Indian law firms Intelligence report
India Business Law Journal’s 2010
Indian Law Firm Awards
2010 saw Indian law firms jostling for position as they vied for prestigious roles on headline deals. India Business Law Journal turned to corporate clients and legal professionals to find out which firms finished ahead of the pack Vandana Chatlani reports
Highlights and analysis: page 37 Winners at a glance: page 55
FebrFebruaryuary 2011 India Business Law Journal 35
Indian law firms Intelligence report
or India, 2010 was a year of outstanding achieve- and comments received during interviews with in-house ments, economic prosperity and international counsel, including the referees provided by many law controversy. In the run-up to the Commonwealth firms. Each law firm’s recent deals, cases and profes- Games, India’s ability to host an international sional achievements were taken into account, as well as sporting event was called into question. The its accomplishments related to practice development, Forganizers were hit by allegations of corruption and there such as the implementation of new management sys- were several high-profile hiccups in the completion of the tems, prominent hires and new office openings. facilities. But despite criticism at home and abroad, the event was a great success. The world was treated to a Diverse spectrum of talent spectacular showcase of Indian culture and international sport. And India emerged victorious with 101 medals, tak- Unsurprisingly, India’s largest and best-known full- ing second place in the overall medals table. service firms were among the top scorers in most of The year was also a high point for deal makers, with the award categories. At the same time, a significant billions of dollars of investment flowing into and out of number of niche and smaller law firms were consist- India. HSBC acquired RBS India; Standard Chartered ently recommended by survey participants. In order became the first international bank to list in India; and to recognize both the hard-won pre-eminence of the Vedanta purchased a 51% stake in Cairn India. Bharti full-service powerhouses and the specialist expertise of Airtel, meanwhile, spent the summer acquiring assets of many smaller firms, six winners of equal standing have Kuwaiti telecom provider Zain for US$9 billion. been announced in each category. Additional awards Indian lawyers were put through their paces in 2010, have been given to the two best newcomers and to one often being forced to work to tight deadlines on extremely Law Firm of the Year. ambitious deals. This was particularly the case in the A full list of the winners can be found on page 55. capital markets arena, where the government made some high-profile disinvestments. Coal India, NTPC and Law Firm of the Year Power Grid all went to market last year, but there was little time for celebration. Instead of popping open the Amarchand Mangaldas sweeps the board this year champagne, law firms have been busy beefing up the winning a total of 13 awards. These include the top weaker parts of their practices in anticipation of an even award of Law Firm of the Year. more challenging year ahead. The firm performed exceptionally well in the nomina- tions process, topping the tables in many categories and Awards methodology attaining high scores in virtually all of them. But such recognition from clients and peers isn’t the only indica- As India-watchers reflected on another remark- tion that Amarchand remains a force to be reckoned able year in the country’s economic growth story, India with. The 460-lawyer firm was a key adviser on no less Business Law Journal was faced with the task of identi- than 36% of India Business Law Journal’s 2010 Deals of fying the most deserving recipients of its coveted Indian the Year (see IBLJ December 2010/January 2011), hav- Law Firm Awards. As in previous years, the results are ing worked on 18 of the winning transactions. based on nominations – and their justifications – received Clients clung to the firm as it thundered through the from qualified observers of the country’s legal profes- capital markets, raced to close M&A deals and demol- sion. This year, more than 1,700 individual nominations ished barriers that threatened infrastructure projects. were received from legal professionals at organizations In the past year alone, Amarchand has advised on including Aditya Birla, ArcelorMittal, Coca-Cola, ESPN offerings by Coal India, NTPC, Tata Motors, Adani Star Sports, Jyoti Structures, Mahindra & Mahindra, Enterprises, Rural Electrification Corporation, JSW Microsoft, ONGC, Tata Industries, Verizon, Western Energy and MakeMyTrip. It represented Aircel Group on Union and hundreds more. the sale of its telecommunications tower business to A detailed survey was sent to more than 9,000 India- Chennai Network Infrastructure for US$1.8 billion and focused corporate counsel and business leaders in guided Cairn India on its US$8.5 billion sale to Vedanta. India and around the world. Respondents were invited The firm also represented the State Bank of India on the to nominate three Indian law firms in each of 16 prac- setup of a US$1.5 billion private equity fund with the tice-area categories. They were also invited to make Sultanate of Oman and advised Deutsche Bank on a nominations for the Law Firm of the Year and the best complex issue of debentures for the financing of Ackruti newcomers (law firms established after 1 January City slum redevelopments. 2009). In addition, survey respondents were requested “We go to Amarchand for a range of things, from core to provide justifications and examples to back up their finance and banking work to strategic and acquisi- nominations. tion work. I’ve worked with them for a long, long time. A similar survey was sent to more than 200 Indian Without a doubt they would be my preferred one-stop- law firms. The law firms were invited to make nomina- shop,” says the vice-president and senior counsel at a tions, but were not permitted to nominate themselves. global financial services firm. They were also requested to provide details of their key Amarchand’s success doesn’t appear to have made achievements in 2010 and a list of clients who could it complacent. Determined to broaden its spheres of independently verify the quality of their services. expertise, the firm recently set up new practice groups In reaching its final decisions, India Business Law focusing on insurance, environment law and labour and Journal’s editorial team considered objective data employment. It also hired DD Nageswar Rao as a part- obtained from the survey alongside subjective informa- ner to boost its tax capabilities. tion, such as justifications given by survey respondents The installation of a new management system was
February 2011 India Business Law Journal 37 Crawford Bayley & Co Established in 1830
Key practice areas: Corporate & commercial practice, mergers & acquisitions, capital markets, joint ventures & foreign collaboration, Co n t a C t d e t a i l s privatisation & disinvestment, banking & corporate fi nance, intellectual property law, litigation & dispute resolution, real estate & property State Bank of India Buildings NGN Vaidya Marg law, indirect taxation, labour & employment, admiralty & shipping law, Mumbai - 400 023 information technology, e-banking & e-commerce. India
Telephone: Number of partners: 12 +91 22 2266 8000 Number of associates: 75 +91 22 2266 3713 Principal offi ce: Mumbai +91 22 2266 5413
Fax: Crawford Bayley & Co, having established in 1830 currently has a +91 22 2266 3978 team of 150 members, including 12 partners, over 75 associates and +91 22 2266 0986 +91 22 2266 0355 15 paralegal personnel and a supporting staff of over 75 individuals. Email: sanjay.asher@ Partners at Crawford Bayley & Co: crawfordbayley.com
Rajendra Ambalal Shah Dadi Bejonji Engineer Contact: Hemraj Chaturbhuj Asher Mr Sanjay Asher Chetan Manbhai Maniar Partner Darius Cavasji Shroff Sanjay Khatau Asher Direct tel: +91 22 2266 3353 Direct fax: +91 22 2266 3978 Ms Zarine Minocher Talaty Mobile: +91 98200 23823 Marco Philippus Ardeshir Wadia Saumil Shantaram Rege Kumar Shirish Trivedi Sanjay Ramakant Buch Prashant Khatau Asher Indian law firms Intelligence report
Trilegal played a key role in assets in 16 different African countries from Kuwait business negotiations, IP City-based Mobile Telecommunications Co (Zain), and then on its purchase of a 70% stake in Bangladesh’s strategy, business issues Warid Telecom. AZB also advised Vedanta Resources and [promoter] issues on the financing arrangements for its purchase of Cairn India; KKR Mauritius PE Investments on a US$200 mil- Chetan Maini lion investment in Coffee Day Resorts; DB Realty on a Chief of Strategy & Technology US$329 million IPO; and Fortis Healthcare on the acqui- Mahindra Reva sition of 24% of Parkway Holding, through a purchase of shares from TPG Capital (Texas Pacific Group). Bharat Vasani, the group general counsel at Tata Sons, says that AZB and Amarchand are both “known for fine corporate transactional work,” and that he regu- larly consults both firms. The venerable but media-shy J Sagar Associates retains its powerful presence in India’s legal market. It put its vast knowledge of infrastructure and private equity to good use last year, advising a private equity consortium led by Morgan Stanley Infrastructure on the due diligence aspects of a US$425 million investment in Asian Genco, an infrastructure company with power also on the firm’s agenda during 2010. It implemented a generation assets and engineering businesses. customized version of Reuters’ Elite 3E platform, which J Sagar Associates also represented Australia’s enables it to generate intelligent management reports Macquarie Capital on the establishment of an offshore and calculate the exact billable hours and revenue joint venture in Singapore and a domestic joint venture generated by any associate or partner. And while staff in India in conjunction with the State Bank of India and may now be subjected to greater monitoring, they are the International Finance Corporation. The ventures benefiting from other initiatives, such as the establish- were created to establish and manage two funds to ment of a childcare centre at the firm’s Delhi office. The invest in Indian infrastructure. facility caters to up to 15 children between the ages of The firm wins awards in the following seven cat- six months and eight years. It is staffed by two teachers egories: best overall law firms; capital markets and and a nurse. corporate finance; corporate and commercial; energy, In addition to being named Indian Law Firm of the projects and infrastructure; mergers and acquisitions; Year, Amarchand Mangaldas receives awards in the private equity and venture capital; and restructuring & categories of banking and finance; capital markets and refinancing. corporate finance; competition and antitrust; corporate Another recipient of the award for best overall law and commercial; dispute resolution; energy, projects firms is Khaitan & Co. This 250-lawyer firm won the and infrastructure; IT, media and telecommunications; Law Firm of the Year award in 2008 and has continued mergers and acquisitions; private equity and venture to perform well since. It enjoys a formidable reputation capital; restructuring and refinancing; securitization and among local and international clients and has had great structured finance; and best overall law firms.
