The Most Trusted Corporate and Commercial Law Firms Edition -2 December2021 - Insights Success

VOL 12 | ISSUE 09 | 2021

THE MOST

TRUSTED

CORPORATE & COMMERCIAL

LAW FIRMS

Abhijit Joshi Founder and Managing Partner

Law-Tech Involvement of Technology in Intellectual Property Rights

Legal Time Travel The Evolution of Legal Practices

VERITAS LEGAL

Raising The Bar with Unparalleled Skills Blended with Firm Culture

Editor’s Note THEY HELP YOU OPERATE YOUR BUSINESSES WITH CONFIDENCE

I

ndian law firms are dynamic and changing according to marketplace changes. The transformation of the Indian law scenario and diversification in various domains has been monumental. This service-based industry is still evolving with demands in diversified legal fields.

A couple of decades back, criminal and civil law topped the charts of any aspiring lawyer. With rapid corporate growth and entrepreneurship, the need for different law domains also grew, and lawyers no longer did the rounds to the courts every day. They now occupied cabins in sophisticated offices and visited the courts when needed.

From signing leases, contracts, agreements to helping with mergers and acquisitions, protecting a company's intellectual property rights to advising them on legal compliances, and defending cases for the company in case of litigations, corporate and commercial lawyers have their

Sumita Sarkar Editor-in-Chief

sumita@insightssuccess.com

hands full. Trustworthy lawyers can protect your business from serious legal issues, and the pandemic stated this even louder than before.

The COVID-19 pandemic has hugely impacted the Indian corporate and commercial world. The lockdowns and travel restrictions adversely affected the contracts and deals. This called for greater attention of corporate and commercial law firms to resolve issues. Overcoming the challenges posed by the COVID-19 pandemic, lawyers have pulled up their socks to deliver their services to companies. Lessons from the pandemic can help law firms set the right strategies for the future. Specialist and skillful lawyers are in demand like never before. It is time for corporate and commercial lawyers to be there for their clients and help them come out of unprecedented challenges.

With the clients shifting their agendas and priorities, lawyers are also pivoting their agendas to provide services in their clients' interests.

It is challenging to pick the best for your legal needs with several corporate and commercial law firms. We handpicked a few law firms that have stayed ahead of the cur to make things easier for you.

Read our latest edition of Insights Success - Most Trusted Corporate and Commercial Firms to learn how corporate and commercial law firms are helping their clients accelerate out of crisis or taking them ahead with reforms.

Have a great read!

Cover Story

10

VERITASLEGAL Raising The Bar with Unparalleled Skills Blended with Firm Culture

20 Legal Time Travel The Evolution of Legal Practices

Articles

34 Law-Tech Involvement of Technology in Intellectual Property Rights

16

Content 42

Ayana Legal Ardent Advocacy with Sustainable Legal Solutions

Taneja Law Of ce

24

A Family-based Law Firm making Complex Situations Easy

cxo KING STUBB & KASIVA ("KSK")

38

Your Legal Thought

28 N South Advocates Forerunners of Modern Corporate Law Practitioners in India

Liberalisation in foreign i nve s t m e n t n o r m s for Indian Insurers

Editor-in-Chief Sumita Sarkar Deputy Editor Aditya Umale Managing Editor Abhishek Joshi

sales@insightssuccess.com

DECEMBER, 2021 Corporate Offices: Designing Head Rashmi Singh Designer Sandeep Tikode

Sr. Vice President Megha Mishra Sr. Sales Manager Tejaswini Whaval Business Development Lead Asif Patel Sr. Business Development Executive Suraj Gadekar

Technical Head Prachi Mokashi Technical Specialist Amar Sawant

Insights Success Media and Technology Pvt. Ltd. Off. No. 22 & 510, Rainbow Plaza, Shivar Chowk, Pimple Saudagar, Pune, Maharashtra 411017 Phone - India: +91 7410079881/ 82/ 83/ 84/ 85 Email: info@insightssuccess.in For Subscription: www.insightssuccess.in Insights Success Media Tech LLC 555 Metro Place North, Suite 100, Dublin, OH 43017, United States Phone - (614)-602-1754 Email: info@insightssuccess.com For Subscription: www.insightssuccess.com

Digital Marketing Manager Amol Wadekar SME-SMO Executive Atul Dhoran Circulation Manager Tanaji

Cover Price : RS. 150/Follow us on :

www.facebook.com/insightssuccess/

https://twitter.com/insightssuccess

We are also available on Copyright © 2021 Insights Success Media and Technology Pvt. Ltd., All rights reserved. The content and images used in this magazine should not be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior permission from Insights Success Media and Technology Pvt. Ltd. Reprint rights remain solely with Insights Success. Printed and Published by Insights Success Media and Technology Pvt. Ltd. RNI NUMBER: MAHENG/2018/75953

THE MOST

TRUSTED

CORPORATE & COMMERCIAL

LAW FIRMS

Company Name

Management

Brief

AYANA LEGAL

Rama Iyer, Founder and Managing Partner

Giving direction to the commercial law practice of Legal Solutions, Ayana Legal was conceptualized to give this sphere the required importance..

King Stubb and Kasiva

Mr Rajesh Sivaswami

King Stubb and Kasiva is a full-service national law firm with offices in New Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Kochi and Kolkata. KSK has alliances with associate lawyers in more than 24 states in India.

N South Law

Ranjeev dubey, Founder and Managing Partner

N South is amongst India’s cutting edge commercial law firms offering quality legal service supported by a network of professional associates and relationships across the country giving us a national footprint.

Taneja Law Office

Advocate Rakesh Taneja, General Practice Head

Taneja Law Office, A family-owned law office now in its second generation operating from New Delhi specializing in General Civil and Criminal Litigation besides Supreme Court practice.

Veritas Legal

Abhijit Joshi, Founder and Managing Partner

Veritas Legal is an Indian law firm established in February 2015 by Abhijit Joshi. The team brings together the experience of lawyers who have worked in India's leading law firms.

Abhijit Joshi Founder and Managing Partner

The Most Trusted Corporate and Commercial Law Firms

VERITAS LEGAL

Raising The Bar with Unparalleled Skills Blended with Firm Culture

“

One has to be patient, and employ a high standard of work ethic and value system, to lay a solid foundation on which a very successful and enjoyable legal career can be built!

“

C O V E R S T O R Y

These law firms have a team of the best lawyers under one roof, who deliver specialized offerings to their clients.

Veritas Legal is one such firm that has a team of extremely knowledgeable and passionate lawyers, and that makes it one of the most trusted corporate and commercial law firms. The firm was founded by the dynamic Mr. Abhijit Joshi.

A Firm with a Self-Perpetuating Culture Veritas Legal is a boutique business law firm with a team size of over 50 lawyers, including twelve partners, enriched with the requisite expertise and specialized skill sets from having previously worked at India's top law firms.

Within a short span of six years, the firm has displayed its commitment to professional excellence by not only carving a niche for itself with the

marquee deals and impressive list of clients that the firm has been landing right from its nascence, but also with its exponential growth in size and reputation.

The firm and its members have been consistently recognized by global publications like Chambers, Legal500, IFLR1000, Asialaw, and ranked in noteworthy league tables year after year. A firm that was set up not so long ago, today, has emerged as one of the top 15 business law firms in India, having been recognized by 'RSG in partnership with Financial Times' as the 'Fastest Rising Law Firm' and ranked highest for client satisfaction within just few years of inception.

