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Khaitan&Co. Advises Jefferies India on INR 1369 Crore Equity Sale in Aavas Financiers Ltd

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Khaitan&Co. Advises Jefferies India on INR 1369 Crore Equity Sale in Aavas Financiers Ltd

Khaitan&Co. provided legal counsel to broker Jefferies India Private Limited in the secondary sale of equity shares owned by Partners Group (Partners Group Private Equity (Master Fund) LLC and Partners Group ESCL) and Kedaara Capital Group (Lake District Holdings and Kedaara Capital Alternative Investment Fund) in Aavas Financiers Ltd through a block sale, amounting to INR 1369 crores.

The deal team was comprised of Chirayu Chandani and Hrithik Khurana.

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Punjab and Haryana High Court Orders Judicial Probe into Farmer’s Death During Clashes

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Punjab and Haryana High Court Orders Judicial Probe into Farmer’s Death During Clashes

Punjab and Haryana High Court Responds to Petitions, Initiates Inquiry into Fatal Incident at Khanauri Border

The Punjab and Haryana High Court has directed a judicial investigation into the death of farmer Shubhkaran Singh, who died last month amid clashes between farmers and Haryana security forces at Khanauri border.

Punjab and Haryana High Court
Shubhkaran Singh

A division bench comprising Acting Chief Justice G S Sandhawalia and Justice Lapita Banerji heard several petitions related to the ongoing farmers’ agitation.

Advocate Uday Partap Singh, also a petitioner in the case, confirmed that the court has directed a judicial probe into Shubhkaran Singh’s death.

According to Singh, the investigation will be carried out by a retired High Court judge and two officers holding the rank of ADGP from Punjab and Haryana.

Shubhkaran Singh, a 21-year-old from Bathinda, was fatally injured, and 12 police personnel were wounded during clashes at Khanauri border on the Punjab-Haryana border on February 21. The altercation occurred as some protesting farmers attempted to breach barricades.

The Punjab government has initiated legal proceedings by filing a murder case under a zero FIR regarding the incident. The ‘Delhi Chalo’ march, led by the Samyukta Kisan Morcha (Non-Political) and the Kisan Mazdoor Morcha, aims to exert pressure on the government to meet their demands, including a legal guarantee for minimum support price for crops and a waiver of farm loans.

After security forces halted their “Delhi Chalo” march, protesting farmers have positioned themselves at the Shambhu and Khanauri border points along the Punjab and Haryana border.The march, which began on February 13, was disrupted by clashes at the Shambhu and Khanauri border points on the Haryana-Punjab border.

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Delhi High Court Grants Divorce, Rules Husband’s Expectation of Household Work Not Cruelty

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Delhi High Court Grants Divorce, Rules Husband’s Expectation of Household Work Not Cruelty

Delhi High Court Upholds Husband’s Appeal, Cites Wife’s Reluctance to Live with Joint Family as Grounds for Divorce

During the hearing of a husband’s appeal against the family court’s decision to reject his plea for marriage dissolution due to alleged cruelty by his wife, the Delhi High Court stated that expecting a wife to perform household duties cannot be considered cruelty. The bench emphasized that requesting a married woman to engage in household chores is an expression of love and affection towards her family, rather than treating her as a maid servant, as established in previous legal precedents. The court highlighted that when couples marry, they typically intend to share future life responsibilities, with husbands often assuming financial obligations while wives take on household duties, as was the case here.

The two-judge bench of Justice Suresh Kumar Kait and Justice Neena Bansal Krishna heard the matter. The appellant, a member of the CISF, alleged his wife’s non-cooperation with household work, false criminal accusations against him, and abandonment of their matrimonial home. He also claimed pressure from his wife and her parents to live separately from his family. The court noted the husband’s efforts to accommodate his wife’s wishes by living apart from his family to preserve the marriage.

