Shardul Amarchand Mangaldas & Co > Mumbai, India > Firm Profile
Shardul Amarchand Mangaldas & Co Offices
EXPRESS TOWERS, 23RD FLOOR
MUMBAI 400 021
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Shardul Amarchand Mangaldas & Co > The Legal 500 Rankings
The leading competition group at Shardul Amarchand Mangaldas & Co continues to be engaged in ‘cutting-edge work’, housing a team of experts with an impressive client roster including Facebook and Fiat Chrysler Automobiles. John Handoll oversees the team, which handles merger control work, investigations and cartel proceedings before the CCI and the National Company Law Appellate Tribunal (NCLAT). Senior partner Shweta Shroff Chopra is the key contact for merger control and cartel cases, whilst enforcement matters are dealt with by Naval Chopra and Manika Brar. Harman Singh Sandhu, who has been engaged in various international transactions, advises on obtaining clearance for multi-jurisdictional mergers. Managing partner and dispute resolution head Pallavi Shroff remains a key practitioner in the team, as does Yamam Verma.
‘Sectoral knowledge, strategic thinking, and cutting-edge, innovative work.’
‘Naval Chopra has a deep understanding of the regulatory and legal framework. The team are pioneers in this practice in India. They stand out for their 24/7 availability, bench strength and extremely high-quality, business-friendly advice.’
Facebook, Inc. and its wholly owned subsidiary, Jaadhu Holdings LLC
Mahyco Monsanto Biotech (India) Private Limited
WhatsApp LLC and Facebook, Inc.
Uber India Systems Private Limited
Reliance Retail Ventures Limited
Flipkart Internet Private Limited
Flipkart Investments Private Limited
Metso Oyj and Outotec Oyj
Fiat Chrysler Automobiles N.V.
India Ratings and Research Private Limited
Canary Investments Limited and Link Investment Trust II – affiliates of the ChrysCapital group
ZF Friedrichshafen AG
- Obtained CCI clearance of Facebook’s acquisition of a minority non-controlling shareholding in Jio Platforms.
- Secured CCI clearance of the proposed acquisition by Reliance Retail Ventures of Future Group stores across India, along with wholesale, logistics and warehouse businesses.
- Acted for Mahyco Monsanto Biotech (India) in High Court proceedings against the CCI, and succeeded in having the statements of 40 witnesses whom it had unsuccessfully sought to cross-examine expunged from the CCI’s record.
India > Banking and finance Tier 1Shardul Amarchand Mangaldas & Co houses a number of prolific banking and finance lawyers including Shardul Shroff and Veena Sivaramakrishnan. The group advises banks and corporates on acquisition and leveraged finance, debt restructuring and corporate lending.
India > Capital markets Tier 1Shardul Amarchand Mangaldas & Co‘s capital markets team remains a market leader, and has a track record of advising major clients on big-ticket debt and equity matters, including IPOs, QIPs, FCCBs, and listings of InvITs and REITs. National group head Prashant Gupta advises issuers and underwriters on large transactional mandates; he is supported by key partners Nikhil Naredi, who advises investment banks on equity offerings, Shubhangi Garg, who has expertise in financing and regulatory matters, and Manjari Tyagi. The team also advises on cross-border IPOs, foreign currency bonds, and restructuring matters.
India > Corporate and M&A Tier 1
Pallavi Shroff; Tejas Karia
Other key lawyers:
India > Insurance Tier 1The insurance practice at Shardul Amarchand Mangaldas & Co. is primarily active in the corporate and regulatory space. Led by Shailaja Lall, the team handles matters including insurance company formations and associated licensing approvals, sector-specific M&A, reinsurance transactions and investments into India-based insurance companies. Roopal Kulsrestha recently advised on divestments in the life insurance sector. Also in the life insurance space, Ashish Teni actively advises on policy drafting and vetting. Instructions are sourced from domestic and multinational insurers, reinsurers and brokers. The firm also represents clients before the Securities Appellate Tribunal in appeals against IRDAI orders. The team was strengthened by the addition of Samarth Gupta, who joined from L&L Partners Law Offices in April 2021.