Historically, Veritas Legal was the only Indian law firm to have been the subject of a case study by IIM Ahmedabad.

Admittedly, it is the ceaseless effort of the team coupled with the firm's appetite for excellence that has brought this once adolescent firm to where it is

“

We were one of the rst rms of our size to have fully adopted the remote working model along with a business continuity plan in place

“

D

uring the Covid-19 pandemic, as the courts were shut, people needed a law firm that would understand their problems and help them traverse their legal issues without relying entirely on the courts.

These firms have really done an incredible job during the pandemic by advising and assisting clients in the best possible way and caring for the taskforce whilst upholding the credibility of the firm. A display of altruism when it mattered the most, these firms have, even under normal circumstances, consistently been committed and devoted to the field of law, and continually aspire to contribute to the country's expanding legal landscape.

today, and fortunately for the firm, its work speaks for itself. And none of this would have been possible without the distinct self-perpetuating culture of the firm, which has formed the skeletal framework needed to boost its growth from the beginning.

Veritas Legal has its sole office in Mumbai, thereby strategically placing itself in the epicentre of all the commercial activities. The firm also has a unique pro-bono program. Pro bono service has always been an intrinsic part of the firm's culture and is the backbone of its value system.

Lastly, and most importantly, as a firm, Veritas Legal has always endeavored to maintain a balanced male to female ratio in the associates' pool. The diversity is evident in the top layer as well, with the recent promotion of four women associates to partnership. In fact, the firm has a very diverse pool even in terms of race and ethnicity spanning across various cross-sections and communities of India. For a young firm like ours, the conscious attempt and success at ensuring diversity across the board is no simple achievement.

Exemplary Leader Abhijit Joshi is the Founder and Managing Partner of Veritas Legal.

Being a first-generation lawyer, Abhijit embraced his entrepreneurial instincts and founded Veritas Legal at the age of 46, after sacrificing his corner office as the coveted CEO of AZB and Partners, one of India's leading law firms.

Abhijit has not only worked on several landmark deals and cases, but over the course of his legal career spanning almost 3 decades, he has successfully carved a niche for himself, and is highly regarded globally as a leading corporate and commercial lawyer.

“

Don’t learn the tricks of the trade, but learn the trade

“

Abhijit is enrolled in India with the Bar Council of Maharashtra and Goa, and as a Solicitor with the Bombay Incorporated Law Society.

Internationally, he is enrolled as a Solicitor with the Law Society (England and Wales) and is a member of two reputed worldwide communities viz. the Entrepreneurs' Organization and the Young Presidents' Organization. He serves on the current Steering Committee of Cambridge Forums and the Advisory Board of the Oberoi International School in Mumbai. Additionally, Abhijit is also involved with numerous philanthropic organizations with a global outreach.

An Inspiring Journey Abhijit started his career in the early 90s. At the time when India was just beginning its journey with liberalizations, there were hardly any specializations in the field of law.

Corporate and commercial law was a sector, which was likely to grow with the liberalization of the economy, and as such impressed Abhijit. He started his career with Amarchand Mangaldas, which had a fair amount of work from the commercial sector of India, and that made it easy for Abhijit to get experience in the field.

Commendable Accolades The firm has been recognized by Forbes in the Legal Powerlist 2021 in all three law firm categories, viz. (i) ‘Top Law Firm’ (below 10 years of experience) for Life Sciences and Pharmaceuticals, Mergers and Acquisitions, and Private Equity and Venture Capital (ii) ‘Top Managing Partner - Abhijit Joshi’ (above 10 years’ experience) (iii) ‘Top Individual Lawyers - Abhijit Joshi (above 10 years’ experience)

In 2015, Veritas Legal started as a boutique firm providing quality services in corporate/ mergers and acquisitions, private equity, and dispute resolution.

Over the years, the firm has not only deepened the scope of its core practice areas mentioned above but has also expanded its full-service operations to further include real estate, competition, white-collar crime, private client practice, labour and employment, data protection and privacy, and restructuring and insolvency. And luckily, there is an immense amount of work pouring in for each of these niche practice areas, despite the pandemic situation.

The firm has marked its niche presence in each of the above-mentioned practice areas, across numerous sectors, specifically including pharmaceuticals, healthcare and lifesciences, e-commerce, retail and franchise, and hotels and hospitality, where the firm has been able to distinguish itself and emerge as topclass.

to keep one's logic absolutely sharp, and morale up, is and was the greatest challenge. This was not in relation to one person at Veritas Legal, but to the firm in totality, and as such, it is even harder to keep the collective morale high in times of extreme uncertainty.

Having said that, the management navigated through these trying times to the best of their abilities and marched forward. Some of the initiatives taken by the management during the pandemic are: Ÿ

“

We have a culture of togetherness and transparency, and will continue building up on that

Impediments Encountered The management believes that challenges cannot be characterized based on any specific practice area.

One must be thorough with the law and fundamentals, and then go on to build a great work ethic through perseverance and hard work. Once these core issues are at bay, challenges will automatically recede and allow one to enjoy the practice of law.

The biggest challenge faced in recent times was the fact that the world had plunged into the unknown. The challenges were unknown. The path forward was unknown. In such times,

firms of its size to have fully adopted the remote working model along with a business continuity plan in place. Ÿ

Ÿ

the internship experience enabling it to effectively assess and offer Pre-Placement Offers (PPOs) to few graduating students. Ÿ

The firm has successfully arranged, at the firm's expense, first and second doses of vaccines for everybody who is working with them and at times, for their extended family.

Ÿ

Veritas Legal also followed contact tracing norms and regular testing of its members throughout the bleak period. The cost of all the above was borne by the firm.

Veritas Legal was one of the first

“

Exhibiting Excellence

Mental health of the firm's team members, which has anyways been a priority, took precedence above all else, and counselling services were made available gratis to members of the firm and their families.

The firm introduced a robust virtual internship model, that heightened

Remarkable Endorsements Ÿ

Ÿ

Ÿ

Ÿ

Ÿ

Ÿ

Recognized as 'India Firms to Watch' by Asian Legal Business 2021 Awarded 'Boutique Law Firm of the Year' by Asian Legal Business India Law Awards 2021 Awarded 'Rising Star Firm of the Year' by IFLR1000 India Awards 2020 Awarded 'Pharma & Life Science Law Firm of the Year' in the Business World Legal Leaders Awards 2019 Recognized as 'Employer of Choice' (India) in 2019 by Asian Legal Business Awarded 'Most Promising Law Firm of the Year (Three years and above)' by LegalEra Indian Legal Awards 2019-2020

Know from the Best When we asked Abhijit, what advice he would give to the young generation of legal enthusiasts, he answered, "The advice is actually quite basic and simple. Keep your level of inquisitiveness high. Keep your work ethic high. Don't learn the tricks of the

The Celebrated Visionary The management has always maintained that they would like to go deep as opposed to wide in their relationships with clients and will do the job that they are doing better than yesterday. They are quite proud of their culture within the firm. It is a culture of togetherness and transparency, and it will continue building up on that.

Management also thinks that if they are able to achieve the above, the rest will follow.

“

The outlook for the practice of law will always hold good, and that coupled with a buoyant economy can have a multiplier effect

“

trade, but learn the trade, and last but not least, continue working at a place for at least few years in order to get the benefit. If you try and do all of the above, then there are good chances that you start enjoying what you are doing, and as a result excel at your job."

It is said that doctors and lawyers are necessary evils! Nobody wants them, but people can't do without them.

