Indian Law Firm Awards.pdf

Indian Law Firm Awards Intelligence report

India Business Law Journal 31February 2014

Indian Law Firm Awards

India Business Law Journal turned to in-house counsel and other legal professionals to help identify the law firms

that stood out in 2013

By Rebecca Abraham

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India Business Law Journal 33


February 2014

By all accounts the year gone by has been a challenge for law firms across India. Yet com-panies looking for legal advice could not have had it better. As competition among India’s law firms intensifies, they have been widening

and deepening their expertise. It is against this backdrop that we present India Business Law Journal’s 2013 Indian Law Firm Awards. We identify one law firm of the year; six best overall law firms; six winners of equal standing in 20 categories; and highlight two best new firms.

Searching for the winners

The results are based on thousands of nominations made by India-focused in-house counsel and legal pro-fessionals in India and around the world. The nomina-tions were considered in combination with other factors, such as each firm’s landmark deals, cases and other notable achievements. Our editors also consulted widely with law firm clients and conducted reference checks on a large number of Indian law firms.

In determining the winners, our editorial team con-sidered both prominent and smaller law firms, whose achievements sometimes go unnoticed. Our six best overall law firms rightly dominate the award tables. However, our winners also include mid-size law firms that are engaged for their legal expertise, commercial acumen and competitive pricing. For the reality is that as Indian and international companies tighten budgets, they are relying on India’s mid-size firms, reassured by steady partner involvement, practice area specializa-tions and the leanness of their operations.

The views of many of the in-house counsel who partic-ipated in the awards process are included in this report. Many more shared their views, but requested for their comments to remain confidential. A detailed account of the awards methodology is provided on page 51.

Law firm of the year

Winner

Amarchand Mangaldas

For the second year running this award goes to Amarchand Mangaldas. The width and depth of often parallel practices run by Amarchand’s principal offices in Mumbai and Delhi makes this firm of some 500 lawyers India’s premier legal adviser for structuring deals, obtain-ing regulatory clearances, and advice on policy issues.

While Amarchand teams, often led by Mumbai-based managing partner Cyril Shroff, advised on several headline-making and complex M&A transactions and capital market deals in 2013, the firm plays an equally significant role as an adviser to policy makers and those looking to influence policy.

Amarchand reports that it played a key role during deliberations that preceded the passing of India’s new Companies Act in August 2013, as an adviser to the Confederation of Indian Industry and the Federation of Indian Chambers of Commerce and Industry. The firm’s efforts were led by its Delhi-based managing partner, Shardul Shroff, and its remit involved “reviewing rec-ommendations, preparing analyses and facilitating debate”.

The combination of sharp legal expertise across prac-tice areas and sectors provided by broad-based teams, and knowledge of sentiment in the corridors of power makes Amarchand Mangaldas a powerhouse of the Indian legal market.

“Their professional resource base and intellectual pool gives them the edge on various levels with respect to their competition in the market,” says Avya Kapoor, New Delhi-based operations director at Cunningham Lindsey International, a global loss adjusting and claim management company. While Kapoor was referring to Amarchand’s expertise in insurance, his comment sums up sentiment about the firm in virtually every practice area.

As a result, not only did Amarchand advise on 22 of India Business Law Journal’s 2013 Deals of the Year (see India Business Law Journal December 2013-January 2014), but it also picks up 13 practice area awards in our Indian Law Firm Awards below.

Best overall law firms

Winners

Amarchand Mangaldas

AZB & Partners

J Sagar Associates

Khaitan & Co

Luthra & Luthra

Trilegal

Despite the growing clout of the very many small and mid-size firms, India Business Law Journal’s list of best overall law firms has remained unchanged since 2008 when we began the Indian Law Firm Awards. Joining Amarchand Mangaldas are AZB & Partners, J Sagar Associates, Khaitan & Co, Luthra & Luthra and Trilegal.

AZB & Partners was legal counsel on 15 of India Business Law Journal’s 2013 Deals of the Year. In addi-tion, league tables of legal advisers on M&A transactions over US$5 million for 2013, compiled by Mergermarket, show that while Amarchand Mangaldas advised on 36 deals totalling US$10 billion, AZB & Partners advised on 45 deals totalling US$3.3 billion.

AZB & Partners continues to be one of India’s most sought after law firms on account of the business-ori-ented savvy and responsiveness of its principal lawyers. The 250-lawyer firm advised on Tata Sons’ recent joint ventures with Air Asia and Singapore Airlines. Mumbai-based partner Shuva Mandal advised on both transac-tions. AZB & Partners picks up awards in eight practice areas.

J Sagar Associates was at the centre of knotty

[Interactions with J Sagar Associates involve] candid discussions without ifs and butsAmeet NayakHead of LegalFIL India Business Services

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regulatory and other matters. One of its most significant briefs in 2013 involved “strategizing, anchoring and partly arguing” matters related to coal pricing for Tata Power and Adani Power before the Central Electricity Regulatory Commission. In addition, the firm was co-counsel to South Korean steel maker Posco when it challenged a key licensing issue before the Supreme Court. The 268-lawyer firm saw a change of guard during 2013, with senior partner Berjis Desai taking over as chair of its executive committee, and reports that it has recently established a corporate compliance, anti-corruption and investigation practice.

Clients of its corporate commercial practice include FIL India Business Services – part of the Fidelity Investments group. Ameet Nayak, head of legal at FIL India, commends partner Lalit Kumar and senior associate Bharati Joshi for their “accessibility, timely and correct advice”. He reports that interactions with lawyers at J Sagar involve “candid discussions without ifs and buts”. J Sagar Associates wins awards in seven practice areas.

Khaitan & Co has been bolstering its capabilities with high-profile lateral hires. They include a former manag-ing director of Morgan Stanley India, Sudhir Bassi, who joined Khaitan’s capital markets practice in Mumbai; Siddharth Shah, who joined the firm’s funds and cor-porate practice group; and Bijal Ajinkya, who joined its tax and funds practice group. Shah and Ajinkya were formerly partners at Nishith Desai Associates.

Khaitan advised on some headline-making deals in 2013. Partners Haigreve Khaitan and Ganesh Prasad advised Baring Private Equity Asia on its investment in Hexaware Technologies, one of the largest buyouts in the Indian IT arena. (AZB & Partners and J Sagar Associates also advised on the deal.)

A client commends a lawyer in Khaitan’s M&A prac-tice for “being low-drama, pragmatic and commercially focused”, which seems to describe the firm as a whole. It wins awards in six practice areas.

At Luthra & Luthra, the focus has been on improving the firm’s “efficiency, productivity and profitability”. The 254-lawyer firm reports that recent internal restructuring led to a 44% rise in billings in the first eight months of the current financial year, compared with the same period in the previous year.

Cl i en t s con t i nue to be pos i t i ve . Sunda ram Sivaramakrishnan, partner and chief financial officer at Baring Private Equity Partners India, describes Luthra & Luthra as an “extremely professional and responsive firm with deep subject knowledge and practical orientation towards application of law”. Monica Zocca, legal direc-tor at Italian luxury goods company Fendi, commends the firm for being “thorough and prompt … despite the uncertainty of the legal framework in India”.

Luthra & Luthra advised the book running lead

managers on the largest qualified institutional placement (QIP) out of India in recent times: Axis Bank’s US$810 million QIP in January 2013. The firm wins awards in seven practice areas.

Trilegal has also been reorienting itself. The 170-lawyer firm reports that it has begun reorganizing “more sharply” along industry lines, so as to ensure consist-ency and depth of industry knowledge. In addition, the firm has embarked on an “aggressive” technology upgrade programme to improve the efficiency of service delivery.

An international company, which does not want to be named, considers Trilegal as its “trusted adviser in India” and commends the firm on its ability “to cover a wide variety of areas” and provide “good strategic advice”.

Chirag Pandya, head of compliance and legal at Alchemy Capital Management, reports that having worked extensively with Trilegal “for all our projects across jurisdictions like Cyprus, Cayman, Mauritius” he values the firm’s input “specially for laws relating to the capital markets in India”.

Trilegal was legal counsel on three of India Business Law Journal’s 2013 Deals of the Year, including the acquisition by Qatar’s Hassad Food of Bush Foods Overseas. A Trilegal team led by partner Delano Furtado advised Hassad Food.

