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Indian Law Firm Awards 2010 saw Indian law frms jostling for position as they vied for prestigious roles on headline deals. India Business Law Journal turned to corporate clients and legal professionals to find out which firms finished ahead of the pack.
Indian Law Firm Awards 2010 saw Indian law frms jostling for position as they vied for prestigious roles on headline deals. India Business Law Journal turned to corporate clients and legal professionals to find out which firms finished ahead of the pack.
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Indian Law Firm Awards 2010 saw Indian law frms jostling for position as they vied for prestigious roles on headline deals. India Business Law Journal turned to corporate clients and legal professionals to find out which firms finished ahead of the pack.
Copyright:
Attribution Non-Commercial (BY-NC)
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Indian law frms February 2011 Intelligence report India Business Law Journal 35 Indian law frms February 2011 Indian Law Firm Awards 2010 saw Indian law frms jostling for position as they vied for prestigious roles on headline deals. India Business Law Journal turned to corporate clients and legal professionals to find out which firms finished ahead of the pack Vandana Chatlani reports India Business Law Journals 2010 Highlights and analysis: page 37 Winners at a glance: page 55 Intelligence report India Business Law Journal 37 Indian law frms February 2011 F or India, 2010 was a year of outstanding achieve- ments, economic prosperity and international controversy. In the run-up to the Commonwealth Games, Indias ability to host an international sporting event was called into question. The organizers were hit by allegations of corruption and there were several high-profle hiccups in the completion of the facilities. But despite criticism at home and abroad, the event was a great success. The world was treated to a spectacular showcase of Indian culture and international sport. And India emerged victorious with 101 medals, tak- ing second place in the overall medals table. The year was also a high point for deal makers, with billions of dollars of investment fowing into and out of India. HSBC acquired RBS India; Standard Chartered became the frst international bank to list in India; and Vedanta purchased a 51% stake in Cairn India. Bharti Airtel, meanwhile, spent the summer acquiring assets of Kuwaiti telecom provider Zain for US$9 billion. Indian lawyers were put through their paces in 2010, often being forced to work to tight deadlines on extremely ambitious deals. This was particularly the case in the capital markets arena, where the government made some high-profle disinvestments. Coal India, NTPC and Power Grid all went to market last year, but there was little time for celebration. Instead of popping open the champagne, law frms have been busy beefng up the weaker parts of their practices in anticipation of an even more challenging year ahead. Awards methodology As I ndi a-watchers refl ected on another remark- able year in the countrys economic growth story, India Business Law Journal was faced with the task of identi- fying the most deserving recipients of its coveted Indian Law Firm Awards. As in previous years, the results are based on nominations and their justifications received from qualified observers of the countrys legal profes- sion. This year, more than 1,700 individual nominations were received from legal professionals at organizations including Aditya Birla, ArcelorMittal, Coca-Cola, ESPN Star Sports, Jyoti Structures, Mahindra & Mahindra, Microsoft, ONGC, Tata Industries, Verizon, Western Union and hundreds more. A detailed survey was sent to more than 9,000 India- focused corporate counsel and business leaders in India and around the world. Respondents were invited to nominate three Indian law firms in each of 16 prac- tice-area categories. They were also invited to make nominations for the Law Firm of the Year and the best newcomers (l aw fi rms establ i shed after 1 January 2009). In addition, survey respondents were requested to provide justifications and examples to back up their nominations. A similar survey was sent to more than 200 Indian law firms. The law firms were invited to make nomina- tions, but were not permitted to nominate themselves. They were also requested to provide details of their key achievements in 2010 and a list of clients who could independently verify the quality of their services. In reaching its final decisions, Indi a Busi ness Law Journal s edi tori al team consi dered obj ecti ve data obtained from the survey alongside subjective informa- tion, such as justifications given by survey respondents and comments received during interviews with in-house counsel, including the referees provided by many law firms. Each law firms recent deals, cases and profes- sional achievements were taken into account, as well as its accomplishments related to practice development, such as the implementation of new management sys- tems, prominent hires and new office openings. Diverse spectrum of talent Unsurprisingly, Indias largest and best-known full- service firms were among the top scorers in most of the award categories. At the same time, a significant number of niche and smaller law firms were consist- ently recommended by survey participants. In order to recognize both the hard-won pre-eminence of the full-service powerhouses and the specialist expertise of many smaller firms, six winners of equal standing have been announced in each category. Additional awards have been given to the two best newcomers and to one Law Firm of the Year. A full list of the winners can be found on page 55. Law Firm of the Year Amarchand Mangaldas sweeps the board this year winning a total of 13 awards. These include the top award of Law Firm of the Year. The firm performed exceptionally well in the nomina- tions process, topping the tables in many categories and attaining high scores in virtually all of them. But such recognition from clients and peers isnt the only indica- tion that Amarchand remains a force to be reckoned with. The 460-lawyer firm was a key adviser on no less than 36% of India Business Law Journals 2010 Deals of the Year (see IBLJ December 2010/January 2011), hav- ing worked on 18 of the winning transactions. Clients clung to the firm as it thundered through the capital markets, raced to close M&A deals and demol- ished barriers that threatened infrastructure projects. In the past year alone, Amarchand has advised on offeri ngs by Coal Indi a, NTPC, Tata Motors, Adani Enterprises, Rural Electrification Corporation, JSW Energy and MakeMyTrip. It represented Aircel Group on the sale of its telecommunications tower business to Chennai Network Infrastructure for US$1.8 billion and guided Cairn India on its US$8.5 billion sale to Vedanta. The firm also represented the State Bank of India on the setup of a US$1.5 billion private equity fund with the Sultanate of Oman and advised Deutsche Bank on a complex issue of debentures for the financing of Ackruti City slum redevelopments. We go to Amarchand for a range of things, from core finance and banking work to strategic and acquisi- tion work. Ive worked with them for a long, long time. Without a doubt they would be my preferred one-stop- shop, says the vice-president and senior counsel at a global financial services firm. Amarchands success doesnt appear to have made it complacent. Determined to broaden its spheres of expertise, the firm recently set up new practice groups focusing on insurance, environment law and labour and employment. It also hired DD Nageswar Rao as a part- ner to boost its tax capabilities. The installation of a new management system was Crawford Bayley & Co Established in 1830 CONTACT DETAILS State Bank of India Buildings NGN Vaidya Marg Mumbai - 400 023 India Telephone: +91 22 2266 8000 +91 22 2266 3713 +91 22 2266 5413 Fax: +91 22 2266 3978 +91 22 2266 0986 +91 22 2266 0355 Email: sanjay.asher@ crawfordbayley.com Contact: Mr Sanjay Asher Partner Direct tel: +91 22 2266 3353 Direct fax: +91 22 2266 3978 Mobile: +91 98200 23823 Key practice areas: Corporate & commercial practice, mergers & acquisitions, capital markets, joint ventures & foreign collaboration, privatisation & disinvestment, banking & corporate fnance, intellectual property law, litigation & dispute resolution, real estate & property law, indirect taxation, labour & employment, admiralty & shipping law, information technology, e-banking & e-commerce. Number of partners: 12 Number of associates: 75 Principal offce: Mumbai Crawford Bayley & Co, having established in 1830 currently has a team of 150 members, including 12 partners, over 75 associates and 15 paralegal personnel and a supporting staff of over 75 individuals. Partners at Crawford Bayley & Co: Rajendra Ambalal Shah Dadi Bejonji Engineer Hemraj Chaturbhuj Asher Chetan Manbhai Maniar Darius Cavasji Shroff Sanjay Khatau Asher Ms Zarine Minocher Talaty Marco Philippus Ardeshir Wadia Saumil Shantaram Rege Kumar Shirish Trivedi Sanjay Ramakant Buch Prashant Khatau Asher Intelligence report India Business Law Journal 39 Indian law frms February 2011 also on the firms agenda during 2010. It implemented a customized version of Reuters Elite 3E platform, which enables it to generate intelligent management reports and calculate the exact billable hours and revenue generated by any associate or partner. And while staff may now be subjected to greater monitoring, they are benefiting from other initiatives, such as the establish- ment of a childcare centre at the firms Delhi office. The facility caters to up to 15 children between the ages of six months and eight years. It is staffed by two teachers and a nurse. In addition to being named Indian Law Firm of the Year, Amarchand Mangaldas receives awards in the categories of banking and finance; capital markets and corporate finance; competition and antitrust; corporate and commercial; dispute resolution; energy, projects and infrastructure; IT, media and telecommunications; mergers and acquisitions; private equity and venture capital; restructuring and refinancing; securitization and structured finance; and best overall law firms.