Best overall law firms [Clients should seek out Amarchand’s] principal Hot on the heels of Amarchand Mangaldas are the other five recipients of India Business Law Journal’s associate Naval Satarwala award for best overall law firms: AZB & Partners, J Chopra, as well as lead Sagar Associates, Khaitan & Co, Luthra & Luthra and Trilegal (listed alphabetically, not in rank order). All of competition lawyer these firms received glowing client endorsements in a Pallavi Shroff wide range of practice areas. And in terms of the total Ankhi Das number of nominations they each received, all were head-and-shoulders above the rest of the field. Director of Public Policy and Recently divorced from its international affiliate Regulatory Affairs Clifford Chance (see News, page 5), AZB & Partners is the recipient of 11 awards in the following categories: Microsoft banking and finance; capital markets and corporate finance; construction and real estate; corporate and commercial; energy, projects and infrastructure; IT, media and telecommunications; labour and employ- ment; mergers and acquisitions; private equity and venture capital; restructuring and refinancing; and best overall law firms. The firm’s recent accomplishments include advis- ing Bharti Airtel, first on its US$9 billion acquisition of
February 2011 India Business Law Journal 39 Intelligence report Indian law firms
success in recruiting international talent. Last year the Having received the Law Firm of the Year award in firm hired banking lawyers Shishir Mehta from White 2009, Luthra & Luthra continues to impress. Thanks to & Case in New York and Devidas Banerji from Clifford its widely acclaimed legal acumen and near-ubiquitous Chance in Singapore. It also recruited telecommuni- presence on high-profile deals, the firm is awarded in 10 cations expert Asim Abbas, a former director of tariff categories: best overall law firms; banking and finance; and costing at the Indian government’s Department of capital markets and corporate finance; competition and Telecommunications. antitrust; corporate and commercial; energy, projects Interestingly, Khaitan & Co has a particular following and infrastructure; intellectual property; mergers and among London-based law firms. It’s “an exceptional acquisitions; private equity and venture capital; and firm,” says Toby Greenbury, a partner at Mishcon de restructuring and refinancing. Reya in London, echoing comments received from sev- Perhaps most notable is the firm’s award in the intel- eral other UK law firms. “I have had a long and close lectual property category. Luthra & Luthra is the first relationship with them, particularly with Pinto Khaitan general practice firm to break the hold of the IP bou- and his son Haigreve, both of whom I rate very highly tiques and claim a place on the winners’ list. Credit as lawyers and lawyers who get things done, as well as must go to the firm’s IP partners Gayatri Roy and Ameet being good friends,” Greenbury adds. Datta. Khaitan & Co advised Hospira on its US$400 million Luthra’s extensive client list includes Coal India, Bharti acquisition of the injectable pharmaceutical business Televentures, AT&T, Abbott Laboratories, State Bank of of Orchid Chemicals and Pharmaceuticals. It also rep- India, NDTV, DLF and Cairn India. Last year, it advised resented KEC International on its purchase of US com- Abbott Laboratories on its US$3.72 billion purchase of a pany SAE Towers Holdings from ACON Investments, a division of Piramal Healthcare (see A spoonful of sugar, Washington-based private equity firm. page 31); the Indian government on Coal India’s IPO; The firm receives awards in the categories of capital and Moser Baer Power Projects on a US$300 million markets and corporate finance; corporate and commer- private equity investment from Blackstone. cial; mergers and acquisitions; and best overall law firms. The 200-lawyer firm is in expansion mode as it seeks “They have a knack of being able to understand the to maintain its capacity to capture headline-grabbing commercial deal and landscape and come up with sen- transactions. In 2010 it recruited more than 30 new law sible solutions,” says Greenbury. “I am not the only law- graduates for its Delhi, Mumbai and Bangalore offices yer in London who feels that.” and promoted five lawyers to the partnership.