Despite the husband’s attempts, the court observed the wife’s reluctance to live with a joint family and her preference for staying with her parents. The court noted that her actions disregarded marital obligations and deprived the husband of fatherhood opportunities. Based on these considerations, the HC granted the husband a divorce under Section 13(1)(ia) of the Hindu Marriage Act, 1955, overturning the previous judgment.

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Supreme Court Rebukes Former Uttarakhand Forest Minister and DFO for Environmental Damage in Corbett National Park

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Supreme Court Rebukes Former Uttarakhand Forest Minister and DFO for Environmental Damage in Corbett National Park

Supreme Court Directs CBI Probe and Restoration Measures, Orders Disciplinary Action Against Officials

During the hearing of the In Re: T.N. Godavarman Thirumulpad vs. Union of India case on March 06, 2024, the Supreme Court (SC) of India strongly criticized former Uttarakhand Forest Minister Harak Singh Rawat and Divisional Forest Officer (DFO) Kishan Chand for their involvement in illegal construction and tree felling activities within the Jim Corbett National Park. The SC emphasized that such actions, which lead to significant environmental damage, cannot be overlooked, and measures must be taken to prevent their recurrence.

The bench condemned the actions of the former forest minister and DFO, stating, “This case illustrates how politicians and bureaucrats have disregarded the public trust doctrine.” It further remarked, “The collusion between a politician and a forest officer has resulted in severe environmental damage for personal and political gains. Despite objections from senior forest department officials, vigilance, and police departments regarding the appointment of the DFO to a sensitive position, their recommendations were ignored. However, since the matter is under investigation by the CBI, we refrain from making further comments.”

The SC directed the Central Bureau of Investigation (CBI) to conduct a thorough investigation and submit a status report within three months. Additionally, the bench, comprising Justice BR Gavai, Justice Prashant Kumar Mishra, and Justice Sandeep Mehta, decided not to interfere with the establishment of the ‘Tiger Safari’ at Pakhrau but ordered the relocation or establishment of a rescue center nearby. Moreover, it instructed the formation of a committee to evaluate the environmental damage in the Corbett Tiger Reserve and recommend restoration measures, with representatives from various relevant organizations.

Furthermore, the SC directed the State of Uttarakhand to expedite disciplinary proceedings against the responsible officers within six months and submit a status report within three months from March 06, 2024.

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Cyril Amarchand Mangaldas Advises Multiples in Record-Breaking Investment in SVATANTRA MICROFIN

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Cyril Amarchand Mangaldas Advises Multiples in Record-Breaking Investment in SVATANTRA MICROFIN

Cyril Amarchand Mangaldas provided legal counsel to Multiples in its planned investment in SVATANTRA MICROFIN PRIVATE LIMITED, a non-banking financial company and microfinance institution led by Ananya Birla. Multiples, in collaboration with Advent International, has signed definitive agreements for a joint investment totaling around INR 1,930 crores in the Company.

This transaction marks the most substantial private equity investment in India’s microfinance industry.

The team handling the transaction includes Aditi Manchanda, Srabanee Ghosh, Adhiraj Gupta, Subhashini Narayanan, Sudarshan Srikanth, Utkarsh Roy, Maya Venkiteswaran, and Jeezan Pakhliwal.

Kirthi Srinivas, Mohini Parghi, and Keshab Roy Choudhury provided advice on competition law matters related to the transaction.

Svatantra is a forward-thinking microfinance organization that provides unique banking solutions. We are dedicated to reaching the unbanked population by utilizing technological innovations. Our goal is to promote entrepreneurship in areas where traditional banking services are inaccessible. We offer a comprehensive range of financial and non-financial services, with a primary focus on micro-credit. Our core values include entrepreneurship, transparency, and innovative disruption. We take pride in being the first microfinance institution to receive the Non-Banking Financial Company – Microfinance Institution (NBFC-MFI) license from the Reserve Bank of India. Additionally, we hold an A+ rating from CRISIL and an M1 grade from ICRA. We prioritize innovation and technology to streamline our business processes and enhance our product offerings. From the outset, we have pioneered 100% cashless disbursements. Our proprietary app “SAATHI” has been recognized by The Economic Times BFSI Innovation Tribe Summit & Awards 2020 as one of the most innovative initiatives in the microfinance sector.

