INDIA LAW FIRMS
Supernova insolvency case: NCLAT to wait for lenders' decision on settlement offer from Supertech Realtors
Insolvency appellate tribunal NCLAT on Wednesday said it will wait for the decision of lenders on a revised settlement offer by Supertech Realtors, which is developing a residential apartment, offices, retail and luxury hotels at its Supernova project. NCLAT also directed the Interim Resolution Professional (IRP) not to constitute a Committee of Creditors. However, it said the construction work for the project would be continued under the supervision of IRP.
Hindenburg has never been a client of the firm, Kotak Mahindra International says
Kotak Mahindra International Limited (KMIL) clarified on Tuesday that Hindenburg has never been a client or investor of the firm. The company made the statement to address any confusion regarding their relationship with Hindenburg.
Government working on aggregation of CA firms, accounting standards for insurance sector
Government and ICAI collaborate to boost global accounting firm presence. Efforts include setting standards for insurance sector and LLPs, and reducing the time for voluntary company closure. ICAI President plans for CA firm aggregation in the near future.
Why the Digital Competition Bill has started a polarising debate in the tech industry
India’s Digital Competition Bill has turned previous foes in the tech industry into unlikely allies and sparked a polarising debate on market practices. The Committee on Digital Competition Law (CDCL) on February 27, submitted its report to the ministry of corporate affairs (MCA) after working on it for more than a year.
Amazon Pay India top up; GST summons for egaming firms
Amazon has pumped Rs 600 crore in its local fintech unit Amazon Pay India. This and more today’s ETtech Top 5.
Indian law firm SNG & Partners collaborates with Singapore-based ESG firm Snowkap
Mumbai-headquartered law firm SNG & Partners has partnered with Snowkap, a Singapore-based ESG firm, to support global organizations in their sustainability journey. Led by chairman Rajesh Gupta, SNG & Partners has analyzed over 4,000 ESG data points from Indian laws, integrating with Snowkap's capabilities. Co-founders Rajesh Patel and Giri Krishnaswamy highlight the transformative impact of this alliance on reshaping ESG commitments.
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UK law firm Ashurst names Kalpana Unadkat and Shishir Mehta co-heads for India practice
UK-based law firm Ashurst appoints Kalpana Unadkat and Shishir Mehta as co-heads of their India practice in London, reflecting the firm's commitment to investing in India's growing market.
MeitY meets firms to review concerns on Digital Competition Law
Indian policymakers discussed the impact of the proposed Digital Competition Bill on data and digital markets at the MEITY meeting with industry representatives. Stakeholders had differing opinions on the regulations, with some supporting its provisions while others raised concerns about deterred investments.
India's EU-like antitrust law worrying technology firms
India's proposed antitrust law, influenced by a panel report, targets tech giants with global turnovers exceeding $30 billion. The law aims to prevent market concentration, similar to the EU's Digital Markets Act.
ET Circle: Cyril Shroff’s time-honoured lessons in law, legacy, and leadership and crafting timeless institutions
In this episode of the ET Circle multimedia series, discover what differentiates leading a legal services firm compared to a conventional business, the significance of a value system for building institutions that outlive physical assets, and enduring leadership lessons that blend the purity of purpose with resilience, the spirit to absorb adversities, and the vision to lead with empathy. Learn these invaluable insights from none other than Cyril Shroff, the Managing Partner at Cyril Amarchand Mangaldas, a legal services firm with a rich heritage spanning over a century.
NCLT initiates insolvency against Himalayan Mineral Water
The National Company Law Tribunal (NCLT) has approved insolvency proceedings against Himalayan Mineral Waters due to defaulting on a corporate guarantee to Jammu & Kashmir Bank for LeeL Electricals. The tribunal appointed Bhoopesh Gupta as the interim resolution professional. J&K Bank claimed a default of Rs 50 crore, leading to this decision.
Prosus stake in Byju’s worth zero: HSBC
This comes at the time of Byju's controversial $200 million right issue at 99% discount to its peak valuation of $22 billion, meaning any investor not investing in the rights issue will see its holding wiped off.
SAS India business to grow faster than other markets, top executive says
The company aims to upgrade its 400-odd customers to its generative AI platform SAS Viya over the next one year, Riad Gydien, executive VP and chief sales officer at SAS, told ET.
Law Firm SAM & Co’s Partners Iqbal Khan and Ambarish to Join JSA with 20-Member Team
Iqbal Khan and Ambarish from Shardul Amarchand Mangaldas & Co are moving to J Sagar Associates with their team. The move will enhance JSA's PE and M&A practice, as stated by Amit Kapur and Vivek K. Chandy.
Climate change: Cos need some big changes on compliances
World Environment Day holds significance for companies amidst climate change. India Inc's environmental compliance record shows room for improvement. Only 122 of the top 1,000 companies disclosed conducting EIAs in their FY23 reports sourced from Prime Database.
Adopting global standard, infra, risk-based regulation to help India improve quality of goods for exports: GTRI
The GTRI also recommended support to SMEs, avoiding quality control orders becoming non-tariff barriers, regulatory impact assessment, developing globally acceptable standards and inking mutual recognition pacts with trading partners to strengthen India's quality systems.