Recent Awards & Accolades • Won ten awards including Indian Law Firm of the Year at IFLR Asia Awards 2010 • Firm of the Year – India at Who’s Amarchand Mangaldas is the exclusive India member of Lex Mundi. Who Legal - Country and State Awards 2010 Amarchand & Mangaldas & Suresh A Shroff & Co has won more awards than any other firm — an • India Deal Firm of the Year at ALB incredible accomplishment SE Asia Law Awards 2010 “ —India Business Law Journal • Lex Mundi Pro Bono Foundation Award 2010 ” • Ranked as the ‘Top Law Firm in India Amarchand & Mangaldas & Suresh A. Shro & Co., won ‘Law Firm of the Year’ and ‘Best Overall Firm’, as well as on quality, reputation and capability awards in several categories at the recently concluded India Business Law Journal’s 2010 Indian Law Firm Awards, at RSG Top 40 Firm Rankings 2010 which includes: • International Turnaround Deal of • Banking & Finance • IT, Media & Telecommunications the Year at Annual Turnaround Atlas • Capital Markets & Corporate Finance • Mergers & Acquisitions Awards 2010 for Satyam deal • Competition & Anti-trust • Restructuring & Re nancing • Full Service Law Firm of the Year • Dispute Resolution • Securitization & Structured Finance India at Finance Monthly Law • Energy, Projects & Infrastructure • Private Equity & Venture Capital Awards For Achievement 2010 • Corporate & Commercial
Amarchand Mangaldas is one of the largest rms in India with a national presence and an international pro le. A full service law Firm with around 465 lawyers, including 49 partners and having o ces in Delhi, Mumbai, Kolkata, Bengaluru and Hyderabad, Amarch and Mangaldas specializes in the following practice areas: Infrastructure, Projects and Project Finance | Banking, Securitization and Corporate & Structured Finance | Capital Contacts: Markets – Debt and Equity | Corporate, M&A, PE, Funds, Finance Regulatory Practice & Other Practices | Real Estate | Intellectual Property | Taxation | Competition Law and Policy | Dispute Resolution and Arbitration | Envi- Shardul S. Shro ronment Law| Insur ance Law | Labour Law | Policy & Regulatory | Media & Entertainment | Managing Partner T: +91 11 26920500 F: +91 11 26924900 CONTENT HAS BEEN RESEARCHED INDEPENDENTLY BY THE EDITORIAL TEAM E: shardul.shro @amarchand.com
40 India Business Law Journal February 2011 Indian law firms Intelligence report
Rounding off the category of best overall law firms recently completed a secondment in Allen & Overy’s is Trilegal, the youngest of India’s firms to be consist- competition department in London, joins Mukherjee in ently judged a member of the country’s “magic circle”. the new division, which is further strengthened by Rahul Clients praise Trilegal’s charming combination of youth, Singh, a former professor at the National Law School international outlook, knowledge and professional acu- of India University in Bangalore and a consultant to the men, all of which propel the 10-year-old firm to the top Competition Commission of India. of the rankings. Trilegal also increased its partner count to 17 last year, Chetan Maini hired Trilegal when Mahindra & Mahindra promoting Kosturi Ghosh from the Bangalore office and was purchasing a majority stake in electric car manu- appointing Pavan Kumar Duvva to head the Hyderabad facturer Reva Electric. “The experience I had was very practice. positive,” says Maini, who is the chief technology and The firm scored consistently well in the nominations strategy officer at Mahindra Reva. “Typically from a process, receiving glowing praise from clients in almost legal firm, you expect legal advice, but Trilegal played a every category. It addition to being named one of the key role in business negotiations, IP strategy, business best overall law firms, it wins awards for energy, projects issues and [promoter] issues.” and infrastructure; labour and employment; mergers and Maini speaks highly of partner Rahul Matthan in acquisitions; and securitization and structured finance. Bangalore, who led Trilegal’s team on the deal, and praises the firm for its speed. “The transaction was also Mergers and acquisitions done in a short period of time, so everyone enjoyed a feel-good factor at the end of it,” he says. It was a busy year for mergers and acquisitions. Like its counterparts at the top of India’s legal profes- According to London-based Mergermarket, the value of sion, Trilegal, which has an affiliation with UK-based M&A deals with an Indian element totalled US$44.2 bil- Allen & Overy, can’t afford to rest on its laurels. In addi- lion in the first three quarters of 2010 alone. tion to completing many high-profile transactions in Bharti purchased assets in Kuwait and Bangladesh; 2010, the firm took time to focus on strengthening the Vedanta bought a slice of Cairn India; foreign phar- practice-area capabilities that clients will demand in maceutical companies pounced on their Indian coun- future years. Foremost among these efforts was estab- terparts; and Shree Renuka Sugars acquired Grupo lishing a dedicated competition law practice headed by Equipav Açúcar e Álcool, showing it would travel as far partner Sitesh Mukherjee. Sakya Singha Chaudhuri, who as Brazil to satisfy its sweet cravings.
Economic Laws Practice Established in 2001
Key practice areas: Tax, international trade & WTO, infrastructure & project finance, media & entertainment, corporate & commercial, commercial Co n t a c t d e t a i l s arbitration, corporate finance, securitization. 1502, Dalamal Towers Nariman Point Number of partners: 17 Mumbai - 400 021 Number of associates: 45 India Principal office: Mumbai Other offices: New Delhi, Ahmedabad, Pune Telephone: +91 22 6636 7000 Economic Laws Practice (ELP) was founded by eminent lawyers from diverse Fax: fields. The firm’s lawyers benefit from extensive global experience and local +91 22 6636 7172 expertise, enabling our clients to complete complex transactions in a practical and cost efficient manner. Email: ELP regularly assists Fortune 500 companies in a wide range of matters. The [email protected] firm has also represented the Government of India in various trade disputes. Contact: ELP works closely with leading global law firms in the UK, the US, the Middle Mr Rohan Shah East and the Asia Pacific region, and also has working relationship with firms Managing Partner throughout India. These relationships allow ELP to service clients not only throughout India but also in various parts of the world.
February 2011 India Business Law Journal 41 Intelligence report Indian law firms
The credit for many of these deals goes to the best [Dua Associates and J Sagar overall firms, all six of which also win awards for merg- Associates] have shown ers and acquisitions. Manvendra Singh, the senior coun- sel at Verizon Business and a client of AZB & Partners, dedication, commitment and says the firm “helped in determining the clear picture of … delivered their opinion, acquiring entities”. Jacqueline Brosnan, a legal counsel at Telstra in judgment and action in a Sydney, is particularly impressed with AZB’s managing precise and clear way partner. “For more than a decade Zia Mody has assisted Manvendra Singh Telstra with a number of acquisitions, divestments and joint ventures in India,” she says. “AZB’s advice has Senior Counsel been consistently thorough and practical and assisted Verizon Business us to achieve our business goals in India.” Another favourite for M&A is Trilegal. The firm advised Thomson Reuters on its acquisition of legal process outsourcing provider Pangea3. Trilegal’s role included work. “Sridhar Gorthi combines his legal skills well with reviewing and drafting transaction documents, conduct- pragmatism, which is essential for a European company ing a due diligence on Pangea3’s Indian operations and to execute transactions in India,” he says. providing transactional advice. The deal also required Further praise comes from Bomi Shroff, the executive Trilegal to address complex multi-jurisdictional issues, vice-president and company secretary of Tata Power. including matters relating to withholding tax. Shroff says he chose to work with Trilegal after hearing Rajiv Bakshi, the general counsel at Godrej, says he “rave reports about them”. It’s “a terrific firm to work has used Trilegal for overseas acquisitions because of with,” he says. “They are conscious of the time lines its “business and practical approach in cracking the which the clients warrant.” deal”. He describes the firm as “excellent” and men- Varun Gupta, the head of M&A at Moser Baer, says tions partners Sridhar Gorthi and Amit Tambe as leading his company turns to Luthra & Luthra for advice on lights. fundraising, definitive agreements, negotiating definitive Kevin Santry, the regional legal counsel for Africa and documents and closing an entire transaction. “We have the Middle East at Heineken, is another fan of Gorthi’s a large level of comfort with Luthra & Luthra, given their
P&A Law Offices Established in 1996
Key practice areas: Mergers & acquisitions, joint ventures, privatizations, outsourcing, private equity and venture capital, Co n t a c t d e t a i l s technology licensing, infrastructure, secured and unsecured lending, project finance and structured finance, securitization, IPOs, private 1st Floor, Dr Gopal Das Bhavan 28 Barakhamba Road placements, competition law, exchange control and other regulatory New Delhi - 110 001 matters, international arbitration, general litigation. India
Lawyers of the firm are admitted to, and have practised in, multiple Telephone: jurisdictions including the US, the EU and India. +91 11 4139 3939
Fax: +91 11 2335 0416
Email: [email protected]
Contact: Mr Anand S Pathak Managing Partner
42 India Business Law Journal February 2011 Indian law firms Intelligence report
expertise in this domain area,” he says. “They are super- Amarchand has an excellent efficient, they have complete knowledge and they pro- banking and finance team, tect all our interests in all our deals, so we value them highly. They work round the clock with us to complete while AZB & Partners has the deals. It’s a great experience.” excellent knowledge Gupta also has high regard for J Sagar Associates, with which he has worked in the past. However, his of the subject strongest praise is reserved for Shishir Vayttaden, an Usha Amonkar associate at Luthra & Luthra. “I think Shishir is the best Vice-President of the lawyer I’ve ever dealt with in terms of knowledge, nego- tiations skills and efficiency,” he says. Legal Group Khaitan & Co is another firm that is highly regarded for Mahindra & Mahindra its mergers and acquisitions work. Zwissler Thomas, a partner at Zirngibl Langwieser in Germany, singles out Bharat Anand for particular praise in this area. The firm has also taken steps to strengthen its offering in the related area of competition and antitrust, most notably with the appointment of Manas Kumar Chaudhuri, a competition law specialist who was previously a joint director of legal at the Monopolies and Restrictive Trade Practices Commission and an additional registrar at the Competition Commission of India.