One97 Communications Limited
IDBI Bank Limited
- Advised PayTM InsureTech Private Limited on the acquisition of 100% of Raheja QBE General Insurance Company Limited.
- Advised on the divestment by IDBI of its 23% stake in IDBI Federal Life Insurance Company Limited to its JV partner, Ageas Insurance International NV.
- Advised on the acquisition of 100% of Vipul Medcorp Insurance TPA Private Limited by Vidal TPA from certain shareholders of Vipul Medcorp, and the acquisition of 100% of Vipul Medcare Private Limited by Vidal Health from certain shareholders of Vipul Medcare.
India > Private client Tier 1Shardul Amarchand Mangaldas & Co’s dedicated private client practice group acts for a mix of high-net-worth entrepreneurs and promoters on the full gamut of wealth management matters. In addition, the team advises some of the most high-profile corporate houses and and industrial groups in the country, in sectors ranging from mining, energy, and engineering to pharmaceuticals and financial services. Department head Divi Dutta regularly advises on trusts, wills, estates, and asset planning – both domestic and offshore. Vrinda Pareek is noted for her experience in multi-party settlements and cross-border succession planning matters. All named lawyers are based in New Delhi.
Other key lawyers:
O.P Jindal Group
HPL Electric Private Limited
Cigniti Technologies Limited
- Advising O.P. Jindal Group on a family settlement agreement and succession planning.
- Advising the promoters of the Hero Group on a family settlement agreement.
- Drafting and overseeing the execution of a family severance agreement entered into between the promoters of Cigniti Technologies.
India > Projects and energy Tier 1Project financing is one of Shardul Amarchand Mangaldas & Co‘s key specialisms, with the practice continuously advising on nationally significant transactions in the oil and gas, airports, roads, ports, SEZ and telecoms sectors. The team advises on the full scope of contractual negotiations, including PPAs, EPC contracts and LNG sale and purchase agreements. PPP experience extends to advising on the country’s ultra-mega power project programme. Practice head Jatin Aneja and key partners Deepto Roy, Prashant Sirohi and V.R. Neelakantan are retained by an expansive and diverse list of stakeholders; state governments, public sector bodies, multilateral agencies, developers, investors and lenders are all present on the roster.
- Advising Morgan Stanley Infrastructure on it’s proposed acquisition of IL&FS Paradeep Refinery Water Limited.
- Advised Bharat Road Network Limited, Galfar Engineering & Contracting (India) Private Limited, Galfar Engineering & Contracting SAOG, Simplex Infra Development Private Limited and Shree Jagannath Expressways Private Limited on executing a securities purchase agreement for divestment of their equity stake in SJEPL to India Highway Concession Trust.
- Advised CME on the divestment of its equity stake in 250MW operational solar power project located in the Rewa Ultra Mega Solar Park in Rewa, Madhya Pradesh and 150 MW operational solar power projects in the Ananthapuramu Ultra Mega Solar Park in Andhra Pradesh to Actis Greengen Limited by way of a securities purchase transaction.
India > Tax Tier 1Shardul Amarchand Mangaldas & Co‘s practice counts high-profile global corporates and private equity funds among its clients, providing advice on direct (income and corporation) tax issues accompanying M&A deals, foreign investments and large-scale reorganisations. Other focus areas include digital taxation as well as audits, investigations and appeals before domestic and international appellate bodies. Amit Singhania, Gouri Puri, Abhay Sharma and Rajat Bose are the key contacts.
India > TMT Tier 1Shardul Amarchand Mangaldas & Co‘s sizeable practice and broad geographic footprint enables the firm to act on a range of corporate and commercial transactions for numerous technology, media, and telecoms companies, both at home and abroad. In addition to heading up the firm's arbitration practice, Tejas Karia is noted for his expertise in IT law, including data protection, privacy, and confidentiality. Former practice head Gv Anand Bhushan left the firm for an in-house role in August 2021.