Trilegal wins awards in five practice areas.

Aviation

Winners

ALMT Legal

Bhasin & Co

Desai & Diwanji

Gagrats

Luthra & Luthra

Rajinder Narain & Co

ALMT Legal’s aviation practice focuses on regulatory approvals, claims against airlines, hull insurance, aircraft purchase and sale, leases, aircraft finance and charters. The firm recently hired Satish Srinivasan as a partner in its Bangalore office. His remit includes expanding the firm’s work with defence, aerospace and avionics clients.

New Delhi-based Bhasin & Co has well recognized expertise in aviation matters. Managing partner Lalit Bhasin has long been legal counsel to players in the air-line industry including Air India.

Vishwang Desai and Vihang Virkar are Desai & Diwanji’s aviation experts. The firm’s clients include GoAir.

Gagrats partner Rustam Gagrat acted as counsel to Jet Airways when a 24% stake in the airline was sold to Etihad. This was a path-breaking deal and a first in the aviation sector.

Luthra & Luthra’s aviation credentials come from its work on aircraft purchase contracts and aircraft financing transactions. The firm’s clients have included Dassault Aviation, Kingfisher and Air India.

Rajinder Narain & Co is regularly sought out for its expertise in aviation. Managing partner Ravi Nath is an expert in aviation finance.

[Luthra & Luthra is] thorough and prompt … despite the uncertainty of the legal framework in IndiaMonica ZoccaLegal Director Fendi

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Banking & finance

Winners

Amarchand Mangaldas

AZB & Partners

J Sagar Associates

Juris Corp

Trilegal

Wadia Ghandy & Co

Banking and finance is an area where the larger law firms routinely excel. Amarchand Mangaldas acted on many headline-making transactions as well as smaller deals such as a US$276.4 million term loan to Armada D1, a float-ing production, storage and offloading vessel. Amarchand acted for the lenders consortium, which was led by Bank of India.

“If you think of banking and finance legal work in India, then you have to think of only one name and that is Amarchand Mangaldas,” says Narayanan Iyer, deputy general manager, legal, at Hindustan Petroleum. Meanwhile, Ramesh Naidu Yerramsetti, vice president (infrastructure) at SBI Capital Markets, commends Amarchand for the quality of its bank-ing and finance work and for the “involvement of senior members during the transaction for faster resolution and good resource management”.

Ashwin Ramanathan, a key partner in AZB & Partners’ banking and finance practice, acted as legal counsel to Royal Bank of Scotland when it recently sold its Indian bank-ing, credit card and residential mortgage portfolio.

J Sagar Associates acted for the underwriters in a US$1 billion bond issue by State Bank of India. The firm’s banking and finance experts include partners Dina Wadia and Aashit Shah.

Juris Corp acted as the lenders’ counsel for various cross-border borrowings by Reliance Industries. It also assisted ANZ Banking Group, Standard Bank and First Rand Bank in documentation for the import of gold into India. An

in-house lawyer at a bank who wished to remain anonymous says: “Juris Corp always endeavours to meet our require-ments, including working within very tight timelines, while maintaining the high quality of their work”. The client sin-gles out partner Veena Sivaramakrishnan for her “extensive knowledge in the area of commodity trading” and ability “to provide clear advice in a timely manner”.

Trilegal advised the recipient of a murabaha financing facility (made according to Sharia law): Alok International Middle East FZE, a wholly owned subsidiary of Indian textile major Alok Industries. The firm reports that the challenges of the brief included policy changes made by the Reserve Bank of India (RBI) and the introduction of India’s new Companies Act, while the transaction was underway.

Wadia Ghandy & Co acted for Suzlon when it obtained an US$1.8 billion corporate debt restructuring package, which involved 23 banks and financial institutions. Partner Fariyal Tahseen was counsel to Suzlon. The firm’s banking and finance practice recently gained a partner with the promo-tion of Nihas Basheer.

Capital markets

Winners

Amarchand Mangaldas

AZB & Partners

Luthra & Luthra

Khaitan & Co

S&R Associates

Talwar Thakore & Associates

This is another practice area where the services of Amarchand Mangaldas are routinely sought out. The firm recently acted on a US$1.7 billion high-yield bond offering by Vedanta Resources, which was the largest so far by a company with assets and operations based substantially out of India. A team from Amarchand’s Delhi office, led by man-aging partner Shardul Shroff, advised the joint book runners. The firm’s Mumbai office advised Just Dial on its US$165 million initial public offering, where a safety net mechanism proposed by the Securities and Exchange Board of India was used for the first time.

The capital market practice at AZB & Partners advised Reliance Industries in its first US dollar bond issuance – the first perpetual bond of its kind issued by an Indian company. AZB & Partners also advised UK drug maker GlaxoSmithKline when it increased its holding in GlaxoSmithKline Consumer Healthcare in India through an open offer.

Luthra & Luthra and Khaitan & Co were among the firms companies turned to as they scrambled to achieve a manda-tory 25% public shareholding by the 3 June 2013 deadline set by the Securities and Exchange Board of India (SEBI). Luthra & Luthra was legal counsel to the book running lead managers to an institutional placement programme by Fortis Healthcare. Similarly, Khaitan & Co advised managers to an institutional placement programme for Adani Ports, which happened two days after SEBI’s deadline.

The mid-size firm of S&R Associates has carved out a space for itself in this competitive area. Ajay Vaidya, head of legal at Kotak Mahindra Capital, commends the firm for the “excellent quality of advice”, while an international client who wants to stay anonymous says S&R provides

If you think of banking and finance legal work in India, then you have to think of only one name and that is Amarchand MangaldasNarayanan IyerDeputy General Manager, LegalHindustan Petroleum

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“accurate and practical advice in a very timely fashion”. Padmaja Chakravarty, legal counsel for investment bank-

ing and treasury at Citi India, says lawyers at S&R are thorough, diligent and flag risks well in advance. “When you interact with their junior lawyers you know they are well trained,” says Chakravarty. S&R Associates advised the underwriters of the Just Dial IPO on Indian law.

The considerably smaller firm of Talwar Thakore & Associates is also sought out for its capital markets prac-tice. A team led by partner Kunal Thakore advised Unilever when it increased its stake in Hindustan Unilever in July 2013 through a voluntary open offer. Talwar Thakore & Associates has a best-friend relationship with Linklaters.

Competition & antitrust

Winners

Amarchand Mangaldas

AZB & Partners

Vinod Dhall and Talwar Thakore & Associates

Economic Laws Practice

Khaitan & Co

Vaish Associates Advocates

With companies increasingly cautious about function-ing under the watchful eye of the young and increasingly

aggressive Competition Commission of India (CCI), law firms have been working hard to put together robust competition law practices. Amarchand Mangaldas has a specialist team headed by Pallavi Shroff in its Delhi office and Nisha Kaur Uberoi in its Mumbai office. Together they have acted on the largest number of such matters in the country.

A client who used the services of Amarchand while navigating a matter at the CCI, and wishes to remain anonymous, says: “Amarchand has large teams that have intense focus. They have a deep dive on all the related issues affecting the outcome of the matter and an excellent understanding of the domestic law as well as the law in other jurisdictions, particularly in the EU.”

AZB & Partners’ competition law team is headed by Delhi-based partner Samir Gandhi, who is “by far the best competition lawyer”, according to Kapil Chaudhary, coun-sel at IBM India for India and South Asia. The firm advised Bharti when Walmart sought clearance from the CCI for acquiring Bharti’s stake in Bharti Walmart.

Dhall Law Chambers combined forces in June 2013 with Talwar Thakore & Associates to set up Vinod Dhall and Talwar Thakore & Associates Joint Competition Practice. The practice represented Schlumberger Asia Services in relation to a predatory pricing complaint before the CCI. It also advised on a joint venture between Disney-UTV and a Network 18 subsidiary. A client who wishes to remain anonymous commends Vinod Dhall, the head of the practice, for his “professional approach, sound domain

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knowledge and learning from his past experiences, when he was the chairman of the competition commission”.

“They are not insecure when it comes to working with other law firms in order to ensure the delivery of goals for the client,” says Deepak Jacob, executive vice president and general counsel for legal and regulatory affairs at Star India.

Economic Laws Practice has built up a competition law practice of repute. The practice is headed by partner Suhail Nathani and includes senior associate Ravisekhar Nair.

