Thursday, January 2, 2025
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Wipro Partners with AmpIN C&I Power to Launch Solar Captive Power Project in Tamil Nadu

AZB & Partners Advises Wipro on Strategic Investment to Boost Renewable Energy Use and Achieve ESG Goals

Wipro has successfully entered into a transaction with AmpIN C&I Power Private Limited to set up a solar captive power project and secure renewable energy for its operations in Tamil Nadu. As part of this initiative, AmpIN C&I has established a special purpose vehicle, AmpIN Energy C&I One Private Limited, in which Wipro has invested approximately INR 2.4 crores. This collaboration aims to enhance Wipro’s renewable energy usage across its Tamil Nadu offices and support the company’s environmental, social, and governance (ESG) objectives.

The transaction was led by AZB & Partners’ Senior Partner Anuja Tiwari, Partner Mallika Anand, Senior Associate Sumi Trivedi, and Associate Mohit Mansharamani on the Projects side, and Senior Partner Srinath Dasari, Counsel Adoksh Shastry, and Associate Anjali Sasikumar on the Corporate side.

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AZB & Partners Secures CCI Approval for KKR and Singtel Investment in STT GDC

 

Swiggy’s ₹11,327.4 Crore IPO: Legal Giants CAM, SAM, AZB, JSA, and Latham & Watkins Lead the Way

Food Delivery Giant Swiggy Gears Up for Market Debut with a Record-Breaking IPO

Swiggy Ltd, the online food delivery and quick commerce leader, is set to launch its Initial Public Offering (IPO) from November 6 to November 8, aiming to raise ₹11,327.4 crore.

This will be the second IPO in the sector, following Zomato’s 2021 debut, and is expected to surpass Zomato’s ₹9,375 crore offering in size. The offer consists of a fresh issue of ₹4,499 crore and an offer-for-sale of ₹6,828.4 crore, with an expected price range of ₹371 to ₹390 per share.

Legal Advisors to the IPO

Swiggy has been advised by leading law firms, including Cyril Amarchand Mangaldas (CAM), Shardul Amarchand Mangaldas (SAM), AZB & Partners, JSA, and Latham & Watkins.

  • Cyril Amarchand Mangaldas (CAM): Led by Senior Partner Yash J. Ashar, Partner Gokul Rajan, and supported by Principal Associate Rushab S. Dhandokia and Associates Harshvardhan Lahiri, Indira Satish, Adwait Deshmukh, Urmil Shah, and Lajja Mehta, CAM acted on behalf of Swiggy in the IPO.
  • Shardul Amarchand Mangaldas (SAM): Representing Swiggy’s largest shareholder, Prosus, the team was led by Prashant Gupta (Partner and Head – Capital Markets) and included Ruth Chenchiah (Partner) and Sanjana Chowdhary (Principal Associate).
  • AZB & Partners: AZB advised the bankers on the transaction, with the team led by Varoon Chandra, Senior Partner and Head of Capital Markets.
  • JSA: JSA acted for three of the selling shareholders, with the team led by Partners Arka Mookerjee and Pracheta Bhattarchaya, and Senior Associate Sourav Modi.
  • Latham & Watkins: Latham & Watkins provided international legal support for the IPO.

Book-Running Lead Managers and Registrar

The offering is managed by top investment banks, including Kotak Mahindra Capital Company, Citigroup Global Markets India, Jefferies India, Avendus Capital, JP Morgan India, BofA Securities, and ICICI Securities. Link Intime India Private Ltd is the registrar for the IPO.

JSA advises EQT on pre-IPO trades in Sagility India

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IndusLaw Welcomes G. Madhusudhana as Partner in Real Estate Practice

has announced the appointment of G. Madhusudhana as a Partner in their Real Estate practice at the Bengaluru office.

With a career spanning three decades, Madhusudhana offers extensive expertise in corporate real estate transactions, investments, financing, and dispute resolution. He has a notable history of managing high-value investments and joint ventures with global partners. His broad experience includes transaction structuring, commercial leasing, title due diligence, and the resolution of complex civil and commercial disputes within the real estate sector.