Other key lawyers:
India > White-collar crime Tier 1
Other key lawyers:
Reliance Retail Ventures, subsidiary of Reliance Industries
Infogain Corporation, a Delaware corporation (portfolio company of ChrysCapital)
- Advised Reliance Retail Ventures Limited on the employment aspects of the acquisition of the logistics and warehousing business of the Future Group.
- Advised TPG Growth on a $350m investment in API Holdings Private Limited, the owner and the developer of ‘PharmEasy’.
- Advised One97 Communications Limited on $376m acquisition of Raheja QBE General Insurance.
Intellectual property Tier 3Dev Robinson heads a team at Shardul Amarchand Mangaldas & Co which provides a range of IP protection assistance combined with corporate work and transactions such as technology transfers and licensing. Example work includes acting for Vodafone Idea Limited on the launch of its new brand identity and the application for registration of a motion trade mark. Other key team members include JV Abhay, Rosalyn Malik and Paazal Arora.
Shardul Amarchand Mangaldas & Co > Firm Profile
The firm: Founded on a century of legal achievements, Shardul Amarchand Mangaldas & Co (SAM & Co) was born anew in May 2015. The executive chairman, Mr Shardul S Shroff and the managing partner, Ms Pallavi Shroff were instrumental in setting up this new firm and carried forward the legacy that the firm has inherited.
With a well-calibrated growth strategy, SAM & Co is one of India’s leading full service law firms with seven offices across India and a team strength of over 500 lawyers including over 100 partners. The firm’s mission is to enable business by providing solutions as trusted advisors through excellence, responsiveness, innovation and collaboration. SAM & Co is known globally for its exceptional practices in mergers and acquisitions, private equity, competition law, insolvency and bankruptcy, dispute resolution, capital markets, banking and finance and projects and infrastructure. The firm has been at the helm of major headline transactions and litigation in all segments of industry, besides advising major multinational corporates on their entry into the Indian market and their business strategy.
Areas of practice
General corporate: Our work in the areas of mergers and acquisitions, JVs, private equity, insurance, real estate, employment and business restructuring is well documented in the annals of Indian corporate history. Our corporate teams are well complemented by our other practices for facilitating deal closures.
Banking and finance: Our offerings range from traditional banking documentation to securitisation, factoring, payment banks, syndicated loans, structured acquisition equipment finance, mortgage backed securities, guarantee structures, NCDs, ECBs, and working capital loans.
Competition law: With a strong and the most recognised competition practice in India, the competition team has a proven track record of successfully steering clients through their largest transactions, complex investigations and high-stakes litigations.
Insolvency and bankruptcy: Our experience covers an entire range of scenarios relating to Bankruptcy and Insolvency, starting from early signs of distress to corporates and restructuring towards revival to processes involving liquidation and winding down of businesses. We provide a comprehensive solution in terms of financial restructuring and recovery, insolvency, corporate reorganization and restructuring, creditors’ rights, and contingent preparedness against any peripheral litigation.
Dispute resolution: We are a go-to firm across industries for domestic and international arbitrations, commercial and corporate and regulatory disputes in various courts, tribunals, forums, administrative authorities and regulators in India, and also have white collar crime, and insolvency and restructuring teams.
Projects and project finance: We advise developers, EPC contractors, investors and lenders on various infrastructure projects, regulatory aspects, government tenders, and contractual issues in sectors such as power, oil and gas, nuclear energy, ports, roads and mining.
Capital markets: Our offerings include legal and regulatory advice on IPOs, FPOs, rights issues, QIPs, ADRs, GDRs, IDRs, and AIM listings on the equity side; issuance and restructuring of FCCBs, nonconvertible bonds, unlisted infrastructure bonds, and medium term note programs (MTN Programs) on the debt side.
Tax: We offer a broad range of advisory and litigation services in the areas of direct as well as indirect taxes (including customs duty, goods and service tax and state excise / alcohol duty).
Intellectual property rights: We offer a full range of services that cover patents, trademarks, copyrights, designs and other allied laws, from conceptualisation to enforcement and from negotiations to creation of innovative corporate structures based on intellectual property.