Therefore, the outlook for the practice of law will always hold good, and that coupled with a buoyant economy, can have a multiplier effect. Veritas has been moving steadily and progressively through the 6 years and aspires to continue its journey upwards on the growth curve year after year.

Veritas Legal's team is optimistic about its future and is excited about its measured growth and transition to a medium-sized firm from a small-sized firm.

Subscribe Today Stay in touch.

Subscribe to Insightssuccess Get Insightssuccess Magazine in print, & digital on www.insightssuccess.in

www.insightssuccess.in

Cheque should be drawn in favour of : INSIGHTS SUCCESS MEDIA AND TECH PVT. LTD.

CORPORATE OFFICE Insights Success Media and Technology Pvt. Ltd. Off No. 22 & 510, Rainbow Plaza, Shivar Chowk, Pimple Saudagar, Pune, Maharashtra 411017.

Phone - India: 020- 7410079881/ 82/ 83/ 84/ 85 USA: 302-319-9947 Email: info@insightssuccess.in For Subscription : www.insightssuccess.in

AYANA LEGAL Ardent Advocacy with Sustainable Legal Solutions

C

orporate law refers to law identities that deal with issues like corporate elements and investor understandings, etc.

Commercial law has grown quickly in modern years, providing many opportunities for contract law in the twenty-first century. Globalization brought a revolution in international trades with enhancing participation and engagement of countries and greater access to domestic economies while the pace of the legal industry continues to climb. On the other hand, technology use has increased, and alternative business models have jumped up.

The client's demand for better value for money and contained prices is also increasing. The demand for lawyers especially in the full-service law firms which offer sustainable advice and services have grown eventually. This is where Ayana Legal comes into the picture.

Ayana Legal offers a wide range of services in the corporate sector with a wholehearted approach towards helping their clients to find the perfect solution to help them achieve their goals.

In an exclusive interview with Insights Success, Dr Rama Iyer, Founder and Managing Partner of Ayana Legal shed light on the company's journey, the current industry scenario, and her opinions on the future of the company.

Dr Rama, please describe Ayana Legal to our audience.

Ayana Legal is a full-service law firm located in Bengaluru.

Ayana Legal was conceptualized to provide legal services to businesses with the consolidation of more than eight decades of legal expertise of senior lawyers.

Upholding the meaning of the name 'Ayana,' the firm's inception reiterated the definite intent of delivering seamless legal services in "Corporate Advisory, Commercial Transactions, Dispute Resolution and Arbitration, Real Estate, Intellectual Property Rights, Insurance, Consumer laws and Banking, Start-up Advisory, HR, Employment and Labor Laws, and Media and Entertainment" to a diverse clientele and sustains their success by the manifestation of quality legal advice.

Derived from Sanskrit, Hebrew, and Arabic, 'Ayana' means direction, progress, development, the aestheticism of mystical flower, path to success, eye for perfection, 'wellspring of goodwill', and subtly, implies the sanctuary of refuge and dependability.

Over a period, the firm has diversified to include in its areas of practise family law, criminal law, constitutional law, etc.

Our team of expert lawyers endeavour to provide the services to their clientele to reach new heights of success.

Equipped with varied experience across diverse sectors and focused practice areas, the core team of lawyers renders cohesive legal services focusing on timelines and effectiveness.

16 | December 2021 | www.insightssuccess.in

The Most Trusted Corporate and Commercial Law Firms

Ardent Advocate Rama Ayer 'Advocate' is the Managing Partner of Ayana Legal which is based in Bengaluru with offices in other metro cities. She has specialized in corporate and commercial transactions.

Equipped with thirty years of experience Rama Iyer has represented leading organizations, individuals, financial institutions, hospitals, business establishments, trusts, associations etc. in various fora including the Supreme Court of India, Trial Courts, Tribunals, and Commissions to name a few. She was a partner with Legal Solutions from which branched off Ayana Legal with its core thrust on corporate and commercial law practice.

She is the director of the International Council of Jurists based in London. She heads their women's division. She has a passion for helping women entrepreneurs in start-up companies. She also advises many companies in their business as well as policy-related issues.

She has formulated the Prevention of Sexual Harassment Policy of many organizations in addition to training the employees, the ICC etc. and being in the ICC of various organizations including Private Limited Companies, Banks, educational institutions as an external member.

She has been bestowed with prestigious accolades and highly acclaimed by the legal fraternity. Over the years, she has been invited to share her knowledge in various significant forums both nationally and internationally as a thought leader.

She was invited by the President of the International Court of Justice at The Hague, Netherlands for consultation on International Laws regarding women in the corporate space in February 2014.

Passionately believing in empowering lives, Ms Iyer regularly conducts training programs of various organizations and devotes time to assist a few NGOs, mostly pro bono, in matters of civic importance.

Dr Rama Ayer

Founder and Managing Partner of Ayana Legal

17 | December 2021 | www.insightssuccess.in

Ayana Legal delivers legal strategies that directly sustain the client's business objectives, compliant with the best practices across the world and the highest level of professional ethics.

The firm is fully equipped to offer immaculate legal advice that derives ideal solutions and complement realities. The firm also has eminent advisors and consultants from various fields who complement and strengthen the firm in its endeavour to provide quality service.

What kind of offerings does Ayana Legal provide to its clients?

We offer a wide range of services in the corporate sector with a wholehearted approach towards helping our clients to find the perfect solution to help them achieve their goals.

Our resolute corporate team is equipped with a realistic and pragmatic view of the various specifics of the corporate sphere, approach each case with a unique blueprint tailormade for the requirements of the client.

The solutions we provide include but are not limited to structuring transactions, advisory on issues faced in the capital market, initial public offerings and subsequent offerings, international trade, mergers and acquisitions, joint ventures, finance-related transactions, corporate governance, contracts, corporate regulatory compliances, trade regulations, and so forth.

We are also actively involved in corresponding with government agencies and regulatory bodies, to ensure that all areas are properly covered. Our diverse knowledge and expertise in the corporate sphere help us anticipate and thoroughly navigate the otherwise unforeseen pitfalls which plague the clients. The same is shaped due to the dedication and innovative approach ingrained in our corporate team through years of experience and a multi-faceted approach.

What made you venture into the corporate and commercial law sector?

The specialization and Master's in law studies was focused on corporate and commercial laws, it became quite natural for our firm to focus on these areas. Though we do practice in other areas of law, corporate and commercial law is a major area of our practice How much your Ayana Legal was affected in these pandemic times and what were the steps taken by you to curb the damages all the while helping your clients and maintaining the safety of your employees?

As with the rest of the world, we too had to adapt to the changing times. We shifted to working through data on the cloud in the COVID-19 imposed lockdown. It was a blessing as we were all able to work remotely. We did not face much of a struggle at that time though some clients who were used to meeting in person had to be coaxed to virtual meetings.

Ayana Legal delivers legal strategies that directly sustain the client's business objectives.

18 | December 2021 | www.insightssuccess.in

During the lockdown, we were constantly in touch with our colleagues and our clients as well. Communicating and getting work done remotely was not much of a challenge as we used the essential tools to communicate and work.

• •

We ensured that we continued to keep up with all our commitments and keep our clients abreast with any latest developments. Litigation did suffer during the lockdown with the courts functioning skeletally and taking up only urgent matters and not accepting fewer pressing matters.

Our future goal is to create an impact with our vision of creating a difference in society with our legal solutions. We would also like to continuously keep the legal professionals in our firm abreast with the happenings in the industry and be future-ready by upgrading the skill set that is necessary for the industry.