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Justice Sanjiv Khanna Begins Tenure as 51st Chief Justice of India

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Justice Sanjiv Khanna was sworn in as India’s 51st Chief Justice on Monday, with President Droupadi Murmu administering the oath at Rashtrapati Bhavan. His term as Chief Justice will last 183 days, ending on May 13, 2025.

Justice Khanna’s legal career began in 1983, focusing on areas including taxation, constitutional matters, arbitration, commercial, and environmental law. In 2004, he served as the Standing Counsel (Civil) for Delhi’s National Capital Territory, and by 2005, he became an Additional Judge of the Delhi High Court, attaining permanent status a year later. He joined the Supreme Court on January 18, 2019, a move he described as unexpected.

Justice Khanna is the nephew of Justice Hans Raj Khanna, famous for his dissent in the ADM Jabalpur case. As a Supreme Court judge, Justice Sanjiv Khanna has contributed to several significant rulings, particularly in recent months. In 2022, he was part of the Constitution Bench that upheld the abrogation of Article 370. He also played a role in striking down the Electoral Bonds scheme, which had allowed anonymous donations to political parties.

In April, Justice Khanna, along with Justice Dipankar Datta, dismissed a petition seeking to tally all VVPAT slips with EVM votes. Ahead of this year’s general elections, his Bench also refused to halt the appointments of Election Commissioners Gyanesh Kumar and Dr. Sukhbir Singh Sandhu.

Justice Khanna’s Bench has been involved in various high-profile bail cases. In July, he led the Bench that granted interim bail to then-Chief Minister of Delhi, Arvind Kejriwal, in a money laundering case related to the Delhi excise policy scandal. Similarly, his Bench previously granted bail to MP Sanjay Singh in the same case.

In August, Justice Khanna questioned the dress code enforced by a Mumbai college, partially staying a notice that restricted students from wearing burqas, hijabs, or niqabs on campus. Previously, in 2021, he voiced dissent in the majority decision on the Central Vista Project.

Justice Khanna’s tenure as CJI continues to highlight his contributions to critical legal and constitutional matters in India.

With inputs from the agency.

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NGT Probes Massive Tree Felling for Kanwar Yatra Route in UP

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A fact-finding panel informed the National Green Tribunal (NGT) that over 17,600 trees have been cut across three districts in Uttar Pradesh to clear the path for the new Kanwar Yatra route.

The NGT was reviewing a case concerning the alleged felling of more than one lakh trees and shrubs within protected forest areas in Ghaziabad, Meerut, and Muzaffarnagar. These removals are part of a planned route from Muradnagar in Ghaziabad to Purkaji in Muzaffarnagar.

In an order dated November 6, NGT Chairperson Justice Prakash Shrivastava noted the submission of an interim report by a joint committee formed to investigate the matter. The committee included representatives such as the Forest Survey of India director, a senior scientist from the Union Ministry of Environment, Forest and Climate Change, the chief secretary of the state or their representative, and the Meerut district magistrate.

According to the bench, which also included Judicial Member Justice Arun Kumar Tyagi and Expert Member A Senthil Vel, the irrigation department reported that 17,607 trees were removed across the three districts as of August 9, 2024.

While initial permission had been granted for felling 1,12,722 trees, authorities later revised this figure to 33,776 trees. The tribunal directed the Uttar Pradesh government to confirm whether the tree removal was calculated following the UP Protection of Trees Act and instructed the state’s environment department’s additional chief secretary to file an affidavit within two weeks detailing the exact number of trees planned for removal for the route’s construction.

The tribunal further asked the state to clarify whether trees were cut beyond the designated width of 15 to 20 meters, identifying any responsible individuals if so.

Highlighting the public importance of this project, the tribunal urged the joint committee to expedite its review and submit a final report promptly. Additionally, it noted that the Surveyor General had previously mentioned a drone survey to assess tree removal along canal banks on October 16. However, the tribunal found that the submitted report from the Survey of India did not contain this information.

