The S&R team was led by partners Rajat Sethi and Dhruv Nath and counsel Prateek Sharma, and included associates Varun Yadav, Chirali Jain, Anoushka Borker, Pulatsya Pandey and Shashankaa Tewari on corporate matters
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SAM & Co. team advising OTPP was led by Abhishek Guha, Partner and Tanya Uppal, Partner and included Veena Sivaramakrishnan, Partner, Mohit Bhatia, Partner, Reshma Simon, Senior Associate and Amrita Ghosh, Senior Associate
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Kumar will continue to practice Indian law from Cyril Amarchand Mangaldas in its Mumbai office
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Welcoming Himanshu on board, Mr. Cyril Shroff, Managing Partner, Cyril Amarchand Mangaldas said, “I am delighted to welcome Himanshu to the firm as we expand our presence in the Middle East. His expertise, depth and dedication to client service aligns with our firm’s ethos. His presence will strengthen our commitment to this dynamic market.”
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This secondary trade was one of the largest secondary trades in the history of the Indian capital markets. The transaction involved coordination among multiple sellers and brokers, requiring several rounds of discussion to finalize the documentation. CAM played crucial role in ensuring exclusion of competitors and sanctioned parties from the trade, demonstrating their expertise in navigating complex legal and regulatory requirements.
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Pursuant to recommendations of the 53rd GST Council Meeting, the CBIC has now issued Circular No. 213/07/2024-GST dated June 26, 2024, clarifying that the transactions of issuance of shares by the foreign holding company to employees of domestic subsidiary company under ESOP/ESPP/RSU and corresponding reimbursement of cost of shares (on cost-to-cost basis) by the domestic subsidiary company do not constitute supply of services. It has been clarified that such reimbursements are towards issuance of shares which do not constitute supply of goods or service and hence, not liable to GST.
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INDUSLAW Team comprised Partners Manan Lahoty, Manshoor Nazki and Priyadarshini Rao, Associates Aditi Khandelwal, Esha Gupta, Rishi Nandkeolyar, Kanika Bakhna, Prakhar Jain
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The core team consisted of Kartick Maheshwari (Partner), Aashutosh Sampat (Partner), Nayantara Kutty (Partner), Gunsaheb Singh (Principal Associate), Reshma Abraham (Principal Associate), Vismita Gahlot (Senior Associate) and Yashvi Chaitanya Shah (Associate)
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