co., Ltd.
National Industrial Corridor Development & Implementation Trust (NICDIT)
GMR Hyderabad International Airport (GHIAL)
GMR Goa International Airport Limited (GGIAL)
Ayana Renewable Power Private Limited
Solar Power Developer Association
Jakson Solar Power Private Limited
Hindustan Zinc Limited
Adani Green Energy Limited
Rajasthan Solar Association
- Advised Ayana Renewable Power on the acquisition of Adyah Solar Energy Private Limited, a company engaged in the generation of power of the magnitude of 300 MW at Pavagada I, Karnataka.
- Advising TBEA Xinjiang Sunoasis, the largest solar panel manufacturer in the world, on its successful tender for a 300 MW PV IPP solar project in the State of Rajasthan, India.
- Advised SB Energy on its policy initiative with the Government of India and certain state governments, and bid participation in several state bids.
India > Banking and finance Tier 2Considered a go-to practice for all manner of project financing arrangements, Link Legal attracts headline mandates from leading public and private financial lenders. In an example highlight, Vishakha Bhagvat acted for a consortium led by the State Bank of india on its funding of the development and operation of the Hyderabad metro rail. Practice head Anand Srivastava advises traditional and alternative lenders on the financing of major infrastructure projects of national importance, including roads and solar developments. The team also has a robust real estate finance offering.
Other key lawyers:
‘Link Legal is a mid-size firm and has a good team of lawyers. The partner involvement is great in all the deals.’
‘People are very friendly and professional with thorough legal knowledge and in-depth understanding of the subject.’
‘Partners are extremely approachable and knowledgeable. I had a wonderful experience working with the partner Samantha Fernandes.’
State Bank of India
L&T Infrastructure Finance Company Limited
India Infradebt Limited
HDFC Bank Limited
Bank of India
Bank of Baroda
Punjab National Bank
Central Bank of India
Union Bank of India
IndusInd Bank Limited
Axis Bank Limited
NIIF Infrastructure Finance Limited
Aseem Infrastructure Finance Limited
Kotak Bank Limited
The Hongkong and Shanghai Banking Corporation Limited
- Acted as lenders’ legal counsel for SBI-led consortium in respect of term loan of 11,478 crore to L&T Metro to meet cost overrun for development, operation and maintenance of the Hyderabad metro rail.
- Acted as the counsel to Axis Bank Limited (750 crore term loan facility), ICICI Bank Limited (600 crore term loan facility) HDFC Bank Limited (2000 crore term loan facility), Union Bank of India (1000 crore term loan facility) and Bank of Maharashtra (500 crore term loan facility) in connection with the bilateral loan facilities granted by them to India Grid Trust, an Infrastructure Investment Trust registered with the Securities and Exchange Board of India.
- Advised on the investment by Bank of India, Bank of Baroda, Punjab National Bank, Central Bank of India, Union Bank of India and Indian Bank in non-convertible debentures issued by IRB Infrastructure Developers Limited, aggregating to 1250 crore. The said investment has been made by the aforesaid bank under Targeted Long Term Repo Operations (TLTRO) scheme of Reserve Bank of India.
India > Corporate and M&A Tier 2
Market-leading knowledge of the infrastructure, aviation, power and associated sectors at Link Legal makes the firm a sought-after choice for cross-border corporate and M&A mandates as instructed by major international companies operating in those fields. Joint practice heads Nusrat Hassan and Anand Srivastava along with Anuj Trivedi, Milind Jha and Yosham Vardhan are key lawyers for marquee transactions. Mandarin-speaking partner Santosh Pai heads the China desk for investors and corporates performing both inbound and outbound ventures in the country.
‘Anand Srivastava and Namita Das are technically sound but at the same time can appreciate and marry commercial realities. Sticking to the law but being solution oriented is a difficult art which they practice.’
‘High service level with a fast comprehension of the client’s aim.’
‘We are closely working with Ms Yosham Vardan who is working with us in the field of corporate law and labor law. She is always available on a short time basis indicating with precision the needed time for answering our queries.’