The NGT directed the Surveyor General to provide updated satellite imagery comparing the tree cover in 2023 with that in 2024 (up to October) for the relevant areas. The next hearing is scheduled for November 25.

With inputs from the agency.

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NGT Questions Uttarakhand on Ganga Pollution, Cites STP Failures at Source

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The National Green Tribunal (NGT) has been informed that, according to a report by the Uttarakhand government on pollution in the Ganga River, even the river’s “origin point” at Gangotri shows contamination from sewage treatment plant (STP) discharge.

This information was presented during proceedings focused on controlling and preventing Ganga pollution in Uttarakhand. Earlier, the tribunal had requested a report from the state and other authorities.

A bench led by NGT Chairperson Justice Prakash Shrivastava noted that an advocate for one of the applicants referenced the report, highlighting that a faecal coliform level of 540 MPN (most probable number) per 100 ml was detected in a sample from a 1 million litres per day (MLD) STP at Gangotri. Faecal coliform (FC) levels indicate microbial pollution from human and animal waste. The Central Pollution Control Board (CPCB) recommends an FC level of less than 500 MPN/100 ml for safe outdoor bathing.

In its November 5 order, the bench, which included Judicial Member Justice Sudhir Agarwal and Expert Member A Senthil Vel, noted the advocate’s submission that “even the origin point of the pious river Ganga is polluted by the STP discharge.” The tribunal further reviewed the CPCB’s findings on STP compliance, revealing that out of 53 STPs in operation, only 50 were functional and 48 did not meet standards for FC levels, biochemical oxygen demand (BOD) efficiency, or capacity utilization.

The tribunal found inconsistencies between the state’s report and the CPCB’s data, expressing doubt about Uttarakhand’s latest disclosures. It directed the Chief Secretary to carefully examine the issue and ensure an accurate status report is submitted in compliance with all norms.

Deficiencies in Uttarakhand’s STP report were also noted. The tribunal observed that several STPs in areas like Dehradun, Uttarkashi, Pauri, and Chamoli were underused, while others in Haridwar and Tehri received more sewage than their capacity. The report lacked details on STP flooding or backflow incidents.

Regarding untreated sewage, the tribunal noted that 63 untapped drains were directly discharging into the Ganga and its tributaries. It highlighted that all drains in towns like Kashipur, Bazpur, and Kitchha in Udham Singh Nagar district were untapped.

The tribunal directed the state to include clear, time-bound actions in its next report to prevent untreated sewage with BOD and FC loads from reaching the Ganga or its tributaries.

The next hearing is scheduled for February 13.

With inputs from the agency

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Legacy of Justice: Chief Justice D.Y. Chandrachud’s Transformative Tenure

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Justice D.Y. Chandrachud concluded his tenure as the 50th Chief Justice of India on Sunday, wrapping up two transformative years marked by major rulings and impactful reforms, etching a distinct legacy in India’s judicial history.

During his time on the bench, Chandrachud contributed to numerous landmark decisions, including the Ayodhya land dispute, the abrogation of Article 370, and the decriminalization of consensual same-sex relationships, shaping both societal and political landscapes. Over his eight-year tenure as a Supreme Court judge, he was involved in 38 constitutional benches and authored over 500 judgments, several of which had significant social and legal implications.

Beyond his judicial rulings, Chief Justice Chandrachud also made a substantial impact administratively, overseeing a variety of judicial reforms. He initiated an accessibility audit for the Supreme Court, aiming to make the court more approachable and accommodating for the general public and those with disabilities.

A notable aspect of his legacy is a redesigned “Lady Justice” statue. Unlike the traditional image featuring a blindfolded figure in Grecian attire with a sword, the new statue is a six-foot-tall woman in a sari, holding scales in one hand and the Constitution in the other, without a blindfold. This symbol of justice stirred considerable debate.

In the days before his departure, he addressed the Supreme Court’s summer vacations, renaming them as “partial court working days” to address criticisms of long judicial breaks. Chandrachud’s tenure also reflects a rare familial legacy, as he followed his father, Y.V. Chandrachud, who holds the record for the longest CJI tenure from 1978 to 1985, making them the only father-son duo to serve as Chief Justices of India.