Khaitan & Co’s competition practice has filed over a dozen notices of combination before the CCI. Chandana Dhar, company secretary and compliance lead at Monsanto India, commends the firm’s competition practice for its “in-depth knowledge and expertise”. The practice, which comprises lawyers in both Delhi and Mumbai, is headed by its Delhi-based executive director Paku Khan, who has practised competition law in the US and EU.

A new winner in this category is Vaish Associates Advocates. The firm’s competition law practice is headed by MM Sharma, who was formerly with the CCI.

Construction & real estate

Winners

Amarchand Mangaldas

DSK Legal

Federal & Rashmikant

Hariani & Co

Kanga & Co

Wadia Ghandy & Co

Many firms in Mumbai have built up construction and real estate practices over the years but here too Amarchand Mangaldas has made a name for itself. The firm is sought out for its real estate financing expertise.

DSK Legal is reputed for its robust real estate practice. Its real estate team includes Mumbai-based partners Jatin Pore and Sajit Suvarna, and Bangalore-based part-ner Ajesh Kumar.

The small and publicity shy Mumbai firm of Federal & Rashmikant is a heavyweight in this practice area. While C Rashmikant focuses on litigation, the real estate prac-tice is handled by Muffazal Federal.

Hariani & Co is another small firm with a big-hitting real estate practice. The firm’s real estate experts include sen-ior partner Ajay Vazirani and partner Heena Chheda.

Mumbai-based Kanga & Co advised Premier, an auto-motive and engineering company, in a complicated sale of over 150 acres of land spread across three villages near Mumbai, which required the firm to file cases in the high court. The firm also assisted in the US$50 million purchase of premises for Sanofi India’s new corporate headquarters. Partha Sil, senior manager, legal, at Sanofi India, says Kanga is “responsive”, has “expert knowl-edge” and is able to provide “adequate partner level par-ticipation”. Ashraf Nathani, a director at Mehali Papers, commends Kanga for its “very professional service and deep knowledge”.

Wadia Ghandy & Co is assisting the Saifee Burhani Upliftment Trust in the redevelopment of Bhendi Bazaar,

a 16.5-acre area in the heart of Mumbai. Partner Dhawal Mehta is heading the firm’s team as it advises the trust on overcoming the legal challenges of what is Mumbai’s first cluster redevelopment, which involves approximately 4,000 tenants.

Corporate & commercial

Winners

DH Law Associates

Dua Associates

OP Khaitan & Co

Rajani Singhania & Partners

Singh & Associates

Tatva Legal

Mumbai-based DH Law Associates is recognized for its full-service offering. A client who has used the firm since 2003 commends it for its “personalized service” and “promptness”. The firm’s clients include Sinoma International Engineering, a Chinese state-owned enterprise that is listed on the Shanghai Stock Exchange; Proactis Holdings, a UK listed company; Sify Technologies; and Cargill Foods India.

Dua Associates’ network of eight offices in India and one in Singapore makes this full-service firm particularly attrac-tive to clients. As a result of recent changes to its technology systems, all offices are now connected via the same tech-nology platform. Devkanya Roy Choudhury, associate gen-eral counsel at ITC, says the firm’s lawyers are “thorough, responsive, good with client interactions and strategize well”. Dua’s clients include State Bank of India, which it is advising on legal proceedings against Kingfisher Airlines.

New Delhi-based OP Khaitan & Co’s appreciative clients include Biba Apparels, which consults the firm for “any general business advice from a legal standpoint” and a host of matters including the recent purchase of a stake in the company by private equity (PE) funds Warburg Pincus and Faering Capital. Siddharath Bindra, managing director of Biba Apparels, says: “We are very much satisfied with

[Lawyers at Dua Associates are] thorough, responsive, good with client interactions and strategize wellDevkanya Roy ChoudhuryAssociate General CounselITC

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... the quality of services offered to us and promptness in their delivery.”

Vikrampati Singhania, a director of JK Industries and JK Group, similarly commends OP Khaitan & Co for its “prompt response and timely guidance”. He singles out Gautam Khaitan, OP Khaitan and Praveen Alok for “their in-depth understanding and proactive approach”.

Rajani Singhania & Partners, a national-level firm of 20 partners and 100 associates formed in November 2013, combines the excellence of two well established firms: Delhi-based Singhania & Partners and Mumbai-based Rajani Associates. Rajani Associates advised McGraw-Hill Asian Holdings (Singapore) on its recent open offer for 22.23% of the outstanding shares of CRISIL. The firm also advised the promoters of Conmat Systems when they sold a 50% stake to Kayaba Industry, a Japanese construc-tion equipment manufacturer listed on the Tokyo Stock Exchange.

Clients compliment Singh & Associates for its full-service offering. Century Pulp & Paper consults the firm for dis-pute resolution, corporate and taxation matters. Jeyaram Nagarajan, the company’s general manager (import-export), says the firm has “extremely knowledgeable and efficient pro-fessionals, and we have always benefited from their advice”.

Tatva Legal, formed in 2010 by lawyers who broke away from Dua Associates, has realized its aim to create a full-service firm with a pan-India presence. It now has 84 lawyers and offices in five cities. its clients include Manipal Hospitals, which it assisted with an acquisition in Malaysia, and NOK Freudenberg Asia Holding.

Dispute resolution

Winners

Advani & Co

Amarchand Mangaldas

Bharucha & Partners

Kachwaha & Partners

Karanjawala & Co

Mulla & Mulla & Craigie Blunt & Caroe

Advani & Co stands out for its expertise in dispute resolution. The firm is headed by Hiroo Advani, an arbitra-tion expert who is a member of Singapore International Arbitration Centre’s Court of Arbitration. Advani recently set up the Indian Arbitration Forum along with other lead-ing dispute resolution firms, in an effort to bolster best practice in arbitration in India.

Amarchand Mangaldas continues to be a heavyweight

in dispute resolution among India’s corporate law firms. The practice, headed by Pallavi Shroff in the Delhi office, received a boost with the lateral hire of Ajit Warrier as a partner.

Bharucha & Partners has built up significant dispute resolution expertise. The firm’s clients include Godrej Industries whose Chakradhar V, executive vice presi-dent, corporate legal, says: “Vivek Vashi and his team … have been a source of strength for our in-house litigation management team and have ensured that the team is available for inspection of documents, briefing counsel, putting in extra hours when the situation demanded and we are happy that the relationship is now working well”. A client who wishes to remain anonymous says Bharucha & Partners “are meticulous, deliver on time and reason-able in terms of their charges”. This client commends MP Bharucha, who he says “studies the matter carefully, is a good strategist and advises in the interest of client realistically”.

New Delhi-based Kachwaha & Partners is spoken of highly by peers and clients alike for the depth of its dispute resolution expertise. Ioan Lepadatu, manager at Universal Tractor Holdings, says the firm is “a perfect example of great results and excellent service”. Lepadatu singles out partner Dharmendra Rautray, who he says “has all the attributes I expect in a high standard law firm: extensive knowledge and experience in handling interna-tional commercial arbitrations, professionalism, integrity, strategic thinking, excellent arguing skills in the court and responsiveness”. Lepadatu also commends senior asso-ciate Tara Shahani, who “diligently worked on the matter and acted for us in the Supreme Court and in the Delhi High Court”.

The boutique litigation firm of Karanjawala & Co receives high praise from its clients, including Procter & Gamble, which uses the firm for “all serious tax, civil and criminal litigation”. Amit Vyas, senior counsel at Procter & Gamble, singles out partner Ruby Singh Ahuja for her “dynamism, versatility, business acumen and fantastic energy levels”.

Vivek Vashi and his team [at Bharucha & Partners] … have been a source of strength for our in-house litigation management teamChakradhar VExecutive Vice President Corporate LegalGodrej Industries

[Singh & Associates has] extremely knowledgeable and efficient professionals, and we have always benefited from their adviceJeyaram NagarajanGeneral ManagerCentury Pulp & Paper

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Mulla & Mulla & Craigie Blunt & Caroe is recognized for its dispute resolution practice, particularly in litigation relating to ship arrests and charter party disputes.