Best overall law firms Hot on the heels of Amarchand Mangaldas are the other five recipients of India Business Law Journals award for best overall law firms: AZB & Partners, J Sagar Associates, Khaitan & Co, Luthra & Luthra and Trilegal (listed alphabetically, not in rank order). All of these firms received glowing client endorsements in a wide range of practice areas. And in terms of the total number of nominations they each received, all were head-and-shoulders above the rest of the field. Recentl y di vorced from i ts i nternati onal affi l i ate Clifford Chance (see News, page 5), AZB & Partners is the recipient of 11 awards in the following categories: banking and finance; capital markets and corporate finance; construction and real estate; corporate and commercial; energy, projects and infrastructure; IT, media and telecommunications; labour and employ- ment; mergers and acquisitions; private equity and venture capital; restructuring and refinancing; and best overall law firms. The firms recent accomplishments include advis- ing Bharti Airtel, first on its US$9 billion acquisition of assets in 16 different African countries from Kuwait City-based Mobile Telecommunications Co (Zain), and then on its purchase of a 70% stake in Bangladeshs Warid Telecom. AZB also advised Vedanta Resources on the financing arrangements for its purchase of Cairn India; KKR Mauritius PE Investments on a US$200 mil- lion investment in Coffee Day Resorts; DB Realty on a US$329 million IPO; and Fortis Healthcare on the acqui- sition of 24% of Parkway Holding, through a purchase of shares from TPG Capital (Texas Pacific Group). Bharat Vasani, the group general counsel at Tata Sons, says that AZB and Amarchand are both known for fine corporate transactional work, and that he regu- larly consults both firms. The venerable but media-shy J Sagar Associates retains its powerful presence in Indias legal market. It put its vast knowledge of infrastructure and private equity to good use last year, advising a private equity consortium led by Morgan Stanley Infrastructure on the due diligence aspects of a US$425 million investment in Asian Genco, an infrastructure company with power generation assets and engineering businesses. J Sagar Associ ates al so represented Austral i as Macquarie Capital on the establishment of an offshore joint venture in Singapore and a domestic joint venture in India in conjunction with the State Bank of India and the International Finance Corporation. The ventures were created to establish and manage two funds to invest in Indian infrastructure. The firm wins awards in the following seven cat- egories: best overall law firms; capital markets and corporate finance; corporate and commercial; energy, projects and infrastructure; mergers and acquisitions; private equity and venture capital; and restructuring & refinancing. Another recipient of the award for best overall law firms is Khaitan & Co. This 250-lawyer firm won the Law Firm of the Year award in 2008 and has continued to perform well since. It enjoys a formidable reputation among local and international clients and has had great Trilegal played a key role in business negotiations, IP strategy, business issues and [promoter] issues Chetan Maini Chief of Strategy & Technology Mahindra Reva [Clients should seek out Amarchands] principal associate Naval Satarwala Chopra, as well as lead competition lawyer Pallavi Shroff Ankhi Das Director of Public Policy and Regulatory Affairs Microsoft Intelligence report India Business Law Journal 40 Indian law frms February 2011 success in recruiting international talent. Last year the firm hired banking lawyers Shishir Mehta from White & Case in New York and Devidas Banerji from Clifford Chance in Singapore. It also recruited telecommuni- cations expert Asim Abbas, a former director of tariff and costing at the Indian governments Department of Telecommunications. Interestingly, Khaitan & Co has a particular following among London-based law firms. Its an exceptional firm, says Toby Greenbury, a partner at Mishcon de Reya in London, echoing comments received from sev- eral other UK law firms. I have had a long and close relationship with them, particularly with Pinto Khaitan and his son Haigreve, both of whom I rate very highly as lawyers and lawyers who get things done, as well as being good friends, Greenbury adds. Khaitan & Co advised Hospira on its US$400 million acquisition of the injectable pharmaceutical business of Orchid Chemicals and Pharmaceuticals. It also rep- resented KEC International on its purchase of US com- pany SAE Towers Holdings from ACON Investments, a Washington-based private equity firm. The frm receives awards in the categories of capital markets and corporate fnance; corporate and commer- cial; mergers and acquisitions; and best overall law frms. They have a knack of being able to understand the commercial deal and landscape and come up with sen- sible solutions, says Greenbury. I am not the only law- yer in London who feels that. Having received the Law Firm of the Year award in 2009, Luthra & Luthra continues to impress. Thanks to its widely acclaimed legal acumen and near-ubiquitous presence on high-profile deals, the firm is awarded in 10 categories: best overall law firms; banking and finance; capital markets and corporate finance; competition and antitrust; corporate and commercial; energy, projects and infrastructure; intellectual property; mergers and acquisitions; private equity and venture capital; and restructuring and refinancing. Perhaps most notable is the firms award in the intel- lectual property category. Luthra & Luthra is the first general practice firm to break the hold of the IP bou- tiques and claim a place on the winners list. Credit must go to the firms IP partners Gayatri Roy and Ameet Datta. Luthras extensive client list includes Coal India, Bharti Televentures, AT&T, Abbott Laboratories, State Bank of India, NDTV, DLF and Cairn India. Last year, it advised Abbott Laboratories on its US$3.72 billion purchase of a division of Piramal Healthcare (see A spoonful of sugar, page 31); the Indian government on Coal Indias IPO; and Moser Baer Power Projects on a US$300 million private equity investment from Blackstone. The 200-lawyer firm is in expansion mode as it seeks to maintain its capacity to capture headline-grabbing transactions. In 2010 it recruited more than 30 new law graduates for its Delhi, Mumbai and Bangalore offices and promoted five lawyers to the partnership. Amarchand Mangaldas is the exclusive India member of Lex Mundi.
