Banking & Financial sector in India is challenged by stringent regulatory norms post global financial meltdown, provoking management to revitalize the legal departments to reform strategies. Lex Witness presents Banking & Finance Legal Summit 2013, on 25th June Mumbai, brings together Industry leaders and legal experts from Banking and Finance Industries with series of highly industry focused panel discussions to reframe the legal strategies to improve performance for sustainable growth in the wake of heightened regulatory enforcement by RBI and Global Banking standards. www.bfls.co.in

Lex Witness - India's 1st Magazine on Legal & Corporate Affairs presents IT Legal Summit 2013 which takes place on 24th May in Bangalore. Prevailing global trends present new opportunities and risks that will reshape technology industry landscape. With changing state of Technology a new set of legal challenges emerge from new data privacy and protection law, changing business models, social networking, instant messaging and cloud computing. With changing state of play there in an increasing drive towards operational efficiencies and embracing new business models to offer customers a transformed business proposition such as transaction-based pricing. www.itls2013.com

Enhelion™ is an organisation dedicated to the advancement of professional/practising education. Enhelion™ has developed specialised and structured programmes using state-of-the-art technology; enhancing the process, mechanism and delivery of education. The courses are structured based on the intensity levels and the prior knowledge levels required of the student. The highlight of the programmes is the use of online technology, specifically the creation of an additional virtual classroom for the convenience of the student. Expert legal practitioners, who form the core team at Enhelion™, teach all courses. Diploma Programmes include co-certified Diploma Programmes with Gujarat National Law University – Gandhinagar, a premier National Law School in India on Internet Law and Policy amongst others. The courses are taught online. All the lectures are taught live and are also fully recorded using online virtual classroom software. These courses aim to equip the student with an in-depth understanding on the theoretical as well as the practical/industry aspects of these subjects. Enhelion has also launched certificate courses in subjects related to brand management, intellectual property in the internet and internet security respectively.
For more details please log on to: www.enhelion.com

Mergers and Acquisitions (M&As) have been playing crucial role in the transformation of the industrial sector of India, even before the independence of India. As the Indian Inc, weathering through the tough times, look forward to generate cost efficiency through economies of scale, to enhance revenue through gain in market share and generate tax gains, robust research in legal and regulatory frameworks of India and abroad is essential. With an aim to serve the corporate houses, governmental departments, PSUs, law firms, Khaitan & Co has initiated a dedicated fellowship program in M&As at the GNLU. As M&As are beneficial when a firm wants (a) to enter a new market, (b) to introduce new products through research and development, (c) to achieve administrative benefits, (d) to increased market share, (e) to lower cost of operation and/or production, (f) to gain higher competitiveness, (g) for industry know how and positioning, (h) for Financial leveraging, (i) to improve profitability and EPS, sustained legal research, training and policy discussions are critically important. Under the program, the GNLU-Khaitan M&As Fellow will provide sound and sustained legal research, drafting, training and educational assistance to M&A stakeholders. Further, GNLU will provide a forum for discussion, research and study of global and national M&A legal and regulatory frameworks; will organize workshops, training seminars for the stakeholders, etc.; publish policy-papers, reports on status and carry out surveys on cutting-edge issues and provide high quality legal research and study materials, including policy papers on a pro bono or sponsorship basis. The fellowship will enable GNLU to acquire and augment latest literature resources, books, journals, magazines. In other words, it will become a hub for M&A knowledge base. GNLU will be able to organize issue-specific strategic discussions and training programs for India Inc. Khaitan & Co is one of the premier law firms of India and has been known for its excellence legal services for more than a century. While Khaitan & Co expressed happiness to associate with GNLU in this program, GNLU, on its part, deeply appreciates Khaitan & Co’s establishment of M&As Fellowship at the GNLU. The M&As Fellowship will be an integral part of the GNLU Centre for Corporate and Competition Laws, headed by Dr. Mamta Biswal.

Fraser M. Alexander has recently joined Majmudar & Partners as an Associate Partner and will be based in the Firm’s Mumbai office. Fraser is a senior disputes lawyer, having more than twenty (20) years of experience. Fraser enrolled as an Advocate in March 1992, and practised before the courts at Kollam (Quilon) and the Kerala High Court in Ernakulam until May 1996. His past experience includes working with M/s. Kurian & Associates, Lakshmi Vilas Bank Limited as an in-house lawyer in Mumbai, Development Credit Bank Limited (DCB), where he set-up an in-house legal team and Juris Corp, a boutique banking law firm. Fraser has participated in “Doing Business in India” survey conducted by the World Bank in the area of debt recovery and enforcement rights by secured creditors in India.