Aurobindo Realty and Infrastructure
Medops Technology Private Limited
InfoEdge and WaterBridge
Larsen & Toubro (L&T)
Falcon Edge Capital (Alpha Wave Incubation)
The One Off India Limited
SarvaGram Group of Companies
Premas Biotech Private Limited
Ashoka Buildcon Limited
RIB International Holding PTE Limited
Vardhman Yarns and Threads Limited
GASER Ossido Duro s.r.I.
VPS Healthcare Private Limited (“VPS Healthcare”)
India Power Corporation Limited (“IPCL”)
Alkem Laboratories Limited
Nilon’s Enterprises Private Limited
- Advised Aurobindo Realty on its acquisition of 51% shareholding of GMR in Kakinada SEZ.
- Advised Larsen & Toubro on the sale of its electrical and automation business to Schneider Electric in an all cash deal.
- Advised Ayana Renewable in its acquisition of 300 MW of solar power plant in Karnataka from ReNew Solar Power Private Limited.
Other key lawyers:
Delhi International Airport Limited
CRCC High-Tech Equipment Corporation Limited
RP of Educomp Solutions Ltd.
RP of Transstroy Tirupati Tiruthani Chennai Tollways Private Limited
China Datang Technologies & Engineering Co. Ltd.
NATRIP Implementation Society
GMR Vishakhapatnam International Airport Limited
Vestige Marketing Private Limited
Bangalore International Airport Limited
GMR Hyderabad International Airport Limited
India Infrastructure Finance Company Limited (IIFCL)
KCT Group (Karam Chand Thapar & Bros. Ltd.)
Accenture Solutions Pvt. Ltd.
L&T Metro Rail Hyderabad) Pvt. Ltd.
JSW Severfield Structures Ltd.
The competition team at Link Legal has particular strength in the aviation sector and counts private airline SpiceJet as a key client. Headed by managing partner Atul Sharma, the group handles merger control matters and investigations before the CCI. Core members of the team include Anand Srivastava, who is dual qualified in India and New York, commercial disputes expert Abhishek Sharma and associate Ashly Cherian.
CRCC High-Tech Equipment Corporation Limited
BSN Medical India (now Essity India)
- Acted for SpiceJet in an investigation by the Director General and proceedings brought by the CCI in respect of alleged concerted action by various airlines in fixing the fuel surcharge.
- Acted for CRCC High-Tech Equipment Corporation Limited in an appeal before the competition appellate tribunal concerning allegations of anti-competitive activities by certain Chinese companies in a tender issued by India’s Ministry of Railways.
- Representing SpiceJet in ongoing investigations into various Indian airlines in respect of alleged cartelisation in the fixing of passenger airfares.
‘The Link Legal IBC team is one of the best in the Indian industry. They are versatile, have many lawyers working, sound knowledge of IBC. And compared to the top tier firms they provide same value at much better fees.’
‘Anand Srivastava, Namita Das and Milind Jha from LL. They are good technically, prompt and accommodative fee structure. Quality is comparable to the Tier-1 law firms. Always available on email and on phone.’
‘Link Legal is a mid-sized firm that provides advisory that at most times, is more sound and researched that their larger competitors. We have been working with them since 4 years and engage them on most of our assignments. Key advantages of working with Link Legal are: well priced, well researched and sound advisory, helpful and polite teams, enthusiastic.’
Nidhi Pathania and Abhishek Sharma both stand out as they support their clients like pillars of strength, are price flexible, never shirk work/calls and very dependable. In comparison to most other professionals – building a strong comfort in terms of depending on their advisory + work product exists with Link. Highly recommended.’
GT Restructuring Services LLP
Gitanjali Gems Limited (GGL)
Era Infra Engineering Ltd. (EIEL)
ABG Shipyard Limited
BDO India LLP
Ind-Barath Power (Madras)
Nakshatra Brands Limited
BCIL Group Companies
Power Finance Corporation Ltd.
ACIL Limited (RBSA)
Jyoti Structures Limited
Nakshatra World Limited
Transparent Energy Systems Limited
Topworth Pipes and Tubes Limited
Duff & Phelps India Private Limited
State Bank of India
Indian Bank (Formerly Allahabad Bank)
John Cockerill India Limited
- Advising the (erstwhile) Resolution Professional and member of the MC on the litigation strategy and is representing the Resolution Professional before various courts and tribunals towards completion of the corporate insolvency resolution process of Jyoti Structures Limited.