Employment & industrial relations

Winners

ALMT Legal

Bhasin and Bhasin Associates

Kochhar & Co

Majmudar & Partners


Trilegal

ALMT Legal is commended for its employment law practice, including its expertise in employment contracts and service contracts, employment litigation, restrictive cov-enants, and employee share option plans. Its employment law experts include Mumbai-based partner Kruti Desai.

The boutique New Delhi firm of Bhasin and Bhasin Associates, headed by Amit Bhasin, is also recognized for its employment law practice. The firm reports that it advised on the termination and settlement of waiver and release agreements for managing directors at a foreign bank in India. It also handled the termination, rehire, waiver and release agreements for the transfer of over 5,000 employees of a large multinational to a third-party vendor in compliance with all the legal provisions without applying for permission to the government for the termination of such high numbers.

Kochhar & Co’s employment law practice is headed by partner Manishi Pathak.

Employment law is one of several areas in which Majmudar & Partners excels. The firm’s clients include Amazon.com, Wells Fargo, and Cigna Health Solutions India. Sabyasachi Mitra at Flakt (India) commends the firm for being “prompt and time bound”.

Mumbai-based Mulla & Mulla & Craigie Blunt & Caroe drafts employment contracts and agreements and handles litigation involving service and employment issues.

Trilegal’s niche employment law practice is headed by Bangalore-based partner Ajay Raghavan. The firm provides

companies in India with innovative solutions for navigating India’s complex employment regime. Raghavan is the only Indian lawyer on the 12-member management committee of XBHR, a multi-disciplinary, global forum for professional advisers and academics who are experts in cross-border human resources issues.

Energy, projects & infrastructure

Winners

Amarchand Mangaldas

HSA Advocates

J Sagar Associates

Link Legal - India Law Services

Luthra & Luthra

Trilegal

Amarchand Mangaldas regularly advises on project and infrastructure finance issues. Mumbai-based partner Amey Pathak recently advised State Bank of India on Tata Steel’s 6 million tonne a year Kalinganagar steel plant in Odisha, which played a pivotal role in devising a bankable structure for the project. Jatin Aneja, a partner in Amarchand’s Delhi office, is another key projects and infrastructure finance expert.

HSA Advocates, led by managing partner Hemant Sahai, has a stellar reputation for its infrastructure practice. The firm reports that it has been appointed legal adviser to the Ministry of Railways and the Mumbai Rail Vikas Corporation on the development and finance of a proposed 60-kilometre elevated rail corridor in Mumbai. HSA Advocates advised Hydreq, a Singapore-based PE fund, in a ̀ 1.2 billion (US$19.3 million) equity investment it made in DANS Energy Consulting, which represented the first foreign direct investment into a hydro project in North East India.

Bhanu Mehrotra, senior investment officer at the Delhi office of the International Finance Corporation, consults HSA Advocates on matters including transaction due diligence and structuring of public-private partnership (PPP) projects.

[Kachwaha & Partners is] a perfect example of great results and excellent service Ioan Lepadatu Manager Universal Tractor Holdings

HSA is ... effective, gives personal attention and time to help solve critical issues … all in all a valuable partnerBhanu MehrotraSenior Investment OfficerInternational Finance Corporation

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He commends Sahai for “his knowledge in the PPP space, his understanding of regulatory and government processes around PPPs, his walking the extra mile for his clients in providing value”, and partner-designate Pranav Singh for his understanding of PPPs and his client orientation. “HSA is ... effective, gives personal attention and time to help solve criti-cal issues … all in all a valuable partner,” says Mehrotra.

J Sagar Associates has a robust projects practice that focuses on energy, natural resources and transport. The firm’s projects practice works closely with its banking and finance practice and its regulatory and policy practice. Partner Amit Kapur, who chairs the regulatory and policy practice, wins praise from IBM India counsel Kapil Chaudhary, who says Kapur “is the best infra sector and energy lawyer in Asia”.

Link Legal - India Law Services was formed by the recent merger of Delhi-based Link Legal, which has a good track record in infrastructure work, and Mumbai-based India Law Services. The firm is currently advising Rapid MetroRail Gurgaon Limited – a consortium made up of Infrastructure Leasing & Financial Services and real estate developer DLF – which is building India’s first fully privately financed metro line. In addition, the firm reports that it advised the government of India and Delhi Mumbai Industrial Corridor Development Corporation on a first of its kind equity investment the cor-poration attracted from the Japan Bank for International Cooperation.

Luthra & Luthra advises on project and infrastructure financing transactions. The firm was the legal counsel to ONGC Petro additions, a joint venture between Oil and

Natural Gas Corporation and GAIL (India), when it received US$3.2 billion in project funding from a syndicate of 33 Indian banks and financial institutions.

Trilegal’s energy and infrastructure practice is headed by Akshay Jaitley. He recently led a team that advised Orissa Power Generation Corporation on a contract with Bharat Heavy Electricals for the supply of equipment and erection, installation and commissioning of a boiler turbine generator. Trilegal also advised Tata Power in relation to its acquisition of AES Saurashtra Windfarms. A team from the firm led by partner Charandeep Kaur conducted the due diligence and reviewed and negotiated the share purchase agreement.

Insurance & reinsurance

Winners

Amarchand Mangaldas

Clasis Law

Khaitan Sud & Partners

Luthra & Luthra


Tuli & Co

Amarchand Mangaldas recently advised Prudential on the structure and transaction documentation in relation to the exit of DLF from a joint venture company – DLF

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After the unsuccessful attempt to augment generation capacity through mega power projects in the late 1990s, the concept of ultra-mega power projects (UMPPs) was introduced in 2005-06, with the aim of bringing down the cost of generating power through scale and competition. Since 2005-06, four UMPPs with an aggregate capacity of 15,920 MW have been awarded by the government.

The idea behind the UMPP programme was to have the government assume the developmental risks and provide a secure foundation to the private developer to undertake construction of the UMPPs.

The developers were expected to assume the risks related to construction and operation of UMPPs, including the long-term fuel risk. The UMPPs at Mundra in Gujarat and Krishnapatnam in Andhra Pradesh being situated at coastal locations were designed to be run on imported coal, while the Sasan UMPP in Madhya Pradesh and Tilaiya UMPP in Jharkhand being situated at coal pitheads were proposed to be integrated with dedicated captive coal blocks.

While the risk associated with fuel availability was osten-sibly assumed by the government, the risk associated with imported fuel is borne by the developer. The purpose behind the government assuming development risks was to afford the developer an opportunity to generate power at a low cost. Although, the contractual framework provided for an escalable fuel energy charge, the escalable com-ponent was insufficient to insulate the developer from the extreme changes in the imported fuel price.

New economic structure

UMPPs were introduced as a response to the deficit in electricity faced in India but have been a failure by any benchmark. In order to revive the UMPP programme the Ministry of Power has introduced a new economic struc-ture that seeks to address the issues recognized during the implementation of the first four UMPPs and the primary apprehensions with respect to financing of any infrastruc-ture project.

Fuel charge: The underlying principle of a public-private partnership is that risks are allocated to the parties that are best suited to manage them. As the risk of variation in fuel price cannot normally be managed by the developer, the new economic structure provides for pass through fuel charges to the utilities, which, in turn, will be reflected in the tariff to be paid by the end consumers.

Alternative formulations for determining the fuel costs based on the source and pricing of the fuel supplies have been provided to ensure that the fuel charges are determined based on actual considerations. It may be

argued that the new economic structure does not provide for pass through of imported fuel charges in entirety as the mech-anism provided for computation of charges for imported fuel, being based on pre-selected coal indices, might not reflect the actual market prices.

Foreign exchange risk: UMPPs require a massive investment and developers usually seek lending from foreign institutions. Recognizing that developers would have no means to hedge long-term risk associated with foreign exchange fluctuations, the new regime provides that the foreign exchange risk would have to be borne by the procurers (utilities).

Development model: Under the earlier regime the own-ership of the project assets was transferred to the devel-oper, however, under the new regime the ownership of the project assets is retained by the utility.

Bid parameters: The new regime affords a simplified bid structure, requiring the developer to bid only a fixed charge to be revised annually as per a predetermined mechanism. Fuel charge is no longer one of the bid parameters, which reduces the risks to be assumed by the developer.

Alignment: Recognizing the importance of aligning the provisions of the power purchase agreement (PPA) with the fuel supply agreement (FSA), the PPA, as a condition precedent, requires the developer to execute a FSA incor-porating the essentials of the PPA, thereby, putting all the developers on the same footing.