Amarchand & Mangaldas & Suresh A Shroff & Co has won more awards than any other firm an incredible accomplishment
India Business Law Journal
Amarchand & Mangaldas & Suresh A. Shro & Co., won Law Firm of the Year and Best Overall Firm, as well as awards in several categories at the recently concluded India Business Law Journals 2010 Indian Law Firm Awards, which includes: Banking & Finance Capital Markets & Corporate Finance Competition & Anti-trust Dispute Resolution Energy, Projects & Infrastructure Corporate & Commercial IT, Media & Telecommunications Mergers & Acquisitions Restructuring & Renancing Securitization & Structured Finance Private Equity & Venture Capital Amarchand Mangaldas is one of the largest rms in India with a national presence and an international prole. A full service law Firm with around 465 lawyers, including 49 partners and having o ces in Delhi, Mumbai, Kolkata, Bengaluru and Hyderabad, Amarch and Mangaldas specializes in the following practice areas: Infrastructure, Projects and Project Finance | Banking, Securitization and Corporate & Structured Finance | Capital Markets Debt and Equity | Corporate, M&A, PE, Funds, Finance Regulatory Practice & Other Practices | Real Estate | Intellectual Property | Taxation | Competition Law and Policy | Dispute Resolution and Arbitration | Envi- ronment Law| Insur ance Law | Labour Law | Policy & Regulatory | Media & Entertainment | CONTENT HAS BEEN RESEARCHED INDEPENDENTLY BY THE EDITORIAL TEAM Recent Awards & Accolades Won ten awards including Indian Law Firm of the Year at IFLR Asia Awards 2010 Firm of the Year India at Whos Who Legal - Country and State Awards 2010 India Deal Firm of the Year at ALB SE Asia Law Awards 2010 Lex Mundi Pro Bono Foundation Award 2010 Ranked as the Top Law Firm in India on quality, reputation and capability at RSG Top 40 Firm Rankings 2010 International Turnaround Deal of the Year at Annual Turnaround Atlas Awards 2010 for Satyam deal Full Service Law Firm of the Year India at Finance Monthly Law Awards For Achievement 2010 Contacts: Shardul S. Shro Managing Partner T: +91 11 26920500 F: +91 11 26924900 E: shardul.shro@amarchand.com Intelligence report India Business Law Journal 41 Indian law frms February 2011 Rounding off the category of best overall law firms is Trilegal, the youngest of Indias firms to be consist- ently judged a member of the countrys magic circle. Clients praise Trilegals charming combination of youth, international outlook, knowledge and professional acu- men, all of which propel the 10-year-old firm to the top of the rankings. Chetan Maini hired Trilegal when Mahindra & Mahindra was purchasing a majority stake in electric car manu- facturer Reva Electric. The experience I had was very positive, says Maini, who is the chief technology and strategy officer at Mahindra Reva. Typically from a legal firm, you expect legal advice, but Trilegal played a key role in business negotiations, IP strategy, business issues and [promoter] issues. Mai ni speaks hi ghl y of partner Rahul Matthan i n Bangalore, who led Trilegals team on the deal, and praises the firm for its speed. The transaction was also done in a short period of time, so everyone enjoyed a feel-good factor at the end of it, he says. Like its counterparts at the top of Indias legal profes- sion, Trilegal, which has an affiliation with UK-based Allen & Overy, cant afford to rest on its laurels. In addi- tion to completing many high-profile transactions in 2010, the firm took time to focus on strengthening the practice-area capabilities that clients will demand in future years. Foremost among these efforts was estab- lishing a dedicated competition law practice headed by partner Sitesh Mukherjee. Sakya Singha Chaudhuri, who recently completed a secondment in Allen & Overys competition department in London, joins Mukherjee in the new division, which is further strengthened by Rahul Singh, a former professor at the National Law School of India University in Bangalore and a consultant to the Competition Commission of India. Trilegal also increased its partner count to 17 last year, promoting Kosturi Ghosh from the Bangalore office and appointing Pavan Kumar Duvva to head the Hyderabad practice. The firm scored consistently well in the nominations process, receiving glowing praise from clients in almost every category. It addition to being named one of the best overall law firms, it wins awards for energy, projects and infrastructure; labour and employment; mergers and acquisitions; and securitization and structured finance.
Mergers and acquisitions It was a busy year for mergers and acquisitions. According to London-based Mergermarket, the value of M&A deals with an Indian element totalled US$44.2 bil- lion in the first three quarters of 2010 alone. Bharti purchased assets in Kuwait and Bangladesh; Vedanta bought a slice of Cairn India; foreign phar- maceutical companies pounced on their Indian coun- terparts; and Shree Renuka Sugars acquired Grupo Equipav Acar e lcool, showing it would travel as far as Brazil to satisfy its sweet cravings. Economic Laws Practce Established in 2001 CONTACT DETAILS 1502, Dalamal Towers Nariman Point Mumbai - 400 021 India Telephone: +91 22 6636 7000 Fax: +91 22 6636 7172 Email: mumbai@elp-in.com Contact: Mr Rohan Shah Managing Partner Key practice areas: Tax, international trade & WTO, infrastructure & project fnance, media & entertainment, corporate & commercial, commercial arbitration, corporate fnance, securitization. Number of partners: 17 Number of associates: 45 Principal offce: Mumbai Other offces: New Delhi, Ahmedabad, Pune Economic Laws Practice (ELP) was founded by eminent lawyers from diverse felds. The frms lawyers beneft from extensive global experience and local expertise, enabling our clients to complete complex transactions in a practical and cost effcient manner. ELP regularly assists Fortune 500 companies in a wide range of matters. The frm has also represented the Government of India in various trade disputes. ELP works closely with leading global law frms in the UK, the US, the Middle East and the Asia Pacifc region, and also has working relationship with frms throughout India. These relationships allow ELP to service clients not only throughout India but also in various parts of the world. Intelligence report India Business Law Journal 42 Indian law frms February 2011 The credit for many of these deals goes to the best overall firms, all six of which also win awards for merg- ers and acquisitions. Manvendra Singh, the senior coun- sel at Verizon Business and a client of AZB & Partners, says the firm helped in determining the clear picture of acquiring entities. Jacqueline Brosnan, a legal counsel at Telstra in Sydney, is particularly impressed with AZBs managing partner. For more than a decade Zia Mody has assisted Telstra with a number of acquisitions, divestments and joint ventures in India, she says. AZBs advice has been consistently thorough and practical and assisted us to achieve our business goals in India. Another favourite for M&A is Trilegal. The firm advised Thomson Reuters on its acquisition of legal process outsourcing provider Pangea3. Trilegals role included reviewing and drafting transaction documents, conduct- ing a due diligence on Pangea3s Indian operations and providing transactional advice. The deal also required Trilegal to address complex multi-jurisdictional issues, including matters relating to withholding tax. Rajiv Bakshi, the general counsel at Godrej, says he has used Trilegal for overseas acquisitions because of its business and practical approach in cracking the deal. He describes the firm as excellent and men- tions partners Sridhar Gorthi and Amit Tambe as leading lights. Kevin Santry, the regional legal counsel for Africa and the Middle East at Heineken, is another fan of Gorthis work. Sridhar Gorthi combines his legal skills well with pragmatism, which is essential for a European company to execute transactions in India, he says. Further praise comes from Bomi Shroff, the executive vice-president and company secretary of Tata Power. Shroff says he chose to work with Trilegal after hearing rave reports about them. Its a terrific firm to work with, he says. They are conscious of the time lines which the clients warrant. Varun Gupta, the head of M&A at Moser Baer, says his company turns to Luthra & Luthra for advice on fundraising, definitive agreements, negotiating definitive documents and closing an entire transaction. We have a large level of comfort with Luthra & Luthra, given their [Dua Associates and J Sagar Associates] have shown dedication, commitment and delivered their opinion, judgment and action in a precise and clear way Manvendra Singh Senior Counsel Verizon Business P&A Law Ofces Established in 1996 CONTACT DETAILS 1st Floor, Dr Gopal Das Bhavan 28 Barakhamba Road New Delhi - 110 001 India