Educated at Delhi’s St. Stephen’s College, Campus Law Centre, and later earning his LLM and a doctorate from Harvard Law School, Justice Chandrachud assumed the role of Chief Justice on November 9, 2022. His comprehensive body of work spans nearly all aspects of law, combining scholarship and legal principles that will likely guide future rulings and legal studies.

Among his significant judgments, he underscored the judiciary’s dedication to defending individual rights and furthering justice, extending the scope of fundamental rights to include privacy and rejecting the electoral bond scheme. Notably, he was part of a five-judge bench that upheld terminally ill patients’ right to a “living will,” allowing for passive euthanasia under specific conditions.

In a historic 2019 judgment, Chandrachud authored the decision in the Ayodhya land title dispute, a century-old contentious issue, which ultimately enabled the construction of the Ram temple. His remark during a public event that he prayed to the “deity” for a resolution of the dispute attracted significant public and media attention.

His legal influence also included high-profile events, such as Prime Minister Narendra Modi’s attendance at a Ganesh Puja held at his residence. Chandrachud was the author of a significant verdict that upheld the 2019 revocation of Article 370, effectively nullifying the special status of Jammu and Kashmir. His contributions also extended to path-breaking judgments on the decriminalization of same-sex relations and the partial invalidation of Section 377 of the IPC, which previously criminalized consensual same-sex activity.

Nevertheless, the issue of legalizing same-sex marriage was left unresolved, with a five-judge bench led by Chandrachud declining to grant it legal recognition. In a landmark decision by a nine-judge bench, he helped assert the right to privacy as a fundamental right under Article 21, concerning life and personal liberty.

Known as one of the most productive judges in India’s history, CJI Chandrachud advocated for key administrative changes, including ongoing digitization under the e-Courts project to modernize court records and proceedings. His list of accomplishments also includes expanding the Medical Termination of Pregnancy Act to allow unmarried women and transgender individuals access to abortion within the 20-24 week period.

Justice Chandrachud, born on November 11, 1959, was appointed to the Supreme Court on May 13, 2016. His judicial career began as a judge in the Bombay High Court in 2000, then Chief Justice of the Allahabad High Court in 2013. Prior to that, he was appointed a senior advocate by the Bombay High Court in 1998 and served as Additional Solicitor General of India.

Outside of his legal pursuits, Chandrachud is also known for his love of cricket, which he reportedly enjoyed in the backyard of the Lutyens Delhi bungalow once allocated to his father, Chandrachud Sr.

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JSA advises EQT on pre-IPO trades in Sagility India

JSA advised EQT on its pre-IPO sale of shares in Sagility India Limited, to multiple buyers including funds managed by 360 One (formerly IIFL Wealth), Avendus Future Leaders Fund II, Elpro International Limited, and Adani Properties Private Limited.

The Transaction Team included Lead Partners – Vikram Raghani and Anand Lakra, Principal Associate – Ami Shah and Senior Associate – Shubham Shahi.

Bengaluru-based healthcare services provider Sagility India raised ₹945.4 crore from 52 anchor investors ahead of its ₹2,107 crore initial public offering (IPO), which opens on November 5 and closes on November 7. The IPO is an offer-for-sale (OFS) of 70.2 crore equity shares by its Netherlands-based promoter, Sagility BV, an affiliate of EQT Private Capital Asia, with a price band of ₹28-30 per share. At the upper price band, Sagility India is valued at ₹14,044 crore.

Anchor investors include major domestic mutual funds, insurance companies, and global institutional investors, such as ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nomura Funds, and Goldman Sachs. The company will not receive any funds from the IPO, as the proceeds will go entirely to the promoter. The IPO’s book running lead managers include ICICI Securities, IIFL Securities, Jefferies India, and JP Morgan India. Sagility India serves the US healthcare industry, providing services to health insurance companies (payers) and healthcare providers like hospitals and physicians.

