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India Business Law Journal Your partner in legal intelligence JJuunnee 22001133 VVoolluummee 77,, IIssssuuee 11 Punching above its weight Is India’s competition watchdog up to the task it has set itself? Scrutinizing India’s solar power policies The top foreign law firms for India deals Learning lessons from UK banking disputes In-house counsel share IP protection tactics www.indilaw.com Contents 3 Leader 17 Building trust in troubled times 4 Inbox Punching 5 News above its Rao races back in-house ELP rounds up new recruits weight Tech Mahindra seals Satyam merger Multiples purchases stake in Milltec Is India’s competition watchdog up to the challenges it has set for itself? 10 The wrap Legislative & regulatory update: page 10 Court judgments: page 13 24 16 Vantage point Falling short Sunny Regulatory inadequacies are holding back India’s drugs industry, argues DG Shah of solutions? the Indian Pharmaceutical Alliance 17 Cover story Solar power presents attractive investment Punching above its weight opportunities, but investors must contend with complex state and national regulations 24 Spotlight Sunny solutions? 37 29 L ooking in-house for IP insights DuPont and JCB lawyers explain how to stay ahead of India’s intellectual property violators 32 What’s the deal? The pioneers London calling Precedents set by English courts in banking Which international law and finance disputes are highly relevant to firms are leading the Indian investors and institutions way in keeping India’s cross-border deals 37 Intelligence report on course? The pioneers 58 Correspondents Expert advice from India Business Law Journal’s correspondent law firms 58 Aviation 66 Mergers & acquisitions Tyabji Dayabhai Amarchand Mangaldas 59 Canada-India trade & investment 67 Mining Bennett Jones RRG & Associates 60 Dispute resolution 68 Pharmaceutical sector Bharucha & Partners Udwadia Udeshi & Argus Partners 61 Food law 69 Private equity & venture capital DH Law Associates Khaitan & Co 62 Foreign direct investment 70 Real estate OP Khaitan & Co Mine & Young 63 Healthcare & life sciences 71 Regulatory developments Krishna & Saurastri Phoenix Legal 64 Infrastructure & energy 72 Taxation & transfer pricing Trilegal Economic Laws Practice 65 Intellectual property Singh & Associates June 2013 India Business Law Journal 1 Editorial board India Business Law Journal June 2013 Volume 7, Issue 1 ISSN: 1994-5841 Contact us Pravin Anand Shamnad Basheer Lalit Bhasin Himavat Chaudhuri Sumes Dewan Girish Gokhale Managing Partner Professor in IP Law Managing Partner Executive Director Partner President - Legal Editorial Anand and Anand National University of Bhasin & Co & Senior Counsel Desai & Diwanji & Group General Email: [email protected] Juridical Sciences Turner General Counsel Telephone: +852 3622 2681 Entertainment Networks JSW Subscriptions & customer service Email: [email protected] Telephone: +852 3622 2623 Fax: +852 3006 5377 www.indilaw.com Editor Vandana Chatlani Toby Greenbury Manik Karanjawala Amit Anant Moghay Fali S Nariman Jane Niven Mysore R Prasanna Deputy editor Consultant Partner General Counsel Senior Counsel Regional General Independent Rebecca Abraham Khaitan & Co Karanjawala & Co HSBC Counsel Consultant Consultant editor Jones Lang LaSalle Simmie Magid Contributors Bhavana Alexander Gargi Chatterjee DG Shah Nicola Vinovrški Production editor Pun Tak Shu Premnath Rai Martin Rogers Vijaya Sampath Sunil Seth Ashok Sharma Pallavi Shroff Head of marketing Founding Partner Partner Adviser to the Senior Partner Founder President Managing Partner PRA Law Offices Davis Polk & Chairman & Seth Dua & Indian Corporate Amarchand Billy Chung Wardwell Group CEO Associates Counsel Association Mangaldas Associate publisher Bharti Enterprises Tina Tucker Executive editor Chris Hunter Publisher James Burden Printed in Hong Kong Amarjit Singh Shruti Dvivedi Sodhi Shardul Thacker Bhavna Thakur Jagannadham Rohan Weerasinghe Managing Partner Director - Legal Partner Director & Head of Thunuguntla General Counsel & Amarjit & Associates Colt Technologies Mulla & Mulla & Equity Capital Markets Strategist & Head of Company Secretary Craigie Blunt & Caroe Citigroup Research Citigroup SMC Global Securities Vantage Asia Publishing Limited 21/F Gold Shine Tower 346-348 Queen’s Road Central Correspondent law firms Hong Kong Telephone: +852 3622 2673 Fax: +852 3006 5377 Email: [email protected] • Amarchand & Mangaldas & Suresh • Mulla & Mulla & Craigie Blunt & Caroe www.vantageasia.com A Shroff & Co • OP Khaitan & Co Directors James Burden, Kelley Fong, • Bennett Jones • Phoenix Legal Chris Hunter • Bharucha & Partners • RRG & Associates Disclaimer and conditions of sale • DH Law Associates • Saikrishna & Associates Vantage Asia Publishing Limited re- tains the copyright of all material published in this magazine. No part • Economic Laws Practice • Singh & Associates of this magazine may be reproduced or stored in a retrieval system without • Khaitan & Co • Trilegal tphueb lipsrhioerr. Twhreit tveine wps eerxmpisressiosne d oinf tthhies magazine do not necessarily reflect • Krishna & Saurastri • Tyabji Dayabhai the views of the publisher, its staff or members of the editorial board. The material in this magazine is not offered • Mine & Young • Udwadia Udeshi & Argus Partners as advice and no liability is assumed in relation thereto. The publisher, staff and all other contributors to India Business Law Journal disclaim any liability for the consequences of any action taken or Subscription information not taken as a result of any material published in this magazine. India Business Law Journal is published 10 times a year and has a subscription price of US$790 for one year or US$1,264 for © Vantage Asia Publishing Ltd, 2013 two years. To subscribe, please call +852 3622 2623, email [email protected] or subscribe online at www.indilaw.com. 2 India Business Law Journal June 2013 Leader Opinion Building trust in troubled times These have been tough times for As every in-house lawyer will know, maintaining the repu- tation of a company is often linked to protecting its intel- cricket lovers across India lectual property. While this is a particular challenge in India, the fact remains that the country is an immensely attractive A recent spot-fixing scandal that revealed the seamier market for many global IP owners. In Looking in-house for IP side of the glitzy Indian Premier League has left many insights (page 29) we turn to in-house counsel at the Indian fans questioning the wisdom of their long-standing operations of DuPont and JCB for their perspectives on loyalty to the game. Even after the Indian team emerged the problem. Their insights are incisive and will be of great triumphant at the ICC Champions Trophy in early June, the interest to other in-house counsel in India and beyond. struggles to keep the faith continue on account of the turmoil After all, nothing can beat local knowledge for getting a within the body that oversees Indian cricket, the Board of handle on what is a very Indian problem. Control for Cricket in India. Knowledge of a more distant kind comes into focus in While this is bad news for Indian cricket, the scepticism this month’s What’s the deal? (page 32). Here we examine it has triggered may also cast a shadow on other bod- the implications for Indian investors and financial institu- ies that regulate sectors of the Indian economy. For, if the tions of banking-related judgments by UK courts. The UK is powers-that-be lack the necessary vision a major hub for the resolution of banking and integrity to ensure the well-being of a and derivatives disputes, and as such, sport, can they be trusted to regulate criti- many of the judgments issued there – India Business Law Journal cal sectors of the economy in a manner and the precedents they set – are directly Your partner in legal intelligence JJuunnee 22001133 that secures the common good? VVoolluummee 77,, IIssssuuee 11 relevant to India. The confidence inspired by a regula- Our coverage includes analysis tor is critical for the well-being of the of recent cases involving the London sector that it oversees. Writing in this Interbank Offered Rate (LIBOR) scan- month’s Vantage point (page 16), DG dal, which will have far-reaching conse- Shah, the secretary general of the Indian quences around the world. Pharmaceutical Alliance, argues that reg- Closer to home, an acute shortage of ulatory inadequacies are holding back power has long been one of the greatest India’s drugs industry. Shah expresses challenges to India’s development. As Punching above its weight serious concerns over the effectiveness steps are taken to tackle the problem, of India’s drugs regulator, the Central Is India’s competition watchdog up to the task it has set itself? renewable energy technologies, including