The new regime notified by the Ministry of Power repre-sents a paradigm shift in the power sector. The new eco-nomic structure could enhance the bankability of UMPPs considerably and revive investor interest in the thermal power sector. The response to requests for quotations for the two recently announced 4,000-MW UMPPs – at Bhedabahal in Orissa and Cheyyur in Tamil Nadu – sug-gests a positive outlook of the industry, with participation by most of the country’s major power players. However, it remains to be seen whether the revisions in the standard bidding documents have any tangible effect on the fate of UMPPs in the long run.

Winning firm thinks bigHemant Sahai and Sunei Kapur of HSA Advocates, a winner of

the ‘energy, projects & infrastructure’ award, look into the future of ultra-mega power projects

Practitioner’s perspective

Hemant Sahai is the managing partner of HSA Advocates. He can be reached at [email protected]. Sunei Kapur is an associate at the firm. HSA Advocates advised the Association of Power Producers in negotiating the revised power purchase agreemens for the new structure, with the government of India.

Hemant Sahai

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Pramerica Life Insurance Company – and the entry of Dewan Housing Finance Corporation and its promoters’ entities as shareholders of the joint venture. Shailaja Lall, a Delhi-based partner in the firm’s insurance practice, led the team that advised on the transaction.

Insurance is one of several key practice areas for Clasis Law. Senior partner Sakate Khaitan has expertise in the area, while dispute resolution partner Sumeet Lall has experience in insurance and reinsurance claims.

Khaitan Sud & Partners has recently added to its expertise in insurance with the lateral hire of partner Ashutosh Singh, who “has rich experience and has been brought in to head” the firm’s insurance practice.

Luthra & Luthra advises on financing transactions in the insurance sector.

Mulla & Mulla & Craigie Blunt & Caroe is reputed for its insurance practice. This work is tied to its maritime work.

The sterling work of insurance boutique Tuli & Co is recognized by both peers and clients. “The name Tuli & Co … instils faith when they are present on a portfolio that requires their intellectual expertise,” remarks Avya Kapoor at Cunningham Lindsey International.

Stephen Townley of Active Rights Management says he would recommend the firm “without reservation” and singles out partner Rajat Taimni for his expertise in com-mercial litigation and arbitration.

Anshoo Sharma, assistant vice president for legal and compliance at Max Life Insurance, says the firm “was prompt in replying, had immense knowledge of the sub-ject and provided practical solutions whenever they were approached”.

Sharma commends partner Celia Jenkins for her “sharp understanding and excellent domain knowledge in the area of insurance laws”. Anita Panditaa, claims manager at ICICI Lombard General Insurance, says Tuli & Co law-yers are “very professional, knowledgeable and easy to work with”.

The firm, which is headed by Neerav Tuli, functions in association with Kennedys, an international firm that spe-cializes in insurance and reinsurance.

Intellectual property

Winners

Anand and Anand

K&S Partners

Krishna & Saurastri Associates

Remfry & Sagar

Saikrishna & Associates

Singh & Singh

Intellectual property (IP) expertise is best found in India’s many boutique IP firms. Anand and Anand is regarded highly by in-house lawyers. Narayanan Iyer at Hindustan Petroleum says: “In India, in respect of intel-lectual property, Anand and Anand are the last word. They are the best. Full stop.”

An international client who engages Anand and Anand on trademark-related matters and wishes to remain anonymous says: “We have engaged numerous law firms in India, and we believe Anand and Anand provides superior legal services. Their responsiveness and strate-gic thinking on cases puts them well in front of services provided by other competing law firms in India.”

At Tata Consultancy Services, which uses Anand and Anand exclusively, V Gurumoorthi says: “They have also mastered the art of dealing with the social media plat-forms like Twitter, Facebook, YouTube, etc., where they were required to protect our interest against misuse of identities of the top officials.” V Gurumoorthi singles out managing partner Pravin Anand and senior associate Achuthan Sreekumar for their “sound knowledge and experience and innovativeness”.

K&S Partners, the IP affiliate of J Sagar Associates, is another of India’s top IP firms. The firm successfully represented ZTE Corp, a Chinese telecom and infra-structure equipment giant, in a patent infringement suit filed by Vringo that had brought ZTE’s operations in India to standstill.

Taslimarif Saiyed, director and COO of the Centre

[K&S Partners is] very prompt in responding and has systems for periodic updatesVishal Mittal Group Manager, Legal and Indirect Taxes Wipro Enterprises

The name Tuli & Co … instils faith when they are present on a portfolio that requires their intellectual expertiseAvya KapoorOperations DirectorCunningham Lindsey International

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for Cellular and Molecular Platforms at the National Centre for Biological Sciences in Bangalore, commends K&S Partners for its “comprehensive support”. Vishal

Mittal, group manager, legal and indirect taxes, at Wipro Enterprises, lauds the firm for being “very ethical” and for nominating one person to deal with each client. “We need not talk to different people for our different mat-ters,” says Mittal, adding that K&S Partners is “very prompt in responding and has systems for periodic updates”.

Krishna & Saurastri Associates’ IP practice receives praise from clients and peers alike. The firm’s technical expertise includes IP issues in electronics, software, electrical, mechanical, automobile, medical, pharma-ceutical, biochemical, chemical and biotechnology disciplines.

The firm represented Whirlpool India in an injunction action against Videocon Industries, in a dispute relating to design infringement and passing off.

Remfry & Sagar is synonymous with the development of IP practise in India. The firm reports that it represents over “an overwhelmingly international clientele with more than 7,000 clients spread across the globe”. Remfry & Sagar successfully represented Jaguar Cars in a trade-mark opposition that was decided by the Intellectual Property Appellate Board, and Mast-Jägermeister in a writ petition filed against the Tamil Nadu Police for the unauthorized use of images of the company’s products and trademarks in a campaign against drinking and driving.

With expertise in both IP and general l it igation Saikrishna & Associates has a strong record of wins

[Lawyers at Saikrishna & Associates are] fully committed, accountable and own the client’s work till the very endDeepak JacobExecutive Vice President and General Counsel, Legal and Regulatory AffairsStar India

Mumbai Office: Mulla House,51, Mahatma Gandhi Road,Flora Fountain, Mumbai - 400 001, IndiaTel: +9122 22623191 / +9122 22044960Fax : +9122 66345496 / +9122 22040246

Bangalore Office: 209, Regency Enclave,4, Magrath Road, Bangalore-560 025, IndiaTel: +9180 25550370 Fax: +9180 25598549

Delhi Office: 502, Nilgiri Apartments, 5th floor,9 Barakhamba Road, New Delhi 110 001, IndiaTel: +9111 23321501 Fax: +9111 23321520

Email : [email protected]

Total number of partners: 14Total number of associates: 100+

Year Established: 1895

Key areas of practice: Admiralty; Arbitration (Domestic & International); Aviation Law; Banking & Securities; Capital Markets; Competition/ Anti-trust; Construction; Company / Commercial Law; Customs and Tariff; Employment & Industrial Relations; Energy Law (Oil & Gas); Entertainment Law; Environmental Law; Finance Law (Aircraft, Ship & Project); Foreign Investment; IT; Infrastructure Projects (Power & Ports); Intellectual Property; Insurance Law; Litigation; Logistics; Mergers & Acquisitions; Media & Entertainment; Offshore Investment & Securities; Privatization; Real Estate & Property Law; Tax Laws; Telecommunications; Trade & Transport.

Mulla & Mulla is a worldclass firm with a broad-based practice and a diversified client base. Founded by Sir Dinshaw Mulla in 1895, the firm has emerged as a top tier leading law firm known for its unparalled legacy in litigation and trend-setting solution-providing capabilities.

Ranked amongst India’s strongest litigation & dispute resolution firms, the firm advises on managing litigation risk and facilitates negotiations to resolve disputes, thus resulting in the least possible adverse effect to clients’ business. It also acts as Legal Counsel to numerous multi-national companies, several large Indian corporates and a number of Fortune 500 Companies. Individual partners concentrate on different practice areas providing specialist legal, commercial & technical services to clients. The firm’s in-depth knowledge and sound understanding of commercial and market realities results in providing relevant solutions which are legal and of real commercial value.