- Advising the Liquidator of ABG Shipyard Limited before various courts and tribunals towards completing the liquidation of the ABG Shipyard Limited.
- Advising the Resolution Professional on the litigation strategy and is representing the Resolution Professional before various courts and tribunals for obtaining the control and custody of the assets of GGL.
India > TMT Tier 3Link Legal's reputation in the telecoms disputes space ensures that the team is regularly sought out by a number of India's leading service providers for representation in arbitration and litigation. TMT practice head Nusrat Hassan focuses chiefly on cross-border corporate deals for the firm's most high-profile US, European and Indian business clients. Prasad Dhande acts for multinationals and Indian corporates on a broad range of commercial issues, often appearing before the Supreme Court of India as well as various High Courts and the Securities Appellate Tribunal. Sidhartha Srivastava has extensive litigation experience.
Indus Towers Limited
Tata Communications Payment Solutions Ltd.
ProstarM Info Systems Ltd.
Sify Technologies Limited
Bharti Airtel Limited
Reliance Communications Limited
ATC Telecom Infrastructure Private Limited
Tower and Infrastructure Providers Association
- Successfully handled a litigation on behalf of Reliance Communications Limited on the issue of enforceability of a bank guarantee.
- Filing an application on behalf of Indus Towers Limited against Aircel Limited and Dishnet Wireless Limited before the National Company Law Tribunal, Mumbai.
- Successfully handled a litigation on behalf of the Tower and Infrastructure Providers Association before the Aurangabad Bench of Bombay High Court.
‘Thorough and timely reverts. Attention to detail.’
Incredible Technologies Private Limited and Eight Roads Ventures
Bunch Microtechnologies Private Limited
Trayambhu Tech Solutions Private Limited
Ashoka Buildcon Limited
Medops Technology Private Limited
BEENEXT PTE. LTD
SarvaGram Group of Companies
Morningside Venture Capital
AMI Lifesciences Private Limited
Falcon Edge Capital, UK
RIB International Holding PTE Limited
- Assistsed SarvaGram group of companies and its founders with securing $10.5m in Series B Investment round led by Elevation Capital along with pro-rata participation from existing investor Elevar Equity.
- Advised Medops Technology Private Limited on an investment by Axilor Ventures, HealthXCapital, Singapore, Blume Ventures and Dream Incubator Inc.
- Advised Emerging Vision Technology on an investment by Lightspeed China Partners and Lightspeed India Partners in Series A preferred shares.
Link Legal > Firm Profile
The firm: Link Legal India Law Services has been functioning as a full service corporate and commercial law firm for over twenty years, with 35 partners and 170+ lawyers with the principal office of the firm being at New Delhi and others at Mumbai, Hyderabad, Bengaluru and Chennai.
We provide cutting edge advice, by blending our legal proficiency with deep commercial insight. Our practice is aimed at providing client-responsive advice to assist you in achieving your business objectives.
Our strength lies in our team of experienced, well-trained and qualified lawyers, who integrate their skills to provide comprehensive legal advice and strategy on complex commercial issues that meet your needs and expectations. The partners also bring a hands-on expertise and approach to each transaction from a strategic perspective, by understanding client objectives and identifying potential issues in areas of public policy or litigation. Each client enjoys a high level of personal service, and has the advantage of discussing matters directly with their assigned partner.
Our clientele includes some of India’s leading corporate groups, public sector undertakings, public sector and private banks, and multinationals from across the world, particularly from the United States of America, the United Kingdom, France, Germany, the Netherlands, Australia, China, Indonesia, Canada, Hong Kong, Japan, and the United Arab Emirates. We also advise private individuals with high-quality professional advice.
We have advised clients globally under its various practice heads, such as infrastructure projects, private equity, mergers and acquisitions, debt and capital markets, project finance, litigation, arbitration and alternate dispute resolution, and contract management, in diverse sectors such as airports, metro rail and urban transport, roads, ports, real estate, oil, gas, energy, power, aviation, water, waste management, media, broadcasting, advertising, pharmaceutical, information technology, business process outsourcing, consumer goods, mining, software, entertainment, insurance, and banking. We also regularly advise clients in obtaining regulatory approvals from the Central Government or the Reserve Bank of India for establishing legal entities or any other form of business presence in India.