Drugs Standard Control Organization, and solar power, have risen to prominence. argues that the regulator’s shortcomings Scrutinizing India’s solar power policies In Sunny solutions (page 24) we consider are damaging the international credibility The top foreign law firms for India deals the burning issues facing investors in the Learning lessons from UK banking disputes of the country’s pharmaceutical industry. In-house counsel share IP protection tactics sector. While the Electricity Act, 2003, Shah may have been heart- www.indilaw.com remains the significant legislation regu- ened when India’s finance minister, lating the generation, transmission and P Chidambaram, recently spoke of the distribution of electricity, investors must need for a regulator that “favours none and spares none”. also grapple with numerous different state laws and poli- The minister was delivering a lecture organized by India’s cies. Our coverage compares some of the key state solar antitrust watchdog, the Competition Commission of India power policies and sheds much light on the how investors (CCI). But is this a regulator that is up to task? may pursue opportunities in the sector. In our Cover story this month (page 17), we look back This month’s Intelligence report (page 37) presents India at the CCI’s short history and ask whether it is capable of Business Law Journal’s seventh annual survey of the top rising to the considerable challenges it has set for itself. international law firms for India-related work. Our coverage The CCI has been fully functional for just two years, but it reveals the top 10 foreign firms for India-related work, as has already been flexing its muscles. It has imposed widely well as 10 key players and 20 significant players. We also publicized penalties of previously unheard-of amounts and highlight 25 regional and specialist law firms, and 35 “firms some observers have expressed concerns over the man- to watch”, that we believe in-house counsel should keep ner in which it has gone about prosecuting cases of anti- well within their sights. competitive behaviour. This issue of India Business Law Journal marks the start of Samir Gandhi, a partner at AZB & Partners who heads our seventh year of publication. Since our first issue in June the firm’s competition law practice, believes the CCI “may 2007, we have strived to make sense of complex transac- be missing the wood for the trees” in its hurry to send out tions and regulations, to bring clarity to areas of confusion a powerful message. However, others suggest that the CCI or ambiguity, and to foster intelligent debate on significant is yet to develop the necessary rigour to be an effective issues. As we mark this important anniversary, we would regulator. This may well prove to be the CCI’s Achilles heel like to thank our readers, our contributors, our advertis- and will need to be overcome if the regulator is to make any ers, our correspondent law firms and our editorial board headway in levelling the playing field, and in doing so, earn- members. We look forward to continuing to serve you in ing people’s trust. the years ahead. g June 2013 India Business Law Journal 3 Inbox Letters to the editor AfricA-indiA trAde The format that included comments from trade regulators and industry par- intellectuAl property ticipants gave an outlook of a steady Roadmap for the savvy investor and dynamic transition from struggling African economies to vibrant investor- Creative aesthetics Dear Editor, friendly platforms. The journal further put the eco- Dear Editor, Congratulations on the release of nomic histories, reforms, challenges, yet another insightful edition of India and the stages of development of India Business Law Journal is Business Law Journal. The Intelligence divergent African economies into informative and keeps readers report on investments in Africa pub- focus. Such a multifaceted approach abreast with the latest legal devel- lished in the May issue of the journal adds value to the overall content and opments. I was intrigued particu- highlights the recent investment cli- is useful to those with interests in larly by the May issue, which I saw mate and issues particularly of inter- both Africa and Asia. at your booth at the International est to Indian businesses in light of an The particulars are specific in con- Trademarks Association con- increase in trade volume. tent and elaborate in jurisdiction. It ference. The