The division bench of the Bombay High Court ("Bench") in a recent judgment delivered by Justice D Y Chandrachud and Justice A A Sayyed has eased the path for Sharpoorji Pallonji and Company for recovery of a sum of INR 59.22 lakhs with interest from Qatar Airways and denied the benefit of sovereign immunity to it. The Doha based airlines raised a preliminary objection as to whether such suit would be maintainable against it since it is a ‘Foreign State’ and that requisite permission for instituting a suit against a ‘Foreign State’ had not been obtained from the Central Government under Section 86 of the CPC. The Court dismissed the objection raised by Qatar Airways stating that it was not necessary to obtain consent as contemplated by it to proceed with the suit. Moreover, the Union Ministry of External Affairs had already stated that consent to institute the suit was not necessary in this case and therefore the suit was held to be maintainable. Being aggrieved by the aforesaid decision it instituted an appeal before the Bench which was however dismissed. This judgment has reiterated the often cited principle that a company has a distinct personality independent of its shareholders. Moreover, the Court has clarified that no one can evade responsibilities arising out of transactions of private and commercial nature by seeking protection under the principles of sovereign immunity for sovereign states.

Amarchand & Mangaldas & Suresh A. Shroff Co. advised in relation to the buy-out of the two sea-plane operating companies in the Republic of Maldives. The Firm acted as the M&A and overall deal counsel for Blackstone in relation to the transaction. The transaction involved the acquisition of two sea-plane operating companies in the Republic of Maldives. HSBC and Deutsche Bank were involved in the financing of the transaction and the transaction was structured as a leveraged buyout. Linklaters (acted as M&A counsel for the Sellers), Freshfields (acted as counsel for Blackstone in relation to the financing), Allen & Overy (acted as counsel for the lenders), Walkers (acted as Cayman counsel for Blackstone), Shah Hussain & Co. Barristers & Attorneys (acted as Maldivian counsel for Blackstone), Premier Chambers (acted as Maldivian counsel for the lenders) and Conyers Dill & Pearman (Cayman) Limited (acted as Cayman counsel for the lenders).

FIIs, private equity players and other India focused strategic investors have reason to celebrate, thanks to the Finance Minister's confirmation recently that the general anti-avoidance rules ("GAAR") shall be effective only from April 1, 2015 (and not from April 1, 2013 as proposed initially). Investments made prior to August 30, 2010 shall be grandfathered and investors into an FII shall not be subject to GAAR. The Government has also agreed to limit the scope of GAAR and incorporate key safeguards recommended by the Expert Committee on GAAR chaired by the renowned economist, Parthasarathi Shome.

Amarchand & Mangaldas & Suresh A. Shroff & Co. (hereinafter referred to as Amarchand Mangaldas), India’s leading and largest full service law firm, in collaboration with the Gujarat National Law University (GNLU), one of India’s premier institutions for legal education, today launched an exclusive legal publication ‘Vibrant Gujarat Law Book’. This Law Book was launched by the Honorable Chief Minister of Gujarat, Shri. Narendra Modi at an event organized at Gujarat National Law University Campus, Gandhinagar, a preliminary to the Vibrant Gujarat Summit 2013, a biennial event that takes off on Friday, 11th January 11th, 2013 till Sunday, 13th January, 2013 in the State’s Capital. The Legal Guide highlights the depth and breadth of law and policy in Gujarat, specially signifying, why it is a hub for industry in India. The ‘Vibrant Gujarat Law Book’ is a comprehensive legal, policy and regulatory framework of the business environment in Gujarat to existing and potential investors. It succinctly outlines the panoramic view of the laws to facilitate investments in Gujarat pertaining to various industry sectors. In view of the interests and objectives of investors across different business communities, this exclusive law book thereby bridges the geo-political divide in law and policy. In his special message in the ‘Vibrant Gujarat Law Book’, Honorable Chief Minister of Gujarat, Shri. Narendra Modi, states, "I congratulate Amarchand & Mangaldas & Suresh A. Shroff & Co. and Gujarat National Law University for their earnest efforts in preparing and publishing this book. This book will serve as a step forward in the direction of creating a better understanding of the business environment in Gujarat." Sharing his views on ‘Vibrant Gujarat Law Book’, Mr. Shardul Shroff, Managing Partner, Amarchand Mangaldas, said, "Gujarat’s rich culture, industrious spirit and vision for the future, makes it a significant contributor to India’s national growth. The Vibrant Gujarat Investment Summit provided Gujarat National Law University (GNLU) and Amarchand Mangaldas an opportunity to collaborate and contribute to learning and creating Excellence in Law, in the form of this Resource Guide. "The Vibrant Gujarat Law Book is a modest contribution by Amarchand Mangaldas’ Editorial Board and GNLU’s students, to foster and facilitate a compliant culture which will advance the state of Gujarat as India’s premier investment destination. Through this book and the partnership between a premier law firm of the nation and a premier national law university, an endeavor has been to contribute to the legal infrastructure of the nation and achieve the vision and mission to serve the stakeholders of economic growth and sustainable development of the society and the nation.