Competition and antitrust and antitrust. They are joined on the winners’ table by Dhall Two firms that are already reaping the rewards of their Law Chambers, which was started by a former chairman complementary strengths in M&A and competition law of the Competition Commission of India, Dua Associates, are Amarchand Mangaldas and Luthra & Luthra. Both are Economic Laws Practice and P&A Law Offices. among the recipients of this year’s award for competition Ankhi Das, the director of public policy and
DAVE & GIRISH & CO.
Mumbai: DAVE & GIRISH & CO. Advocates 1st Flooor, Sethna Building, 55, Maharshi Karve Road, Marine Lines, Mumbai -400 002, India. Key Areas of practice: Banking, Mutual Funds, Securities Laws, Tel: (+91-22) 2206 2132 / 92/ 2208 6371 Project Finance, Structuring and Security Documentation, Fax: (+91-22) 22085620 E-mail: [email protected]; Securitisation, Derivatives, Mergers and Acquisition including [email protected]; Corporate Restructuring, External Commercial Borrowings, Website: www.davegirish.com
Structured Financing, Computer Software and Hardware Contracts, Company Formations, Joint Ventures, Arbitration, Bangalore: Conciliation and Mediations, Due Diligence, Property DAVE & GIRISH & CO. Advocates Conveyancing and Leasing. 609, 6th Floor, “A” Wing, Mittal Tower, M.G. Road, Bangalore -560001, India. Tel: (+91-80) 66310096/ 97 E-mail: [email protected];
Contacts: Mr. Girish Dave; Ms. Mona Bhide
February 2011 India Business Law Journal 43
Indian law firms Intelligence report
regulatory affairs at Microsoft, says clients should seek Dua Associates, J Sagar Associates, Khaitan & Co and out Amarchand’s “principal associate Naval Satarawala Luthra & Luthra. Chopra, as well as lead competition lawyer Pallavi In one of its most prominent deals last year, Dua Shroff,” in the competition law arena. Associates advised a consortium of 13 lenders, led by “Harry Chawla [at Amarchand] has also been very Rural Electricity Corporation, on raising debt financing helpful,” adds the vice-president and senior counsel at a of `23.4 billion (US$500 million) for the debt syndica- global financial services firm. “And Paku Khan is another tion and financing of a 600 megawatt thermal power good lawyer at the firm, and well-versed on competition plant in Andhra Pradesh. The plant is being developed law.” by Meenakshi Energy. The project is financed by Rural P&A Law offices, meanwhile, has maintained its posi- Electricity Corporation to facilitate the availability of tion as a leader in the competition law arena as a result electricity for rural and semi-urban populations. of managing partner Anand Pathak’s expertise in the Singh at Verizon Business says that both Dua area. Pathak has been heavily involved in training the Associates and J Sagar Associates “have shown dedi- staff of the Competition Commission of India on the cation, commitment and most importantly, delivered intricacies and implications of the country’s new com- their opinion, judgment and action in a precise and clear petition law. way”. He boasts substantial global experience of antitrust matters, robust knowledge of European Union competi- Capital markets and corporate finance tion law and was involved in handling one of the first cases to be filed under India’s new Competition Act. Described Activity on the capital markets front heated up tremen- by clients as “deeply knowledgeable”, “extremely com- dously in 2010 with a wave of offerings, including Coal mitted”, “business oriented” and “customer-focused”, India’s record-breaking US$3.4 billion IPO. Two of this Pathak continues to attract challenging mandates and is year’s winners in the capital markets and corporate finance a go-to lawyer for incisive competition advice. category – Amarchand Mangaldas and Luthra & Luthra – made this listing possible. AK Sinha, the director of finance Corporate and commercial at Coal India, expresses great appreciation for Luthra & Luthra’s guidance. “We worked very closely with Luthra & The winners of the award for corporate and commer- Luthra and we got full support from them,” he says. “We cial work are: Amarchand Mangaldas, AZB & Partners, had very good relations with Madhurima [Mukherjee] and
- Mumbai - Mulla House, 51, M.G. Road, Fort, Mumbai - 400 001, India Telephone: About Mulla & Mulla: Established in 1895, Mulla & Mulla & Craigie Blunt & Caroe is (+91 22) 2204 4960, 2262 3191 one of India’s largest full service law fi rms today and has a broad-based practice with Fax: (+91 22) 2204 0246 diversifi ed clientele including MNCs, Fortune 500 companies and some of the largest 50 Email: [email protected] Contact: Shardul Thacker, Partner Indian corporate houses. It maintains excellent relationships with regulatory bodies and works with several international fi rms worldwide. The fi rm’s admiralty practice has a worldwide reputation as specialists in all aspects - Bangalore - of the shipping laws, while its aviation experience includes acquisitions, investment, 209, Regency Enclave transfers of aircrafts, lease of aircrafts licenses/ registration with the Directorate General 4 Magrath Road Bangalore - 560 025, India of Civil Aviation, etc. The fi rm has extensive experience in litigation and arbitration (ICC, Telephone: LCIA, SIAC) and its dispute resolution practice encompasses international arbitration, (+91 80) 2555 0370, 2559 7704 antitrust, securities etc. The fi rm has vast experience in transactions involving real Fax: (+91 80) 2559 8549 estate, conveyancing and leasing. Email: [email protected]
Key practice areas: Admiralty, arbitration (domestic & international), aviation, banking & - New Delhi - securities, broadcasting, capital markets, construction, commodities, company/commercial 502, Nilgiri Apartments law, customs & tariff, employment & industrial relations, energy (oil & gas), media and 5th fl oor, 9 Barakhamba Road entertainment, environmental, fi nance (aircraft, ship & project), foreign investment, IT, New Delhi -110 001, India infrastructure projects (power & ports), intellectual property, insurance, litigation, logistics, Telephone: maritime & shipping, M&A, offshore investment & securities, privatization, real estate & (+91 11) 2332 1501, 2332 1513 Fax: (+91 11) 2332 1520 property, tax, trade & transport, telecommunications. Email: [email protected]
Number of partners: 15 Associates: 100+ Offi ces: Mumbai, Bangalore, New Delhi
February 2011 India Business Law Journal 45
Indian law firms Intelligence report
We choose Hemant Sahai the acquisition of shares from the Singapore Stock Associates because of Exchange. The firm’s other clients include DBS Bank, Credit Suisse, Barclays Capital, DSP Merrill Lynch, its excellent reputation, Deutsche Bank and HSBC. credentials and credibility Mumbai-based Dave & Girish & Co specializes in banking and security documentation. Thomas at Zirngibl Langwieser Arjun Wallia cites partner Mona Bhide as a key lawyer in this area. Chairman Walsons Security Services Securitization and structured finance Dave & Girish & Co also triumphs in the securitization and structured finance category, where it is joined on the podium by Amarchand Mangaldas, Juris Corp, Phoenix Legal, Trilegal and Wadia Ghandy & Co. Dave & Girish & Co and Juris Corp are both held in high regard by clients and peers alike for their solid knowledge and the precision of their advice in this area. Last year, Juris Corp successfully represented Citibank in its claim for payments due under derivative transac- tions from an Indian counterparty, JJ Exporters, before the London Court of International Arbitration. This is her team, and the team was very, very good.” reportedly the only instance following the landmark The other winners in this category are AZB & Partners, Rajshree Sugars judgment (passed by