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India Business Law Journal India Business Law Journal WWW.INDILAW.COM JUNE 2016 VOLUME 10 | ISSUE 1 INDIA BUSINESS LAW JOURNAL LAW BUSINESS INDIA INDIA BUSINESS LAW JOURNAL LEGAL INTELLIGENCE FOR IN-HOUSE COUNSEL PARTNERSHIP What it means and why it may matter to clients Mitigating risk in M&A deals The top international law firms for India work JUNE 2016 How a court ruling increased stamp duty on mergers Vantage Asia The fallout from India’s new tax agreement with Mauritius HONOURED TO BE RECOGNIZED AS LEADERS IN INDIA From critical financings to complex cross-border transactions, we are proud to help clients with the deals shaping India today. BEIJING FRANKFURT HONG KONG LONDON LOS ANGELES MUNICH NEW YORK SÃO PAULO SEOUL SINGAPORE TOKYO WASHINGTON, DC Milbank.com XXX CONTENTS 17 32 23 CONTENTS 3 LEADER 17 COVER STORY 26 SPOTLIGHT Are legacies built by strong men Partnership Commercial shields and women or by the institutions What it means to be a partner at Corporate buyers are warming to they create? an Indian law firm and why it the idea of M&A insurance in may matter to clients a bid to protect themselves 4 INBOX from transaction risks 22 VANTAGE POINT 5 MARKET PULSE Murali Neelakantan argues that India’s 32 WHAT’S THE DEAL? • Shah in shock ELP exit legal profession is insecure, has lost its A cat among the pigeons • Adsule jumps to JP Infra as GC commitment to public service and is Stamp duty on mergers is par for the • Khan to head CAM’s national failing to move with the times course, but a recent ruling significantly funds practice increases the burden 23 SPOTLIGHT 8 THE WRAP Paradise lost 35 INTELLIGENCE REPORT • Deal digest: page 8 What are the implications of Foreign faithful • Business law digest: page 11 India regaining taxation rights on Revealed: The top international • Dispute digest: page 14 investments made through Mauritius? law firms for India work 59 CORRESPONDENTS Expert advice from India Business Law Journal’s correspondent law firms 59 BANKING & FINANCE 63 LABOUR & EMPLOYMENT 66 PROJECT FINANCE Economic Laws Practice Cyril Amarchand Mangaldas HSA Advocates 60 DISPUTE RESOLUTION 64 MERGERS & ACQUISITIONS 67 REGULATORY DEVELOPMENTS Bharucha & Partners Shardul Amarchand Mangaldas & Co Phoenix Legal 61 FOREIGN DIRECT INVESTMENT 65 PRIVATE EQUITY & VENTURE 68 TAXATION & TRANSFER PRICING Luthra & Luthra CAPITAL Economic Laws Practice 62 INTERNATIONAL TRADE ARA LAW Economic Laws Practice 1 IBLJ ⁄ JUNE 2016 INDIA BUSINESS EDITORIAL BOARD LAW JOURNAL June 2016 Volume 10 / Issue 1 ISSN: 1994-5841 www.indilaw.com Bithika Anand Shamnad Basheer Sanjit Kaur Batra Lalit Bhasin Himavat Chaudhuri EDITORIAL Founder & CEO Founder Senior Counsel & Legal President Chief Legal Email: [email protected] Legal League SpicyIP Manager Society of Indian & Regulatory Consulting Telephone: +852 3622 2673 (South Asia) Law Firms Affairs Officer DuPont Tata Sky SUBSCRIPTIONS Email: [email protected] Telephone: +852 3622 2623 EDITOR Vandana Chatlani EDITOR-AT-LARGE Rebecca Abraham Anurag Chauhan PM Devaiah Badrinath Durvasula Rich English Nishchal Hindia Head of Legal & Partner & General Senior Vice President Director, Banking Senior Legal Counsel SUB-EDITOR Simmie Magid Corporate Vice Counsel & General Counsel Legal United Spirits CONTRIBUTORS Vidur Bhatia, President Everstone Capital Adani Group Barclays James Kelly, Murali Neelakantan Max Life Insurance Advisors DESIGN & PRODUCTION Kaleid Design HEAD OF MARKETING Anita Fung ASSOCIATE PUBLISHER Tina Tucker PUBLISHER James Burden Ajay Kharbanda Bobby Ladwa Todd Leitstein Amit Anant Moghay Amrita Mukherjee Chief Legal Officer Director, Legal Global Head of General Counsel Vice President, Legal Delhi International Barclays Bank Commercial Litigation HSBC Hotstar (Star India) Airport Nokia VANTAGE ASIA PUBLISHING LIMITED 21/F Gold Shine Tower 346-348 Queen’s Road Central Hong Kong Telephone: +852 3622 2673 Email: [email protected] www.vantageasia.com Fali S Nariman Debolina Partap Mysore R Prasanna Ashok Sharma Rajinder Sharma Senior Counsel General Counsel Independent Founder President General Counsel Wockhardt Consultant Indian Corporate Flipkart EDITOR-IN-CHIEF Counsel Association John Church DIRECTORS James Burden, Kelley Fong CORRESPONDENT LAW FIRMS Policy on advertising, sponsorship and editorial independence In addition to its independent editorial content, India Business Law Journal may contain paid advertisements/listings and sponsored con- tent. All articles in the Correspondents section of India Business Law Journal and articles labelled “Practitioner’s perspective” are sponsored by the law firm or organization credited. However, the content of all such articles has been appraised and edited by India Business Law Jour- nal’s editors. Paid advertisements/listings have not been edited by India Business Law Journal’s editors and no responsibility is taken for the accu- racy of any information they contain. All other content in India Business Law Journal, including articles, features, rankings, awards, quotations, photographs and illustrations, is fully independent editorial