Safety was a priority; we followed all government and safety protocols and took all necessary precautions while returning to normal office life. Our employees/staff took preventive measures by getting themselves fully vaccinated, sanitizing themselves when returning from outside and prioritizing wearing masks all the time.

What would you like to advise the young generation of legal enthusiasts?

Law is an amazing field. The more you delve into it, the more wonderful it gets. There are many areas that one can specialize in. It is necessary to understand one's strengths, interests, and passion before choosing one's line.

One should be initiative-taking and willing to learn, unlearn, and re-learn. Get a mentor under whom you can work and learn. Do not be hesitant to realign your efforts to reach your goal. Decide and work towards it. Be positive, dedicated and work hard. Have a hobby which gives you pleasure and enjoy your personal time.

Be innovative and adapt to embrace the changes that you will experience.

•

Motivating innovation Accomplishing firm's vision with unwavering dedication Upholding consistency in performance

What is the current industrial scenario of the corporate and commercial law sector?

The major industries in India, by share of GDP, are construction, automobile manufacturing, IT and ITeS, telecommunication services, financial services, and manufacturing. 2020-2021 saw industries that were contactbased being affected due to the pandemic.

Many changes were brought in by the government which meant that though the industry was affected, it did not translate to a kind of blood bath as was expected.

Moratorium announced by the government at the beginning of the lockdown and extended for up to two years which was announced in September 2020 is a great relief for distressed corporates which may look at M&A. Insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 being suspended brought great relief to the financial creditors. Force majeure disputes. especially in infrastructure, is one area where litigation has increased.

White-collar crime litigation has also increased.

Where do you envision your Ayana Legal to be eventually and what are your future goals? How do you plan to embrace the changes happening in the corporate and commercial law sector?

Core Values at Ayana Legal Each professional at Ayana Legal inculcates the values of the firm and encourages a culture of independent responsibility with team participation. Leadership qualities are developed along with the onus of matchless performance.

• Ensuring seamless delivery of legal services • Imbibing leadership qualities in individuals

Fintech products and services like cryptocurrency platforms are beginning to be recognized by the government with the requirement for these fintech companies requiring to be registered with RBI as NBFCs. Restructuring and retrenchment has posed a lot of challenges in the labour and employment sector and also the Code of Wages which protects some unprotected sector of labour.

19 | December 2021 | www.insightssuccess.in

Legal Time Travel

The

Evolution

of

Legal

Practices

20 | December 2021 | www.insightssuccess.in

Embrace the reliability

A

well-organized system of judicial administration postulates a properly equipped and efficient Bar." – Law Commission's XIV Report, 556 (1958) In the pyramid model of our society, judiciary is at the topmost end of that pyramid of law and justice system.

While the common man lies at the bottom of that pyramid.

“

Thus, it is usually observed that the cord in between the common man and the judiciary is formed by the legal profession, which binds them together in the law. And this legal profession had its own history of evolution.

Ancient Times It is fascinating to know that in the ancient times almost all of the India lived in the groups of tribes, and communities scattered in micro, tiny, small, and large villages. These group of tribes administered their own law and justice system with the help of tribal heads. And thus, they solved their internal disputes.

When these tribal communities evolved to include kingship, they became kingdoms. And the king and his fiefdom of administrators began doling out justice through King's court, helped by the king's councillors. These councillors would also advice the King in various other matters.

Chanakya (350-275 BCE) was the most famous of them.

The councillor's advice would be based on the principles of Dharma (Hindoo) or Dhamma (Buddhist). This way the

21 | December 2021 | www.insightssuccess.in

internal matters of a kingdom were resolved. For the intrakingdom disputes, a Chakravarthy Samrat's court would be approached. Many of the times such disputes lead to battles or wars. The most famous of them is The Battle of Ten Kings or Mahabharata (circa 1450 and 1300 BCE).

founding of High courts, legal practices were divided into six grades, that is, attorneys (solicitors), advocates, vakils of high court, mukhtars, pleaders, and revenue agent. Under the jurisdiction of High court all these professions were brought under one legal system.

Medieval Times Still without any semblance of legal profession, in these periods, as a common rule of legal practice, the litigating parties involved Vakils, appointed by Courts using their power. The Vakils merely acted as agents, paid in percentage-based commissions.

Then, to provide a Bar Council for each High court, Indian Bar Councils Act 1926 was enacted. Subsequently, the distinction between Barristers and advocates was removed.

Though the mukhtars practicing in Mofussil Courts and pleaders were outside the purview of this Act, it had the powers of approval for the rules made by various Bar Councils. And they were also empowered to reprimand, remove, or suspend any advocate of the High Court from the practice, if found guilty of professional or other misconduct.

British Era The first organised legal profession came into existence in the time of British rule in India. The courts derived their power from the East India Company till 1726, post which the power shifted to the British Crown, with the establishments of Mayor's courts (aka Royal courts) in the British presidency towns of Bombay, Calcutta and Madras.

The procedure imitated 1661's English law. But the courts lacked trained people of proper legal acumen.

In fact, the practitioners in the court were as good as laymen. Neither they had any jurisdiction in criminal matters (which was a sole exclusivity of the Governor), nor they had any expertise. A futile attempt to regulate the legal practices was made in 1753.

In 1773, by the virtue of Regulating Act, Supreme courts were established, and legal profession was organised. The Supreme court framed rule of procedures, for the administration of justice using its power of execution.

Though, it only allowed British barristers, attorneys, and advocates (and not native Indians) to practice the law inside the courts.

Then in 1846, came The Legal Practitioners Act. Called as the first charter of the legal profession, it allowed people to act as pleaders, irrespective of their nationality or religion.

It also allowed barristers who were enrolled in Her Majesty's Indian courts and attorneys to practice in Sardar Adalat (of company's).

Year 1861's, The Indian High Court Act authorised the establishments of High courts in three presidency towns.

Afterwards, civil, and later criminal courts were also organised at different towns, by the Criminal Procedure Code, of 1898.

Then, 1879's Legal Practitioners Act repealed The Pleaders, Mukhtars and Revenue Agents Act, of 1865. After the

The Independent Indian Legal Profession In 1961, finally, Indian Legal Profession got a unified AllIndia Bar with its one grade of practitioners only. The Advocate Act,1961, provides for an autonomous bar council in each state and All India Bar Council consisting mainly of the representatives of the state bar councils which enrols the qualified person as advocates and prepares a roll of advocates practicing in the state.

While the Bar Council of India prepares a common roll of all the Indian advocates, the Advocates could practice in all courts in India including the Supreme Courts.

The Bar Council of India is entrusted with admission of advocates, their practice, ethics, privileges. It also regulates and disciplines their conduct. It is for the improvement of the profession by itself. Year 2002's 184th Law Commission Report, and recent 266th Report further regulated the legal professionals.

Modern Futuristic Times Thus, the legal profession, which was almost stagnant from millennia, and evolved through the colonial India, has further went through a huge transformation since our independence. And today, it has reached the stage where, with more than 1.4 million enrolled advocates nationwide, it is one of the largest in the world.

The efforts of the profession to achieve excellence in all its spheres of practises through stiff competition while dealing with newer technological and other developmental challenges has culminated in the global recognition they earned. And now with online hearings and all, they are completely ready for the future.

22 | December 2021 | www.insightssuccess.in

“

Frequent amendments in the law governing company jurisprudence, can have far-reaching positive consequences.