Telephone: +91 11 4139 3939 Fax: +91 11 2335 0416 Email: apathak@palawoffces.com Contact: Mr Anand S Pathak Managing Partner Key practice areas: Mergers & acquisitions, joint ventures, privatizations, outsourcing, private equity and venture capital, technology licensing, infrastructure, secured and unsecured lending, project fnance and structured fnance, securitization, IPOs, private placements, competition law, exchange control and other regulatory matters, international arbitration, general litigation. Lawyers of the frm are admitted to, and have practised in, multiple jurisdictions including the US, the EU and India. Intelligence report India Business Law Journal 43 Indian law frms February 2011 expertise in this domain area, he says. They are super- efficient, they have complete knowledge and they pro- tect all our interests in all our deals, so we value them highly. They work round the clock with us to complete the deals. Its a great experience. Gupta also has high regard for J Sagar Associates, with which he has worked in the past. However, his strongest praise is reserved for Shishir Vayttaden, an associate at Luthra & Luthra. I think Shishir is the best lawyer Ive ever dealt with in terms of knowledge, nego- tiations skills and efficiency, he says. Khaitan & Co is another firm that is highly regarded for its mergers and acquisitions work. Zwissler Thomas, a partner at Zirngibl Langwieser in Germany, singles out Bharat Anand for particular praise in this area. The firm has also taken steps to strengthen its offering in the related area of competition and antitrust, most notably with the appointment of Manas Kumar Chaudhuri, a competition law specialist who was previously a joint director of legal at the Monopolies and Restrictive Trade Practices Commission and an additional registrar at the Competition Commission of India. Competition and antitrust Two frms that are already reaping the rewards of their complementary strengths in M&A and competition law are Amarchand Mangaldas and Luthra & Luthra. Both are among the recipients of this years award for competition and antitrust. They are joined on the winners table by Dhall Law Chambers, which was started by a former chairman of the Competition Commission of India, Dua Associates, Economic Laws Practice and P&A Law Offces. Ankhi Das, t he di rect or of publ i c pol i cy and DAVE & GIRISH & CO. Mumbai: DAVE & GIRISH & CO. Advocates 1st Flooor, Sethna Building, 55, Maharshi Karve Road, Marine Lines, Mumbai -400 002, India. Tel: (+91-22) 2206 2132 / 92/ 2208 6371 Fax: (+91-22) 22085620 E-mail: gdave@davegirish.com; mona@davegirish.com; Website: www.davegirish.com
Bangalore: DAVE & GIRISH & CO. Advocates 609, 6th Floor, A Wing, Mittal Tower, M.G. Road, Bangalore -560001, India. Tel: (+91-80) 66310096/ 97 E-mail: mona_bgl@davegirish.com;
Contacts: Mr. Girish Dave; Ms. Mona Bhide Key Areas of practice: Banking, Mutual Funds, Securities Laws, Project Finance, Structuring and Security Documentation, Securitisation, Derivatives, Mergers and Acquisition including Corporate Restructuring, External Commercial Borrowings, Structured Financing, Computer Software and Hardware Contracts, Company Formations, Joint Ventures, Arbitration, Conciliation and Mediations, Due Diligence, Property Conveyancing and Leasing. Amarchand has an excellent banking and fnance team, while AZB & Partners has excellent knowledge of the subject Usha Amonkar Vice-President of the Legal Group Mahindra & Mahindra Intelligence report India Business Law Journal 45 Indian law frms February 2011 regulatory affairs at Microsoft, says clients should seek out Amarchands principal associate Naval Satarawala Chopra, as well as lead competition lawyer Pallavi Shroff, in the competition law arena. Harry Chawla [at Amarchand] has also been very helpful, adds the vice-president and senior counsel at a global fnancial services frm. And Paku Khan is another good lawyer at the frm, and well-versed on competition law. P&A Law offces, meanwhile, has maintained its posi- tion as a leader in the competition law arena as a result of managing partner Anand Pathaks expertise in the area. Pathak has been heavily involved in training the staff of the Competition Commission of India on the intricacies and implications of the countrys new com- petition law. He boasts substantial global experience of antitrust matters, robust knowledge of European Union competi- tion law and was involved in handling one of the frst cases to be fled under Indias new Competition Act. Described by clients as deeply knowledgeable, extremely com- mitted, business oriented and customer-focused, Pathak continues to attract challenging mandates and is a go-to lawyer for incisive competition advice. Corporate and commercial The winners of the award for corporate and commer- cial work are: Amarchand Mangaldas, AZB & Partners, Dua Associates, J Sagar Associates, Khaitan & Co and Luthra & Luthra. In one of its most prominent deals last year, Dua Associates advised a consortium of 13 lenders, led by Rural Electricity Corporation, on raising debt fnancing of `23.4 billion (US$500 million) for the debt syndica- tion and fnancing of a 600 megawatt thermal power plant in Andhra Pradesh. The plant is being developed by Meenakshi Energy. The project is fnanced by Rural Electricity Corporation to facilitate the availability of electricity for rural and semi-urban populations. Si ngh at Veri zon Busi ness says that both Dua Associates and J Sagar Associates have shown dedi- cation, commitment and most importantly, delivered their opinion, judgment and action in a precise and clear way. Capital markets and corporate fnance Activity on the capital markets front heated up tremen- dously in 2010 with a wave of offerings, including Coal Indias record-breaking US$3.4 billion IPO. Two of this years winners in the capital markets and corporate fnance category Amarchand Mangaldas and Luthra & Luthra made this listing possible. AK Sinha, the director of fnance at Coal India, expresses great appreciation for Luthra & Luthras guidance. We worked very closely with Luthra & Luthra and we got full support from them, he says. We had very good relations with Madhurima [Mukherjee] and - Mumbai - Mulla House, 51, M.G. Road, Fort, Mumbai - 400 001, India Telephone: (+91 22) 2204 4960, 2262 3191 Fax: (+91 22) 2204 0246 Email: info@mullaandmulla.com Contact: Shardul Thacker, Partner - Bangalore - 209, Regency Enclave 4 Magrath Road Bangalore - 560 025, India Telephone: (+91 80) 2555 0370, 2559 7704 Fax: (+91 80) 2559 8549 Email: info@mullaandmulla.com - New Delhi - 502, Nilgiri Apartments 5th oor, 9 Barakhamba Road New Delhi -110 001, India Telephone: (+91 11) 2332 1501, 2332 1513 Fax: (+91 11) 2332 1520 Email: info@mullaandmulla.com About Mulla & Mulla: Established in 1895, Mulla & Mulla & Craigie Blunt & Caroe is one of Indias largest full service law frms today and has a broad-based practice with diversifed clientele including MNCs, Fortune 500 companies and some of the largest 50 Indian corporate houses. It maintains excellent relationships with regulatory bodies and works with several international frms worldwide. The frms admiralty practice has a worldwide reputation as specialists in all aspects of the shipping laws, while its aviation experience includes acquisitions, investment, transfers of aircrafts, lease of aircrafts licenses/ registration with the Directorate General of Civil Aviation, etc. The frm has extensive experience in litigation and arbitration (ICC, LCIA, SIAC) and its dispute resolution practice encompasses international arbitration, antitrust, securities etc. The frm has vast experience in transactions involving real estate, conveyancing and leasing. Key practice areas: Admiralty, arbitration (domestic & international), aviation, banking & securities, broadcasting, capital markets, construction, commodities, company/commercial law, customs & tariff, employment & industrial relations, energy (oil & gas), media and entertainment, environmental, fnance (aircraft, ship & project), foreign investment, IT, infrastructure projects (power & ports), intellectual property, insurance, litigation, logistics, maritime & shipping, M&A, offshore investment & securities, privatization, real estate & property, tax, trade & transport, telecommunications. Number of partners: 15 Associates: 100+ Offces: Mumbai, Bangalore, New Delhi Intelligence report India Business Law Journal 47 Indian law frms February 2011 her team, and the team was very, very good. The other winners in this category are AZB & Partners, J Sagar Associates, Khaitan & Co and S&R Associates. Offering praise to both fve-year old S&R Associates and Luthra & Luthra, Vijaya Sampath, the group general counsel at Bharti Airtel, says: All members of the team have a thorough knowledge of the issues and have expe- rience in overseas jurisdictions like the UK and USA.
