Luthra & Luthra Law Offices has recently advised on what is truly one of the largest deals that India has seen, and has earlier today, signed the transaction documents, after nearly 3 months of "rigorous" labour on the matter. The Firm advised Abbott (the purchaser) on both the Corporate and Tax sides, and was involved in drafting and negotiation of the transaction documents, due diligence, corporate advisory, structuring and related matters. Abbot Healthcare signed a definitive agreement with Piramal Healthcare Limited to acquire full ownership of Piramal's Healthcare Solutions business (Domestic Formulations), a leader in the Indian branded generics market, for an up-front payment of USD 2.12 billion, plus USD 400 million annually for the next four years (aggregating a whopping USD 3.72 billion). Once concluded this deal should give Abbott the No. 1 position in the Indian pharmaceutical market. On the Corporate side, the primary deal team constituted of partners, Samir Dudhoria and Vikrant Kumar; senior associate, Aparna Mittal; under the overall guidance of senior partner,Mohit Saraf. The team was assisted from time to time by various other counsels of the Firm. On the Tax side the deal team constituted Vikas Srivastava, S R Patnaik, Sanjeev Sachdeva, JP Singh, Amar Sinha, Atul Ninawat, Sumit Mangal, Sameer Jain and Mayank Aggarwal.

Dalmia Cement, one of the largest cement manufacturers in the country, is in the midst of a major restructuring of its business with the objective of creating pure play entities and facilitating fund raising. It has entered into definitive agreements with private equity fund Kohlberg Kravis Roberts (KKR), whereby KKR will invest upto Rs 750 crores in Dalmia Cements. Amarchand & Mangaldas & Suresh A. Shroff & Co., Delhi advised Dalmia Cement while AZB & Partners jointly with Simpson Thacher & Bartlett advised KKR on the transaction. Amarchand Mangaldas team was led by its Partner Inder Mohan Singh and supported by Senior Associates - Rudra K Pandey & Joyjyoti Misra. Amarchand Mangaldas team led by Managing Partner Mr. Shardul S. Shroff and partner Mr. Inder Mohan Singh also advised Dalmia Cement in their group restructuring scheme to create pure play structures, presently filed with the Hon’ble High Court of Chennai.

Luthra & Luthra Law Offices triumphed at the recently concluded IFLR awards held at the Taj Mahal Hotel at New Delhi. Luthra & Luthra Law Offices was awarded the ‘New Delhi Firm of the year’ along with ‘Project finance team of the year’ and three ‘Deal of the year’ awards! The team for ‘Equity Deal of the year– Sterlite’ was led by Madhurima Mukherjee and ably supported by Jitesh Shahani, Anjali Verghese and Vishal Yaduvanshi. The team for ‘Private Equity Deal of the year - Tata-Quippo’ comprised of Bikash Jhawar, Amit Shetye and Aneek Bangabash. Last but certainly not least; the team for ‘Project Finance Deal of the year- Cairn India’ was led by Sameen Vyas, along with Piyush Mishra, Karan Mitroo and Siddharth Srivastava. In addition, the firm recently rendered advise on a USD 774 million Acquisition where it advised Ciena Corporation, a multinational specializing in high-performance network systems, software and professional services, in the India leg of its worldwide acquisition of the optical networking and carrier Ethernet technology of Nortel's Metro Ethernet Networks (MEN) business. The aggregate purchase price was reported to be approximately USD774 million. The Luthra team involved Vikas Srivastava, Samir Dudhoria, SR Patnaik, Sanjeev Sachdeva, JP Singh, Suyash Srivastava, Aparna Mittal, Urvashi Gogia, Bhupender Singh, Vivekananda N, and Mahfooz Nazki.