”

Mr. Rajesh Sivaswamy

Co-founder, Senior Partner, and Corporate M&A lawyer

King Stubb & Kasiva ("KSK") Your Legal Thought

E

stablishing, running, and managing a company is a herculean task. Raising finances to find the operational space and recruiting the right people, are the priorities, which comes to everyone's mind, whoever thinks of being an entrepreneur and setting up an enterprise.

Though already established professionals in the corporate arena know, that company's legal aspects, are one of the topmost priorities, for any business, from its inception to its expansion, to its ultimate success. And for any kind of legal counsel, they need top-notch corporate legal counsellors.

They are also, well aware that, there is such a law firm, which had always been there for them, through their thick and thin. In fact, over the span of the last 15 years, the law firm became synonymous with its legal thought. That is, whenever a corporate thinks of legal counsel, the first name on its mind is King Stubb & Kasiva ("KSK").

You must be curious about, why is that? Let us find out the reasons, from the firm's Co-founder, Senior Partner and Corporate M&A Lawyer, Rajesh Sivaswamy. Below

24 | December 2021 | www.insightssuccess.in

The Most Trusted Corporate and Commercial Law Firms

given, are the excerpts, from his exclusive interview with Insights Success.

Sir, please describe KSK in detail.

King Stubb & Kasiva ("KSK") - Advocates & Attorneys, is a full-service law firm in India, with offices in New Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Kochi, Kolkata & Milan (Italy), with 120+ professionals. We, inter alia, assist multinational companies, banks, private equity and venture capital funds, and financial institutions in India. Our delivery of legal services is supported at both the individual office level and through various firm-wide Practice Areas viz., Litigation and ADR, Commercial Transactions, Corporate, Regulatory and Allied Laws, Labour & Employment, Tax (Indirect and Direct), Customs & Trade, Intellectual Property Rights, Infrastructure, Power& Energy, M&A, VC & PE and Capital Market.

The firm has developed a unique service delivery model, that enables us to serve client requirements across 900 locations in the country. This ability, combined with the competency of the lawyers in the firm, has enabled us, to garner several marquee clients, over the years. King Stubb & Kasiva's lawyers have an extensive understanding of the issues, that involve the internet, cyber security, data privacy, encryption, and other related matters. We are one of the top and fastest-growing law firms in India, which advises several clients, from domestic as well as international markets. Recently, we were also awarded as "Top 30 Fastest Growing Law Firm in Asia -2021", by ALB. Rajesh Sivaswamy sir, will you brief us about yourself and shed some light on your professional journey so far.

I am a corporate M&A lawyer based in New Delhi with 20 plus years of experience. I focus primarily on mergers and acquisitions, private equity, divestitures and sales of businesses, joint ventures and strategic alliances, with particular emphasis on cross-border transactions. I advise a broad spectrum of clients, working primarily with institutions, private equity funds, and Multi-National companies. I also act for a number of Indian companies, particularly in the context of cross-border transactions and advise the Government of India in my capacity as a legal advisor to the Make in India initiative.

What made you venture into the corporate and commercial law sector?

During the time I was doing law at Bangalore, I had the opportunity to interact and collaborate on various aspects of law and of all the areas of law; I had a particular leaning

towards corporate commercial laws. Corporate lawyers not only solve problems of the business, but they also prevent them. Hence there is a lot of dependence on solutionoriented lawyers, which is one of the reasons, I intended to make a career, of being a corporate lawyer.

What kind of offerings do you provide to your clients?

KSK is a full-service law firm but our signature practice, Mergers & Acquisitions, has earned praise for its innovative approach to transactions. With our team advising on some of India's most high-profile and cutting-edge M&A transactions, takeover bids, on-market exits, public offers, delisting and block deals, year after year.

Execution of complex M&A transactions, even in the most compressed timelines, is our forte. With decades of transactional expertise, representing diverse stakeholders, we have garnered extensive knowledge in multivariate challenges and solutions in M&A transactions. This, along with our ability to set and anticipate market trends, basic deep understanding of domestic and global industries, sectors and markets, sets us apart.

Corporate and Commercial Advisory practise provides advice on a range of transactional and regulatory matters, advising companies, directors, shareholders, partnerships, limited liability partnerships, trusts and other business entities, on: • •

•

• • •

• • •

Doing business in India Structuring and setting up operations in India, including applying for and obtaining requisite approvals Legal and regulatory implications in the context of a business structure, including Company Law, corporate social responsibility, director's duties and FDI Partnership and Limited Liability Partnership matters Trust law, foreign contributions and their regulation Structuring, drafting and negotiating contracts, including consultancy, confidentiality, services, strategic alliance, distribution, franchising, marketing, teaming, joint venture licenses, technology licensing, technology transfer and cooperation, reseller and consortium agreements Commercial law Re-structuring, exit strategies, winding up and repatriation of proceeds M&A Disputes, both domestic and international matters

25 | December 2021 | www.insightssuccess.in

Advantage KSK: Our cross-border capabilities, including our ability to work on multi-jurisdictional transactions, are one of the distinguishing features of our M&A practice. By way of an example, we advised Quest Global on multi-jurisdictional cross border transactions in Korea, China and the US, where we were the lead counsel and collaborated with international law firms, including Eversheds, to deliver excellence in quality of services. The number of complex and high-value matters/deals that King Stubb & Kasiva ("KSK") – Advocates and Attorneys, are currently doing, has also increased in comparison with those of the last years. Our credible work has led to repeat business and engagement across multiple businesses under the same group. This is a testament, to the high degree of service and quality, for which we have become known in the industry.

What kind of challenges have you faced while entering the corporate and commercial law sector?

When we started King Stubb & Kasiva, we were well aware that, we had no godfather in the industry, to propel us. This was both a plus and a challenge and in hindsight, the fact that we had no backing, made us work harder. Jidesh and me, co-founders of the firm, had to start our entrepreneurial journey, and do pretty much everything, from getting work to executing work, including running accounts and admin tasks. These early days, and the efforts, that we put in right at the very beginning, meaning that, we were able to navigate most of the challenges that have come our way.

How much KSK was affected in these pandemic times and what were the steps taken by you to curb the damages, all the while helping your clients and maintaining the safety of your employees?

We did not face any impact from Covid-19. In fact, we have expanded our business many folds, during the last 24 months. We have had flexible work from home arrangements since 2012 onwards, which meant that the technology and processes, that we invested in, assisted the lawyers to be able to easily migrate to a work-from-home arrangement when the COVID wave hit India. We had adequately invested in our IT infrastructure, and this meant that all documentation and records were electronically accessible to the lawyers. This planning ensured that we were fully prepared to transition to work from home, during COVID-19, without facing challenges. We have also utilised the remote working platform, to minimise the time spent on matters, thus, bringing greater value to the clients.

We also attempted to utilise our time more efficiently, since we had all cut down on travel and admin time. We managed

to achieve an efficiency rate of 30 percent, which we passed on to the clients by way of reduction of fees.

What would you like to advise the young generation of legal enthusiasts?

There is no substitute for smart work. Working hard is important, but if you don't get your goals clear, it will be an uphill task to grow in the legal career. I see a lot of young talent, who are confused, as to what path they should take, once they become lawyers. On the one hand, you have the option of being a litigating lawyer, appearing before the courts. On the other, you have companies vying for young legal talent. There is also the option of joining law firms, where you can hone your skills with fellow lawyers.

Whatever the path that young lawyers choose, my suggestion is that, stick to the role and profile for a consistent period of time, which will help in the long run.