Madras High J Sagar Associates, Khaitan & Co and S&R Associates. Court) where there has been an authoritative pronounce- Offering praise to both five-year old S&R Associates ment on the validity and merit of derivative transactions and Luthra & Luthra, Vijaya Sampath, the group general with reference to Indian foreign exchange regulations. counsel at Bharti Airtel, says: “All members of the team With the exception of those in the category of best have a thorough knowledge of the issues and have expe- newcomers, Phoenix Legal is the youngest award win- rience in overseas jurisdictions like the UK and USA.” ner this year. Established in 2008, this energetic firm has been busy making a name for itself in several practice Banking and finance areas. Its award in the securitization and structured finance category reflects the trust it has succeeded in Luthra & Luthra also wins an award in the banking building with its clients and peers. and finance category, where it is joined by Amarchand Among its recent achievements, Phoenix advised Mangaldas, AZB & Partners, Dave & Girish & Co, Juris Caddie Hotels, a joint venture between Accor and Corp and Wadia Ghandy & Co. InterGlobe, on a syndicated loan facility from Indian “We seek a lot of advice from Amarchand on finance public-sector banks to part-finance a hotel complex and strategic matters, as well as for critical projects we at Delhi airport. The firm’s clients include ANZ Capital, embark upon,” says the senior counsel at a global finan- Astonfield Management Consultancy, Petronet LNG and cial services firm. “I’m pretty satisfied with their service. Standard Chartered. “I do have other law firms that I could look at if there’s a conflict of interest,” she adds. “In those cases I would Private equity and venture capital definitely look at AZB & Partners, which I can also go to for a range of matters. From AZB & Partners, I’d recom- Sharing the award for private equity and venture capi- mend Ajay Bahl and Vinati Kastia.” tal are Amarchand Mangaldas, AZB & Partners, Desai & Usha Amonkar, the vice-president of the legal group at Diwanji, J Sagar Associates, Luthra & Luthra and Nishith Mahindra & Mahindra, echoes these views and maintains Desai Associates. that “Amarchand has an excellent banking and finance Desai & Diwanji enjoyed a successful year in this prac- team”, while AZB & Partners has “excellent knowledge tice area, advising on a number of high profile transac- of the subject”. tions. The firm acted for Standard Chartered, a member Wadia Ghandy & Co also receives widespread praise of a consortium led by Kohlberg Kravis Roberts that in this field. “Wadia Ghandy has assisted us in our trans- invested US$200 million in Coffee Day Resorts. In addi- actions,” says Gupta at Moser Baer. “They’re among the tion, partners Apurva Diwanji and Amit Khansaheb in top five or six firms.” Delhi provided Indian legal advice to Quadrangle Capital Interestingly, two smaller and more specialist firms Partners on its US$300 million investment in a Gurgaon- also make the winners’ table for banking and finance this based independent cellular telephone tower manage- year, a reflection perhaps of clients’ growing preference ment company, Tower Vision India. for specialization among their legal advisers. Juris Corp AZB & Partners advised the private equity investment has its roots in banking and finance-related disciplines vehicle on this deal. but has since expanded to become a full-service firm. The firm’s managing partner, H Jayesh, is widely praised Restructuring and refinancing by banks and financial institutions. Last year, Juris Corp advised the Singapore branch of the Royal Bank The award for restructuring and refinancing is shared of Scotland on a US$260 million bridge loan extended by Amarchand Mangaldas, AZB & Partners, Crawford by it to an offshore subsidiary of Fortis Healthcare for Bayley & Co, J Sagar Associates, Luthra & Luthra and
February 2011 India Business Law Journal 47 Intelligence report Indian law firms
Talwar Thakore & Associates. contacted them. The team has always been prompt and “Narayan Iyer and Sonali Mahapatra of Talwar Thakore swift with excellent professional courtesy. Both Hemant & Associates are particularly impressive,” says the direc- Sahai and Aparajit Bhattacharya are brilliant.” tor of a major international bank in Singapore. Hemant Sahai Associates is one of the winners of this Shobhan Thakore and Rahul Gulati of the firm advised year’s award for energy, projects and infrastructure. It the book running lead managers in Standard Chartered’s is joined by Amarchand Mangaldas, AZB & Partners, J listing of Indian depository receipts last year, while Feroz Sagar Associates, Luthra & Luthra and Trilegal. Dubash, Suresh Talwar and Shobhan Thakore scored a role in the sale of Royal Bank of Scotland’s India assets Construction and real estate to HSBC. In the real estate sector, Kanga & Co earned its spurs Energy, projects and infrastructure by advising Neepa Real Estate on its purchase of a prime plot of land from Borosil Glass Works. The plot Revitalizing India’s poorly developed infrastructure has measured more than 7.4 hectares and is located in met- been a priority for the Indian government – and many of ropolitan Mumbai. the country’s law firms – in the past year. Kanga & Co is highly recommended by Jayesh Shah, Hemant Sahai Associates, for example, has been a director at Shree Naman Developers, a real estate chosen as the sole Indian legal counsel to advise the company and developer of commercial, residential and William J Clinton Foundation on the construction of hospitality projects. solar energy parks in Gujarat and Rajasthan. The project The firm shares the award for construction and real aims to generate 3,000 megawatts of solar power at estate work with AZB & Partners, Federal & Rashmikant, each location. FoxMandal Little, Mulla & Mulla & Craigie Blunt & Caroe Although not an infrastructure client of the firm, Arjun and Wadia Ghandy & Co. Wallia, the chairman at Walsons Security Services, offers valuable insights into the quality of Hemant Sahai’s serv- Aviation, shipping and maritime ices after engaging the firm to work on an M&A deal. “We choose Hemant Sahai Associates because of its excel- With international trade and investment at the fore- lent reputation, credentials and credibility,” he says. front of India’s agenda, there is increasing demand for “We received excellent professional services when we proficiency in aviation and shipping law. Experts predict
Gagrats Established in 2005
Key practice areas: Arbitration, asset–based fi nance, aviation, banking & fi nance, capital markets, corporate, dispute resolution, infrastructure, projects & Co n t a C t d e t a i l s energy, insurance, intellectual property, investment funds, M&A, oil & gas, private Nirmal, Nariman Point, Mumbai equity, project fi nance, real estate, securities law, shipping, TMT and tax. 400 021, India
Number of partners and associates: 50+ Telephone: Principal offi ce: Mumbai +91 22 6752 9037-52 (Mumbai) Other offi ce: New Delhi, Dubai (associate offi ces) +91 11 2332 2311 (New Delhi) +971 472 5164 (Dubai) Gagrats has a broad-based practice covering a wide range of legal Fax: disciplines. Most of the members of the fi rm have attended prestigious +91 22 6752 9053 (Mumbai) universities in England, the US and India. Some of the partners of the fi rm +91 11 2371 3657 (New Delhi) have qualifi ed as solicitors of the Supreme Court of England. The firm +971 472 5049 (Dubai) has represented clients on signifi cant transactions, including cross-border Email: [email protected] fi nancings, large acquisitions and disposals in India and overseas, private equity deals, power projects and securities offerings, including initial public Contacts: offerings (IPOs) and offerings of American depositary receipts (ADRs), global Mr RJ Gagrat (Mumbai) depository receipts (GDRs) and foreign-currency convertible bonds (FCCBs). Mr UA Rana (New Delhi) The fi rm was a recipient of the 2008, 2009 and 2010 Indian Law Firm Awards. Mr HD Gardi (Dubai)