Indian AI firms may face extra costs as EU’s AI Act kicks in
The European Union wrapped up approval of the world's first law governing AI development last week. This legislation takes a tiered approach, setting varying compliance timelines and regulations based on the potential risk each AI system poses. Generally applicable AI will have a year to comply, while high-risk systems get up to three years.
Timely rescue of firms pushes IBC recovery to 49%
Creditors in India have been able to recover nearly half of their claims under the Insolvency and Bankruptcy Code (IBC) when the resolution is completed within the 330-day deadline. However, delays have lowered the proportion of money recovered. The IBC was introduced eight years ago and has been the most challenging to address due to litigation-related holdups. Experts have called for amendments to the IBC to address this issue.
If Modi wins India's mammoth Lok Sabha elections, his third regime will need tough reforms to lure foreign firms
Lok Sabha Elections: As Modi gears up for a potential third term, global firms highlight challenges facing India's economy: policy inconsistencies, bureaucratic delays, and scarcity of land. Despite improved business sentiment, actual investment remains stagnant, with foreign direct investment dropping. Key priorities for the new government include policy coordination among states, labor law implementation, skills development, land reform, trade measures, and fulfilling BJP's promises for economic growth and global manufacturing hub status.
Google, Amazon, Apple lobby group opposes India's EU-like antitrust proposal
India is drafting a new competition law to target big digital firms, with a U.S. lobby group urging a rethink to avoid potential business impacts.
Yuvraj Singh sends notices to real estate firms for infringement of privacy, delayed home possession
According to the notice, the cricketer had booked a dwelling unit in 2020 at Hauz Khas, New Delhi in one of the projects of a real estate firm. M/s Brilliant Etoile Private Limited and M/s Uppal Housing Private Limited are the noticees in one of the legal notices pertaining to the delayed possession of the dwelling units.
Capital markets and dispute resolution will keep law firms busy in coming years: Harry Chawla, Luthra and Luthra Law Offices
Technology integration drives legal sector growth, with rising demand for regulations, advisory services, and increased M&A activity. Focus on AI, blockchain, data privacy, cybersecurity, and geographical expansion to enhance client service and efficiency.
Rajnish Kumar, Mohandas Pai to exit Byju’s advisory council
Both Mohandas Pai and Rajnish Kumar had joined the advisory council after the edtech's investors–Peak XV Partners, Prosus and Chan Zuckerberg Initiative–left the board of the company last year
Global debt crisis impacting nearly 95 countries: G20 Sherpa Amitabh Kant
G20 Sherpa Amitabh Kant emphasized the challenges posed by the Russia-Ukraine war and tensions in the Middle East for global stability and economics. He stressed the need for urgent action to pursue inclusive and sustainable growth strategies in the face of a global debt crisis affecting nearly 95 countries, while maintaining focus on achieving the Sustainable Development Goals (SDGs) by 2030.
Bankruptcy court admits insolvency plea against listed firm India Steel Works
The Mumbai NCLT admits India Steel Works Ltd for insolvency resolution following an application by Stecol International Pvt Ltd. Vallabh N Sawana appointed as interim resolution professional. India Steel Works plans to appeal at NCLAT for urgent relief. Tribunal prohibits legal actions against India Steel Works, restraining asset disposal. Stecol International approached NCLT after India Steel Works defaulted on dues of Rs 2.6 crore.
From boardrooms to law firms: General counsels eye law firm opportunities
A recent survey of 300 general counsels and legal heads of companies has revealed that 43% of respondents are interested in career opportunities at law firms. The survey highlights a preference for stability among respondents, with many looking at law firm opportunities as retirement approaches or in the absence of in-house growth prospects. This trend is underscored by recent high-profile moves, such as former Ola Electric Mobility general counsel Sanjit Nagarkatti joining Economic Laws Practice.
CCI invites applications from advocates, law firms for empanelment
"A panel of Advocates /Law Firms for representing the commission and DG before various Courts and Tribunals is being constituted. Law firms and practising advocates are eligible for empanelment," the regulator said in a notice on Tuesday. The guidelines regarding the qualification, experience, fee schedule, terms, conditions, and application format for advocates and law firms seeking empanelment can be found on the CCI's website.
Proven expertise and cost effectiveness rank as higher criteria for choosing law firms for General Counsels
A survey reveals that 88.7% of Indian companies have expanded their external legal advisors in the last two to three years, with 64% changing their primary law firm. Poor service, quality issues, and unexpected costs are key factors driving this shift, as companies prioritize expertise, cost-effectiveness, and referrals when selecting legal representation.
Top law firms rule in favour of smaller cities; plan to hire local talent in Nashik, Pune, Indore, Jaipur & Chandigarh
Indian law firms are expanding beyond metros, focusing on smaller centres like Nashik, Indore, Chandigarh, Jaipur, Pune, Ahmedabad, and Kochi. These firms believe that physical offices in these areas are crucial for their growing corporate and private client portfolios, as well as for cost arbitrage and client retention. Global captives of multinationals, companies in the automobile, electronics, renewable, and real estate sectors are also considering expanding their operations in these areas.
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