Being a lawyer can be very rewarding, both personally and professionally, and is certainly a noble profession.

Where do you envision your firm to be in the long run and what are your future goals? How do you plan to embrace the changes happening in your industry?

When we started out, we obviously had goals for ourselves: we wanted to be a firm of repute and we wanted to be a firm that provides high-quality advice to our customers. We hope to continue this journey. We are not caught up with the numbers game – the number of offices, the number of lawyers etc. doesn't make a difference to us. Instead, we would want to be a better version of ourselves, to be more available to our clients, to provide more insightful advice to them. We'd want to go where our clients take us and focus on improving our services to our people. The number of offices we currently have, are a mere reflection of our client's requirements, so, we would always focus on doing what they want.

I think the message is that we have come a very long way from where we started, and we have a long way to go, yet.

It's been a lengthy but satisfying walk so far and the best is yet to come.

What is the current industrial scenario of the corporate and commercial law sector?

The current scenario is very positive, both of law firms and doing business in India. Various government initiatives, to make the system transparent, are helping every stakeholder in doing business. As per my views, frequent amendments in the law governing company jurisprudence can have farreaching positive consequences.

26 | December 2021 | www.insightssuccess.in

Ranjeev C Dubey Founder and Managing Partner

“

Corporate law is a kind of bridge-building, a skill designed to overcome obstacles, to connect dots that seem too far apart.

“

Forerunners of Modern Corporate Law Practitioners in India orporate and commercial law in India started very late when the country opened its door to the world in 1992. When companies from all over the world started heavily investing in India, there were hardly any lawyers specialized and practicing corporate law in the Indian Judicial system. Though the law firms in India existed since the beginning, they became popular when corporates started to enter the Indian market.

C

Brief us about the featured person and shed some light on his/her professional tenure.

Ranjeev C Dubey is a practising lawyer with 42 years of professional experience. Starting out as a litigation lawyer in Delhi’s trial (Tees Hazari) Courts, he transformed into a corporate lawyer in 1992 and has practised both corporate law and litigation ever since. In 1999, he established his own law firm in Gurgaon, N South Advocates.

We ventured around the country to handpick some of the most trusted corporate and commercial law firms in India.

Soon, we came across N South Advocates, a law firm founded a couple of years after India’s ‘liberalization’, is now one of the forerunner practitioners of corporate and commercial laws in India.

Ranjeev Dubey for decades has been a leading speaker at think tanks and industry forums on the interface between law, commerce, and political philosophy. A few of his speeches can be found at https://www.youtube.com/user/rcdfanclub.

Ranjeev C Dubey, Founder and Managing Partner of N South Law, showed us how complicated corporate and commercial law can be. Shedding light on the corporate world and working on corporate law, here are some of the highlights from our conversation with Ranjeev C Dubey.

Describe your company/firm/profession in detail.

We are a Gurgaon based law firm with a 22-year long continuous presence in Gurgaon. In the main, we offer corporate commercial advisory and representations, and litigation and alternate dispute resolution services.

We specialize in complex corporate litigation including specifically corporate control shareholder litigation. Our 30year long experience in this area finds reflection in the 2003 litigation strategy and tactics book ‘Winning Legal Wars’ which even after 19 years remains the seminal book on the subject with no peers.

Greater detail of our services may be sourced at https://www.nsouthlaw.com/

His legal column Fineprint has been published successively

by Business World and Business Today since 2004. In addition, he has written intermittently for other magazines and online sites. A comprehensive list of his writings may be found at http://ranjeevdubey.com/articles.html.

He has so far published three books: “Winning Legal Wars” (Macmillan, 2003) on litigation strategy and tactics; “Bullshit Quotient” (Hatchette, 2012), a set of essays deconstructing India’s political, legal, and commercial landscape, and “Legal Confidential” (Penguin, 2016), an autographical work that is, in essence, an expose of the real world of the Indian lawyer.

What made you venture into the corporate and commercial law sector?

‘Corporate law’ as currently understood did not truly exist as a practical area of law practice when I first joined the Bar in 2000. The legal world transformed in 1992 in the wake of Narsimha Rao’s ‘liberalization’ and the world opened to India. Foreign corporations arrived in large numbers and inquiries for corporate lawyers increased exponentially. At the same time, foreign lawyers started to materially contribute their expertise to Indian business.

29 | December 2021 | www.insightssuccess.in

The syncretic nature of those times meant that new business models appropriate to Indian conditions developed quickly in tandem with local skills. I joined a law firm in 1992 primarily to leverage my trial court skill. Soon enough, I found it possible to also practice corporate law as well.

Soon, large value project work came my way and I accept projects in first the power generation business, then the oil exploration business and finally Telecom. By then, there was no looking back.

The corporate and commercial space was interesting to me at the time because it had a pioneering spirit to it. There was little domestic domain expertise in this area and the opportunity was equally available to all lawyers. Forms, practices, and procedures were being developed as India liberalized and laws started to be fashioned even as we practice. In a sense, the corporate lawyers of those times helped ‘create’ the corporate legal and regulatory regime that we have in India today. Even then, I was aware of the privilege that I was being offered, and I took it without hesitation. I am grateful for the journey that I was then able to undertake, and experience.

More details of my personal profile can be found at www.ranjeevdubey.com. This includes references to my three books – Winning Legal Wars, Bullshit Quotient and Legal Confidential – the first of which is now a free download (www.winninglegalwars.com).

What kind of offerings do you provide to your clients?

Main-stream corporate commercial advisory and litigation services. In the corporate commercial space, our offerings include Business structuring and M&A (including Joint Venturing, Private Equity and Startup Funding), Corporate Finance (including Project Finance), Corporate Contracting, Real Estate Project Advise, Entities seeking advice under Society and Trust laws, and of course IPR and Privacy laws.

In the litigation area, we represent clients across the country using our extensive network of specialists in courts from the trial to the Supreme Court of India. We practice civil and criminal litigation. We also have a substantial presence in a variety of national-level tribunals including NCLT, NCLAT, DRT, Competition Commission, NCDRC, etc. as their corresponding state-level tribunals, as applicable.

In the Alternative Dispute Resolution area, we offer both domestic and international arbitration services under inter alia ICC, UNCITRAL, and SIAC rules. And you can get detailed information about our services at www.nsouthlaw.com.

What kind of challenges have you faced while entering the corporate and commercial law sector?

The main challenge was the change in mindset. In 1992, I had trained as a litigation lawyer and had 12 years of experience. Litigation requires a lawyer to be incisive and hyper-critical and possess destructive, deconstructive skills, designed to defeat the logic of the opposition’s argument.

Corporate law is a kind of bridge-building, a skill designed to overcome obstacles, to connect dots that seem too far apart. At the same time, it is the art of the minefield navigator, who is able to slip-slide successfully through obstacles and find a way to reach the other side. These two areas of law – litigation and corporate practice - require diametrical opposite attitudes and stances.

I have written about this extensively in my third book, ‘Legal Confidential’.

How much your firm/business was affected in these pandemic times and what were the steps taken by you to curb the damages all the while helping your clients and maintaining the safety of your employees?

Our litigation practically came to a halt and was reduced to a fraction of its previous size. Corporate law continued at a much slower pace, but it was attended by declining revenue streams. We shut down the office for many months (though I continued to attend office every day throughout the Lockdowns). We have never maintained office hours so ‘Work from Home’ was not a challenge for us. We were always available for our clients.

What would you like to advise the young generation of legal enthusiasts?