We have also been advising resolution applicants, financial creditors, operational creditors, and insolvency professionals in relation to the matters pertaining to the resolution/ liquidation process under the Insolvency and Bankruptcy Code, 2016.
The firm has recently been recognized as one of the largest law firms in India in Asian Legal Business’ Asia’s Top 50 Largest Law Firms 2020 List. The firm has also been ranked #20 in Top Ranked Law Firms: India by Top Ranked Legal 2020. The firm has been recognized as one of the ‘Best Brands’ at the Economic Times – Best Brands Summit 2019. The firm has been awarded ‘Law Firm of the Year 2018’ and ‘Runner Up – Law Firm of the Year 2019’ by IDEX Legal Awards. The firm has been awarded as ‘Firm of the Year (Asia Pacific)’ by Globalaw. It has also been ranked #14 among top 50 Indian Law Firms by RSG Consulting in 2019.
|Admiralty and maritime|
|Banking and finance|
|Engineering and construction|
|Exchange control and foreign investments|
|General corporate and commercial|
|Hospitality and leisure|
|Intellectual property rights|
|M&A, joint ventures and private equity|
|Policy and regulatory|
|Projects, claims and dispute management|
|Projects, energy and infrastructure|
|Restructuring and insolvency|
|Technology, media and telecommunications|
|Mr Milanka Chaudhury||Mr. Milanka Chaudhury is a Partner at Link Legal India Law Services,…||View Profile|
|Milind Jha||Partner||View Profile|
|Mr K.A. Najmi||Mr. K.A. Najmi is presently a Partner in Link Legal ILS, a…||View Profile|
|Mr Atul Sharma||Atul is the Managing Partner of Link Legal India Law Services and…||View Profile|
|Mr Anand Srivastava||Anand Srivastava is an Equity partner with over 19 years of experience. He is…||View Profile|
|Mr Ravi Varma||Ravi is a partner with Link Legal India Law Services and has…||View Profile|
Staff FiguresNumber of lawyers : 200 +
LanguagesEnglish Hindi Chinese
Press Releases22nd November 2022
With a view to accelerate its growth and in light of the recent announcement regarding the Firm’s combination with the world’s largest law firm Dentons, Link Legal is pleased to announce the evolution of its Leadership team.
14th October 2022 Link Legal represented and advised BeyondSeed, a Singapore based fund, in its seed investment in Goofy Tails Private Limited. The Firm also worked alongside Chennai Angels, an angel investment group based in Chennai, for its investment in Goofy Tails in the same seed round. The ticket size of the entire deal is approximately INR 30.3 million.
13th October 2022 Dentons, the world's largest global law firm, has announced a combination with leading Indian law firm, Link Legal. Dentons would become the first global law firm to combine with a law firm in India giving the combined firm first mover advantage and a competitive edge in international panel competitions. This is not a joint venture, not a best-friends relationship or a liaison license, nor a merger or an acquisition, but a combination like Dentons has done around the world, building one, integrated global firm.
Link Legal advised Doncasters Group of Companies in relation to the Indian element of its acquisition of Uni-Pol Group of Companies21st July 2022 Link Legal represented and advised Doncasters Group of Companies (“Doncasters”) in relation to the Indian element of its acquisition of Uni-Pol Group of Companies (“Uni-Pol”).
Link Legal advises Malpani Group on the acquisition and debt resolution of Imagicaaworld Entertainment Limited under RBI’s Prudential Framework11th July 2022 Link Legal advised the Malpani Group, an acclaimed name in the FMCG & Hospitality industry in the Country, on structuring and acquisition of Imagicaaworld Entertainment Limited (IEL), an entity promoted by Mr. Manmohan Shetty and listed on the Indian stock exchanges.
20th June 2022 Link Legal advised and assisted Indorama Group in the acquisition of a renewable energy company having a permit to construct a mini hydroelectric power plant in Himachal Pradesh, India.
17th June 2022 Link Legal, as Indian counsels advised and assisted in acquisition of the holding company of Bengaluru-based Software-as-a-Service (SaaS) platform, Wingman by US-based revenue operations platform, Clari.