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Archana Tewary Promoted to Equity Partnership at JSA

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Archana Tewary Promoted to Equity Partnership at JSA

JSA, a prominent law firm known for its professional management, has announced the promotion of Archana Tewary to Equity Partnership, effective from April 1, 2024. This advancement underscores JSA’s dedication to acknowledging and fostering outstanding legal talent within the organization.

Tewary has established herself as a top lawyer in JSA’s Corporate Practice, particularly excelling in Mergers & Acquisitions (M&A) and Private Equity. Her extensive industry knowledge and strategic legal insights have significantly contributed to the firm’s clients’ success, especially in high-stakes transactions.

In their statement on the promotion, Amit Kapur and Vivek Chandy, the Joint Managing Partners (JMPs) of JSA, remarked, “Archana possesses considerable experience in M&A and Private Equity transactions and has firmly cemented her position within her practice areas. This promotion is a strategic step to ensure our clients continue to receive top-notch legal services. As we expand, our focus remains on upholding our reputation as the preferred firm, known for its profound technical expertise, merit-based approach, and unparalleled knowledge. We extend our congratulations to Archana on her well-deserved promotion and eagerly anticipate her ongoing contributions to our firm’s achievements.”

Tewary brings a diverse and extensive background along with a proven track record in the legal sector, especially in corporate law, mergers and acquisitions (M&As), and private equity. As a partner in JSA’s corporate practice in Bengaluru, she has played a crucial role in guiding companies and investors through the intricacies of investment and acquisition transactions. Her meticulous approach permeates all aspects of her work, from structuring and negotiating deals to ensuring compliance with corporate, exchange control, and employment laws.

Her commitment to the legal profession and her clients is paralleled by her dedication to mentoring the next generation of legal practitioners, particularly within JSA’s startup practice. In this realm, she has made significant headway in advising emerging companies on operational and fundraising activities, establishing her as a key figure in the entrepreneurial community.

Tewary holds a B.A., LL.B. from the University Law College Bangalore (2008) and is a respected member of the Bar Council of Maharashtra & Goa.

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Delhi High Court Overturns Suspension of BJP MLAs by Assembly Speaker

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Delhi High Court Overturns Suspension of BJP MLAs by Assembly Speaker

Delhi High Court overturned a decision made by Delhi Legislative Assembly Speaker Ram Niwas Goel, which suspended seven BJP Members of Legislative Assembly (MLAs) from the house. Justice Subramonium Prasad delivered the verdict following a petition filed by the MLAs challenging the speaker’s action. The court had previously reserved its judgment on February 27.

Representing the suspended MLAs, Senior Advocate Jayant Mehta argued that the suspension until the conclusion of proceedings before the privileges committee violated the relevant rules. Conversely, Senior Advocate Sudhir Nandrajog, representing the Delhi Assembly, defended the suspension, characterizing it as a self-disciplinary measure.

Of the eight BJP MLAs in the Delhi Assembly, seven were suspended on allegations of disrupting the Lieutenant Governor (LG) Vinai Kumar Saxena’s address. The suspended BJP MLAs include Vijender Gupta, Ajay Kumar Mahawar, Anil Kumar Bajpai, Om Prakash Sharma, Jitender Mahajan, Mohan Singh Bisht, and Abhay Verma.

The suspended MLAs contended that Speaker Ram Niwas Goel’s decision was unconstitutional as it effectively silenced the opposition in the assembly. They argued that the motion introduced by AAP MLA Dilip Pandey aimed to exclude opposition members from participating in crucial discussions during the budget session.

The BJP MLAs also criticized the ruling AAP for politicizing their suspension, citing the suspension of AAP MP Raghav Chadha from Parliament. Despite apologizing to the Lieutenant Governor, the issue remained unresolved, prompting the High Court to hear the petitions on their merits.