Being acclaimed as the leading admiralty law firm, Mulla & Mulla has an industry-wide prominence in all related aspects of maritime, insurance, infrastructure & energy laws.

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for clients. “They are clearly head and shoulders above almost all other firms,” says Deepak Jacob at Star India. He adds that the firm provides “great value for money unlike other law firms” and that the firm’s lawyers are “are fully committed, accountable and own the client’s work till the very end”.

Jacob commends in particular partners Sidharth Chopra and Ameet Datta, who he says “are a good foil to Sai [managing partner Saikrishna Rajagopal] and provide us with confidence even in his absence,” and Monica Datta who he says is “a great deputy and provides tre-mendous transaction related support”.

An international client who did not want to be named says Rajagopal is “very practical, tells you the true strengths and weaknesses of your client’s position, does not sugar coat the truth so you have a clear understand-ing of where your case stands”.

Saikrishna & Associates is representing Micromax Informatics in its ongoing dispute with Ericsson, which is being fought before both the Competition Commission of India and Delhi High Court. Representing Ericsson is another of India Business Law Journal’s award winners in the IP category: Singh & Singh.

Singh & Singh is headed by Prathiba Singh, who was recently designated by Delhi High Court as a senior advocate. The firm has represented clients in several landmark IP rulings, including in the Novartis Glivec patent case decided in April 2013, where it represented Cipla.

Mergers & acquisitions

Winners

Amarchand Mangaldas

AZB & Partners

J Sagar Associates

Khaitan & Co

Luthra & Luthra

Platinum Partners

Amarchand Mangaldas is widely recognized by its peers and clients as the premier law firm for advice on mergers and acquisitions. It advised on five of India Business Law Journal’s 12 M&A and joint venture deals of 2013. These include the US$2.5 billion acquisition of a Videocon Industries unit that owns 10% of a gas field in Mozambique by two state-owned entities – Oil India and the overseas investment arm Oil and Natural Gas Corporation. Amarchand’s Delhi office advised Videocon on the transaction.

AZB & Partners also advised on five of our M&A and joint venture deals of 2013, including the purchase by Paris-based Bureau Veritas, a provider of testing, inspection and certification services, of Sievert India, a leading provider of non-destructive testing and related industrial inspection serv-ices. AZB & Partners represented Sievert, with a team led by Bangalore partner Srinath Dasari.

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J Sagar Associates was the Indian counsel to Bureau Veritas on the same deal. Its team was led by partner Sandeep Mehta. Mergermarket data show that J Sagar Associates advised on 17 transactions totalling US$693 million in 2013.

Khaitan & Co has built a stellar reputation for its M&A work. According to Mergermarket, the firm advised on 27 transac-tions totalling US$2.25 billion in 2013. Khaitan & Co worked on the global sale of the assets and shares of OC Oerlikon Management’s natural fibre and textile components business, and the Saurer brand, to China’s Jiangsu Jinsheng Group. A team led by partner Rabindra Jhunjhunwala and Surbhi Kejriwal advised the Chinese company on the Indian leg of the transaction.

Luthra & Luthra was the lead legal counsel to Ratnakar Bank when it acquired the banking, credit card and residential mortgage portfolio of Royal Bank of Scotland’s India opera-tions. The firm’s team was led by Mumbai partners Bikash Jhawar and Amit Shetye.

Platinum Partners, widely commended for its M&A prac-tice, is a new winner in this category. The firm has advised on several headline-making transactions including what is widely seen as the largest inbound acquisition in India in 2013: Diageo’s US$2.1 billion acquisition of a 53.4% stake in United Spirits. A team from Platinum Partners led by Mumbai partners Nihar Mody and Yash Mohanram advised Diageo on Indian law. The firm also advised the US generic company Mylan on its acquisition of a unit of Strides Arcolab.

Policy & regulation

Winners

Amarchand Mangaldas

AZB & Partners

Hammurabi & Solomon

J Sagar Associates

Khaitan & Co

Luthra & Luthra

India’s largest law firms have the most successful policy and regulation practices. Amarchand Mangaldas is recog-nized by its peers and clients for the key role the firm plays on policy making forums. Narayanan Iyer at Hindustan Petroleum remarks that Amarchand is “of course the best” in the area of policy and regulation.

AZB & Partners is similarly well regarded for having the ear of the regulators. The firm benefits from insights gained by the founding partners of the firm, who routinely provide input to government committees and working groups. Samir Gandhi, who heads the firm’s competition law practice, has deep knowledge of competition policy.

Hammurabi & Solomon benefits from having lawyers, including managing partner Manoj Kumar, serve as mem-bers of industry groups such as the Confederation of Indian Industry (CII), which routinely engages policy makers and government officials on issues of regulation and policy. The firm reports that its partners assisted in the drafting of the Commercial Division of High Courts Bill jointly with the CII. The firm’s partners have also been involved in a bill on the regulation of the media in conjunction with a leading New Delhi think-tank. KL Rao, officer on special duty at the Fertiliser Corporation of India, says the lawyers at Hammurabi & Solomon are “prompt and innovative” and that they deliver

“quality bespoke solutions”. “We appreciate that their manag-ing partner and the senior partners are always accessible and are involved in our matters with all sincerity.”

J Sagar Associates benefits from the expertise of former civil servants, including Amitabh Kumar, a retired Indian Revenue Service officer, who served as the first director gen-eral of the Competition Commission of India. Mumbai-based partner Somasekhar Sundaresan, who heads the firm’s secu-rities law practice, was a member of a high-level committee set up by SEBI to review insider trading regulations, which submitted its report in December 2013. Rajiv Luthra, manag-ing partner of Luthra & Luthra, was a member of the same committee.

Luthra & Luthra reports that it gave the US generic company Mylan “strategic advice” on seeking various approvals for its acquisition of a unit of Strides Arcolab. The firm “extensively represented” Mylan before the regulatory authorities to put forward Mylan’s case and obtain necessary approvals.

Khaitan & Co advised the Ministry of Power and the Department of Disinvestment, Ministry of Finance, on the sale of shares of the country’s largest power producer, NTPC.

Private equity & venture capital

Winners

Amarchand Mangaldas

AZB & Partners

J Sagar Associates

Khaitan & Co

Nishith Desai Associates

Trilegal

Private equity and venture capital transactions often benefit from the breadth of complementary legal services available at the larger firms, which also seem to have the best expertise in this area.

Amarchand Mangaldas advised Warburg Pincus when it sold its stake in Alliance Tire Group, a global tire manufac-turer with subsidiaries in India, to Kohlberg Kravis Roberts & Co (KKR). Senior partner Vandana Shroff and partner Alice George of Amarchand’s Mumbai office advised Warburg Pincus in India.

As is often the case, AZB & Partners advised on the same transaction. Partners Darshika Kothari and Nohid Nooreyezdan advised KKR on Indian law. Both firms also advised on Baring Private Equity Asia’s investment in Hexaware Technologies. AZB & Partners’ senior partner and CEO Abhijit Joshi and partner Essaji Vahanvati represented the sellers of the control-ling stake in Hexaware, which included the promoter group and private equity firm General Atlantic.

J Sagar Associates advised on a transaction that saw one of India’s largest cable television distribution companies, Den Networks, raise funds through a preferential allotment of shares to two Singapore-based affiliates of Goldman Sachs. Goldman Sachs was represented by partners Akshay Chudasama, Vikram Raghani and Mithun V, and senior asso-ciate Anuj Bhasme.

Khaitan & Co advised ODSA Topco, a company backed by private equity firm Apax Partners, in its US$420 mil-lion acquisition of GlobalLogic. The firm’s team was led by Haigreve Khaitan.

Nishith Desai Associates’ strong tax practice complements

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its niche private equity practice. The firm recently acted as the legal and tax counsel to Educomp Solutions and certain shareholders of EuroKids International when they sold their stake in EuroKids to GPE, a private equity fund. EuroKids is one of the largest providers of educational services in the pre-school and higher secondary school segment in India.

Trilegal advised Godrej Agrovet when V-Sciences Investments, an arm of Singapore-based investment firm Temasek, picked up a 19.9% stake in the company. Partner Sridhar Gorthi led the team that advised Godrej Agrovet.