In the decision of the Supreme Court, Benarsi Krishna Committee v. Karmyogi Shelters Pvt. Ltd delivered on September 21, 2012, which was a Special Leave Petition (SLP) the specific question was whether an Award served on a party’s counsel / advocate would amount to good service within the meaning of Section 31 (5) of the Arbitration and Conciliation Act.. Section 31(5) provides that after an Award has been made a signed copy will be delivered to each party. The question before the Hon’ble court was as to whether the word “party” would mean to include an advocate of the party. The Hon’ble Supreme Court relied on its previous decision of Union of India (UOI) v. Tecco Trichy Engineers and Contractors and held, "It is one thing for an Advocate to act and plead on behalf of a party in a proceeding and it is another for an Advocate to act as the party himself. The expression “party”, as defined in Section 2(h) of the 1996 Act, clearly indicates a person who is a party to an arbitration agreement. The said definition is not qualified in any way so as to include the agent of the party to such agreement. Any reference, therefore, made in Section 31(5) and Section 34(2) of the 1996 Act can only mean the party himself and not his or her agent, or Advocate empowered to act on the basis of a Vakalatnama." The Court in this case also observed that as one having complete knowledge of the proceeding, a party would be in the best position to determine whether any applications for correction or setting aside need to be made.

Recently, the Supreme Court of UK in Prudential Plc case [2013] UKSC 1, re-affirmed the time-tested norm that the benefit of legal professional privilege is only available in relation to communication with lawyers and not to other advisors such as accountants. Unlike other professionals, lawyers are not required to disclose any communication received from clients as part of the professional engagement. The benefit of privilege is extremely important for clients seeking legal advice or anticipating litigation. The case before the UK Supreme Court revolved around disclosure of certain documents in relation to a tax avoidance scheme that was marketed by a prominent accounting firm. The documents were exchanged as part of the advice rendered by the accounting firm to the taxpayer. The primary issue before the UK Supreme Court was whether legal privilege extends or should be extended to legal advice given by persons other than legal professionals, specifically chartered accountants rendering expert tax advice. By a majority of five to two, the UK Supreme Court unequivocally held that the benefit of legal privilege is not available with respect to communication with accountants. The Supreme Court noted that "it is universally believed that legal advice privilege only applies to communications in connection with advice given by members of the legal profession." While the Court concluded that any extension of privilege will require specific legislative amendment, it also noted that the UK Parliament did not accept a 2001 proposal to extend privilege to advice provided by accountants. The UK Supreme Court felt that extending legal privilege to advice given by non-lawyers would create uncertainty with respect to its application and may potentially dilute the scope of benefit available to clients. The Court noted that it would be difficult to identify the various categories of advisors whose services involve rendering legal advice. Further, it will be difficult to separate legal and non-legal advice and selectively apply the principle to specific documents.

The Keynote Speaker of the 2011 Kyoto/Osaka Annual Meeting and Conference, Dr. Shinya Yamanaka, Professor of Kyoto University, was honoured recently with the 2012 Nobel Prize in Medicine. During the aforesaid conference, Dr. Yamanaka delivered an innovative and witty explanation about the revolutionary iPS stem cell. iPS cells are capable of developing into any cell or organ in the body and Dr. Yamanaka generated iPS cells from human skin tissue in 2006.