cover, which fea- The estimated annual trade volume goes without saying that the com- tured pictures of professionals in between India and Nigeria in 2012, for ments and contributions are a useful the IP arena, was very creative. example, was US$10 billion, resulting addition to advanced discourse on Keep it up! in India overtaking the US as Nigeria’s investment in Africa. largest trading partner. The assess- Vikram Grover ment of the regulatory environment Oladiran Ajayi Principal for investments in key African coun- Senior Associate Groverlaw tries certainly provides a roadmap for Templars New Delhi the savvy investor. Lagos Opinions? Observations? Feedback? We want to hear from you. India Business Law Journal welcomes your letters. Please write to the editor at [email protected]. Letters may be edited for style, readability and length, but not for substance. Due to the quantity of letters we receive, it is not always possible to publish all of them. 4 India Business Law Journal June 2013 News SEBI sparks race to comply with shareholding rules The Securities and Exchange Board of India (SEBI) has begun penalizing public listed com- panies that failed to meet the 3 June deadline for putting a minimum of 25% of their equity shares in public hands. Statistics from 4 June show that 105 companies have failed to comply with the regulator’s new public shareholding norms. The securities regulator has responded by imposing a range of sanctions on non-compliant compa- nies. It has prohibited the promoters, promoter groups and directors of such companies from buying, selling or oth- erwise dealing in the securities of their companies. It has also ordered the freezing of promoters’ and promoter groups’ voting rights and corporate benefits. Furthermore, the promoters and directors of non-compliant compa- nies have been restrained from holding new positions as a director of any listed company until they comply with the public shareholding norms. Companies affected by the penal- ties include Essar Ports, Hindustan Breweries & Bottling, Plethico Pharmaceuticals, Ras Resorts & and Colleen Laduzinski and associ- India and Deutsche Equities India on Apart Hotels, Steelco Gujarat, Tata ates Nikhil Naredi, Kevin Khan and the sale. Teleservices and Videocon Industries. Brandon Morris advised a syndicate Latham & Watkins in Singapore SEBI says it may take further action of DSP Merrill Lynch, Morgan Stanley, fielded a team including partner Rajiv on a case-by-case basis against com- Goldman Sachs, Standard Chartered, Gupta and foreign legal consultant panies that fail to comply. However, the SBI Capital Markets, Axis Capital, Citi, Scott Calver to represent the brokers. Associated Chambers of Commerce of Deutsche Equities, IDFC and Macquarie In some cases, more extreme meas- India (Assocham) has called for leni- Capital on the deal. ures have been taken. Indian IT, con- ency. “While it is true that it has been Amarchand Mangaldas, led by part- sulting and outsourcing group Wipro, three years since SEBI had asked listed ners Yash Ashar and Gaurav Gupte, for example, has split itself into two firms to take firm steps to increase acted as counsel to Adani Ports, while companies to comply with the new public holding, it must also be real- Khaitan & Co partner Nikhilesh Panchal public shareholding rules. ized that selling stocks in the mar- and executive director Sudhir Bassi The company has demerged its non-IT ketplace is a function of sentiments were counsel to the placement agents. divisions, including consumer care, light- or else the promoters would be com- In another quick-fire deal to com- ing, infrastructure engineering and medi- pelled to offload equity at a distressed ply with the new public shareholding cal diagnostic product divisions, into price,” Assocham’s secretary general, norms, Oracle Global (Mauritius) sold a separate promoter-controlled entity, DS Rawat, said in a statement. “This 4.4 million equity shares in Oracle leaving Wipro as a pure IT company. is particularly true about the small and Financial Services Software (India) at a Amarchand Mangaldas led by mid-cap companies.” price of `2,275 (US$37.75) per share. Mumbai-based managing partner Cyril Nevertheless, the new rules have The deal, which was valued at around Shroff along with Bangalore partners sparked a race for compliance. Adani `1 billion, reduces the Mauritian Arjun Lall and Nivedita Rao advised Ports and