Over 150 counsels along with their families travelled to Beijing to attend the annual function at the glittering ceremony organised at the Renaissance Hotel in Beijing. Managing Partner- Rajiv K. Luthra commenced the annual event by unfolding the strategy of taking the Firm to greater heights in 2010 - 2020. He then proceeded to announcing the promotions of various members. Pranjal Bora, Vikrant Kumar and Moushami Joshi were elevated to Partner taking the total number of partners in the Firm to 30. Vikrant Kumar is now the new partner at the Luthra & Luthra, Bangalore office. Manmeet Singh in New Delhi and Naina Jhawar in Mumbai were promoted to Managing Associate. A number of associates were elevated to the senior associate level. The announcements also included the 'Managing Partners Solitaire' award presented to senior associate - Shishir Jose Vayttaden,'Beyond the call of Duty' awarded to senior associate - Aparna Mittal and 'Achiever of the year' awarded to senior associate - Jitesh Shahni. The Offsite ended on this joyous note with grand celebrations at the Hard Rock cafe, Beijing! While the counsels and their families enjoyed their day at the Great Wall of China and Forbidden city, the executive committee of the Firm was busy conceptualising the growth strategy for the Firm. The strategy aims at both organic and inorganic growth. Emphasis would be on lateral hiring for Luthra & Luthra; Mumbai and Bangalore. The Executive Committee confirmed that in spite of the hidden challenges on account of growing best friend relationship with English Firms, the Firm would grow at much faster pace in next decade and would continue to dominate large and complicated transaction space in the country . This offsite to the Chinese capital city was organised in lieu of the eminent awards won by the Firm recently - ' National Law Firm of the Year' by IFLR Asia Awards, World No. 1 in Project Finance and PPP deals by Dealogic Global review and 'Law Firm of thew Year' & ' Best overall Firm' by India Business Law Journal.

Luthra & Luthra Law Offices acted as Lenders’ Legal Counsel (LLC) to a consortium of banks and financial institutions in relation to the asset acquisition finance lending provided by them to a special purpose vehicle (SPV) set up by one of the leading telecom tower infrastructure companies in India for an amount of over USD 1.06 billion. The SPV has been setup to acquire the telecom tower portfolio of a cellular operator with nationwide operations and the proceeds of financing will be used by the SPV to fund the acquisition of the telecom tower portfolio and to extinguish existing liabilities being transferred as part of the telecom tower portfolio. As the LLC, Luthra & Luthra Law Offices was involved in the drafting & negotiation of Financing and Security Documents and undertaking of due diligence of the Project Documents including the business transfer agreement and tower tenancy commitment agreements. The Mumbai Office of Luthra & Luthra Law Offices handled the transaction and helped the project achieve financial closure within the demanding timelines set by the borrower and the lenders. The team from Luthra & Luthra Law Offices was led by Vijaya Rao, Partner, who was assisted by Mr. Bikash Jhawar, Managing Associate, Mr. Aneek Bangabash, Ms. Karubakee Nandi and Ms. Sneha Jha.

FoxMandal Little(FML), India’s oldest and largest full service law firm, proudly honoured and felicitated the newly constituted Bar Council of Delhi, at its Corporate Office, Noida over cocktails and dinner on 26th March 2010. The firm felt privileged to congratulate the newly elected office bearers, Mr. K.K. Sareen, Chairman, Mr. Jaibir Singh Nagar, Vice Chairman, Mr. Nitin Ahlawat, Honorary Secretary, Mr. R.S. Rana, Member, Bar Council of India and the Respected Members of the Council. The occasion saw the congregation of dignitaries, officials and prominent personalities from the crème of Indian legal system and political scenario. FML aspires to work very closely with Delhi Bar Council in raising awareness about the challenges being faced by lawyers and law firms in their day-to-day profession. An association of this kind would benefit in improving and building the relations between law firms and counsels, giving each other the opportunity to understand the functioning of both. Further, this forum would provide an opportunity to create transparency between clients and law firms/counsels, by introducing new regulations governing the conduct of the legal profession, following the UK model, such as, Solicitors Regulation Authority.

A Round-table Discussion and Workshop on “Addressing and Eliminating Workplace Discrimination and Sexual Harassment in Corporate India” was organized by Kochhar & Co., one of the leading and largest corporate law firms in India and V.V. Giri National Labour Institute on March 26, 2010. The key note speakers for the round table discussion were Martha Farrell, Director - Society of Participatory Research in Asia (PRIA) and Dr Julie Thekkudan, Senior Programme Officer, PRIA. As part of the round table discussion, the participants, who were mostly legal and human resource managers of various participating corporates, were provided individual voting machines to record their responses on a series of questions aimed at assessing their perceptions towards gender discrimination and sexual harassment in the workplace. The keynote speakers from PRIA commented on the recorded responses and evinced exuberant participation which flowed into an inclusive and enlightening discussion. Ms. Martha Farrell also elucidated on the difference between sex and gender and ensured understanding amongst the participants on the issues under discussion. At the conclusion of the round table discussion, it was evident that the participants were quite unanimous on the duties of company management towards addressing the problem of gender discrimination and sexual harassment at the workplace and their responsibility in taking positive steps towards eliminating these problems that pose obstacles in creating equitable workplaces.

