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Rebuilding corporate India

Law firms retool as their clients restructure and refinance their operations. Alfred Romann reports Some India-focused lawyers are twiddling their thumbs these days. It’s a far cry from the same time last year, when they were...

Survival of the fittest

George W Russell investigates how Indian law firms are faring in the economic downturn India is bracing itself for a tough year. For the past few months, both the government and private sector had expected...
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Prepare for a new era

Emerging from the downturn is just the beginning. Corporates and their legal advisers will need to raise their game or flounder. But how? With the end of the era of “easy growth” comes renewed focus...

NBFCs: Can banks still benefit from regulatory arbitrage?

By Sonali Sharma and Suprio Bose, Juris Corp
Until recently, non-banking financial companies (NBFCs) were less-stringently regulated than banks by the Reserve Bank of India (RBI), and were thus considered an arbitrage boon in disguise by the financial services sector. NBFCs became...

Bargain hunting in Europe

France’s acquirer-friendly insolvency laws make it an attractive destination for Indian corporates in search of acquisitions. François Montrelay, Ulrike Heidegger and Stéphane Béraud explain As the world’s sixth largest economy, France is an important destination for...

Private equity returns

Following a battering in the financial storm, private equity is once again showing signs of life. A new emphasis on risk mitigation means lawyers will play a key role in its recovery. Chris Crowe reports...

Going the distance

Foreign law firms face new hurdles in the race to build India practices. Do they have the stamina to stay the course? George W Russell reports from Bangalore With international financing severely crimped and billions of...

High court upholds legality of derivatives

In one of the first cases of its kind in India, it was recently held by the Madras High Court in Rajshree Sugars and Chemicals Limited v AXIS Bank Limited that derivative contracts could...

Banks await final judgment on loan portfolio trading

By Karan Singh and Ameya Khandge, Trilegal
While banks are still reeling from the the recent collapse of the financial system, a recent decision from the Gujarat High Court serves an additional blow that has the potential of creating far-reaching implications...

Stimulating Indian infrastructure growth

By Akshay Jaitly and Ameya Khandge, Trilegal
With the international liquidity crunch making its impact felt in India, the government and the Reserve Bank of India (RBI) have taken a series of measures, since the middle of 2008, to bolster the...

Rising stars, unsung heroes

A survey of India’s lesser-known law firms unveils a rich universe of high-quality legal solutions. Until now, clients may have been unaware of the depth and diversity of services on offer. Alfred Romann reports Finding and choosing the right Indian...

Deal or no deal?

The financial crisis has left dozens of India-related business deals in limbo. Alfred Romann assesses the state of play and asks whether there’s light at the end of the tunnel The December/January issue of India Business...

Tax ruling hits foreign companies with liaison staff

In a significant ruling by the Authority for Advance Rulings (AAR) titled Singapore Tourism Board v Director of Income Tax-II (International Taxation) Delhi, it was clarified that a foreign company cannot escape its tax...

Supreme Court to reconsider controversial ban on debt trading

The Supreme Court of India, through its order in the case of ICICI Bank Limited v Official Liquidators of M/s APS Star Industries Limited & Others, has temporarily allowed banks to trade in debts...

Once-lucrative FCCBs are a bitter pill to swallow

By Rohan Ghosh Roy and Juieen Nag, Trilegal
Riding on the buoyant stock markets over the last few years, Indian corporates embraced foreign currency convertible bonds (FCCBs) as a preferred financing option. Most FCCB issuers bet on equities continuing the bullish run...

RBI derivatives regulation: 20/20 in hindsight?

By H Jayesh and Hoshedar Wadia, Juris Corp
The evolution of the derivatives market in India has not been smooth. With the benefit of hindsight, let us examine regulatory decisions and what can still be done differently. Giving legal certainty to over-the-counter (OTC)...

The desperate search for liquidity

India is implementing regulatory changes to tackle the credit crunch. How will the moves help cash-strapped corporations restructure their debt portfolios and access new sources of funding? Karan Singh and Ameya Khandge report India escaped the...

Jammed up

The credit crunch has imposed new obstacles to investment in infrastructure. Will the government’s stimulus package get things moving? Ben Frumin reports Late last year, Anuj Puri made his way to Mumbai airport in an old taxi...

RBI permits FCCB buybacks

Until early this year, foreign currency convertible bonds (FCCBs) were regarded as one of the “most preferred” options for raising corporate finance. Suddenly, FCCBs have become millstones around the necks of issuing companies, with dismal...

New stimulus package allows more overseas borrowing

The Indian government announced in early January that it would ease restrictions on overseas borrowing and temporarily lift the interest rate ceiling on money from overseas. The relaxations follow the government’s earlier efforts to...