31st March 2022 Link Legal represented and advised SarvaGram Fincare Private Limited (“SarvaGram”) and its founders, in raising INR 30 crore, via debt fund, through issuance of Series B Debentures in favour of (i) Vivriti India Impact Bond Fund; and (ii) Vivriti Emerging Corporate Bond Fund (funds of Vivriti Asset Management).
Link Legal advised JSW Foundation in participating as a member of the Skill India Impact Bond launched by the National Skill Development Corporation (NSDC)15th March 2022 Link Legal represented and advised JSW Foundation in participating as a member of the Skill India Impact Bond, a first of its kind and India’s largest impact bond, launched by the National Skill Development Corporation (NSDC).
11th March 2022 Link Legal represented and advised InYantra Technologies Private Limited (“InYantra”) and its shareholders, in acquisition of (i) 51% shares of InYantra by Volex Interconnect Indian Private Limited, the Indian subsidiary of Volex PLC (“Volex”); and (ii) 4% shares of InYantra by Boundary Holdings India Private Limited, a subsidiary of Boundary Holdings, a UK based firm (“Boundary”). The ticket size of the deal is approximately USD 8 million consisting of both primary and secondary investments. The deal also involved sale of land and building from one of the shareholders of InYantra to the Indian subsidiary of Volex for a total price of USD 5 million.
8th March 2022
International Workshop on Laws Governing Aviation in India – 2022, held on February 22 and 23 is an initiative by Link Legal in collaboration with Campus Law Centre, University of Delhi and is first of a series of events that we plan to do in years to come (Brochure - https://drive.google.com/file/d/1H4Uj2lFGjw0kLchvR_CpMHkZG2IB4AlR/view). We believe, based on the feedback we have been receiving, that the session has effectively contributed to generating necessary interest amongst the law students, law graduate and the law faculties alike. We are quite positive that a continuous effort in this direction can help achieve the objective of skilling by creating an industry academia connect.
8th October 2021 Link Legal advised and assisted Slintel Inc., in its acquisition of equity by 6Sense, through a 2-step merger process. In October 2021, a USA based entity Slintel Inc., along with its wholly-owned India subsidiary Slintel India Private Limited (collectively “Slintel”), was acquired by another USA based entity 6Sense (“6Sense”), by way of a two-step merger process (“Merger”). As part of this Merger, the existing shareholders of Slintel were offered part cash and part shares in another existing offshore group entity of 6Sense, in lieu of their shares in Slintel. The shareholders of Slintel also included certain resident Indian shareholders employed with the Indian subsidiary of Slintel.
Link Legal advised Classklap Private Limited in its acquisition by Proficiency Learning Solutions Private Limited (“Eupheus”)22nd September 2021 Link Legal advised and assisted Classklap Private Limited (“Classklap”) and its promoters in its acquisition by Proficiency Learning Solutions Private Limited (brand name “Eupheus”).
Link Legal advises Twin Technology SE in its acquisition of equity stake in Audiencetech India Solutions Private Limited3rd August 2021 Link Legal advised and assisted Twin Technology SE (‘Twin Tech’) in acquisition of equity stake in Audiencetech India Solutions Private Limited (‘Audience Tech’), by way of a primary transfer of equity shares held by the existing shareholders of Audience Tech and subsequent issuance of additional equity by Audience Tech through preferential allotment. Pursuant to the closure of the transaction, Twin Tech holds a 25% stake in Audience Tech.
Link Legal advised RIB Group in acquisition of remaining 40% stake in Dubai headquartered Levtech Consulting Group.27th July 2021 Link Legal advised and assisted RIB International in acquisition and increase in stake from 60% to 100% of Levtech Consulting Group through acquisition of remaining 40% stake in Dubai headquartered parent entity.
17th June 2021 Link Legal represented The One Off India Limited based in UK on its 50: 50 joint venture with Bentel Associates LLP for setting up a joint venture company in India i.e., The One Off Bentel Private Limited.
LINK LEGAL ADVISES SARVAGRAM IN SERIES B FUNDING OF INR 77 CR FROM ELEVATION CAPITAL & ELEVAR EQUITY22nd February 2021 Sarvagram, a company providing financial services and allied interventions to improve the productivity of individuals and small enterprises in rural and semi-urban India using technology, has raised its second round of funding of INR 77 Crores led by Elevation Capital along with pro-rata participation from existing investor Elevar Equity.