content that has been written, commissioned or selected by India Business Law Journal’s editors on purely editorial grounds. India Business Law Journal values and upholds its editorial independence and integrity and never accepts payment for inclusion in its independent editorial content. This policy is upheld at all times. Disclaimer & conditions of sale SUBSCRIPTION INFORMATION Vantage Asia Publishing Limited retains the copyright of all material published in this magazine. No part of this magazine may be repro- duced or stored in a retrieval system without the prior written per- mission of the publisher. The views expressed in this magazine do not India Business Law Journal is necessarily reflect the views of the publisher, its staff or members of the [email protected] editorial board. The material in this magazine is not offered as advice published 10 times a year and has and no liability is assumed in relation thereto. The publisher, staff and all a subscription price of US$790 for other contributors to India Business Law Journal disclaim any liability for one year or US$1,264 for two years. +852 3622 2623 the consequences of any action taken or not taken as a result of any material published in this magazine. Our subscribers receive the print copy of each issue plus full access WWW.INDILAW.COM Scan the QR code © Vantage Asia Publishing Ltd, 2016 to the online edition and archive. to visit us online Printed in Hong Kong 2 IBLJ ⁄ JUNE 2016 LEADER OPINION WWW.INDILAW.COM JUNE 2016 VOLUME 10 | ISSUE 1 INDIA BUSINESS LAW JOURNAL LAW BUSINESS INDIA INDIA BUSINESS LAW JOURNAL LEGAL INTELLIGENCE FOR IN-HOUSE COUNSEL PARTNERSHIP What it means and why it may matter to clients Laying foundations JUNE 2016 Mitigating risk in M&A deals Are legacies built by strong men and VOLUME 10 The top international law firms for India work How a court ruling increased stamp duty on mergers | ISSUE 1 ISSUE Vantage women or by the institutions they create? Asia The fallout from India’s new tax agreement with Mauritius bit of both, is what most peo- ates’ senior partner Berjis Desai, “everybody is it in the future. Has the goose that laid the ple would say. It takes individ- on one big crazy ego trip,” such a focus is rare. golden egg been killed? ual talent backed by dogged Further scrutiny of India’s legal mar- Staying on the subject of mergers and ac- determination and strength ket can be found in this month’s Vantage quisitions, this month’s What’s the deal? (A of character to climb to great point (page 22), where Murali Neelakan- cat among the pigeons, page 32), investigates heights,A but to remain there and create sig- tan, a former general counsel at Cipla and a recent ruling – The Chief Controlling Rev- nificant ripples requires team effort. Yet, the experienced private practice lawyer, argues enue Authority, Maharashtra State v Reliance challenge of creating robust teams – and that while the legal profession globally has Industries Limited – that is set to significant- beyond that, institutions – is considerable. evolved to nurture specialization, Indian ly increase the transaction cost of schemes This is more so in people-focused spheres lawyers have a predilection towards becom- of amalgamations. A full bench of Bombay of activity, such as the practice of law, where ing generalists. “We compete, at the highest High Court ruled that every order sanction- raw talent, entrepreneurship, management levels, as generalists, to the detriment of our ing a scheme is chargeable to stamp duty. skills, egos and family ties (and feuds) all clients,” he says, adding that this often re- Our coverage considers the implications of come into play. sults in “the blind leading the blind, in more the ruling and provides some pointers on This month’s Cover story (Partnership, ways than one”. how companies can minimize the impact. page 17) investigates law firm partnerships in Neelakantan believes that the aversion In this month’s Intelligence report (page India, where equity partners as understood to specialization is fuelled to some extent by 35) India Business Law Journal presents its at international law firms are a rare breed. insecurity over the risks posed by the possi- 10th annual survey of the top international As clients with their ear to the ground will ble entry of foreign law firms. law firms for India work. Drawing on sub- know, the majority of “partners” at Indian In Commercial shields (page 26) we in- missions from hundreds of international law firms are either salaried employees or vestigate risks of a different nature – those law firms that have documented deals and those on a retainership, who occupy a virtu- posed by mergers and acquisitions. M&A ac- matters with an Indian element in the past al no-man’s land somewhere south of equity tivity involving Indian companies was worth 12 months, and testimony from clients and and salaried partners. US$48.4 billion in 2015, an 11% jump from peers, we deliver our verdict on the firms What does this mean for clients? Most the previous year, triggered in no small part that are are leading the field.
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