48 India Business Law Journal February 2011 Indian law firms Intelligence report
[ALMT] is responsive and matters and employment contracts. “When the airline creative with their advice, was formed the late Mr JR Gagrat advised us on what sort of structure to have and what sort of company to which is of high quality form,” says Saroj Datta, the executive director at Jet Anoop Seth Airways. “We have since then worked with Gagrats on all our legal requirements. We work principally with Rustam Managing Director Gagrat. He and his colleagues are very understanding of AMP Capital Advisors India our requirements.” Another aviation giant is Bhasin & Co. Lalit Bhasin, the firm’s managing partner, recently represented the National Aviation Company of India in Delhi High Court and successfully secured an injunction order against Air India’s striking employees. Back on the ground, his firm was a legal adviser to the domestic panel of the organ- izing committee of the 2010 Commonwealth Games. Dinesh Jain, the vice-president and company secretary of Asian Hotels (North), says Bhasin & Co is “a very old firm and a nice one,” and describes the managing part- ner, Lalit Bhasin, as “a very experienced lawyer”. Shipping and logistics are two topics close to the heart the aviation industry will grow by 18-20% this year, while of Shardul Thacker, a partner at Mulla & Mulla. And why India’s Shipping Ministry has unveiled plans to invest shouldn’t they be, when his firm has excelled in these US$100 billion in building new ports and enhancing the areas for so long? Thacker is well-versed on all ship- country’s shipping industry. ping and logistics matters and wins widespread praise Topping the tables in this important arena are ALMT from his clients. The firm offers capabilities in maritime Legal, Bhasin & Co, Bhatt & Saldanha, Gagrats, Mulla & and transport law, marine and general insurance, ship Mulla & Craigie Blunt & Caroe, and S Venkateswaran. financing,aviation and aircraft financing. Radharamanan Panicker, the CEO of Cargo Service Centre India, selected ALMT Legal for advice on com- Dispute resolution pany formation, share transfers, negotiation and finali- zation of concession agreements, advisory services When disputes flare up, it pays to have the best for an airport project and advice on various contracts lawyers by your side, particularly in a country that has and agreements. “The firm is very professional and very gained international notoriety for the sluggishness of responsive to the needs of the organization,” he says. its courts. Observers are hopeful that the new National Although not a shipping client, Anoop Seth, the man- Litigation Policy, introduced by the Ministry of Law and aging director at AMP Capital Advisors India, sums up Justice, will succeed in bringing the pendency of cases the widespread praise that ALMT Legal received from down from 15 years to just three years. However, only nominees. “The firm is responsive and creative with their time will tell. advice, which is of high quality,” he says. “They tell us For now, many litigating parties would prosper from their interpretation of a situation and how they think we having dispute resolution award winner Karanjawala & should proceed, rather than telling us what we want to Co on their side. “Karanjawala & Co is the preferred law hear, which is what I really appreciate. firm for all litigation matters,” says Vasani of Tata Sons. “Ryna Karani is the partner who does our work,” adds “We, the Tata companies, engage the firm for most of Seth. “It’s quite a joy to work with her. She identifies our litigations, especially for matters in the Supreme issues quickly, her advice is timely and she explains Court. In certain important cases, the firm is also things in ways we can understand. She also separates engaged for litigations outside of Delhi.” legal issues from commercial issues very well.” Shipping stalwarts Bhatt & Saldanha and S Venkateswaran continue to win accolades from clients [We have] worked with Gagrats and peers alike. Bhatt & Saldanha, a Mumbai-based on all our legal requirements shipping firm, often attracts clients desperate to resolve shipping disputes such as crew and charter claims. The Saroj Datta firm also handles arbitration matters. Executive Director S Venkateswaran, meanwhile, is lauded for handling both dry and wet shipping matters. The firm generally Jet Airways advises ship owners but also offers legal services relat- ing to cargo, providing there is no conflict of interest. It also handles protection and indemnity insurance and marine insurance against third party liabilities which may result from owning or operating ships. Aviation heavyweight Gagrats has advised the found- ers of Jet Airways since the late 1980s, before the airline was even formed. Now, the firm advises it on contracts, aircraft lease agreements, disputes relating to those agreements, trademark registrations, copyright
February 2011 India Business Law Journal 49 Intelligence report Indian law firms
[Karanjawala & Co] has good Vasani praises Raian Karanjawala and Manik access to senior counsel in Karanjawala for their strategic guidance, as well as part- ners Ruby Singh Ahuja and Sandeep Kapur, and associ- Delhi, which is of critical ate Manu Aggarwal, for their efficiency. help in urgent matters KV Vaidyanathan, the vice-president for legal affairs at Colgate Palmolive, also offers high praise for Ahuja, Bharat Vasani referring to her as “a good, aggressive and practical Group General Counsel lawyer”. Tata Sons Another client of the firm is The Hindustan Times. “We have used the firm for all types of corporate legal mat- ters, recovery suits, property matters, disputes arising out of contracts, industrial labour law disputes, other miscellaneous disputes, civil and criminal suits,” says Rajeev Jain, the newpaper’s deputy general manager of corporate affairs. “The prompt and personalized serv- ices that they offer is quite appreciable.” Aside from Raian Karanjawala, Jain names Nandini Gore, Sandeep Kapur and Seema Sundd as talents at the firm. Karanjawala shares the dispute resolution award with Amarchand Mangaldas, Bharucha & Partners, Federal & Rashmikant, Mulla & Mulla and PH Parekh & Co. According to Vasani, Karanjawala’s strength lies in its “For litigations in Mumbai we have had good experi- intense devotion to dispute resolution. “What weighs in ence with Federal & Rashmikant, and Mulla & Mulla,” favour of the firm is its singular focus on litigation, which says Vasani. is also its core competence,” says Vasani. “The firm, Bharucha & Partners has also demonstrated the abili- especially its managing partner, Raian Karanjawala, has ties required to win complex disputes. The firm is repre- good access to senior counsel in Delhi, which is of criti- senting Princess Ujjwala Raje Jai Vikram Shah to thwart cal help in urgent matters, and generally puts together proceedings against her Shiv Mahal Palace lands. It is the best legal team to represent us in the court.” also involved in Ferani Hotels’ diverse range of disputes
BHASIN & CO., ADVOCATES
New Delhi Address: 10 HAILEY ROAD, 10TH FLOOR, NEW DELHI – 110 001, INDIA Telephone No. +91 11 2332 2601 Fax No. +91 11 2332 9273 Email Address: [email protected]
Mumbai Of�ice : 116 Mittal Court ‘A’ Wing, Nariman Point, Mumbai – 400 021 Telephone No. +91 22 22842050, 22042954 Fax No.: + 91 22 22874332 Email Address : [email protected]
Contact Person(s): LALIT BHASIN, NINA GUPTA (Ms.)