Recovery Certificate under Debt Recovery Act is not limited to winding up proceedings only but extends to IBC: Clarifies Supreme Court12th September 2022 Recently, the Hon’ble Supreme Court in the case of Kotak Mahinda Bank Limited vs A. Balakrishnan & another (Civil Appeal No.689 of 2021) has held that any liability arising out of a recovery certificate needs to be treated as financial debt within vis-à-vis clause (8) of Section 5 of the Insolvency and Bankruptcy Code, 2016 and the holder of recovery certificate would be a financial creditor within the meaning of clause (7) of Section 5 of IBC. As such, the holder of such a certificate would be entitled to initiate the Corporate Insolvency Resolution Process if initiated within a period of three years from the date of issuance of the Recovery Certificate.
7th September 2022 With an aim to improve the ‘ease of doing business’ and simplifying/ liberalising the investment regime, the Government of India in consultation with the Reserve Bank of India (“RBI”), amongst others, has been progressively revamping and liberalizing the foreign exchange regime in India. In view of the foregoing, the Government of India vide Notification No. G.S.R 646(E), dated August 22, 2022, issued the Foreign Exchange Management (Overseas Investment) Rules, 2022 (“OI Rules”) and the RBI issued the Foreign Exchange Management (Overseas Investment) Regulations, 2022 (“OI Regulations”) and Foreign Exchange Management (Overseas Investment) Directions, 2022 (“OI Directions”; collectively with the OI Rules and OI Regulations, the “OI Regime”).
28th July 2022 With the rising need to accommodate the new requirements and adaptation of modern technology in the pharmaceutical sector, the draft of the ‘Drugs, Medical Devices and Cosmetics Bill, 2022’ (the “Bill”) has been released by the Ministry of Health and Family Welfare (MoHFW) on July 8, 2022, which seeks to replace the existing archaic law under the Drugs and Cosmetics Act of 1940 (“Act”) and the Drugs and Cosmetic Rules 1945 (“Rules”).
28th July 2022
INTRODUCTIONThe Insolvency and Bankruptcy Code, 2016 (‘IBC’) enables financial creditors and operational creditors of a corporate debtor to initiate the corporate insolvency resolution process (‘CIRP’), under Section 7 and Section 9 of the IBC, respectively.
21st July 2022
INTRODUCTIONReserve Bank of India (“RBI”) issued Master Directions on Credit Card and Debit Card – Issuance and Conduct Directions, 2022 (“Master Directions”) dated April 21, 2022, effective from July 01, 2022 (except a few provisions which will be effective from October 01, 2022). These Master Directions were brought in to regulate the conduct of credit/debit payments in Banks and Non-Banking Financial Companies (NBFCs). These Master Directions provide a thorough set of instructions majorly regarding issue of credit cards and debit cards, co-branded cards, telemarketing, billing, etc. to be followed by card-issuers. These Master Directions should be read along with prudential, payment and technology & cyber security related directions applicable to credit, debit and co-branded cards, as issued by the RBI.
In re Hiveloop Technology Pvt. Ltd. vs Britannia Industries Ltd.: CCI Acknowledges Manufacturer’s Right to Select Distributors20th July 2022 The Competition Commission of India (CCI/ Commission), vide its order dated 16th June 2022, dismissed the allegations of ‘refusal to deal’ filed by Hiveloop Technologies Pvt. Ltd., Bengaluru (Informant) against Britannia Industries Ltd.(Britannia) because the Commission did not find any merit in the submissions on the aspect of ‘discrimination’. The Competition Act, 2002 (Act) guarantees freedom of trade by all market participants. This also includes the manufacturer’s freedom to choose, not only its distributors but also the mode of distribution of its products. In a recent judgement, India’s Fair Market Regulator, CCI had reaffirmed this fundamental tenet as discussed here.
1st June 2022
Introduction:Recently, the Hon’ble Supreme Court in the case of PTC India Financial Services Limited (hereinafter referred as PIFSL) v. Venkateswarlu Karu & Ors. (Civil Appeal No.5443 of 2019 has held that Contract Act does not conceive of sale of the pawn to self and consequently, the pawnor’s right to redemption in terms of Section 177 of the Contract Act survives till ‘actual sale’.