Privatization & disinvestment

Winners

Amarchand Mangaldas

AZB & Partners

Dhir & Dhir Associates

J Sagar Associates

Khaitan & Co

Luthra & Luthra

The privatization of public sector companies has resulted in 50 central public sector enterprises listed on the stock exchanges contributing about 14% of the total market cap-italization. However, the falling rupee has put a dampener on future privatization plans of the government.

Amarchand Mangaldas has served as legal counsel on more disinvestments than any other firm. A draft red herring prospectus recently filed with SEBI indicates that Amarchand is the legal counsel to Power Grid Corporation of India and the selling shareholder. The firm is the legal adviser to the book running lead managers for the Engineers India follow-on-public offer and Neyveli Lignite sale.

At AZB & Partners, partner Vinati Kastia has expertise in disinvestment and privatization.

While Khaitan & Co was legal counsel to the book run-ning lead managers in the Hindustan Copper divestment in 2010, Luthra & Luthra was legal counsel to Coal India in the same year. Luthra & Luthra is also advising on the Engineers India follow-on public offer, which is expected this fiscal year.

J Sagar Associates regularly advises on public-private partnerships. Partner Amit Kapur has been associated with PPP projects such as the Delhi electricity privatization and metro rail projects in Mumbai and Delhi.

Restructuring & insolvency

Winners

Amarchand Mangaldas

AZB & Partners

Dhir & Dhir Associates

Majmudar & Partners

Sibal & Co

Trilegal

Debt restructuring and refinancing is one of several areas where Amarchand Mangaldas has deep expertise. A

team led by Mumbai-based senior partner L Viswanathan and partner Amey Pathak advised State Bank of India and other banks on a US$1.8 billion corporate debt restructur-ing package the banks put together for Suzlon Energy and its subsidiaries.

AZB & Partners also routinely acts on restructuring transactions and, like Amarchand, it usually advises the creditors.

The mid-size firm of Dhir & Dhir Associates has built up a name as India’s go-to firm for restructuring and insol-vency. Its insolvency and restructuring practice is headed by partner Nilesh Sharma, who has handled numerous matters before the Board for Industrial and Financial Reconstruction. Managing partner Alok Dhir is another key expert in the area.

Majmudar & Partners has acted for several banks on debt restructuring matters. Partner Neerav Merchant, who has been with the firm since 2007, represented Wockhardt on its corporate debt restructuring.

Sibal & Co is recognized for its bankruptcy and insol-vency work. Vivek Sibal is a member of the International Association of Restructuring, Insolvency & Bankruptcy Professionals.

Trilegal’s experts in refinancing and insolvency include the head of the firm’s banking and finance practice, Karan Singh.

Shipping & maritime

Winners

Bharucha & Associates

Bhatt & Saldanha

Bose & Mitra

Brus Chambers

Crawford Bayley & Co


While there are maritime lawyers in port cities around India, such as Kochi in Kerala, the expertise available in Mumbai is second to none.

Bharucha & Associates’ maritime law practice is

[Bharucha & Associates has] the most efficient Indian lawyers we have worked withErlend LousPartnerSimonsen Vogt Wiig

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rated highly by clients and peers. Robert Joiner, a Singapore-based partner at Wikborg Rein, says Bharucha & Associates, led by Zarir Bharucha, “understand the requirements of international law firms”. Daniel Syphard, associate counsel at World Fuel Services Corporation in Miami, who works with the firm on maritime and col-lection matters, says “counsel is honest about the risks of the case and ensures I do not waste time or money pursuing fruitless legal actions”. Erlend Lous, a partner at Simonsen Vogt Wiig in Oslo, commends Bharucha for being “the most efficient Indian lawyers we have worked with”.

Bhatt & Saldanha is rated highly by its peers. The firm, led by Adil Patel, has deep maritime law expertise.

Bose & Mitra is led by Amitava Majumdar, who is also known as Raja. Greg Hahn, legal manager at Hanjin Shipping, says: “I am happy with their service especially from the senior partner, Raja. They’re simply the best

Indian law firm that I have dealt with”. Kowshik Kuchroo, president for shipping at Mercator Lines, is another sat-isfied client. “I look to Raja as an extension of Mercator and can discuss any subject with him any time of day/night,” says Kuchroo. “His advice has always proved to be in the best interest of Mercator.”

Brus Chambers has built a reputation for its expertise in admiralty, shipping and maritime matters. Managing partner Shrikant Hathi is reputed for both litigation and transactional work in the area.

Crawford Bayley & Co and Mulla & Mulla & Craigie Blunt & Caroe are both full-service law firms that have well established maritime practices. Partner Prashant Asher at Crawford Bayley is a key expert at the firm. At Mulla and Mulla, maritime law is one of partner Shardul Thacker’s key areas of expertise.

Structured finance & securitization

Winners

Amarchand Mangaldas

Dave & Girish & Co

Desai & Diwanji

Juris Corp


Phoenix Legal

I look to Raja [at Bose & Mitra] as an extension of Mercator … his advice has always proved to be in the best interest of MercatorKowshik KuchrooPresident, ShippingMercator Lines

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This is another area where the depth and breadth of expertise at Amarchand Mangaldas makes it an obvious choice for clients. Mumbai-based partner Leena Chacko is a recognized expert in this practice area.

Mumbai-based Dave & Girish & Co also has expertise in this area. Partner Mona Bhide heads the structured finance practice.

Desai & Diwanji acted for the Armada D1 joint venture entity that obtained a term loan from a consortium led by Bank of India. The transaction was one of India Business Law Journal’s 2013 Deals of the Year.

Juris Corp regularly advises on cross-border legal and regulatory issues in the area of structured finance and in relation to issuance of fully and compulsorily convertible instruments. Managing partner H Jayesh and partner Sonali Sharma have deep expertise in the area.

Phoenix Legal has a strong team with expertise in this area. The firm advised on the first listing of securitized debt in India: the listing of senior securities of IFMR Capital on the Bombay Stock Exchange. Phoenix Legal’s team on this transaction comprised partner Sawant Singh, coun-sel Kartikeya Singh and associate Raghuveer Sarathy. Saurabh Jaywant, chief legal counsel at IFMR Capital, says Phoenix legal advised on the transaction documents to ensure compliance with the requirements of SEBI regula-tions as well as the RBI guidelines. “We were certainly satisfied with Phoenix Legal’s work and they met all our expectations.” Tsutomu Abe, head of legal at Tokyo-based Kokuyo, commends the firm for being “very punctual and reasonably priced”.

Taxation

Winners

BMR LegalEconomic Laws PracticeLakshmikumaran & SridharanNishith Desai AssociatesSeth Dua & AssociatesVaish Associates Advocates

We were certainly satisfied with Phoenix Legal’s work and they met all our expectationsSaurabh JaywantChief Legal CounselIFMR Capital

Now in their sixth year, India Business Law Journal’s annual Indian Law Firm Awards are a benchmark of excellence in India’s legal profession.

As in previous years, the awards are intended to reflect the opinions of India Business Law Journal’s read-ers and other qualified observers of the country’s legal profession. To achieve this, nomination forms were sent to thousands of India-focused in-house counsel and other legal professionals in India and around the world. Respondents were asked to nominate Indian law firms in each of the awards categories and to justify their nomi-nations with relevant information and, where possible, examples.

Indian law firms, meanwhile, were requested to provide information in support of their candidacy for the awards, including up to 10 referees, whom India Business Law Journal’s editorial team could contact to verify the quality of their services. They were also given the opportunity to make nominations for the awards, but were not permit-ted to nominate themselves.

More than 2,600 individual nominations were received from a wide range of companies and law firms, including: Aditya Birla; Alchemy Capital; Bharti Airtel; Century Pulp & Paper; Deutsche Bank; Dupont; Edelweiss Financial Services; Encyclopaedia Britannica; Essar Group; Farallon Capital Management; Gujarat Pipavav Port;

Hindustan Petroleum; IBM; Larsen & Toubro; Monsanto; Petronet LNG, Piramal Imaging; SBI Capital Markets; Schneider; Starbucks; and Universal Tractor.

In determining the winners, India Business Law Journal’s editorial team considered the objective data obtained from the nomination process alongside subjective infor-mation provided by survey respondents and law firm referees. Law firms’ recent deals, cases and professional accomplishments were taken into account, as were their achievements in practice development, such as promi-nent hires, new office openings and the implementation of new management systems.