Special Economic Zone, company’s stake in Oracle Financial Wipro on the demerger. one of the 105 non-compliant com- Services Software (India) to 75%. Wilson Sonsini Goodrich & Rosati panies named, issued a US$180 mil- Kochhar & Co, led by partner Harry acted as US counsel to the investment lion institutional private placement of Chawla and associate Akshit Kapoor, banker – JM Financial Institutional equity shares on 5 June in order to advised Oracle Global (Mauritius) Securities – while SPJ Legal was the make itself compliant. This diluted the on the sale. Partner Yash Asher and legal counsel in court. promoter stake, taking the public hold- principal associates Kranti Mohan The demerger has been effective ing in Adani Ports just over the 25% and Abhimanyu Bhattacharya at since 31 March. The American deposi- threshold to 25.83%. Amarchand Mangaldas in Mumbai rep- tary receipt issuance is expected to be Jones Day partners Manoj Bhargava resented the brokers Morgan Stanley complete on 7 June. June 2013 India Business Law Journal 5 News subsidiaries in the US, the UK and with tax aspects of the deal. Sharon cApitAl mArkets the UAE in addition to the Indian par- Smith and Debbie Barbour, partners ent company. The issue was jointly in London and Abu Dhabi respec- Rolta issues managed by Barclays, Citigroup, DBS tively, also assisted with the security Bank and Deutsche Bank. structure. high-yield bonds DLA Piper designed the security AZB & Partners advised Rolta and structure of the deal and prepared its guarantors on Indian law mat- Rolta India has completed a Rule intercompany loan documentation to ters, while Davis Polk & Wardwell 144A/Regulation S high yield bond help implement the debt repayment acted as US counsel to the joint lead offering after issuing US$200 million aspects of the use of proceeds. The managers. of 10.75% senior notes in the interna- firm was US counsel to Rolta. The The Mumbai office of Trilegal tional markets. The notes will be listed team was led by Stephen Peepels, the advised the parties on the Indian law on the Singapore Stock Exchange. head of DLA Piper’s US capital mar- implications of the New York law- Rolta India is a technology com- kets practice in Asia. He was assisted governed transaction documents and pany that provides IT solutions for by associates Timothy Franklyn and the regulatory regime governing guar- defence and national security, utilities, Clark Chen. antees by an Indian company to an power, financial services and other Partners Chris Paci and Jason indirect wholly owned subsidiary. The industries. Harmon provided support in nego- team at Trilegal consisted of partner The bonds were issued by one tiating the covenant package and Srinivas Parthasarathy, senior associ- of Rolta’s US subsidiaries, Rolta implementing the security structure, ate Priyanka Kumar and associates LLC, with guarantees provided by while partner Steve Weerts assisted Gaurav Mukherjee and Anshul Gosavi. ELP rounds up not what I am happy with. I am more people moves comfortable in being an in-house new recruits counsel, and that is where my path Rao races back lies,” he added. Commenting on Rao’s depar- in-house ture, Kartik Ganapathy, a partner at Economic Laws Practice (ELP) has IndusLaw, said: “It was wonderful reconstituted its dispute resolution Private practice has proved not to when Pramod reached out and said he team with the addition of nine new be Pramod Rao’s cup of tea. The for- wanted to be a part of IndusLaw. We lawyers. mer IndusLaw partner has resigned did realize that Pramod remained an The new appointments were made from the law firm after just over a in-house person at heart, but would to replenish the firm’s litigation wing year to move back to an in-house try to make the transition. It has been following the departure of 14 lawyers, role. great working with him, and we hope including partners Sanjay Notani and In his new position as general coun- that this will continue.” Tarun Gulati, in April. sel at Citibank, Rao will head a team Rao replaces Sandeep Beri, the Kirat Singh Nagra joins ELP’s Delhi of around 18 lawyers in Mumbai. former general counsel for South Asia office as a partner after practising with Previously he had worked as general at Citibank. Beri joined Amarchand Amarchand Mangaldas for more than counsel of ICICI Bank. He had spent Mangaldas as a lateral partner in its 10 years. Nagra handles commercial almost 14 years with the