Khaitan & Co acted as legal counsel to the Issue in relation to the issuance of equity shares on a rights basis to the eligible equity shareholders of Pricol Limited
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Khaitan & Co acted as the Indian legal adviser to the Joint Lead Managers - Deutsche Bank AG, Singapore Branch, Credit Suisse (Hong Kong) Limited, Standard Chartered Bank, BNP Paribas, Citigroup Global Markets Limited, Mashreqbank PSC and Mizuho Securities Asia Limited. The issue of the Notes has been guaranteed by the Indian parent, JSW Steel Limited.
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Khaitan & Co acted as Legal Counsel to the Company and the Promoter Selling Shareholder as to Indian law.
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For almost a decade, the sole guidance to courts deciding this question was the test formulated by the Supreme Court of India (the “Supreme Court”) in Booz Allen and Hamilton Inc v. SBI Home Finance Ltd. & Others (2011) 5 SCC 532 (“Booz-Allen Test”). However, a closer look at the rulings of the Supreme Court over the last few years reveal that the Booz-Allen Test has failed to withstand the test of time - the ‘nature of rights’ principle on which the test is predicated has been found inadequate to conclusively determine the question of arbitrability. Recently, the Supreme Court revisited this question in Vidya Drolia & Others v. Durga Trading Corporation 2019 SCCOnLine SC 358 (“Vidya Drolia”) and proposed a four-fold test to determine arbitrability under Indian law.
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Khaitan & Co acted as Legal counsel to RIL. The transaction involved the termination of multiple ancillary agreements signed between IMG Reliance Limited and IMG / its affiliates, execution of certain other ancillary agreements for the transition period post transaction closure and coordination for flow of consideration under these ancillary agreements.
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The treatment of ‘minority acquisitions’ under the Indian merger control framework is clouded with ambiguities, the recently revised ‘Notes to Form-I’ could provide some guidance for assessing whether a PE investor is required to notify a proposed minority acquisition to the CCI.
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PE investments fuelling COVID-19 ridden India Inc. have peaked the interests of the Competition Commission of India. Based on the underlying belief that common shareholdings and sector-specific consolidations disincentivise competitive strategy, the CCI is looking to commission a study to assess the competitive impact of PE investments. In this article, we weigh on the potential implications of this study, the various competitive risks associated with PE investments, and what the immediate course of action should be for PE firms.
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The S&R team was led by partners Sandip Bhagat, Radhika Iyer and Shivaji Bhattacharya, and included associates Prateek Sharma, Tarinee Sudan, Pratichi Mishra, Rachita R. Bhat, Anugya Sahai, Sushmita Sur, Neethu Roy, Apoorv Chaturvedi, Shwetank Sharma, Sonal Bhargava and Somya Jena.
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