Banking and fnance Luthra & Luthra also wins an award in the banking and fnance category, where it is joined by Amarchand Mangaldas, AZB & Partners, Dave & Girish & Co, Juris Corp and Wadia Ghandy & Co. We seek a lot of advice from Amarchand on fnance and strategic matters, as well as for critical projects we embark upon, says the senior counsel at a global fnan- cial services frm. Im pretty satisfed with their service. I do have other law frms that I could look at if theres a confict of interest, she adds. In those cases I would defnitely look at AZB & Partners, which I can also go to for a range of matters. From AZB & Partners, Id recom- mend Ajay Bahl and Vinati Kastia. Usha Amonkar, the vice-president of the legal group at Mahindra & Mahindra, echoes these views and maintains that Amarchand has an excellent banking and fnance team, while AZB & Partners has excellent knowledge of the subject. Wadia Ghandy & Co also receives widespread praise in this feld. Wadia Ghandy has assisted us in our trans- actions, says Gupta at Moser Baer. Theyre among the top fve or six frms. Interestingly, two smaller and more specialist frms also make the winners table for banking and fnance this year, a refection perhaps of clients growing preference for specialization among their legal advisers. Juris Corp has its roots in banking and fnance-related disciplines but has since expanded to become a full-service frm. The frms managing partner, H Jayesh, is widely praised by banks and financial institutions. Last year, Juris Corp advised the Singapore branch of the Royal Bank of Scotland on a US$260 million bridge loan extended by it to an offshore subsidiary of Fortis Healthcare for the acquisition of shares from the Singapore Stock Exchange. The frms other clients include DBS Bank, Credit Suisse, Barclays Capital, DSP Merrill Lynch, Deutsche Bank and HSBC. Mumbai-based Dave & Girish & Co specializes in banking and security documentation. Thomas at Zirngibl Langwieser cites partner Mona Bhide as a key lawyer in this area. Securitization and structured fnance Dave & Girish & Co also triumphs in the securitization and structured fnance category, where it is joined on the podium by Amarchand Mangaldas, Juris Corp, Phoenix Legal, Trilegal and Wadia Ghandy & Co. Dave & Girish & Co and Juris Corp are both held in high regard by clients and peers alike for their solid knowledge and the precision of their advice in this area. Last year, Juris Corp successfully represented Citibank in its claim for payments due under derivative transac- tions from an Indian counterparty, JJ Exporters, before the London Court of International Arbitration. This is reportedly the only instance following the landmark Rajshree Sugars judgment (passed by Madras High Court) where there has been an authoritative pronounce- ment on the validity and merit of derivative transactions with reference to Indian foreign exchange regulations. With the exception of those in the category of best newcomers, Phoenix Legal is the youngest award win- ner this year. Established in 2008, this energetic frm has been busy making a name for itself in several practice areas. Its award in the securitization and structured fnance category refects the trust it has succeeded in building with its clients and peers. Among its recent achievements, Phoenix advised Caddi e Hotel s, a j oi nt venture between Accor and InterGlobe, on a syndicated loan facility from Indian public-sector banks to part-finance a hotel complex at Delhi airport. The frms clients include ANZ Capital, Astonfeld Management Consultancy, Petronet LNG and Standard Chartered. Private equity and venture capital Sharing the award for private equity and venture capi- tal are Amarchand Mangaldas, AZB & Partners, Desai & Diwanji, J Sagar Associates, Luthra & Luthra and Nishith Desai Associates. Desai & Diwanji enjoyed a successful year in this prac- tice area, advising on a number of high profle transac- tions. The frm acted for Standard Chartered, a member of a consortium led by Kohlberg Kravis Roberts that invested US$200 million in Coffee Day Resorts. In addi- tion, partners Apurva Diwanji and Amit Khansaheb in Delhi provided Indian legal advice to Quadrangle Capital Partners on its US$300 million investment in a Gurgaon- based independent cellular telephone tower manage- ment company, Tower Vision India. AZB & Partners advised the private equity investment vehicle on this deal. Restructuring and refnancing The award for restructuring and refnancing is shared by Amarchand Mangaldas, AZB & Partners, Crawford Bayley & Co, J Sagar Associates, Luthra & Luthra and We choose Hemant Sahai Associates because of its excellent reputation, credentials and credibility Arjun Wallia Chairman Walsons Security Services Intelligence report India Business Law Journal 48 Indian law frms February 2011 Talwar Thakore & Associates. Narayan Iyer and Sonali Mahapatra of Talwar Thakore & Associates are particularly impressive, says the direc- tor of a major international bank in Singapore. Shobhan Thakore and Rahul Gulati of the frm advised the book running lead managers in Standard Chartereds listing of Indian depository receipts last year, while Feroz Dubash, Suresh Talwar and Shobhan Thakore scored a role in the sale of Royal Bank of Scotlands India assets to HSBC. Energy, projects and infrastructure Revitalizing Indias poorly developed infrastructure has been a priority for the Indian government and many of the countrys law frms in the past year. Hemant Sahai Associates, for example, has been chosen as the sole Indian legal counsel to advise the William J Clinton Foundation on the construction of solar energy parks in Gujarat and Rajasthan. The project aims to generate 3,000 megawatts of solar power at each location. Although not an infrastructure client of the frm, Arjun Wallia, the chairman at Walsons Security Services, offers valuable insights into the quality of Hemant Sahais serv- ices after engaging the frm to work on an M&A deal. We choose Hemant Sahai Associates because of its excel- lent reputation, credentials and credibility, he says. We received excellent professional services when we contacted them. The team has always been prompt and swift with excellent professional courtesy. Both Hemant Sahai and Aparajit Bhattacharya are brilliant. Hemant Sahai Associates is one of the winners of this years award for energy, projects and infrastructure. It is joined by Amarchand Mangaldas, AZB & Partners, J Sagar Associates, Luthra & Luthra and Trilegal. Construction and real estate In the real estate sector, Kanga & Co earned its spurs by advising Neepa Real Estate on its purchase of a prime plot of land from Borosil Glass Works. The plot measured more than 7.4 hectares and is located in met- ropolitan Mumbai. Kanga & Co is highly recommended by Jayesh Shah, a director at Shree Naman Developers, a real estate company and developer of commercial, residential and hospitality projects. The frm shares the award for construction and real estate work with AZB & Partners, Federal & Rashmikant, FoxMandal Little, Mulla & Mulla & Craigie Blunt & Caroe and Wadia Ghandy & Co. Aviation, shipping and maritime With international trade and investment at the fore- front of Indias agenda, there is increasing demand for profciency in aviation and shipping law. Experts predict Gagrats Established in 2005 CONTACT DETAILS Nirmal, Nariman Point, Mumbai 400 021, India Telephone: +91 22 6752 9037-52 (Mumbai) +91 11 2332 2311 (New Delhi) +971 472 5164 (Dubai) Fax: +91 22 6752 9053 (Mumbai) +91 11 2371 3657 (New Delhi) +971 472 5049 (Dubai) Email: gagrats@gagrats.com Contacts: Mr RJ Gagrat (Mumbai) Mr UA Rana (New Delhi) Mr HD Gardi (Dubai) Key practice areas: Arbitration, assetbased fnance, aviation, banking & fnance, capital markets, corporate, dispute resolution, infrastructure, projects & energy, insurance, intellectual property, investment funds, M&A, oil & gas, private equity, project fnance, real estate, securities law, shipping, TMT and tax. Number of partners and associates: 50+ Principal offce: Mumbai Other offce: New Delhi, Dubai (associate offces) Gagrats has a broad-based practice covering a wide range of legal disciplines. Most of the members of the frm have attended prestigious universities in England, the US and India. Some of the partners of the frm have qualifed as solicitors of the Supreme Court of England. The frm has represented clients on signifcant transactions, including cross-border fnancings, large acquisitions and disposals in India and overseas, private equity deals, power projects and securities offerings, including