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Shardul Amarchand Mangaldas acts as legal counsel to ERIS Lifesciences (“Eris”) in acquiring a majority stake in Swiss Parenterals Ltd

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Shardul Amarchand Mangaldas acts as legal counsel to ERIS Lifesciences (“Eris”) in acquiring a majority stake in Swiss Parenterals Ltd

Shardul Amarchand Mangaldas provided advisory services to Eris Lifesciences Limited (“Eris”) in the acquisition of a majority stake in Swiss Parenterals Limited (“SPL”) from the current shareholders of SPL, facilitated by Eris and specific individual buyers. The overall deal value amounts to approximately INR 875 Crores (USD 105.38 million). The consideration involved a mix of cash and the issuance of secured, redeemable non-convertible debentures by Eris.

Following the successful completion of the transaction, Eris now possesses a 51% share in the capital of SPL, while the collective stake of the individual purchasers stands at around 19% of SPL’s share capital.

This strategic move enhances Eris’s capabilities in the sterile injectables segment.

The transaction team, led by Nivedita Tiwari (Partner), Devesh Pandey (Partner), Shailesh Singh (Principal Associate), and Anushka Ganguli (Associate), played a pivotal role.

The financing team, under the leadership of Shilpa Mankar Ahluwalia (Partner), Shubhangi Garg (Partner), Utsav Dubey (Principal Associate), Purva Anand (Associate), and Gunjan Shrivastav (Associate), contributed to the successful execution of the deal.

The tax team, led by Gouri Puri (Partner) and Rahul Yadav (Counsel), ensured compliance with relevant tax considerations.

Ritwik Bhattacharya (Partner) provided guidance on the competition law aspects.

Cyril Amarchand Mangaldas advised SPL and the Sellers on the legal aspects of the transaction.

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JSA acted as legal counsel to India Grid Trust in the acquisition of a 300 MW solar power project situated in Rajasthan from ReNew Group.

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JSA acted as legal counsel to India Grid Trust in the acquisition of a 300 MW solar power project situated in Rajasthan from ReNew Group.

JSA provided guidance and support to the Ministry of New and Renewable Energy, Government of India, and The World Bank in crafting bid documents for the allocation of sea-bed lease rights dedicated to the development of offshore wind power projects.

Aligned with the National Offshore Wind Policy, 2015, and the Offshore Wind Energy Lease Rules, 2023, these bid documents mark the initiation of the first offshore wind power development projects in India. They include a request for selection document, a concession agreement, and distinct lease agreements for both the survey and development phases of the project. The primary aim of this bidding process is to establish 4000 MW of offshore wind energy as a significant source of green energy, contributing to the country’s ‘Net Zero by 2070’ target.

The transaction, valued at over USD 1 billion, was led by its Joint Managing Partner Amit Kapur and Partner Kartikeya GS.

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Khaitan & Co. Facilitates Leonardo Helicopters’ Partnership with Universal Vulkaan Aviation for Indian Market Expansion

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Khaitan & Co. Facilitates Leonardo Helicopters’ Partnership with Universal Vulkaan Aviation for Indian Market Expansion

Khaitan & Co. provided legal counsel to Leonardo Helicopters regarding the selection of Universal Vulkaan Aviation as its distributor for the Indian civil helicopter market, structuring the agreement in compliance with Indian regulations.

The main team involved Atul Pandey, Arjun Bhagi, Shivansh Mehta, and Mehul Mehta, with support from Vinita Krishnan (Direct Tax), Mayank Jain (Indirect Tax), and Pranjal Prateek (Competition).

Leonardo, a distinguished Italian aerospace corporation, has designated Universal Vulkaan Aviation Pte. Ltd as its distributor for the Indian civil helicopter market, an announcement made by the latter on Friday. Universal’s press release reveals that this collaboration will introduce helicopter models such as the AW109, AW139, and AW169 to the Indian market, recognized for their reliability, safety, performance, and cutting-edge technology.

