In Conversation with Kaushik Mukherjee, Legal Head, Indiabulls Housing Finance Ltd.

Let’s turn the wheel of time, what sparked your interest in law and drew you to the role of a general counsel? 

A lot of my close family are lawyers. My late uncle used to run a law firm back in the day and was a legal luminary. I remember drafting my first winding up petition while in the 7th grade when I was spending a summer in his house (as my parents travelled overseas). So the practise of law has always interested me from an early age. Dinner table discussions amongst my larger family invariably led to a discussion on some provision of law or the constitution, and my uncle generally presided over these sessions involving my sibling and close first cousins, amongst others. All of these people are now distinguished members of the bar/collegium. So to conclude, my family’s influence from an early age led to the decision. What however unnerved me after joining law school was whether I had the aptitude for law or not. I’ve spent most of my college and work life trying to figure that one out.      

Who are some legal professionals you admire, and why? What lessons have you learned from them?

While most of my colleagues and ex-bosses have influenced me, a special mention should be made to Justice Somasekhar Sundaresan (my ex-boss and guru on securities laws), Mr. Percival Billimoria Esq (my first boss who as a senior partner at one of the largest law firms in India still found the time to train me personally), Mr. Amit Khansaheb (my ex-boss, friend and one-time ally) and Mr. Francis Fitzherbert Brockholes (my drafting guru). And this is only the tip of the ice-berg. Many have influenced me in little and big ways, which have ultimately led me to become a better lawyer. So I thank them with all my sincerity and a deep sense of gratitude.    

What would you say is your favourite quote or book related to law or leadership that resonates with you? 

The quality of mercy is not strained; it droppeth as the gentle rain from heaven upon the place beneath. It is twice blessed – it blesseth him that gives, and him that takes.

One of my favourite lines are from William Shakespeare’s “Merchant of Venice”. It is as follows – “The quality of mercy is not strained; it droppeth as the gentle rain from heaven upon the place beneath. It is twice blessed – it blesseth him that gives, and him that takes.” Portia says this just before she tears into Shylock in the court room scene of the Shakespearean drama, which finally leads to Shylock losing the case. So she gives Shylock a chance to be greater than himself by displaying the quality of mercy, above all else. Mercy as a quality she tries to say is beyond the law and no matter what the law finally dictates, mercy can still be meted out to the guilty. This is perhaps the reason why royalty always had the power to grant royal pardons despite the law and so do the heads of most states.

My reading is diverse and ranges from the classics to contemporary works. Some of the contemporary (and not so contemporary) writers who are my personal favourites would be—Huxley, Gerald Durrell, Franz Kafka, P. G. Wodehouse, George Orwell, Ernest Hemingway, Somerset Maugham and Roald Dahl, to name a few. For those interested in securities laws and markets, you can try the Black Swan and other works by Taleb. Michael Lewis is another such writer who writes interesting pieces on the securities markets.  

What are your hobbies or passions outside of your legal work? How do they help you unwind and recharge?

I love to watch and play sports, and read in my spare time. I train in both classical boxing and kick-boxing, apart from the regular gym training. I am also an avid member of a yoga institute that goes by the Heartfulness acronym. At Heartfulness centers, Raja Yoga or meditation is taught and practised. Both physical activity and meditation contributes immensely to getting me through stressful work days.   

In your industry, what are some of the biggest challenges legal teams face currently? How are you tackling these issues?

Liquidity has been a constant struggle for NBFCs for a while now. Keeping abreast of various new and novel structures to raise funds either through public or private deals, or through securitisation routes is a constant challenge and endeavour. 

Liquidity has been a constant struggle for NBFCs for a while now. Keeping abreast of various new and novel structures to raise funds either through public or private deals, or through securitisation routes is a constant challenge and endeavour. Communicating with external counsel, keeping abreast of new laws and discussing structures in forums etc., are some way to keep pace with the ever changing environment in the run-in to becoming a USD 10 trillion economy.    

What tech tools or resources do you find most valuable in your day-to-day work as a legal officer?

Mortgage lending is not an industry that can really be digitised unlike personal loans and other financing products where technology has a role right from origination and fraud detection to enforcement. Accordingly, I choose to rely more on human support. My team ably supports me in all my endeavours and is instrumental to all the advice that I provide to my employer on a daily basis as a legal officer.

Looking ahead to 2024, what legal developments, trends, or challenges are top of mind for you? Why?

Adapting to changing regulations is a constant challenge for most general counsel these days and it keeps us on our toes.

My company has gone through a journey in the last few years from being a promoter driven organisation to becoming a board governed company with an independent director chairing our board. Putting policies and practises in place that support and augment transparency (as is customary in board governed companies) has been a constant endeavour. There is always scope for further evolution and refinement of processes in the march towards good governance.

While I cannot pin-point any one legal development or trend for 2024, I believe that this shall be a year where growth receives a fillip. Whenever there is growth, there is need for amending/upgrading regulations. Since commercial laws generally work on the mischief principle of interpretation, mischief during growing phases is usually the pre-cursor to enacting new laws. The nature of the mischief that has to be addressed by the change in law cannot be predicted in advance. Accordingly, adapting to changing regulations is a constant challenge for most general counsel these days and it keeps us on our toes.    

If you could leave our readers with one actionable piece of advice to advance their career or personal growth, what would it be? 

Sincerity of purpose is in my view the most important attribute to career advancement. One has to first put in place a goal and then work diligently towards it.

Sincerity of purpose is in my view the most important attribute to career advancement. One has to first put in place a goal and then work diligently towards it.