In a landmark Judgment passed by the Bombay High Court in RS Jiwani v. Ircon International Ltd ,it was held that an arbitration award is severable and if a part of it is illegal and incapable of enforcement the other part that is valid and legal can still be enforced. The judgment clearly sets out the correct position of law with regard to severability of an arbitration award. The decision will ensure that parties successful in arbitration are not caused unnecessary hardship when losing parties attempt to second guess arbitral awards in courts. While the decision is binding only on the Bombay High Court, it holds persuasive value and will come to the rescue of several such matters where due to a defect within a part of the arbitration award, the entire award was in the danger of being set aside. This decision will be helpful in saving considerable time both of the court and the parties, as the parties will not need to commence fresh arbitration or approach the courts for other reliefs.

The central government finally gave its nod to the four year pending Foreign Educational Institutions Regulation of Entry and Operations, (Maintenance of Quality and Prevention of Commercialization) Bill 2010. The bill seeks to regulate entry, operation and restriction of foreign universities in India. Though the Bill would require passage by both houses of Parliament prior to being instituted as law, there seems to be constitutional disablements which could prohibit its passage. Enabling entry of Foreign Educational Institution in India would provide opportunity not only to foreign universities to set up campus in India and therefore expand operations where students are, but would also greatly benefit Indian students to save on large foreign exchange outgo.

A.K. Balaji, a practicing advocate of Tamil Nadu filed a writ petition in High Court of Madras alleging non-action on part of various government bodies. The Petitioner has claimed that numerous foreign law firms are allegedly violating provisions of Indian Advocates Act, 1961 by providing legal services in India. Late last year, the Bombay High Court in its judgment in the case of Lawyers’ Collective has held that the practice of law in India, as governed by Advocates Act, included both litigious and non-litigious practice. The Petitioner claimed that the interpretation of the Advocates Act is to allow only an ‘Advocate’ registered under the Advocates Act to practice law anywhere in India. As such Advocates Act allows a foreign citizen to practice law in India only if the person possesses necessary educational qualification and the country of citizenship allows Indian citizens to practice law in their country on a reciprocal basis. In absence of a reciprocal arrangement, Indians are not allowed to practice law in most jurisdictions without taking further set of educational courses and other tests, such as QLTT in case of UK or the state bar examination in case of the US. No such requirement of taking a qualifying examination or program, apart from a qualifying legal education, is necessary for enrolling as an ‘Advocate’ under Advocates Act.

List of Respondents- Rouse, Ashurst LLP, Kelley Drye & Warren LLP C/O Wakhariya & Wakhariya, Kennedys C/o Tuli & Co., DeHeng Law Office, White & Case LLP, Linklaters LLP, Freshfields Brackhaus Deringer, Allen & Overy, Clifford Chance, Wilmer Hale, Shearman & Sterling LLP, Herbert Smith LLP, Slaughter and May, Hogan and Hartson, Davis Polk & Wardwell, Eversheds, Akin Gump Strauss Hauer & Feld LLP, Paul, Weiss, Rifkin, Wharton & Garrison, Norton Rose LLP, Pilsbury Winthorp Shaw Pittman, Wilson Sonsini Goodrich Rosati, Arnold & Porter LLP, Covington & Burling LLP, Perkins Coie, Loyens & Loeff, Freehills, Clayton Utz, Mayer Brown LLP, Clyde & Co, Bird and Bird LLP (As mentioned in the writ petition).

The Reserve Bank of India (RBI) amended the definition of “Persons of Indian Origin” (PIOs), interested in purchasing immovable property in India, vide RBI/2009-10/ 286 A.P. (DIR Series) Circular No.25, dated 13th January 2010. As per the amended definition, “a Person of Indian Origin” means an individual (not being a citizen of Pakistan or Bangladesh or Sir Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who (i) at any time, held an Indian Passport or (ii) who or either of whose father or mother or whose grandfather or grandmother was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955). The changes made by RBI essentially broaden the definition to include such persons as “Person of Indian Origin” if his/her mother or grandmother was a citizen of India.

In an attempt to simplify the rules and regulations pertaining to the foreign direct investment policy, the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Government of India, issued a consolidated FDI policy on March 31, 2010. The Circular which became effective from April 1, 2010 consolidates and more importantly, subsumes, all prior press notes / press releases / clarifications issued by the DIPP as on March 31, 2010 and reflects the current policy framework on FDI. The press release clarifies that the Circular is a mere consolidation / compilation and does not intend to change the existing legal framework. Any changes notified by the Reserve Bank of India from time to time would have to be complied with. Further, in the event of any need / scope of interpretation of the Circular, the relevant Foreign Exchange Management Act, 1999 notification/rule/regulation would prevail. Also, the Government has decided to update the FDI policy on a six monthly basis, by issuing a new circular which would supersede all prior press notes and circulars. Hence, this Circular would be superseded with a circular to be issued on September 30, 2010.

