In Conversation With Vaibhav Kakkar, Partner, Saraf and Partners

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

I have over fifteen years of expertise in law, with a unique blend of extensive regulatory and transactional work and am widely recognized as one of the leading lawyers in my field. I am one of the key partners in the General Corporate & Regulatory Practice team at Saraf and Partners, which is known for undertaking high-value M&A transactions and providing creative solutions to complex challenges involved in structuring market-leading business ventures across a myriad of highly regulated legal fields – including in the gambling, gaming, e-commerce, healthcare, digital payments, fintech, telecom and defence sectors – which goes hand in hand with a strong commercial law practice in respect of securities laws, foreign exchange laws, company laws and the Foreign Contribution Regulation Act, 2010.  

By virtue of this cross-sectoral practice area – I have advised on some of the most unique projects and breakthrough deals – which are typically market firsts in their space – setting the precedents to be followed. Examples include the launch of Google Pay, the first green equity deal undertaken by Federal Bank, the setting up of senior living business by the Max Group, setting up of the Tata- Starbucks JV, the Tata-Boeing JV (being the most notable FDI defence deal in the country), working on and leading the largest M&A transactions in multiple regulatory spheres such as healthcare (Fortis-IHH), pharmaceuticals (Ranbaxy- Sun Pharma); media (Dish TV -Videocon). As such, the team and I have accordingly developed a reputation for undertaking bespoke, market-leading deals/ project structures for regulatorily novel situations.

From a broader perspective, I also continue to be engaged with key policy endeavours. Examples include working with the government on a pro bono basis on various issues including suggesting changes to the FDI Policy and formulating policies on securities & exchange laws. In a similar vein, I have also been appointed as a member of ‘the Rummy Foundation’ and the Indian Federation of Sports Gaming, a committee member on the Confederation of Indian Industry’s (CII) National Committee on eCommerce 2019-20 as well as a Senior Visiting Fellow at the IDFC Institute – one of India’s foremost think tanks and policy organizations.

What are your predictions in the areas of specialisation mentioned above? What are some of the upcoming trends in the industry?  

With COVID and the challenges of offline business, we are increasingly seeing a digital push across all sectors. The online medium has been the most to benefit, with various consumer tech, gaming and other digital sector companies having increased their revenue by multiples during this time. There are various potential transactions in the offing by these companies – as well as recent successful IPOs for technological platforms. There have been 40 startup unicorns this year itself in India including in novel sectors such as health tech, social commerce and e-pharmacies. India is going through a leap forward similar to the one that China went through some years back – on its way to transitioning to one of the world’s key economies – and these online companies appear to be the vanguard of the same. Therefore, 

“I estimate that online tech-based companies would see substantial growth going forward. With the government’s push toward start-ups, it is an opportunity for exciting novel work”.

As a new age lawyer, what to your mind is the one thing in the current legal ecosystem at the Bar, Bench, or in the Law Firms that needs our attention? 

As a legal professional, it is imperative to stay apace of, and hopefully, even pre-empt the disruptions caused by technological and industrial innovation and other developments. In the legal sector specifically – it is vitally important for us to consider the recent broadening of the legal professional’s demographic. 

“With a plethora of new law schools throwing up a number of graduates, the question of how they can all be gainfully engaged and absorbed into the legal industry – in a manner that adds value – is the most important question, for us as a fraternity, going forward”.

Many Congratulations on joining the BW Legal World Elite 40 Under 40 Club of Achievers 2021. 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? 

My strongest asset is being able to find creative solutions to complex problems in areas of heavy regulation/ regulatory ambiguities. This ability to straddle regulatory and transactional law marks out my practice as a bespoke solution to client needs in a space that is otherwise homogenous. I have found that it is important to ensure that legal advice - whether in the regulatory or transactional space must be practical and cognizant of business/ client needs and should not be given in a vacuum. While retaining a consistent ability to deliver under high pressure and under extremely tight deadlines is extremely important, the same must be combined with the ability to synthesize broader knowledge on issues pertaining to core business laws, with in-depth knowledge of technical regulations is essential. Furthermore, and especially in complex/ nascent areas – it is important to think innovatively and in a solution-oriented manner – and not simply stop at problem spotting. All of the above aspects are to my mind – more a question of the perspective that the lawyer brings to the table rather than any specific action.  Accordingly, my advice to younger lawyers would be to have a similar curiosity about the law and combine that with a rigorous work ethic. 

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

‘Before Memory Fades’ by the eminent Fali S. Nariman is an absolute classic and a book that is very dear to my heart. In the process of tracing Mr Nariman’s long and illustrious life -  it provides glimpses of the legal profession as it was, as it is and as it aspires to be. Every lawyer will be able to find resonant echoes of their own time in the profession – while also being treated to a first-hand account of the forces and cases that shaped today’s nation.