4th May 2022 A significant judgement was passed by Hon’ble Supreme Court on 19th April 2022 in matter of Sunil Kumar Jain and others versus Sundaresh Bhatt and others wherein Supreme Court has clarified the intricacies that arose on the claim for payment of wages/salaries before Corporate Insolvency Resolution Process (CIRP); during CIRP and in liquidation of a Corporate Debtor.
4th May 2022
IntroductionThe Online Gaming (Regulation) Bill, 2022 (“Bill”) was introduced in the Lok Sabha on April 1, 2022 to establish an effective regime for regulating online gaming industry to prevent fraud and misuse. Acknowledging the effects of addictive features of online gaming and noting the profound impact of the gaming industry on the nation, the Bill calls for institution of a regulatory commission to regulate the online gaming industry.
19th April 2022 The Competition Commission of India’s (CCI) recent investigation into the Trustee Association of India (TAI) and debenture trustee units of State Bank of India, Axis Bank and IDBI Bank for collusion in respect of charging high fees for issuing debt and due-diligence checks has raised jurisdictional conflicts over the sectoral regulator -SEBI, and the market regulator - CCI. The CCI, in its prima facie confidential order, noted that the TAI and SBICAP Trustee Company Ltd, Axis Trustee Services Ltd and IDBI Trusteeship Services Ltd had substantially increased the fee for assisting companies in raising debt and prevented members from charging below a floor price, and hence, impacting competition. Such collective decision making by the association affected competition in the relevant market. The CCI commenced its investigation on information filed by Muthoot Finance alleging the said parties had raised the cost proposal to 300% higher than previous rates for raising debts.
The overriding effects of Competition Act over State Acts: determining the ‘sufficient cause’ in the condonation of delay15th March 2022 Yet again, the Hon’ble Supreme Court of India in the case of CCI v. State of Mizoram dated 19.01.2022 has set aside the impugned judgment of the Guwahati High Court that restricted the Competition Commission of India (hereinafter referred to as the CCI) to pursue its investigation. The Apex Court upheld the authority of the CCI and in its order stated that ‘if the tendering process attracts provisions of competition, the CCI cannot be barred from acting upon it’. The case was related to an inquiry by the CCI into allegations of cartelization and bid-rigging in the tender process announced by the State of Mizoram through its functionary, the Director, Institutional Finance and State Lottery (IF&SL), for appointment of lotteries selling agents and distributors in terms of the Mizoram Lotteries (Regulation) Rules, 2011 framed under the Lotteries (Regulation) Act, 1998.
11th March 2022 The Competition Commission of India (CCI) passed its final order on January 20, 2022, in a sou motu Case No. 10 of 2014 [available on: https://www.cci.gov.in/sites/default/files/10-of-2014.pdf] imposing penalties against four (4) maritime motor transport companies and their employees (those that were responsible) - Nippon Yusen Kabushiki Kaisha (NYK Line), Kawasaki Kisen Kaisha (K-Line), Mitsui OSK Lines (MOL) and Nissan Motor Car Carrier Co (NMCC), for cartelizing in the market of maritime motor transport services on Pure Car Carrier vessels (PCCs) provided to automobile Original Equipment Manufacturers (OEMs). The OEMs have been manufacturing automobiles in India and hiring the maritime transport services of the impugned enterprises for transporting their vehicles at various trade routes abroad from 2009 to 2012.
2nd March 2022 A significant amendment by Act No. 26 of 2018 (w.e.f. 6-6-2018) was brought in the form of insertion of Section 12A which provided for withdrawal of applications admitted under Section 7, 9 or 10 of the Insolvency and Bankruptcy Code, 2016 (“Code”) with the approval of creditors representing 90% (ninety percent) of the voting share of the committee of creditors. Before this amendment, once the CIRP was initiated by admitting the application, there was no scope for withdrawal except for illegality to be shown or if it is without jurisdiction or for some other valid reason. The Hon’ble Supreme Court in exercise of its powers under Article 142 of the Constitution used to intervened, taking into consideration the settlement reached between the parties.