The External Affairs Ministry put a spanner in the trip of a high-level delegation, comprising of the Chief Justice of India, Justice K G Balakrishnan, Union Law Minister Veerappa Moily and Attorney General G E Vahanvati to Georgia University in the United States citing violation of protocol.

Offshore drug makers might lose their monopoly over more than a dozen medicines in India this year unless they are able to prove that these drugs are being manufactured onshore i.e. locally and are available at reasonable prices to the consumers. The intellectual property office issued a notice all drug manufacturers that have been awarded patents since 2006 under the amended patent act asking them for information regarding the same by latest 31st March this year or to face a penalty of up to Rs. 10 lakh. If the drug makers cannot do so within the three-year window granted to them, the IP office can revoke the monopoly rights over the patented drugs and issue compulsory licenses to local manufacturers.

The Supreme Court has given a ruling that the rules and bye-laws framed by the stock exchange for trading and settlement of shares and its smooth functioning prior to its recognition by the government are required to be published in the Gazette of India and the Gazette of the state where its principal office is located. This ruling was passed by a division bench comprising of hon’ble judges, Justice Altamas Kabir and Justice Cyriac Joseph. The court however, rejected the SLP seeking to derecognize the Bombay Stock Exchange which is India’s oldest stock exchange.

Gujarat National Law University whose first recently concluded annual convocation hit news headlines, bagged the runner-up spot at the ELSA WTO Asia selection rounds held in Taipai, Taiwan in mid-March this year.  GNLU speaker Anshu Choudhary also picked up the best oralist prize in the preliminary rounds. The GNLU team also comprised Aayushi Sharma, Prerna Choudhary and Aditi Tank other than Anshu.

India’s anti-trust regulatory body, the Competition Commission of India (CCI) plans to  introduce a scheme of pre-merger consultation for corporations considering M&As and the consultation process when out in place will allow companies a chance to seek competition regulator’s views before they file their proposals. Under the proposed ‘pre-merger’ provisions, companies considering mergers and acquisitions would be allowed to approach the CCI to find out if their proposals comply with the Competition Act. However, the opinion will not be binding.

Recently, the Supreme Court passed a judgment stating that economic status of a murder convict needs to be taken into account to determine whether he should be awarded death penalty or life sentence even in respect of offences falling in the "rarest of rare" category. The court also added that poor background of the accused should along with old age and years spent behind bars while awaiting death sentences should be taken into consideration as mitigating factors when courts ponder whether life sentence should be used in an otherwise fit case for death penalty. The order was passed by a Division Bench comprising of Justices P Sathasivam and H L Dattu while hearing an appeal against death penalty awarded by the trial court as well as Allahabad high court to two members of a gang of bandits convicted for killing four people in December 1995.

Leading US based law firm, Lovells is expected to close down its approximately 20-lawyer Chicago office by the end of October this year. The decision was made after the firm conducted a strategic and financial review in conjunction with its planned 1st May merger with Hogan & Hartson. The Lovells office in Chicago focuses on insurance, reinsurance and related arbitration.

According to the Washington Post, The Federal Reserve Bank of New York may consider reopening its program to purchase agency mortgage-backed securities after it ends March 31. William Dudley, president of the New York Fed, said in two interviews that while the time is right to end the program now as the economy is growing, a spike in mortgage interest rates-which he said could have a major impact on the economy-may prompt the bank to revisit the program, which will have acquired $1.25 trillion in the securities by the time it expires.

Recently, a Sharjah court had sentenced 17 Indians to death for killing a Pakistani and injuring three others in January 2009 following a dispute over an illegal liquor business. The case is currently on trial at the Dubai Criminal Court of First Instance and the Indians have been charged with two counts of murder, kidnapping and hiding bodies. Five of the men are also charged with sexual assault and 10 for consumption of alcohol. The UAE government however, issued a press release stating that its legal system guarantees fair trial and the death sentence is subject to appeal and annulment by the rule of law without any interference from the parties concerned.

In a landmark judgment, the British Court of Appeal granted an Indian-origin social and spiritual leader in the UK the right to be cremated in an open air funeral pyre according to Hindu rituals thereby ending a prolonged legal battle.