In simple words: Be patient, climb that hill, pay your dues, get your power, and you will unerringly fulfil your goals.

I feel the best way for me to represent my views is encapsulated in an interview we did last year here: https://www.youtube.com/watch?v=O-oz39pEOYE. Here I have an extensive section on messages I have for young lawyers.

Where do you envision your firm/business to be in the long run and what are your future goals? How do you plan to embrace the changes happening in your industry?

A new generation of lawyers is now spearheading the postpandemic phase of N South’s journey. They all have 6-10 years of legal experience and are far more clued to the new winds that are changing the legal landscape. They will now

30 | December 2021 | www.insightssuccess.in

drive its destiny. My job as a facilitator is to create an environment that optimizes their potential while seamlessly preserving the long-established relationships.

My aim would be to anticipate and drive change, rather than embrace the change that others carve.

The shape of law firms, in the long run, is a difficult problem to address. For myself, I believe the world of juggernaut law firms with their high establishment costs and stodgy; business processes are steadily becoming less defensible as a business model. We need more flexible, faster, nimble entities now, driven more by assignment specific business collaborations than they are by physical offices and armies of high-priced lawyers.

What is the current industrial scenario of the corporate and commercial law sector?

It is getting better, inevitably. You cannot hold a vast population of hungry entrepreneurial lawyers down forever.

But the frame in which legal service is offered and consumed will change. In what way, we will find out in time. If I was to ask the legal community for anything, it is only that, can we please have a judicial system that can deliver on all its functions? Right now, we are very far from that place. On that depends the fate of today’s lawyers.

31 | December 2021 | www.insightssuccess.in

Involvement of

in

Technology

Intellectual

Law-Tech

Property Rights A

s technology is constantly evolving, it represents a change in basic assumptions in how companies protect their information. Since technology can ensure the data has not been manipulated, it also holds a wide appeal for various forms of intellectual property protection.

Employing emerging modules of technology is increasing efficiency and authenticity in establishing ownership rights, reducing counterfeit, licensing through smart contracts, and registering trademarks.

It is worth understanding 'how these technologies work, how they intersect with intellectual property law, specifically trademark rights, and how industries are likely to adapt to these innovative technologies.’

Technology Enhancing Copy and Ownership Rights An individual who pursues an artistic endeavour sinks his or her labour, time, and money into creating

35 | December 2021 | www.insightssuccess.in

soundtracks of music, a work of art, or a design, is likely to protect ownership rights.

the manufacturing data of the product and verify its authenticity.

Copyright protection begins automatically when working starts at an initial stage. However, in a possible argument, the creator can prove his/her ownership before the courts.

Increasing Efficiency in the Process of Trademark Registration Blockchain Technology is transforming the registration of IP rights, in addition to solidification of the protection of unregistered IP rights. When an individual applies for a trademark, the claimant is required to show the use of the mark either for the application process or for exhibiting its distinctiveness.

At present, there are several ways to prove the time of the creation of work such as timestamps, the registration of their copyright with the Administration for Copyright or approval of a notary public.

However, it is not wrong to say that none of them can be deemed as conclusive evidence on copyright ownership since the work is not examined by the authorities.

On the other hand, with the latest IP systems, potential users can download music or books without compensating the creator or artist. Proving interference becomes difficult since IP rights are not immediately registered in the existing framework.

With emerging technologies, a creator can automatically have a timestamp on his/her work and claim his/her ownership. This makes it easier to prove infringement if it occurs since primary credentials show the original creator and the precise moment of the work that was being created.

Licencing Trademark rights with Smart Contracts The idea of licencing trademark rights through smart contracts is appealing since it eliminates the need for thirdparty involvement or any additional external support. The contracts between two parties are executed and signed with computer code with cryptographic signatures.

Since there is no human intervention in the equation, the code automatically controls all transactions in the contract.

For instance, the code dictates when a royalty payment is due based on the agreement and sends appropriate funds to the appropriate trademark holder.

Blockchain Tech Reducing Counterfeit Luxury brand owners experience individuals selling counterfeit or duplicate goods, looking just like the originals. It is quite easy to imitate the design, but as far as the quality is concerned, the customers cannot always be smart enough to understand the difference.

Blockchain technology allows the level of counterfeit to be policed with an integrated unique identifier 'tag number or QR code,' that verifies the product's origin. If the consumers are concerned, they can identify or scan this code to trace

Technology is making the registration process for trademarks, designs, and patents more efficient and practical by cutting down some of the time-consuming procedures.

In other words, with blockchain, trademark offices are documenting the use and frequency of the trademark, as well as the date of use. This 'chain' is accessible by all individuals, and it potentially creates new and convenient ways to check on a registered mark.

Connection of Technology with IP Law Although technology is potentially revolutionizing the IP law application, there are some roadblocks. Currently, as there are no universal standards for brand protection and IP rights, potential conflicts are likely to arise among various countries.

In addition, the rectification of data cannot always provide an integrity check on the original information, however, it only provides assurance that this data is not being compromised or altered.

Although on the brighter side, there are some internal trust factors built between the parties to ensure there are no underlying questions regarding the original information that has been stored or being shared.

However, as almost all the industries are constantly relying on the emerging trends of technology, IP law is likely to address the relevant legal issues that arise from these new processes of authentication and verification.

Technology holds the potential to streamline the future IP transactions in copyright, trademark, and quintessential patent areas.

36 | December 2021 | www.insightssuccess.in

~ Abhishek Joshi

Liberalisation in foreign investment norms for Indian Insurers

T

he Hon’ble Finance Minister of India announced the long-awaited reform for the Insurance Industry in the last year’s Union Budget, extending the foreign investment ceiling in Indian insurers to 74 percent and permitting foreign ownership and control. The Insurance (Amendment) Act, 2021 (Amendment Act) was adopted and announced by the Indian government to undertake this reform, amending the Insurance Act, 1938, with effect from 1 April 2021.

Prior to the Amendment Act, a foreign investor’s total equity holdings, including portfolio investors, could not exceed 49 percent of an Indian insurance company’s paid up equity capital. In addition, Indian insurance businesses had to fulfil ownership and control conditions in India. The Amendment Act changed the definition of an Indian insurance business under the Insurance Act, allowing foreign participation of up to 74 percent in an Indian insurance firm. The requirement that an Indian insurance company should be owned and controlled by resident Indians has also been eliminated from the definition of an Indian insurance company. Furthermore, the Amendment Act gave the government the authority to set the terms and circumstances for foreign participation in Indian insurance businesses.

The Indian Insurance Companies (Foreign Investment) Rules, 2015, applied to any Indian insurance company that has foreign investment (Foreign Investment Rules). While

the Foreign Investment Rules required that every Indian insurance company must have ‘Indian ownership’ and ‘Indian control,’ the Insurance Regulatory and Development Authority of India (IRDAI) published recommendations on ‘Indian owned and controlled’ compliance (Control Guidelines).

The Indian government issued the Indian Insurance Companies (Foreign Investment) Amendment Rules, 2021 (Amendment Rules) on 19 May 2021, allowing up to 74 percent foreign investment in insurance companies. The Amendment Rules have repealed the previous need for Indian ownership and control of Indian insurers, and the IRDAI has withdrawn the Control Guidelines as a result.

The Amendment Rules, on the other hand, have included certain new requirements for the makeup of the board of directors, key management personnel, and dividend declaration by Indian insurers with foreign participation.