Year Established : 1970 Number of lawyers : 40 (Forty) Languages Spoken : English, French, Hindi, Urdu Key Areas of Practices : Dispute Resolution; Aviation, Maritime, International Corporate Transactions, Infrastruc- ture, Capital Markets, Joint Ventures, IT, Banking, Insurance, Real Estate, Product Liability, Labour & Employment Laws
Notable mention:
Dispute Resolution Practice and Corporate Transactional work. Mr. Lalit Bhasin is the Managing Partner. Bhasin & Co. is a well reputed full service law �irm – equally adapt in
has been marked as a market leader in India in Dispute Resolution, Labour and Employment and Aviation laws. Over the years, Bhasin & Co. has been ranked as the top law �irm in India by various international journals. The �irm
50 India Business Law Journal February 2011 Indian law firms Intelligence report
with entrepreneur and industrialist Nusli Wadia. DSK Legal is exceptionally Bharucha’s award may be for dispute resolution, but good. Anand Desai is out of court the firm receives equal praise from its cli- ents. “We use Bharucha & Partners services for all legal extremely sharp and intelligent, matters pertaining to corporate affairs,” says Prakash but he is also a genuinely Thakur, a director at Jyoti Structures. “We have worked extensively with senior partners Alka Bharucha and MP good human being Bharucha for more than three decades. They are out- Shravan Shroff standing. I rate them as best in class.” Managing Director Labour and employment Fame India
One major cause of disputes is employment con- tracts, and this is particularly the case in a country that has complex labour laws that are often out of sync with international norms. For example, restrictive national and local legislation effectively prohibits companies with more than 100 staff from letting a single employee go without government approval. In such a challenging environment, getting the right advice on labour and employment law is crucial. Clients, therefore, may well consider enlisting the services of one of this year’s award winners in the field: AZB & extremely sharp and intelligent, but he is also a genu- Partners, Crawford Bayley & Co, DSK Legal, Kochhar & inely good human being. Unlike some other lawyers who Co, Majmudar & Co and Trilegal. elongate deals for the sake of more money, he acts in the Shravan Shroff, the managing director of Fame India, best interests to close a deal as fast as possible.” an integrated film exhibition and distribution company, Nassir Nurul Kabir, the associate vice-president swears by the advice he receives from DSK Legal. “DSK of legal affairs at Strides Arcolab, sums up much of Legal is exceptionally good,” he says. “Anand Desai is the praise that has been heaped on DSK’s managing
February 2011 India Business Law Journal 51 Intelligence report Indian law firms
Hilton Worldwide utilizes Anand just under two decades on banking and finance-related and Anand – primarily Pravin matters and intellectual property issues. She describes the firm as “excellent and very time efficient,” an obser- Anand and Binny Kalra – vation that she bases on her experiences of working with for a variety of [IP] matters several of the firm’s key lawyers, including Akil Hirani, Neerav Merchant, Kashish Bhatia, Anindita Jaiswal, Mark Robertson Sameer Shah and Anthony Toppo. Senior Vice President Hilton Worldwide Intellectual property As usual, competition was fierce in the domain of the IP boutiques, but this year there’s an intruder in their midst. For the first time in the history of the Indian Law Firm Awards, a general practice firm – Luthra & Luthra – has won a place on the IP winners’ table. Sitting along- side it are IP boutiques Anand and Anand, K&S Partners, Krishna & Saurastri, Remfry & Sagar and fellow new- comer Saikrishna & Associates. Luthra’s win may come as a surprise to many. Yet, for several years the firm has been quietly building a substan- tial intellectual property machine intended to rival even partner, Anand Desai. Kabir commends Desai for “keep- the most celebrated IP boutique. The hard work has paid ing issues simple and at the same time astute”. off. Clients are impressed with the firm’s new offering and Fellow winner Majmudar & Co also received wide- Luthra received enough nominations in the IP category to spread praise for its labour and employment work. comfortably win a place on the winners’ table. However, it was comments made by Debolina Partap, Leading the pack, however, is Anand and Anand, which the vice-president of legal affairs at Wockhardt, relat- received almost three times the number of nominations ing to the firm’s work in other fields that best sum up its of any other firm in this category. strengths. Partap has worked with Majmudar & Co for “Anand and Anand is one of the best in the IP business,”
52 India Business Law Journal February 2011 Indian law firms Intelligence report
says a counsel at an international electronics company. growth in the sector this year as telecommunications “To have Pravin Anand on your side is useful, but activity reaches new peaks. more importantly, it is helpful not to have him as your The six winners in the category of IT, media & tel- opposition.” ecommunications are: Amarchand Mangaldas, AZB & “Hilton Worldwide utilizes Anand and Anand – primarily Partners, DSK Legal, Naik Paranjpe & Co, Nishith Desai Pravin Anand and Binny Kalra – for a variety of intel- Associates and Seth Dua & Associates. lectual property matters in India … and has been very Elvin Wan, the chief regional counsel, Asia Pacific, at pleased with their counsel and representation,” adds Orange France Telecom relies on Seth Dua & Associates Mark Robertson, the senior vice-president and an assist- for a range of legal services, including non-compliance ant general counsel at Hilton Worldwide. issues with the Foreign Investment Promotion Board, the Last year, the firm represented chocolatier Ferrero in Reserve Bank of India and telecom regulators. “I have relation to an infringement of its Ferrero Rocher brand. known Atul Dua since 2000,” says Wan. “He knows the An ex parte interim injunction was initially issued against company well, he responds well, he knows the expecta- a Chinese manufacturer and its Indian importer, which tions I have, so it’s easier for us. From a legal perspec- had been selling Ferrero lookalikes in the Indian market. tive, it’s excellent legal advice. From a solutions perspec- The importer’s infringing goods were sealed and the par- tive, he tends to give me viable and feasible solutions ties were restrained from marketing or selling chocolates based on the situation in my business itself, so I’m very and confectionery items under any mark, label or visual happy with that.” medium similar to those owned by Ferrero. Brosnan at Telstra meanwhile, says she depends on Suja Subramaniam, the head of legal at Roche AZB & Partners for frequent updates to telecoms regula- Diagnostics, works with Anand and Anand on phar- tions. “Zia Mody has provided clear and practical advice maceutical and patent litigation in India. “We haven’t on India’s telecommunications laws and kept us very well worked with any other firms in India on litigation,” says informed of changes to those laws,” she says. Subramaniam. “I would recommend Shravan Chopra and An increasingly popular choice for media-focused Kritika Vijay, a young associate. Both of them have done work is Naik Paranjpe & Co, a 17-lawyer firm widely a fantastic job.” lauded by peers and clients alike. “What impressed me A trademark attorney at a major pharmaceuticals com- about Ameet Naik was the fact that he was very quick to pany, meanwhile, recommends partner Safir Anand. “We grasp various subjects,” says Shroff at Fame India. “He have a long-standing relationship with Anand and Anand started his own media and entertainment practice at a and we think highly of the firm, and particularly Safir.” time when no such firm was focusing exclusively on the Jon Webster, a senior trademarks counsel for Bausch & sector.” Shroff also commends Naik for his efficiency. Lomb, places his loyalties elsewhere. His company uses “I have worked with the best law firms in India and the Remfry & Sagar for all types of trademark work in India, speed at which Ameet can revert on a document is unbe- ranging from clearance and filing to conflict and opposi- lievable,” he says. “I haven’t come across any service tion matters. “We have used Remfry & Sagar for over 20 provider who can deliver quality and consistency with years and have continued using them for their high-qual- such speed.” ity counsel and legal assessments,” says Webster. “Our Naik Paranjpe & Co’s clients include Reliance experience has been favourable and generally successful MediaWorks, Reliance Big Entertainment and Percept, with good results.” an entertainment, media and communications company. Up-and-coming IP boutique, Saikrishna & Associates, Shibashish Sarkar, the CFO of Reliance Big is another of this year’s winners. “For software piracy Entertainment, has worked with Naik Paranjpe & Co for cases, I would use Saikrishna Rajagopal to handle my over five years and says the firm is “excellent”. “Ameet case,” says one peer. “He is bold, has a good reputation [Naik]’s understanding of the industry is better than any and is very effective in court.” single media firm in the country,” says Sarkar. “He is The firm’s transactional team has been advising clients such as Disney and Star News Corp on film clearance issues and conducting specific audits on TV formats, Under Ameet [Naik]’s content-related issues, trademark-related issues and supervision, his team, including more. The venerable K&S Partners continues to impress Anuja, Ravi, Madhu, Abhishek, clients in India and overseas, while Krishna & Saurastri has done pretty well retains its long-held position as the go-to IP firm in Mumbai. Manmohan Shetty Chairman IT, media and telecommunications Walkwater Media Hit by controversy last year, India’s telecoms sector is struggling to save face and regain its appeal to foreign investors. In May 2010, India halted telecommunications imports from China and later lifted the ban on the condi- tion that suppliers agreed to subject their equipment to tight security audits. Later in the year, India’s telecom minister, Andimuthu Raja, resigned over accusations that he handed out telecom licences at reduced prices. Despite the controversies, observers expect strong