bank, of New Delhi office. litigation and arbitration matters and which he was general counsel for has represented clients in sectors seven, before joining IndusLaw to set such as telecoms, aerospace and real up the firm’s Mumbai office. estate. He has appeared before the Rao said that when he left ICICI, Supreme Court of India, high courts, many law firms approached him, but regulatory forums and tribunals. “it was I who approached IndusLaw Tarun Jain joins ELP as a senior and wanted to be a part of [the firm]”. associate following a six year stint He said he enjoyed his rapport with at Lakshmikumaran & Sridharan. His other members of the firm. “I was expertise lies in indirect tax laws, delighted with the wonderful core primarily in central excise, customs, team of partners,” he said. “I found foreign trade policy, service tax and them to be experienced, business value added tax. focused and supportive. The estab- Also joining the firm are Pranav lishment of the Mumbai office and Vyas, formerly an associate at Fox the inclusion of Priyanka [Roy, for- Mandal, Kartik Yadav, who was an merly of Alliance Legal] as a part- associate with AZB & Partners, and ner … is testament to the vision of Somnath Shukla, who was an asso- IndusLaw.” ciate at Vaish Associates. The other Rao said his colleagues were sup- new hires are Kshitiz Karjee, Prithvi portive of his decision to move back Kapur, Shankey Agrawal and Avneesh in-house. “Personally the role of part- Arputham who have all joined ELP as Pramod Rao ner at a law firm in private practice is associates. 6 India Business Law Journal June 2013 News Finsec gains one, loses two BAnking & finAnce Canara grants loan to 3B Fibreglass Mumbai-based finance boutique Finsec Law Advisors has appointed Anil Choudhary as a senior associ- The London branch of Canara Bank has provided a €10 million ate. Choudhary is a New York and (US$13 million) facility to 3B Fibreglass SRPL (Belgium), a member of India-qualified lawyer specializing in the 3B Binani group of companies. The loan facility was backed by a transactional work in the securities corporate guarantee extended by Binani Industries India – the holding market. company of the 3B Binani group. The deal required Reserve Bank of The Harvard law graduate worked India approval. at Luthra & Luthra, Nishith Desai Majmudar & Partners advised Canara Bank (London) on the loan. Associates and Trilegal before joining Partner Prashanth Sabeshan in Bangalore led the Majmudar & Partners’ Finsec. team. TLT was English counsel to the lender and Ashurst represented the Choudhary has advised large cor- Canara Bank on Belgium and Luxembourg laws. porate houses and investment banks on corporate and capital market transactions including IPOs, cross- border listings on stock exchanges practice”. He also told India Business had a stint at Finsec, has joined IC and private equity investments. Law Journal that his firm would be tak- Legal as an associate. Speaking to India Business Law ing on more new professionals in the “IC Legal came up with a brilliant Journal, he said his reasons for mov- near future. opportunity and our desire was to ing to Finsec were “to have a focused Choudhary’s appointment comes move from a proprietary model to practice area in securities and finan- hot on the heels of two departures a partnership which gives greater cial laws and to have an opportunity from Finsec. independence and opportunities to to work with Sandeep [Parekh], one Indrajit Mishra and Tejesh Chitlangi grow,” Chitlangi told India Business of the leading securities lawyer in this left Finsec in May to join IC Legal. Law Journal. country”. He added that the firm was Mishra, who was a partner and head IC Legal was set up in 2004 and “a great place for legal minds inter- of private equity at Finsec, and specializes in real estate, litigation ested in contributing to the financial Chitlangi, a former senior associate and media law. and securities law policies of the at the firm, moved to become equity The firm comprises 15 lawyers country”. partners at IC Legal. including five partners. It aims to Parekh, the founder of Finsec Law Mishra takes on the role of head of become a full-service law firm with Advisors, said Choudhary’s appoint- private equity and M&A while Chitlangi the new capabilities in private equity, ment would strengthen Finsec’s “pres- heads up the firm’s investment funds M&A and investment funds as a result