Venture capital: We represent premier domestic and international clients on the investor as well as investee company side for early and growth stage financings. Our VC lawyers have sizeable deal experience (including having worked at prominent VC funds) and bring a deep understanding of the nuances of early stage investing.
|General corporate||Iqbal Khan|
|General corporate||Jay Parikh|
|General corporate||Abhishek Guha|
|Private equity||Raghubir Menon|
|Private equity||Jay Gandhi|
|Private equity||Iqbal Khan|
|Dispute resolution||Ameya Gokhale|
|Dispute resolution||Nitesh Jain|
|Dispute resolution||Rishab Gupta|
|Insolvency & bankruptcy||Sapan Gupta|
|Insolvency & bankruptcy||Veena Sivaramakrishnan|
|Banking & finance||Sapan Gupta|
|Banking & finance||Soummo Biswas|
|Banking & finance||Veena Sivaramakrishnan|
|Projects and project finance||Deepto Roy|
|Projects and project finance||Vishaka Prasad|
|Projects and project finance||Debashree Dutta|
|Capital markets||Monal Mukherjee|
|Capital markets||Nikhil Naredi|
|Capital markets||Kaushik Mukherjee|
|Real estate||Akshay Chudasama|
|Real estate||Ashoo Gupta|
|Real estate||Radhika Dudhat Pereira|
|Policy & regulation||Yogesh Chande|
|Investment funds||Jay Gandhi|
The firm’s focus on diversity and inclusiveness helps our people realize their full potential, while delivering high quality work for our clients. We are an equal opportunity employer with equal pay for both genders and provide equal opportunities to people of different socio-economic backgrounds, gender, race, religion, beliefs and preferences.
We run exchange programs for our lawyers with entities in and outside India, to inculcate strong cultural ethos. The Firm has collaborated with IDIA (Increasing Diversity by Increasing Access to legal education) project. The Firm has a neutral body of assessment called “Associate Compensation and Promotion Committee (ACPC)” which evaluates all proposals put up by Partners across practice areas till the Principal Associate (PA) level. Albeit the world is making very slow progress on advancing gender equality, we are happy to highlight that at our Firm, among the top leadership, 2 out of the 5 members of the Management Board comprise women, demonstrating our commitment towards gender equality at the highest levels at the Firm. 49% of our workforce comprises women. The Firm has had crèche facilities, for over 10 years in the Delhi office, staffed with trained professionals, to support young mothers who start work post their maternity period and need to have close proximity with the child. This enables our women colleagues to balance their professional and personal commitments in an uninterrupted manner. The platform, in an informal setting, provides women business leaders to network and exchange insights and ideas that are helping them achieve continuing success. Our initiatives and planning have driven the results and our firm’s highest gender ratio, overall is a testament of our commitment to promote a fairer and diverse workplace culture. The Human Resources team plays a significant role and has taken the following tangible steps towards inclusiveness at all levels.
In order to develop and manage its talent, especially during Covid, the firm has invested heavily on technology and accelerate its efforts towards digital transformation. This is also to ensure business continuity during the pandemic and enable the lawyers to engage and service clients in a remote scenario of WFH without any disruption. The firm too several initiatives to engage with lawyers for their professional growth:
- The firm introduced one-on-one mental health sessions with an expert where necessary consultation is provided to help the team members cope with mental health concerns during the challenging times of pandemic.
- The Firm focused on thought leadership related activities, SAM-inars (an inhouse webinar platform for thought leadership and client growth and development as tangible steps for business continuity, and client relationship management.
- The management has put in a well thought, comprehensive Work from home strategy which is supported by accelerated digital transformation enabling the firm to manage a smooth working setup.
- We have invested various technology and innovation learning tools for trainings and development that contribute to a tangible increase and improvement of talent and skills in the firm. The firm has introduced tools such as AI-based Luminance’s machine learning technology to assist with due diligence, Litera, an artificial intelligence (AI) solution for document proofing, CLE-mentine learning platform and introduction of HRMS.