JSA Advises Indium Software on Majority Stake Acquisition in Experion Technologies

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Sheela Foam to Acquire 10.5% Stake in Furlenco for ₹107 Crore in a Strategic Investment

Khaitan & Co. Advises Furlenco on USD 12 Million Funding Round, Involving Primary Subscription and Conversion of Warrants

Sheela Foam Ltd., known for its Sleepwell mattress brand, has announced a ₹107 crore investment to acquire a 10.5% stake in House of Kieraya Limited (operating as Furlenco), a leading furniture rental company. The investment involves subscribing to 5.04 million shares through a rights issue, converting partly paid warrants for an additional 5.6 million shares, and purchasing up to 350,000 shares from existing shareholders.

The transaction, approved by Sheela Foam’s board, is a related-party deal with the promoter group’s involvement but conducted at arm’s length. Furlenco, founded by Ajith Mohan Karimpana in 2012, operates in major Indian markets like Bengaluru, Mumbai, and Delhi NCR, and has posted revenues of ₹129 crore, ₹157 crore, and ₹152 crore for FY22, FY23, and FY24, respectively.

The acquisition, which does not require regulatory approvals, is expected to be finalized by October 14, 2024. Khaitan & Co. provided legal counsel to Furlenco on this USD 12 million funding round.

KhaitanCo Advises LANXESS India on EUR 460 Million Urethane Systems Sale to UBE Corporation

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HAV3 Holdings Sells Entire Stake in Fino PayTech to New Investors

AZB & Partners represented HAV3 Holdings in selling their entire stake in Fino Paytech (the promoter of Fino Payments Bank).

AZB’s deal team comprised our Partner Kunal Kumbhat, Counsel Himanshoo Tembe and Associate Anushka Mehta, with support from Associate Khushi Bafna on the closing; Partner Bharat V Budholia and Associate Malhar Desai on the CCI aspects; and Partners Nikunj Maheshwari and Nishanth Ravindran, along with Senior Associates Rashmee Kumar and Ankit Dutta on the due diligence aspects. Special thanks to our Senior Consultant Mr. Padmanabhan for his guidance on the banking aspects.

HAV3 Holdings has sold its entire stake in Fino PayTech, the promoter of Fino Payments Bank, to a group of new investors, including Alternatives Investment Managers, Infinity Alternatives Advisors, Merlin Holdings, and others. Fino Payments Bank, however, did not disclose the exact size of HAV3’s stake at the time of the transaction. According to Fino’s draft red herring prospectus (DRHP) from August 2021, HAV3 Holdings held an 11.48% stake in the bank.

The sale led to a 6% drop in Fino Payments Bank’s share price during intraday trading on September 19, 2024, when it reached INR 371.2 per share on the BSE. In its filing, Fino Payments Bank mentioned that HAV3 entered into a Deed of Accession to transfer its shares to the new investors.

Fino Payments Bank operates with an asset-light business model, primarily earning income through fees and commissions from its merchant network and commercial partnerships. The company has also expanded its product offerings, including referral loans in collaboration with partners that assess customer creditworthiness.

In its FY24 annual report, CEO Rishi Gupta highlighted the bank’s growing product portfolio, while CFO Ketan Merchant noted that the bank had applied for a small finance bank (SFB) license with the Reserve Bank of India. Fino plans to adopt a “Payments Bank++” model for its SFB, with fee-based income accounting for 75-80% of revenue in its early years.

For Q1 FY25, Fino Payments Bank reported a 30% increase in profit after tax (PAT), which rose to INR 24.27 crore from INR 18.7 crore in Q1 FY24. The company’s operating revenue for the quarter climbed by 25.4%, reaching INR 436.86 crore compared to INR 348.31 crore in the previous year.

Operating within India’s fast-growing fintech sector, Fino Payments Bank is well-positioned to tap into a market projected to become a $2.1 trillion opportunity by 2030.

AZB & Partners Secures CCI Approval for KKR and Singtel Investment in STT GDC

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