ence in financial sector transactional practice. Janhavi Seksaria, who also of the hires. mergers & Acquisitions McGraw Hill lifts stake in CRISIL McGraw Hill Financial has made an open offer to acquire up to 15,670,372 shares from the public shareholders of CRISIL, a global analytical com- pany which provides ratings, research and risk and policy advisory services. The share amount equals 22.23% of the total equity shares outstand- ing in CRISIL. Full acceptance of the offer would increase McGraw Hill Financial’s total stake in CRISIL to 75% from 52.77%. The parties intend to purchase the shares at an offer price of `1,210 (US$21.42) per share, making the total value of the deal approximately `19 billion. June 2013 India Business Law Journal 7 News Singhania & Partners advised Multiples purchases stake in Milltec McGraw Hill Asian Holdings, along with McGraw Hill Financial, S&P India and Standard & Poor’s International, on the voluntary open offer under Mumbai investment company Multiples Alternate Asset Management the Securities and Exchange Board has acquired a 50% stake in Milltec Industries (Bangalore), a manu- of India’s takeover regulations. The facturer of agricultural equipment. The deal, valued at US$43 million, team was led by the firm’s senior was conducted through a secondary investment by Multiples in Milltec partner Ravi Singhania and partner Machinery and an acquisition of a 100% stake by Milltec Machinery in Manish Kumar Sharma and was sup- Milltec Industries (Bangalore) and Milltec Outsourcing. ported by senior associate Shradha Khaitan & Co Bangalore partner Ganesh Prasad advised Multiples. Dubey and associate Medha Shah. J Sagar Associates represented the Milltec Group and the continuing Khaitan & Co advised Morgan shareholders throughout the transaction. The team comprised partners Stanley India as the manager to the Sajai Singh and Gerald Manoharan, senior associate Prashant Kumar issue. The team included partner and associate Roy George. Arindam Ghosh and executive direc- Dua Associates was counsel to the selling shareholders on the deal. tor Sudhir Bassi. Victor Reinz acquires licence S&R Associates has advised US vehicle parts manufacturer Dana Holding Corporation on an agreement to license its heat exchange technol- ogy to Victor Reinz India. Victor Reinz is Dana’s joint venture in India with the Jayant Group. Victor Reinz India, which has been producing gaskets and heat shields for automotive customers in India since 2009, will now produce engine, transmission and power steering oil and fuel coolers. Dwayne Matthews, the president of Dana Power Technologies, said the agreement was “the next logical step to meet the rising demand for high- quality thermal solutions in India.” The deal is subject to customary closing conditions and expected to be complete within two months. The S&R Associates’ team that worked on the deal consisted of part- ners Rajat Sethi and Juhi Singh and associates Radhika Iyer and Radhika Agrawal. billion in a gas project in Rovuma He was assisted by associates Avichal Mozambique Area 1 Offshore Block in Mozambique. Prasad and Tarana Khan. The Hong OVL and OIL will make the acquisition Kong office of Simmons & Simmons draws OIL and OVL through a newly formed entity in which was the international counsel to the OVL will own 60% and OIL will hold two companies. Oil India (OIL) and ONGC Videsh 40%. Shardul Shroff, the Delhi managing (OVL) have signed definitive agree- Kochhar & Co’s Delhi office, led partner of Amarchand Mangaldas, led ments with Videocon Mauritius Energy by partner Ngangon Junior Luwang, a team that acted for Videocon. He was to acquire 100% of the shares of represented OIL and OVL as Indian supported by partners Vidyut Gulati, Videocon Mozambique Rovuma 1. counsel on the deal, advising on the Nikhil Narayanan and Puja Sondhi, Videocon Mozambique holds a 10% transactional documents, litigation, principal associate-designate Ramanuj participating interest worth US$2.475 taxation and general corporate issues. Gopalan and associate Neha Yadav. 8 India Business Law Journal June 2013

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norms, Oracle Global (Mauritius) sold. 4.4 million equity shares implementing the security structure, . He was supported by partners Vidyut Gulati, .. prohibiting GPA sales . cloud computing raises serious competition concerns.
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