25th February 2022
Central Consumer Protection AuthorityThe Consumer Protection Act, 2019 (“CPA”) defines misleading advertisements as advertisements which “falsely describe the product or service; give a false guarantee or is likely to mislead the consumers as to the nature, substance, quality or quantity of such productor service; or deliberately conceals important information about the product or service.”
24th February 2022
The Maze:The Sports (Online Gaming and Prevention of Fraud) Bill, 2018 (“Sports Bill”) was introduced in Lok Sabha on December 28, 2018, with an aim to prevent and penalize sports fraud, and establish regulatory mechanism for the online gaming sector, which has thereafter lapsed. Meanwhile, the ambiguities with respect to the legal framework of online gaming continues to persist.
28th September 2021 The Hon’ble Supreme Court recently delivered the judgement on three (3) petitions that involved questions of withdrawal or modifications after the approval of resolution plan by the Committee of Creditors and filed with NCLT for its approval. The Court held that once the resolution plan is approved by Committee of Creditors and submitted to NCLT; the successful resolution applicant cannot withdraw or modify the resolution plan. The present case analysis aims to probe the various modalities of the judgement and bring to fore the key facets of the facts, issues, and ruling. Further, the article will conclude with the author’s opinion on the legal position outlined in the judgement.
22nd September 2021
The layman’s perspectiveDuring the past three months, several media houses reported that almost one thousand notices have been issued by the Enforcement Directorate (“ED”) to individuals for using international credit and debit cards to bet on football league matches, remitting funds for real money gaming to overseas platforms in foreign currencies and not surrendering the pre-loaded forex cards which are often used during tours abroad. Such action by the ED came as a surprise to many, as these individuals wondered whether merely participating in online games and betting in a sports league, through a simple mobile app, could amount to violation of laws, more particularly, violations under foreign exchange laws which attract investigations by the ED.
22nd September 2021 Construction contracts, in infrastructure projects mainly refer to airports, structures, bridges, roads, dams, ports, and other civil engineering activities. Historical data suggests that in most government awarded contracts, particularly of high value, the bidders tend to underbid so as to achieve the status of “L-1” with an ultimate aim of subsequently claiming additional costs from the government.
27th July 2021 The National Pharmaceuticals Pricing Authority (NPPA) invoked its extraordinary powers under Paragraph 19 of the Drugs (Prices Control) Order, 2013 (DPCO), to put a cap on the trade margin of the following medical devices — oxygen concentrators, pulse oximeters, glucometers, BP monitors, nebulizers and digital thermometers with an aim to make these medical devices affordable during the evolving situation of the COVID pandemic and to regulate the trade margin on these medical devices. NPPA is formed under the Department of Pharmaceuticals which is a division of the Ministry of Chemicals and Fertilizers to regulate and monitor prices of drugs/formulations and oversee the implementation of the DPCO.
Presence of an arbitration clause does not oust the jurisdiction under Article 226::Supreme Court reiterates3rd June 2021 In the matter titled Rapid MetroRail Gurgaon Limited v. Haryana Mass Rapid Transport Corporation Limited and Ors (“Instant Matter”), the Hon’ble Supreme Court bench comprising of Justice D.Y. Chandrachud, Justice Sanjiv Khanna, and Justice M.R. Shah delved into the controversy as to whether public law remedy under Article 226 of Constitution of India can be availed in arbitrable matters. This article explores and dissects the intricacies pertaining to the factual pattern and the rationale for the Supreme Court’s holding on the issue.
25th March 2021
The Hon’ble Supreme Court in its order dated 08.03.2021 in matter titled Gujarat Vikas Nigam Limited Vs. Mr. Amit Gupta & Ors. (“Instant Matter”), while upholding order of the National Company Law Appellate Tribunal (“NCLAT”) held that National Company Law Tribunal (“NCLT”) has jurisdiction to adjudicate contractual disputes which arise solely from or which relate to corporate debtor’s insolvency. In the Instant Matter, the Hon’ble Court has dealt with the role/power of NCLT to determine party’s right to terminate the Power Purchase Agreement (“PPA”) owing to initiation of insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 (“IBC”), and the intersection of a party’s right to terminate such agreement and its regulation under IBC.