initial public offerings (IPOs) and offerings of American depositary receipts (ADRs), global depository receipts (GDRs) and foreign-currency convertible bonds (FCCBs). The frm was a recipient of the 2008, 2009 and 2010 Indian Law Firm Awards. Intelligence report India Business Law Journal 49 Indian law frms February 2011 the aviation industry will grow by 18-20% this year, while Indias Shipping Ministry has unveiled plans to invest US$100 billion in building new ports and enhancing the countrys shipping industry. Topping the tables in this important arena are ALMT Legal, Bhasin & Co, Bhatt & Saldanha, Gagrats, Mulla & Mulla & Craigie Blunt & Caroe, and S Venkateswaran. Radharamanan Panicker, the CEO of Cargo Service Centre India, selected ALMT Legal for advice on com- pany formation, share transfers, negotiation and fnali- zation of concession agreements, advisory services for an airport project and advice on various contracts and agreements. The frm is very professional and very responsive to the needs of the organization, he says. Although not a shipping client, Anoop Seth, the man- aging director at AMP Capital Advisors India, sums up the widespread praise that ALMT Legal received from nominees. The frm is responsive and creative with their advice, which is of high quality, he says. They tell us their interpretation of a situation and how they think we should proceed, rather than telling us what we want to hear, which is what I really appreciate. Ryna Karani is the partner who does our work, adds Seth. Its quite a joy to work with her. She identifes issues quickly, her advice is timely and she explains things in ways we can understand. She also separates legal issues from commercial issues very well. Shi ppi ng st al war t s Bhat t & Sal danha and S Venkateswaran continue to win accolades from clients and peers alike. Bhatt & Saldanha, a Mumbai-based shipping frm, often attracts clients desperate to resolve shipping disputes such as crew and charter claims. The frm also handles arbitration matters. S Venkateswaran, meanwhile, is lauded for handling both dry and wet shipping matters. The frm generally advises ship owners but also offers legal services relat- ing to cargo, providing there is no confict of interest. It also handles protection and indemnity insurance and marine insurance against third party liabilities which may result from owning or operating ships. Aviation heavyweight Gagrats has advised the found- ers of Jet Airways since the late 1980s, before the airline was even formed. Now, the firm advises it on contracts, aircraft lease agreements, disputes relating to those agreements, trademark registrations, copyright matters and employment contracts. When the airline was formed the late Mr JR Gagrat advised us on what sort of structure to have and what sort of company to form, says Saroj Datta, the executive director at Jet Airways. We have since then worked with Gagrats on all our legal requirements. We work principally with Rustam Gagrat. He and his colleagues are very understanding of our requirements. Another aviation giant is Bhasin & Co. Lalit Bhasin, the frms managing partner, recently represented the National Aviation Company of India in Delhi High Court and successfully secured an injunction order against Air Indias striking employees. Back on the ground, his frm was a legal adviser to the domestic panel of the organ- izing committee of the 2010 Commonwealth Games. Dinesh Jain, the vice-president and company secretary of Asian Hotels (North), says Bhasin & Co is a very old frm and a nice one, and describes the managing part- ner, Lalit Bhasin, as a very experienced lawyer. Shipping and logistics are two topics close to the heart of Shardul Thacker, a partner at Mulla & Mulla. And why shouldnt they be, when his frm has excelled in these areas for so long? Thacker is well-versed on all ship- ping and logistics matters and wins widespread praise from his clients. The frm offers capabilities in maritime and transport law, marine and general insurance, ship fnancing, aviation and aircraft fnancing. Dispute resolution When disputes flare up, it pays to have the best lawyers by your side, particularly in a country that has gained international notoriety for the sluggishness of its courts. Observers are hopeful that the new National Litigation Policy, introduced by the Ministry of Law and Justice, will succeed in bringing the pendency of cases down from 15 years to just three years. However, only time will tell. For now, many litigating parties would prosper from having dispute resolution award winner Karanjawala & Co on their side. Karanjawala & Co is the preferred law frm for all litigation matters, says Vasani of Tata Sons. We, the Tata companies, engage the frm for most of our litigations, especially for matters in the Supreme Court. In certai n i mportant cases, the fi rm i s al so engaged for litigations outside of Delhi. [We have] worked with Gagrats on all our legal requirements Saroj Datta Executive Director Jet Airways [ALMT] is responsive and creative with their advice, which is of high quality Anoop Seth Managing Director AMP Capital Advisors India Intelligence report India Business Law Journal 50 Indian law frms February 2011 According to Vasani, Karanjawalas strength lies in its intense devotion to dispute resolution. What weighs in favour of the frm is its singular focus on litigation, which is also its core competence, says Vasani. The frm, especially its managing partner, Raian Karanjawala, has good access to senior counsel in Delhi, which is of criti- cal help in urgent matters, and generally puts together the best legal team to represent us in the court. Vasani pr ai ses Rai an Kar anj awal a and Mani k Karanjawala for their strategic guidance, as well as part- ners Ruby Singh Ahuja and Sandeep Kapur, and associ- ate Manu Aggarwal, for their effciency. KV Vaidyanathan, the vice-president for legal affairs at Colgate Palmolive, also offers high praise for Ahuja, referring to her as a good, aggressive and practical lawyer. Another client of the frm is The Hindustan Times. We have used the frm for all types of corporate legal mat- ters, recovery suits, property matters, disputes arising out of contracts, industrial labour law disputes, other miscellaneous disputes, civil and criminal suits, says Rajeev Jain, the newpapers deputy general manager of corporate affairs. The prompt and personalized serv- ices that they offer is quite appreciable. Aside from Raian Karanjawala, Jain names Nandini Gore, Sandeep Kapur and Seema Sundd as talents at the frm. Karanjawala shares the dispute resolution award with Amarchand Mangaldas, Bharucha & Partners, Federal & Rashmikant, Mulla & Mulla and PH Parekh & Co. For litigations in Mumbai we have had good experi- ence with Federal & Rashmikant, and Mulla & Mulla, says Vasani. Bharucha & Partners has also demonstrated the abili- ties required to win complex disputes. The frm is repre- senting Princess Ujjwala Raje Jai Vikram Shah to thwart proceedings against her Shiv Mahal Palace lands. It is also involved in Ferani Hotels diverse range of disputes [Karanjawala & Co] has good access to senior counsel in Delhi, which is of critical help in urgent matters Bharat Vasani Group General Counsel Tata Sons BHASIN & CO., ADVOCATES New Delhi Address: 10 HAILEY ROAD, 10TH FLOOR, NEW DELHI 110 001, INDIA Telephone No. +91 11 2332 2601 Fax No. +91 11 2332 9273 Email Address: lbhasin@gmail.com Mumbai Ofice : 116 Mittal Court A Wing, Nariman Point, Mumbai 400 021 Telephone No. +91 22 22842050, 22042954 Fax No.: + 91 22 22874332 Email Address : bhasinco@mtnl.net.in Contact Person(s): LALIT BHASIN, NINA GUPTA (Ms.) Year Established : 1970 Number of lawyers : 40 (Forty) Languages Spoken : English, French, Hindi, Urdu Key Areas of Practices : Dispute Resolution; Aviation, Maritime, International Corporate Transactions, Infrastruc- ture, Capital Markets, Joint Ventures, IT, Banking, Insurance, Real Estate, Product Liability, Labour & Employment Laws Notable mention: Mr. Lalit Bhasin is the Managing Partner. Bhasin & Co. is a well reputed full service law irm equally adapt in Dispute Resolution Practice and Corporate Transactional work. Over the years, Bhasin & Co. has been ranked as the top law irm in India by various international journals. The irm has been marked as a market leader in India in Dispute Resolution, Labour and Employment and Aviation laws. Intelligence report India Business Law Journal 51 Indian law frms February 2011 with entrepreneur and industrialist Nusli Wadia. Bharuchas award may be for dispute resolution, but out of court