February 2011 India Business Law Journal 53 Intelligence report Indian law firms
quick, especially in litigations when quick calls need to stands out because of its devotion to a task. “They always be taken, he is very apt in those situations.” Sarkar rec- take full responsibility for a matter,” says Jalundhwala. ommends Ravi Suryavanshi in addition to Naik and also “I find the quality of ELP better than others because has great respect for Gowree Gokhale at Nishith Desai they have good knowledgeable people and do good Associates. research.” Naik Paranjpe & Co has also advised Viacom18 Media Jayesh Shah is a director at Shree Naman Developers on its joint venture with Sun TV and is currently advising and another client who has benefited from legal advice Walkwater Media on the setup of a theme park on the provided by Economic Laws Practice. Shah says he outskirts of Mumbai. Asked who at the firm he would rec- chose the firm because of its “experienced team” which ommend, Manmohan Shetty, the chairman of Walkwater was “approachable at any time”. He has particular praise Media, says: “Ameet Naik, definitely. Under Ameet’s super- for the expertise of the firm’s managing partner, Rohan vision, his team, including Anuja, Ravi, Madhu, Abhishek, Shah, and partners Sujjain Talwar and Pranay Bhatia. has done pretty well”. Economic Laws Practice successfully represented a consortium of general insurance companies in its inter- Taxation actions with the Ministry of Finance, which resulted in a favourable resolution of a tax controversy relating to the Domestic and international clients are keeping India’s levy of service tax on “reinsurance commission” worth tax practitioners on their toes with a flood of enquiries over `2 billion. about the country’s forthcoming goods and services Meanwhile, Vaish Associates’ managing partner, Ajay tax. Vohra, succeeded in obtaining a favourable decision from At the forefront of the tax advisory practice are this the Authority for Advance Rulings on behalf of his client year’s winners, Associated Law Advisers, DM Harish & Co, Dassault Systems. The authority ruled that consideration Economic Laws Practice, Lakshmikumaran & Sridharan, for the transfer or sale of a computer programme (copy- Nishith Desai Associates and Vaish Associates. righted article) does not constitute “royalty”, either under “We engage Economic Laws Practice for various matters,” the provisions of the Income Tax Act, 1961, or the relevant says Jatin Jalundhwala, the legal head at Adani Enterprises. double tax avoidance treaty. “Contractual matters, indirect tax, arbitrations, both domes- DM Harish & Co and Nishith Desai Associates also com- tic and international, service tax and corporate matters.” mand much respect in the field of taxation. DM Harish & Co According to Jalundhwala, Economic Laws Practice has been active in advising both multinational companies and
54 India Business Law Journal February 2011 Indian law firms Intelligence report
high net worth individuals on Indian tax laws. Anil Harish, a [Atul Dua provides] excellent partner at the firm, is also known for his real estate expertise. legal advice Best newcomers Elvin Wan Chief Regional Counsel, With offices in Bangalore, Delhi, Hyderabad and Mumbai, one-year old Tatva Legal is the first recipient of this year’s Asia Pacific award for best newcomers. Having broken away from Dua Orange France Telecom Associates, nine former partners and around 50 former asso- ciates opened the doors to their new firm on 1 January 2010. Despite its tender age, Tatva Legal quickly made a name for itself on the back of the reputations of partners Shishir Sharma, NK Dilip and Shailendra Komatreddy. The young firm has also won roles on several major deals. It acted as legal counsel to Tower Vision India, a Gurgaon- based independent cellular telephone tower management company, on its US$300 million private equity fundraising from Quadrangle Capital Partners. Avinash Mody, a partner at the firm, advised Tower Vision on due diligence and other Indian legal matters. In addition, the firm was chosen to advise Coffee Day Resorts on a private equity investment in company by Bain Capital. It also acted for Prysmian Cavi e the company by a Kohlberg Kravis Roberts-led consortium. Sistemi Energia, an international provider of high-technol- Sharing the best newcomer award with Tatva Legal is ogy cables, in its purchase of a 51% equity stake of India’s Argus Partners. Launched in 2009 by former Amarchand Ravin Cables in February 2010. partner Krishnava Dutt and principal associate Ramya “Argus provided accurate and tailored service in the Hariharan (now a partner at Argus), the firm has offices in structuring and negotiation of complex transactions, offer- Kolkata and Mumbai. It currently consists of two partners ing a high-quality service that combines a strong legal base and 18 lawyers, who handle corporate commercial work, and good practical approach,” says Michele Binda, the in- M&A, banking and project work. house counsel at Prysmian. In January 2010, the firm advised Kolkata-based coal tar “Their depth of knowledge and strong commercial sense manufacturer Himadri Chemicals & Industries on a US$124 makes them an invaluable adviser to us,” adds Sunita million private equity placement and open offer in the Thawani, the head of legal at Jusco. g
Winners at a glance The full results of India Business Law Journal’s 2010 Indian Law Firm Awards
Firms in the following tables are listed alphabetically, not in rank order. All winners in each category are of equal standing Law Firm of the Year Amarchand Mangaldas
Best overall law firms Best newcomers Amarchand Mangaldas Argus Partners AZB & Partners Tatva Legal J Sagar Associates Khaitan & Co Luthra & Luthra Trilegal Aviation, shipping & maritime Banking & finance ALMT Legal Amarchand Mangaldas Bhasin & Co AZB & Partners Bhatt & Saldanha Dave & Girish & Co Gagrats Juris Corp Mulla & Mulla Luthra & Luthra S Venkateswaran Wadia Ghandy & Co
February 2011 India Business Law Journal 55 Intelligence report Indian law firms
Capital markets & corporate finance IT, media & telecommunications
Amarchand Mangaldas Amarchand Mangaldas AZB & Partners AZB & Partners J Sagar Associates DSK Legal Khaitan & Co Naik Paranjpe & Co Luthra & Luthra Nishith Desai Associates S&R Associates Seth Dua & Associates
Competition & antitrust Labour & employment
Amarchand Mangaldas AZB & Partners Dhall Law Chambers Crawford Bayley & Co Dua Associates DSK Legal Economic Laws Practice Kochhar & Co Luthra & Luthra Majmudar & Co P&A Law Offices Trilegal
Construction & real estate Mergers & acquisitions
AZB & Partners Amarchand Mangaldas Federal & Rashmikant AZB & Partners FoxMandal Little J Sagar Associates Kanga & Co Khaitan & Co Mulla & Mulla Luthra & Luthra Wadia Ghandy & Co Trilegal
Corporate & commercial Private equity & venture capital
Amarchand Mangaldas Amarchand Mangaldas AZB & Partners AZB & Partners Dua Associates Desai & Diwanji J Sagar Associates J Sagar Associates Khaitan & Co Luthra & Luthra Luthra & Luthra Nishith Desai Associates
Dispute resolution Restructuring & refinancing
Amarchand Mangaldas Amarchand Mangaldas Bharucha & Partners AZB & Partners Federal & Rashmikant Crawford Bayley & Co Karanjawala & Co J Sagar Associates Mulla & Mulla Luthra & Luthra PH Parekh & Co Talwar Thakore & Associates
Energy, projects & infrastructure Securitization & structured finance
Amarchand Mangaldas Amarchand Mangaldas AZB & Partners Dave & Girish & Co Hemant Sahai Associates Juris Corp J Sagar Associates Phoenix Legal Luthra & Luthra Trilegal Trilegal Wadia Ghandy & Co
Intellectual property Taxation
Anand and Anand Associated Law Advisers K&S Partners DM Harish & Co Krishna & Saurastri Economic Laws Practice Luthra & Luthra Lakshmikumaran & Sridharan Remfry & Sagar Nishith Desai Associates Saikrishna & Associates Vaish Associates
56 India Business Law Journal February 2011