The helicopters available through this strategic alliance in India feature advanced technology, top-notch performance, and comprehensive safety measures. They boast spacious cabins, impressive range capabilities, and state-of-the-art avionics systems, making them well-suited for various applications including corporate travel, tourism, and medical emergency services. Universal Vulkaan Aviation Pte. Limited will serve as Leonardo Helicopters’ distributor in India, offering support and service to customers across the country. The official announcement was made during the HAI Heli-Expo in California.

Stefano Villanti, Senior Vice President of Sales and Marketing at Leonardo Helicopters, expressed satisfaction with the partnership with Universal Vulkaan Aviation Pte. Limited. He highlighted India’s thriving civil aviation sector and the escalating demand for dependable transportation solutions. Villanti emphasized that Leonardo’s cutting-edge helicopters are uniquely positioned to meet this demand and provide unparalleled service and support to customers.

Harinder Commar of Universal Vulkaan Aviation echoed Villanti’s sentiments, underscoring the growing preference for helicopters in India for business and tourism purposes. He expressed enthusiasm about introducing Leonardo’s outstanding products to the Indian market, anticipating new prospects for growth and innovation through the fusion of Leonardo’s technology and their expertise in the Indian aviation industry.

The collaboration between Leonardo and Universal Vulkaan Aviation Pte. Limited is poised to stimulate growth and innovation in the Indian aviation domain, paving the way for advancements and progress.

Leonardo’s decision to appoint Universal Vulkaan Aviation Pte. Ltd as its distributor for the Indian civil helicopter market marks a significant development in the aerospace industry. Universal’s announcement on Friday revealed the commencement of a strategic partnership aimed at introducing Leonardo’s renowned helicopter models to the Indian market. These models, including the AW109, AW139, and AW169, are esteemed for their reliability, safety features, performance, and cutting-edge technology. The collaboration is expected to offer Indian customers access to advanced helicopter solutions tailored to meet their diverse needs, including corporate travel, tourism, and medical emergency services.

Under this partnership, Universal Vulkaan Aviation Pte. Ltd will serve as the exclusive distributor of Leonardo Helicopters in India, providing comprehensive support and service to clients nationwide. The formal announcement of the collaboration took place during the prestigious HAI Heli-Expo held in California, signaling the commencement of a mutually beneficial relationship between the two entities.

Stefano Villanti, Senior Vice President of Sales and Marketing at Leonardo Helicopters, expressed optimism about the partnership, citing India’s burgeoning civil aviation sector and the increasing demand for reliable transportation solutions. He emphasized Leonardo’s commitment to delivering cutting-edge helicopter technology and unparalleled customer service to the Indian market. The appointment of Universal Vulkaan Aviation Pte. Ltd as the distributor aligns with Leonardo’s strategic objectives to expand its global footprint and provide innovative solutions to customers worldwide.

Harinder Commar, representing Universal Vulkaan Aviation Pte. Ltd, echoed Villanti’s sentiments, highlighting the significant opportunities presented by the partnership. He emphasized the growing importance of helicopters in India for various applications, including business travel and tourism, and expressed confidence in Leonardo’s products’ ability to meet the evolving needs of Indian customers. Commar reiterated Universal Vulkaan Aviation’s commitment to delivering world-class solutions and services, leveraging Leonardo’s cutting-edge technology and expertise in the aviation industry.

The collaboration between Leonardo and Universal Vulkaan Aviation Pte. Ltd signifies a significant milestone in the Indian aviation sector, heralding a new era of innovation and growth. With Leonardo’s advanced helicopter solutions and Universal Vulkaan Aviation’s extensive market knowledge and experience, the partnership is poised to drive advancements and shape the future of the Indian civil helicopter market. Together, the two entities aim to redefine industry standards and provide customers with unmatched quality, reliability, and performance.

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