the frm receives equal praise from its cli- ents. We use Bharucha & Partners services for all legal matters pertaining to corporate affairs, says Prakash Thakur, a director at Jyoti Structures. We have worked extensively with senior partners Alka Bharucha and MP Bharucha for more than three decades. They are out- standing. I rate them as best in class. Labour and employment One major cause of disputes is employment con- tracts, and this is particularly the case in a country that has complex labour laws that are often out of sync with international norms. For example, restrictive national and local legislation effectively prohibits companies with more than 100 staff from letting a single employee go without government approval. In such a challenging environment, getting the right advice on labour and employment law is crucial. Clients, therefore, may well consider enlisting the services of one of this years award winners in the field: AZB & Partners, Crawford Bayley & Co, DSK Legal, Kochhar & Co, Majmudar & Co and Trilegal. Shravan Shroff, the managing director of Fame India, an integrated flm exhibition and distribution company, swears by the advice he receives from DSK Legal. DSK Legal is exceptionally good, he says. Anand Desai is extremely sharp and intelligent, but he is also a genu- inely good human being. Unlike some other lawyers who elongate deals for the sake of more money, he acts in the best interests to close a deal as fast as possible. Nassi r Nurul Kabi r, the associ ate vi ce-presi dent of legal affairs at Strides Arcolab, sums up much of the praise that has been heaped on DSKs managing DSK Legal is exceptionally good. Anand Desai is extremely sharp and intelligent, but he is also a genuinely good human being Shravan Shroff Managing Director Fame India Intelligence report India Business Law Journal 52 Indian law frms February 2011 partner, Anand Desai. Kabir commends Desai for keep- ing issues simple and at the same time astute. Fellow winner Majmudar & Co also received wide- spread praise for its labour and employment work. However, it was comments made by Debolina Partap, the vice-president of legal affairs at Wockhardt, relat- ing to the frms work in other felds that best sum up its strengths. Partap has worked with Majmudar & Co for just under two decades on banking and fnance-related matters and intellectual property issues. She describes the frm as excellent and very time effcient, an obser- vation that she bases on her experiences of working with several of the frms key lawyers, including Akil Hirani, Neerav Merchant, Kashish Bhatia, Anindita Jaiswal, Sameer Shah and Anthony Toppo. Intellectual property As usual, competition was ferce in the domain of the IP boutiques, but this year theres an intruder in their midst. For the frst time in the history of the Indian Law Firm Awards, a general practice frm Luthra & Luthra has won a place on the IP winners table. Sitting along- side it are IP boutiques Anand and Anand, K&S Partners, Krishna & Saurastri, Remfry & Sagar and fellow new- comer Saikrishna & Associates. Luthras win may come as a surprise to many. Yet, for several years the frm has been quietly building a substan- tial intellectual property machine intended to rival even the most celebrated IP boutique. The hard work has paid off. Clients are impressed with the frms new offering and Luthra received enough nominations in the IP category to comfortably win a place on the winners table. Leading the pack, however, is Anand and Anand, which received almost three times the number of nominations of any other frm in this category. Anand and Anand is one of the best in the IP business, Hilton Worldwide utilizes Anand and Anand primarily Pravin Anand and Binny Kalra for a variety of [IP] matters Mark Robertson Senior Vice President Hilton Worldwide Intelligence report India Business Law Journal 53 Indian law frms February 2011 says a counsel at an international electronics company. To have Pravi n Anand on your si de i s useful , but more importantly, it is helpful not to have him as your opposition. Hilton Worldwide utilizes Anand and Anand primarily Pravin Anand and Binny Kalra for a variety of intel- lectual property matters in India and has been very pleased with their counsel and representation, adds Mark Robertson, the senior vice-president and an assist- ant general counsel at Hilton Worldwide. Last year, the frm represented chocolatier Ferrero in relation to an infringement of its Ferrero Rocher brand. An ex parte interim injunction was initially issued against a Chinese manufacturer and its Indian importer, which had been selling Ferrero lookalikes in the Indian market. The importers infringing goods were sealed and the par- ties were restrained from marketing or selling chocolates and confectionery items under any mark, label or visual medium similar to those owned by Ferrero. Suj a Subramani am, the head of l egal at Roche Diagnostics, works with Anand and Anand on phar- maceutical and patent litigation in India. We havent worked with any other frms in India on litigation, says Subramaniam. I would recommend Shravan Chopra and Kritika Vijay, a young associate. Both of them have done a fantastic job. A trademark attorney at a major pharmaceuticals com- pany, meanwhile, recommends partner Safr Anand. We have a long-standing relationship with Anand and Anand and we think highly of the frm, and particularly Safr. Jon Webster, a senior trademarks counsel for Bausch & Lomb, places his loyalties elsewhere. His company uses Remfry & Sagar for all types of trademark work in India, ranging from clearance and fling to confict and opposi- tion matters. We have used Remfry & Sagar for over 20 years and have continued using them for their high-qual- ity counsel and legal assessments, says Webster. Our experience has been favourable and generally successful with good results. Up-and-coming IP boutique, Saikrishna & Associates, is another of this years winners. For software piracy cases, I would use Saikrishna Rajagopal to handle my case, says one peer. He is bold, has a good reputation and is very effective in court. The frms transactional team has been advising clients such as Disney and Star News Corp on flm clearance issues and conducting specifc audits on TV formats, content-related issues, trademark-related issues and more. The venerable K&S Partners continues to impress clients in India and overseas, while Krishna & Saurastri retains its long-held position as the go-to IP firm in Mumbai. IT, media and telecommunications Hit by controversy last year, Indias telecoms sector is struggling to save face and regain its appeal to foreign investors. In May 2010, India halted telecommunications imports from China and later lifted the ban on the condi- tion that suppliers agreed to subject their equipment to tight security audits. Later in the year, Indias telecom minister, Andimuthu Raja, resigned over accusations that he handed out telecom licences at reduced prices. Despite the controversies, observers expect strong growth in the sector this year as telecommunications activity reaches new peaks. The six winners in the category of IT, media & tel- ecommunications are: Amarchand Mangaldas, AZB & Partners, DSK Legal, Naik Paranjpe & Co, Nishith Desai Associates and Seth Dua & Associates. Elvin Wan, the chief regional counsel, Asia Pacifc, at Orange France Telecom relies on Seth Dua & Associates for a range of legal services, including non-compliance issues with the Foreign Investment Promotion Board, the Reserve Bank of India and telecom regulators. I have known Atul Dua since 2000, says Wan. He knows the company well, he responds well, he knows the expecta- tions I have, so its easier for us. From a legal perspec- tive, its excellent legal advice. From a solutions perspec- tive, he tends to give me viable and feasible solutions based on the situation in my business itself, so Im very happy with that. Brosnan at Telstra meanwhile, says she depends on AZB & Partners for frequent updates to telecoms regula- tions. Zia Mody has provided clear and practical advice on Indias telecommunications laws and kept us very well informed of changes to those laws, she says. An increasingly popular choice for media-focused work is Naik Paranjpe & Co, a 17-lawyer firm widely lauded by peers and clients alike. What impressed me about Ameet Naik was the fact that he was very quick to grasp various subjects, says Shroff at Fame India. He started his own media and entertainment practice at a time when no such frm was focusing exclusively on the sector. Shroff also commends Naik for his effciency. I