In Conversation with Mohit Gogia, Partner, S&R Associates

Mohit, would you please tell us where did this illustrious journey begin and at what age did you decide to study law. Please walk us through your early years of education and the decision of becoming a lawyer.

Law was not my first choice of study when I was in school at St. Columba’s in New Delhi. In high school, I was more interested in accounting but fell out of love with numbers sometime during my college graduation in B.Com (Hons.) from Delhi University.  I joined Campus Law Centre, Faculty of Law, Delhi University after my college graduation, still not sure if I wanted to be a lawyer, but started enjoying it towards the end of the first semester.  An education in business and commerce before my law degree motivated me to practice corporate law.

Who have been your guiding North Stars and the biggest inspiration in this journey?

I have been fortunate to have been guided by some amazing mentors along my journey, but the three persons that have played the most significant role have been the late Kirtee Kapoor (who guided me in my struggle while I was looking for a job in New York), Shari Pire (my senior at Skadden Arps, who taught me the basics of mergers and acquisitions) and Uday Walia (former Partner at S&R, who guided me in my Associate years at S&R).  I also continue to be inspired by all my Partners and colleagues at S&R, each of whom has different legal and humane skills that I have inculcated.

Would you please tell us more about the array of work you handle at your firm?

In 2014, I was elected as a partner at S&R and have lead and worked on some significant mergers and acquisition and private equity transactions in India, which includes representing clients such as Cairn Energy, Qatar Foundation Endowment, Groupe ADP, McDonald’s Corporation, Aakash Educational Institute and Interglobe group.  I also routinely work on banking and finance and real estate transactions.

Would you please summarily tell us the current status of the sectors of the economy your work in, the roadblocks in our path and the way forward? 

Many of our clients are foreign corporates/investors.  To encourage foreign investment in India, procedural red-tapes in starting a business, acquiring land and obtaining necessary approvals should be streamlined.  Perhaps controversially, but I believe that approvals for investments by Chinese investors/companies (who have been quite active in the last few years) in non-strategic sectors should be fast tracked and investments up to a certain minority threshold may be permitted without approval.  Other than pharmaceuticals and technology, there would be very few other sectors that have done well in the last six months and while the Government has taken some steps (such as a moratorium under the insolvency law and cheaper credit for MSMEs) it may be time for a more meaningful stimulus to the worst affected sectors of the economy such as tourism and real estate.  Reduction in rates of stamp duty (already announced in some States for real estate transactions) may be one such way but more monetary steps and tax concessions may also be required. 

Would you please share with our readers your expert views on ‘Role of Technology in the Closing of an M&A Transaction During Lockdowns/Pandemic’. Please name some of the promising tools you think Indian law firms can lean on to keep pace with the world. 

Even before the pandemic, we were living in a world where technology was playing a key role in transactions.  The lockdown added certain additional problems, where parties could not physically meet to hold board and shareholder meetings or execute transaction documents. 

While board meetings could be held earlier as well through video conference, during the lockdown, the Government came out with a notification that also permitted shareholder meetings through video conferences.  Earlier these video conferences were largely held in board rooms with VC set-up and facility.  The lockdown encouraged parties to embrace technology and video conferencing applications such as zoom became the new normal of holding such meetings.   

The Information Technology Act and the rules thereunder recognize electronic signatures in the following formats: (i) digital signature certificates (various classes) stored on a USB token for a longer duration of one-two years and includes a personal identification number; and (ii) digital signature certificates based on eSign Online Electronic Signature Service for one-time use that combines the Aadhar identity number with an electronic eKYC method (typically a one-time password which expires after 30 minutes).  However, in most transactions, clients have preferred to sign in counterparts by printing out the signature page, physically signing it, scanning it to PDF and exchanging signature pages by e-mail.  A fully executed documents is then exchanged by email and acknowledged by the parties, which acts as evidence of the correct version and helps to remove concerns about replacement of pages by any party. 

What in your opinion has been the biggest change or challenge looming over the legal landscape of India amid COVID-19? 

The lockdown posed an unprecedented challenge of being available and providing the same level of service to your clients.   To overcome this challenge, required lawyers to accept reliance and use of technology as the new normal.  While technology has been around for years, there have been some apprehensions or lack of trust in using it.  And while human nature will always want things to go back to physical office spaces and physical court appearances, the pandemic has taught us or made us aware that if we only open up and accept technology it is there for our assistance.

What can law firms do today to ensure they survive in an era of disruption? How is your firm staying futuristic? 

Most law firms (including S&R) have a sizeable annual technology budget to help them keep up to date with latest disruptions, whether it is to ensure the confidentiality and security of the work product and documents/information entrusted to us by our clients or making sure there is no disruption of work in the absence of physical work spaces.  Once you resolve not to be left behind and change your mind-set to embrace technology, the opportunities to use new software and other AI or machine learning tools in the future, which will keep most firms engaged. 

Other than work, what else keeps you busy? Would you please share your other interests and hobbies with our readers?

Being under 40, the mind is still young, unfortunately, the body gave up a few years back and doesn’t allow me to be as active in some of the sports I have always enjoyed playing.  Travelling and exploring new destinations continues to excite me and I look forward to that once we are back in a normal world.

Many Congratulations on joining the BW Legal World Elite 40 Under 40 Club of Achievers 2020. What to your mind has helped you get to where you are and what advice would you have for others who want to set off in a similar direction?

Being diligent and sustaining a strong work ethic over time.  It is important as a corporate transactional lawyer to be involved in the transaction from start to finish and making sure that you are available for the client at all times.  The respect of your clients is what eventually helps you get acknowledged as a better lawyer.  It is important not to loose that sight in the early part of your career.  What is equally important is to find ways, small or big, to give back to the profession and young lawyers and law students and guide them in their journey.

Is there anything else you’d like to share with our lawyers of the future, any golden piece of advice from the treasure trove of your experiences in the industry?

Always remember that negotiations in transactions are not battle of egos and learn to strategize to find meaningful solutions for both sides.   Also, enjoy the journey of working on a transaction as much as the result or its completion.

As a final note, would you please recommend to our readers your favourite book or movie/series that left a lasting impression on you.

Two books and one movie that I feel have influenced my character, work ethic and negotiation style in transactions are Cold Steel: Lakshmi Mittal and the Multi-Billion-Dollar Battle for a Global Empire (by Byron Ousey and Tim Bouquet), The Alchamist (by Paulo Coelho) and Gandhi (directed by Richard Attenborough).  

*The interview was published in November 2020.

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