In order to reflect the sheer depth and diversity of India’s legal market, and to ensure that the results recog-nize not only the pre-eminence of India’s largest general practice firms, but also the achievements of smaller and more specialist firms, six winners of equal standing are announced in each practice area category. In addition, two firms share the prize for best newcomers while a single firm is crowned law firm of the year.

While no awards process can be without some degree of controversy, India Business Law Journal’s editorial team has done everything possible to ensure that the Indian Law Firm Awards are thoroughly researched, expertly judged, independent, impartial and something of which all of the winning firms can be justifiably proud.

Awards methodology

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BMR Legal has built up an enviable reputation for its taxation advisory and litigation practice. The firm has added to its expertise with high-profile lateral hires, including that of partner Amit Khansaheb. A team headed by managing partner Mukesh Butani provided tax litiga-tion support to Rolls-Royce group in relation to appeals in Delhi High Court and special leave petitions in the Supreme Court involving issues in international tax with respect to permanent establishment.

Economic Laws Practice has advisory and litigation expertise in the areas of tax and transfer pricing. Managing partner Rohan Shah leads the tax practice, which has nine partners. The firm is the legal counsel to Sanofi as it battles a `10 billion tax demand notice. Shah says that the firm is doing a lot of work for BMW and litigation and advisory work for IBM, a new client. The tax litigation team recently added to its strength with the hiring of Sonu Bhatnagar, a Delhi-based tax advocate, as a partner.

Lakshmikumaran & Sridharan is recognized as one of India’s premier firms for tax advisory and litigation. Narayanan Iyer at Hindustan Petroleum says that the firm is the best in the field of indirect taxation. Managing partner Lakshmi Kumaran specializes in indirect taxation matters.

Nishith Desai Associates has carved out a niche in the sphere of international taxation. Managing partner Nishith Desai is a go-to person for advice on cross-border taxation and tax structuring. The firm is the tax adviser of choice for structuring investments through jurisdictions

with which India has double taxation avoidance treaties. The firm takes pride in its focus on research and continu-ous learning.

Seth Dua & Associates is recognized for its expertise in taxation. Senior partner Atul Dua and a recent lateral hire, partner Gautam Chopra, are key taxation advisers at the firm.

Vaish Associates Advocates has a well-established practice for both direct and indirect taxation that receives praise from clients and peers alike. Saying that he is “very satisfied” with the services provided by Vaish, Gregory Chew, vice president and senior legal counsel at Firmenich, a Swiss perfume and flavouring company, commends partners Bomi Daruwala and Hemant Puthra. “They are knowledgeable, responsive and fair on billing practices,” says Chew.

[Bomi Daruwala and Hemant Puthra at Vaish] are knowledgeable, responsive and fair on billing practicesGregory ChewVice President and Senior Legal CounselFirmenich

Key practice areas: Litigation, arbitration and dispute resolution

Over the years Karanjawala & Company has come to dominate the litigation landscape and has serviced a wide variety of diverse clients from prime ministers to captains of industry to the biggest corporate houses and the largest media companies.

This is evident from the various awards it has won over the years, such as: European CEO “Best Dispute Resolution Team”, India, 2009, India Business Law Journal’s prestigious Indian Law Firm Awards, 2009 to 2013, Legal Era Awards: “Best Litigation and Arbitration Law Firm Award” for 2012 & 2013, The Corporate INTL Global Awards “Boutique Litigation Firm of the Year in India” in 2012 to 2014, The Global Law Experts Practice Awards 2013’: “Commercial Dispute Resolution Firm of the Year In India”, Corporate Livewire Global Awards - “Boutique Litigation Law Firm of the Year- India” for 2013 & 2014, ACQ Global Awards- “ India- Boutique Litigation Law Firm of the Year” for 2013 & 2014, Global 100- 2013- “ India- Boutique Litigation Law Firm of the Year”, International Global Law Experts Awards 2013 - “Boutique - Litigation Law Firm of the Year in India”, ACQ Law Awards 2013- “India- Boutique Litigation Law Firm of the Year” and DealMakers Annual Awards - “India - Boutique Litigation Firm Of The Year” for 2013 & 2014. Mr Raian Karanjawala was named one of the 50 most influential people in India by ‘India Today’ magazine in 2004.

Contact us

12th Floor, Hindustan Times House 18-20, Kasturba Gandhi Marg

New Delhi - 110 001, India Tel +91 11 43588888 Fax +91 11 43588800

7, Factory RoadNear Safdarjung Hospital New Delhi- 110029, India

Tel +91 11 43788888 Fax +91 11 41555980

Email [email protected]

Contact person Mr. Raian Karanjawala

(Managing Partner) Email [email protected]

Karanjawala & CompanyEstablished in 1983

Kachwaha & Partners is honoured to be declared a Winner of the Indian Law Firm Awards 2013

in the category of Dispute Resolution.

We thank India Business Law Journal and our clients for their trust.

KACHWAHA & PARTNERSNew Delhi and Mumbai

91.11.41661 [email protected]

Intelligence report



February 2014

Technology, media & telecommunications

Winners

DSK Legal

J Sagar Associates

Kochhar & Co

Naik Naik & Co


Seth Dua & Associates

DSK Legal has built up a reputation in this area. The firm advised software firm Datamatics Global Services in part-nering with multimedia solutions company PreMedia Global in data publishing and e-retail. Mumbai-based partner Ajay Shaw led the team that acted for Datamatics.

J Sagar Associates has deep expertise in this area. Partner Sajai Singh, who heads the firm’s technology, media and telecommunications (TMT) practice, represents emerg-ing technology companies and investors.

Stephen Mathias at Kochhar & Co is an expert on legal issues related to outsourcing. Mathias co-chairs the firm’s technology practice. Suhas Srinivasiah, a senior partner at the firm’s Bangalore office, is a key expert in the area.

Naik Naik & Co serves clients in the media sector such as large production houses and distribution companies. The firm structures financing and funding deals and advises on regulations in respect to outbound and inbound TMT invest-ment. The firm’s managing partner, Ameet Naik, is recog-nized for his expertise in this practice area.

Nishith Desai Associates is recognized for its expertise in dealing with the regulatory, technological, legal and tax challenges encountered by companies in the media and entertainment industries.

Seth Dua & Associates’ TMT practice received a boost with the recent lateral hire of partner Salman Waris, who is a recognized expert in the area.

Best newcomers

Winners

Groverlaw

MPC Legal

In this category, our editorial team considered law firms that had been set up during the past two years.

Delhi-based Groverlaw – an IP boutique set up by Vikram Grover in April 2013 – has been making waves. Grover, for-merly an equity partner at Remfry & Sagar, says he has 10 “active clients”. Groverlaw has eight lawyers and is currently pursuing several enforcement actions for clients at Delhi High Court. The firm reports that that it was able to obtain two ex parte interim injunctions for Gillette, in separate cases where permanent injunctions are being sought.

Shailyamanyu Singh, senior counsel at Proctor & Gamble Asia, who used Groverlaw for a litigation that eventually went into mediation, reports that: “Vikram Grover ... has intricate knowledge of local business, which is a great advantage for us especially in dispute resolution cases.”

A second client, Akhilesh Tripathy, a director at Dr Willmar

Schwabe India, commends Groverlaw for its “commitment, professionalism and approach to accomplish the job up to the satisfaction of the client”.

MPC Legal is of a slightly older vintage. The New Delhi-based firm was set up in July 2012 by Aseem Chawla, a former tax partner at Amarchand Mangaldas, and Dipankar Vig. The firm, which currently has three partners and 14 associates, has a best-friend relationship with the account-ancy firm Mohinder Puri & Co. Chawla says MPC Legal is able to provide advice “that is very well rounded on the law as well as the business aspects”. He emphasizes that while he is a chartered accountant as well as lawyer, others in the practice have company secretary qualifications. The firm’s international clients include Gowan, a marketer of crop pro-tection products.

Chawla says that while building the firm over the past year has been a good experience, its future well-being will depend greatly on how it does in the next 12 months. g

Vikram Grover ... has intricate knowledge of local businessShailyamanyu SinghSenior CounselProctor & Gamble Asia

rAise your glAsses: Congratulations to all of this year’s winners.

Documents

Indian Law Firm Awards.pdf