have worked with the best law frms in India and the speed at which Ameet can revert on a document is unbe- lievable, he says. I havent come across any service provider who can deliver quality and consistency with such speed. Nai k Paranj pe & Cos cl i ent s i ncl ude Rel i ance MediaWorks, Reliance Big Entertainment and Percept, an entertainment, media and communications company. Shi bashi sh Sar kar, t he CFO of Rel i ance Bi g Entertainment, has worked with Naik Paranjpe & Co for over fve years and says the frm is excellent. Ameet [Naik]s understanding of the industry is better than any single media frm in the country, says Sarkar. He is Under Ameet [Naik]s supervision, his team, including Anuja, Ravi, Madhu, Abhishek, has done pretty well Manmohan Shetty Chairman Walkwater Media Intelligence report India Business Law Journal 54 Indian law frms February 2011 quick, especially in litigations when quick calls need to be taken, he is very apt in those situations. Sarkar rec- ommends Ravi Suryavanshi in addition to Naik and also has great respect for Gowree Gokhale at Nishith Desai Associates. Naik Paranjpe & Co has also advised Viacom18 Media on its joint venture with Sun TV and is currently advising Walkwater Media on the setup of a theme park on the outskirts of Mumbai. Asked who at the frm he would rec- ommend, Manmohan Shetty, the chairman of Walkwater Media, says: Ameet Naik, defnitely. Under Ameets super- vision, his team, including Anuja, Ravi, Madhu, Abhishek, has done pretty well. Taxation Domestic and international clients are keeping Indias tax practitioners on their toes with a food of enquiries about the countrys forthcoming goods and services tax. At the forefront of the tax advisory practice are this years winners, Associated Law Advisers, DM Harish & Co, Economic Laws Practice, Lakshmikumaran & Sridharan, Nishith Desai Associates and Vaish Associates. We engage Economic Laws Practice for various matters, says Jatin Jalundhwala, the legal head at Adani Enterprises. Contractual matters, indirect tax, arbitrations, both domes- tic and international, service tax and corporate matters. According to Jalundhwala, Economic Laws Practice stands out because of its devotion to a task. They always take full responsibility for a matter, says Jalundhwala. I find the quality of ELP better than others because they have good knowledgeable people and do good research. Jayesh Shah is a director at Shree Naman Developers and another client who has benefted from legal advice provided by Economic Laws Practice. Shah says he chose the frm because of its experienced team which was approachable at any time. He has particular praise for the expertise of the frms managing partner, Rohan Shah, and partners Sujjain Talwar and Pranay Bhatia. Economic Laws Practice successfully represented a consortium of general insurance companies in its inter- actions with the Ministry of Finance, which resulted in a favourable resolution of a tax controversy relating to the levy of service tax on reinsurance commission worth over `2 billion. Meanwhile, Vaish Associates managing partner, Ajay Vohra, succeeded in obtaining a favourable decision from the Authority for Advance Rulings on behalf of his client Dassault Systems. The authority ruled that consideration for the transfer or sale of a computer programme (copy- righted article) does not constitute royalty, either under the provisions of the Income Tax Act, 1961, or the relevant double tax avoidance treaty. DM Harish & Co and Nishith Desai Associates also com- mand much respect in the feld of taxation. DM Harish & Co has been active in advising both multinational companies and Intelligence report India Business Law Journal 55 Indian law frms February 2011 high net worth individuals on Indian tax laws. Anil Harish, a partner at the frm, is also known for his real estate expertise. Best newcomers With offces in Bangalore, Delhi, Hyderabad and Mumbai, one-year old Tatva Legal is the frst recipient of this years award for best newcomers. Having broken away from Dua Associates, nine former partners and around 50 former asso- ciates opened the doors to their new frm on 1 January 2010. Despite its tender age, Tatva Legal quickly made a name for itself on the back of the reputations of partners Shishir Sharma, NK Dilip and Shailendra Komatreddy. The young frm has also won roles on several major deals. It acted as legal counsel to Tower Vision India, a Gurgaon- based independent cellular telephone tower management company, on its US$300 million private equity fundraising from Quadrangle Capital Partners. Avinash Mody, a partner at the frm, advised Tower Vision on due diligence and other Indian legal matters. In addition, the frm was chosen to advise Coffee Day Resorts on a private equity investment in the company by a Kohlberg Kravis Roberts-led consortium. Sharing the best newcomer award with Tatva Legal is Argus Partners. Launched in 2009 by former Amarchand partner Krishnava Dutt and principal associate Ramya Hariharan (now a partner at Argus), the frm has offces in Kolkata and Mumbai. It currently consists of two partners and 18 lawyers, who handle corporate commercial work, M&A, banking and project work. In January 2010, the frm advised Kolkata-based coal tar manufacturer Himadri Chemicals & Industries on a US$124 million private equity placement and open offer in the company by Bain Capital. It also acted for Prysmian Cavi e Sistemi Energia, an international provider of high-technol- ogy cables, in its purchase of a 51% equity stake of Indias Ravin Cables in February 2010. Argus provided accurate and tailored service in the structuring and negotiation of complex transactions, offer- ing a high-quality service that combines a strong legal base and good practical approach, says Michele Binda, the in- house counsel at Prysmian. Their depth of knowledge and strong commercial sense makes them an invaluable adviser to us, adds Sunita Thawani, the head of legal at Jusco. g Winners at a glance The full results of India Business Law Journals 2010 Indian Law Firm Awards Firms in the following tables are listed alphabetically, not in rank order. All winners in each category are of equal standing Law Firm of the Year Amarchand Mangaldas Best overall law frms Amarchand Mangaldas AZB & Partners J Sagar Associates Khaitan & Co Luthra & Luthra Trilegal Aviation, shipping & maritime ALMT Legal Bhasin & Co Bhatt & Saldanha Gagrats Mulla & Mulla S Venkateswaran Best newcomers Argus Partners Tatva Legal Banking & fnance Amarchand Mangaldas AZB & Partners Dave & Girish & Co Juris Corp Luthra & Luthra Wadia Ghandy & Co [Atul Dua provides] excellent legal advice Elvin Wan Chief Regional Counsel, Asia Pacifc Orange France Telecom Intelligence report India Business Law Journal 56 Indian law frms February 2011 Capital markets & corporate fnance Amarchand Mangaldas AZB & Partners J Sagar Associates Khaitan & Co Luthra & Luthra S&R Associates Competition & antitrust Amarchand Mangaldas Dhall Law Chambers Dua Associates Economic Laws Practice Luthra & Luthra P&A Law Offces Construction & real estate AZB & Partners Federal & Rashmikant FoxMandal Little Kanga & Co Mulla & Mulla Wadia Ghandy & Co Corporate & commercial Amarchand Mangaldas AZB & Partners Dua Associates J Sagar Associates Khaitan & Co Luthra & Luthra Dispute resolution Amarchand Mangaldas Bharucha & Partners Federal & Rashmikant Karanjawala & Co Mulla & Mulla PH Parekh & Co Energy, projects & infrastructure Amarchand Mangaldas AZB & Partners Hemant Sahai Associates J Sagar Associates Luthra & Luthra Trilegal Intellectual property Anand and Anand K&S Partners Krishna & Saurastri Luthra & Luthra Remfry & Sagar Saikrishna & Associates IT, media & telecommunications Amarchand Mangaldas AZB & Partners DSK Legal Naik Paranjpe & Co Nishith Desai Associates Seth Dua & Associates Labour & employment AZB & Partners Crawford Bayley & Co DSK Legal Kochhar & Co Majmudar & Co Trilegal Mergers & acquisitions Amarchand Mangaldas AZB & Partners J Sagar Associates Khaitan & Co Luthra & Luthra Trilegal Private equity & venture capital Amarchand Mangaldas AZB & Partners Desai & Diwanji J Sagar Associates Luthra & Luthra Nishith Desai Associates Restructuring & refnancing Amarchand Mangaldas AZB & Partners Crawford Bayley & Co J Sagar Associates Luthra & Luthra Talwar Thakore & Associates Securitization & structured fnance Amarchand Mangaldas Dave & Girish & Co Juris Corp Phoenix Legal Trilegal Wadia Ghandy & Co Taxation Associated Law Advisers DM Harish & Co Economic Laws Practice Lakshmikumaran & Sridharan Nishith Desai Associates Vaish Associates