According to the (amended) Foreign Investment Rules, an Indian insurance company with foreign investment must ensure that (a) the majority of its directors, (b) at least one of its chairman, managing director, or chief executive officer, and (c) the majority of its Key Management Persons (KMPs) are resident Indian citizens. Insurance businesses with foreign investment (regardless of the amount of the company owned by foreign investors) must comply with certain standards pertaining to board composition and KMPs within one (1) year.

38 | December 2021 | www.insightssuccess.in

The Most Trusted Corporate and Commercial Law Firms

Dinesh Gupta, Associate Partner, Clasis Law

Insurance businesses with a foreign investment of more than 49 percent must comply with the following extra restrictions regarding dividend declaration and board composition: (a) For a financial year in which a dividend is paid on equity shares and the solvency margin is less than 1.2 times the control level of solvency at any time, not less than 50% of the net profit for the financial year should be maintained in general reserve; and (b) not less than half of its board of directors must be independent. If the board’s chairperson is an independent director, at least one-third of the board’s directors must also be independent.

The Indian government has changed the foreign direct investment policy as well as the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, to give effect to this liberalisation.

The automated approach raises the investment ceiling for Indian insurers to 74 percent, subject to IRDAI approval and verification. Also, the requirement that the Indian insurance company’s ownership and control stay in the hands of resident Indian organisations at all times has been lifted, allowing for foreign ownership and control of insurance businesses.

The IRDAI published the IRDAI (Indian Insurance Companies) (Amendment) Regulations, 2021 (Amendment Regulations) on 7 July 2021, which change a number of regulations in order to bring them into line with the Amendment Act and the Foreign Investment Rules.

In addition to the undertaking, the insurer must file (a) a certified copy of the resolution passed by its board of directors confirming compliance; and (b) where applicable, a certified copy of the agreement/joint venture agreement where amendments to the agreement/joint venture agreement have been carried out to give effect to the provisions relating to board composition and KMPs. Our comments Indian insurers will be able to access more money and develop their operations in India as a result of the insurance industry changes. Foreign investors may take advantage of the increased foreign investment cap and the permissibility of foreign ownership and control in Indian insurers to raise their position in insurance joint ventures beyond 49 percent and get majority shareholding and controlling rights.

According to the Control Guidelines, the majority of the directors on the board of an Indian insurer (excluding independent directors) must be nominees of the Indian promoter(s)/Indian investor (s). Furthermore, a legitimate quorum required the participation of a majority of Indian directors (regardless of whether a foreign investor’s nomination was present or not). Foreign investors will have the ability to negotiate governance-related rights in joint venture firms now that the criteria linked to Indian ownership and control have been removed from the Foreign Investment Rules and the Control Guidelines have been withdrawn by the IRDAI.

According to the Amendment Regulations, every existing Indian insurance company with foreign investment must file an undertaking with the IRDAI certifying compliance with the board composition and key management personnel criteria. Such undertaking must be officially signed by its chief executive officer and chief compliance officer and submitted within forty-five (45) days of the date of its board of directors’ meeting at which such compliance was confirmed.

40 | December 2021 | www.insightssuccess.in

Taneja Law Of ce A Family-based Law Firm making Complex Situations Easy

C

orporate and commercial law might appear to be an easy face of the judicial system, but only those who practice those laws know of its complexity.

Conflict of interest, money laundering, insider trading, and even personal agenda make the situation difficult to understand and even harder to come to a conclusion. If found in such a situation, you might be needing a strong law firm specializing in corporate and commercial law.

The need for a strong and trusted law firm when dealing with corporate and commercial law is because it is the situation that decides the judgement. Along with that, a strong argument is what gives an edge in the courtroom. To allow the law to work in your favour, you will be needing a strong and trusted law firm in your corner.

In our search for the most trusted corporate and commercial law firms, we came across Taneja Law Office, a familybased law firm specialized in solving complex situations regarding corporate and commercial law.

In our conversation with Rakesh Taneja, the General Practice Head of Taneja Law Office, he shared some of the crucial insights about his journey as a professional lawyer and how it has helped him grow the firm. He also gave us a brief idea about the practice of corporate and commercial laws in India.

Here are some of the insights from his interview.

Describe your company/firm/profession in detail.

We are a team of lawyers practising in the areas of Corporate, Commercial and Family laws. Having offices in New Delhi and Noida besides affiliations with various lawyers across the country, our professional strength lies in understanding the client's personal and/or business situations.

With over twenty-two years of extensive experience as an independent practitioner in litigation, I have been handling legal briefs for several private citizens and businesses from across the globe, and in and around New Delhi.

I have handled several high profiles and challenging litigation in the areas of Family, Commercial, Company, Consumer, Civil, Criminal, Bail, Property, Matrimonial, Child Custody and Succession Law. I regularly appear before the Supreme Court of India and the High Court of Delhi, besides the National Consumer Disputes Redressal Commission, State Consumer Disputes Redressal Commission, National Green Tribunal, National Company Law Tribunal, National Company Law Appellate Tribunal, Mediation Proceedings, Enforcement Directorate and all the District Courts in the National Capital Region.

I also regularly advise and represents international and local clients on various aspects of the Contracts Law. I have expertise in handling high-value construction, services, investment, infrastructure, and supply contract/commercial arbitration, for both domestic and international clients. I give importance to prompt communication with clients and formulating legal opinions supported by judicial precedents, which have always been appreciated by clients.

What made you venture into the corporate and commercial law sector?

It happened gradually as I progressed in independent legal practice.

What kind of offerings do you provide to your clients?

International Legal Consultancy, Civil, Criminal, Commercial and Corporate Litigation, Consumer Disputes, Arbitration, Company Law, Bankruptcy and Insolvency, Banking, Matrimonial disputes, Divorce, Property, Succession, Wills and Probate; Child Custody, Support Rakesh, please brief us about yourself and shed some and Maintenance; Money recovery besides general Civil light on your professional journey. and Criminal litigation and Bail etc. are I'm the second-generation lawyer and General Practice thrust areas of Taneja Law Office and we deal with such Head at Taneja Law Office. I am a law graduate of 1990. matters up to the stage of the Supreme Court of India.

42 | December 2021 | www.insightssuccess.in

“

Corporate law is a kind of bridge-building, a skill designed to overcome obstacles, to connect dots that seem too far apart

“

Advocate Rakesh Taneja General Practice Head

What kind of challenges have you faced while entering the corporate and commercial law sector?

Not much. One success led to another and resulted in more clients approaching us for work.

How much your firm/business was affected in these pandemic times and what were the steps taken by you to curb the damages all the while helping your clients and maintaining the safety of your employees?

Not at all. Remote performance has been the forte for this office to working with international clients for a very long time. The swift switching over to online, remote performance besides virtual hearings allowed by the Courts across the hierarchy helped us to remain active and effective in practice. We have, in fact, enjoyed being active during the pandemic times as our productivity had improved for having cut down on travel and corridor, coffee, and lunch gossip times besides.

What would you like to advise the young generation of legal enthusiasts?

Work hard, keep learning, and maintain patience.

Where do you envision your firm/business to be in the long run and what are your future goals? How do you plan to embrace the changes happening in your industry?

We're fairly well placed to be able to handle the current and future business opportunities and we have already embraced the changes happening in the industry as we're fairly well equipped in all manners to handle any challenges due to our commitment to professionalism.

What is the current industrial scenario of the corporate and commercial law sector?

It is expanding and bringing new and better opportunities for those who want to learn and grow.

43 | December 2021 | www.insightssuccess.in