KEY WORK NO. 1: CPPIB’s investment in Flipkart
Completion date: July 2021
Description: The transaction involves private placement of 19,019,032 ordinary shares of Flipkart, resulting in acquisition of ~10.37% of the stake by various new investors (including CPPIB, GIC and SVF) and existing investors (including Wal-Mart, Tencent and Tiger). The transaction was valued at USD 3.6 billion.
KEY WORK NO. 2: PayTm IPO
Completion date: 15 November 2021
Description: The transaction is India’s biggest initial public offering by the operator of Paytm, One 97 Communications Limited, aggregating to ₹18,300 crore (approx. US$ 2.4 billion), and comprising a fresh issue component as well as an offer for sale, including by Ant Financial, Alibaba, Softbank, Elevation Capital, Berkshire Hathaway, founder Vijay Shekhar Sharma and others. The transaction was valued at USD 2.4 billion
KEY WORK NO. 3: Merger of Covidshield Technologies Private Limited (“CTPL”), a wholly owned subsidiary of Serum Institute Life Sciences Private Limited (“SILS”) into Biocon Biologics Limited (“BBL”), a subsidiary of Biocon Limited.
Completion date: 16 September 2021
Description: The transaction involves:
- the merger of CTPL into BBL, pursuant to which BBL will offer approximately 15% stake to SILS, at a post-money valuation of ~ USD 4.9 billion, for which it will get committed access to a 100 million doses of vaccines per annum for 15 years, primarily from SILS’s upcoming vaccine facility in Pune with commercialization rights of the SILS vaccine portfolio (including COVID-19 vaccines) for global markets;
- BBL generating a committed revenue stream and related margins, commencing H2, FY23
- Adar Poonawalla obtaining a board seat in BBL.
KEY WORK NO. 4: Acquisition by India Markets Rio Pte. Ltd. (an entity affiliated with TPG Rise Climate, the climate investing strategy of TPG’s global impact investing platform TPG Rise) (“TPG Rise Climate”) in a proposed subsidiary (“TML EVCo.”) of Tata Motors Limited (“Tata Motors”)
Completion date: 12 October 2021
Description: The transaction involves:
- the subscription of 11% – 15% stake, through compulsorily convertible instruments, translating to an equity valuation of upto USD 9.1 Billion, in TML EVCo. by India Markets Rio Pte. Ltd. for an aggregate amount of USD 1 billion (INR 7,500 Crores);
- a nominee of India Markets Rio Pte. Ltd. will obtain a board seat in TML EVCo.
- Value – Approximately USD 1 billion
KEY WORK NO. 5: Reliance Retail Venture Limited (subsidiary of RIL)
Completion date: Not completed yet
Description: Acquisition in the retail space, this transaction involved acquisition of the retail, logistics and warehousing business of the Future Group by the Reliance Retail Venture Limited (subsidiary of RIL). This acquisition was being done by way of a composite scheme of arrangement, pursuant to which the target companies would demerge, merge with RIL and thereafter, the business was to be transferred to a wholly owned subsidiary RIL by way of a slump sale.
As part of the same Scheme:
- the Retail & Wholesale Undertaking is being transferred to Reliance Retail and Fashion Lifestyle Limited (“RRVL WOS”) on a slump sale basis;
- the Logistics & Warehousing Undertaking is being transferred to Reliance Retail Ventures Limited on a slump sale basis and;
- RRVL WOS will be making investment into the residual FEL entity by way of equity shares and warrants on a preferential allotment basis.
India: Banking & Finance
Published: March 2022
Authors: Shubhangi Garg Indraneel Godsay
This country-specific Q&A provides an overview to Banking & Finance laws and regulations that may occur in India.
India: Restructuring & Insolvency
Published: June 2022
Authors: Misha Shreya Prakash Sanjika Dang
This country-specific Q&A provides an overview to Restructuring & Insolvency laws and regulations that may occur in India.
- Antitrust and competition
- Banking and finance
- Capital markets
- Corporate and M&A
- Dispute resolution: arbitration
- Dispute resolution: litigation
- Private client
- Projects and energy
- Real estate and construction
- Restructuring and insolvency
- White-collar crime