In this issue of “The 10 Most Trusted Business and Commercial Law Solution Providers, Our magazine’s journey starts with Cover story, Clasis Law, a highly professional and process driven firm that has the necessary systems in place to provide hassle free services to the clients.
The 10 most trusted business and commercial law solution providers
1. ™
Peaks & Valleys
Finance Talk
Clasis Law
MARCH 2018
www.insightssuccess.in
Leading the Way in Providing Specialized and Cutting Edge Legal Services
Founding Partner &
Managing Partner
Vineet Aneja
The Most
Trusted Business &
Commercial Law
Solution Providers
10
Security Transaction Tax :
Payable on the
Value of Security
Finance Talk
Trends that are Driving
e-Commerce in India
Peaks & Valleys
Evolution
Fostering Twists
and Turns of NBFCs
Evolution
2.
3.
4. Editorial
ndia is one of the fastest emerging economies in the world. As it endures
Ito prosper, there is the quick upsurge in commercial transactions in the
marketplace. Similarly, as a result of this, some of the commercial
disputes in India are also amplified. Corporate firms comprehend that
howsoever well the intentions; there is no escape from Corporate Lawsuit.
There is also a need to know that the finest method to deal with such issues is
to decrease the assets that are involved in resolving such differences.
Commercial law governs the wide-ranging ranges of business, commerce,
and consumer transactions. It permits, so far as it can, person or person to do
business in the way they want and not necessitate them to stick to procedures
that they may think to be obsolete.
Lack of understanding of Commercial Law Practices in this emerging area
may entrap an organization in unnecessary legal hurdles, which may also
prove to be very expensive in terms of finances, time and lost business
opportunities. Though, choosing the proper framework for your business is
essential to its future success.
Therefore, companies are now seeking for dedicated law firms who have
specialized in International Sales, Commercial Agency, Confidentiality,
Distributorship, Contracting, Model Subcontract, Technology Transfer and
Trademark Licensing with top-notch solutions.
A Qualified Lawyer in commercial law can discuss with you your goals, your
expectations, your resources, your business model, your level of liability and
other factors. By listening and reviewing your needs, they help you determine
what type of framework would be best for you. Options include the S
corporation, C Corporation, LLC, PLLC, and various other entities, all of
which come with different advantages, disadvantages and tax ramifications.
The Business & commercial sector provides the widest range of opportunities
to the lawyers, probably more than any other field of law. It requires a high
degree of specialization and therefore, the choice regarding the particular area
of commercial law is necessary. Nonetheless, it is also one of the most
dynamic fields and thus, provides new and upcoming areas to explore time
and again.
Business and
Commercial Law:
Renovating
Businesses
Rightfully
6. CONTENTS
COVERSTORY
Clasis Law:
Leading the Way in Providing
Specialized and Cutting
Edge Legal Services
Cxo Standpoint
As Customers, Entrepreneurs
and Technologies Evolve
20
Prevention of Sexual
Harassment [PoSH] in
2018 – A new dawn
42
Law Movements
EASE OF DOING
BUSINESS IN INDIA
30
Business Things
ARTICLES
Fostering Twists
and Turns of NBFCs
Evolution
36
Security Transaction Tax:
Payable on the Value
of Security
Finance Talk
Trends that are Driving
e-commerce in India
Peaks & Valleys
8
22
26
7. 24
Cyril Amarchand
Mangaldas:
Delivering Exceptional Legal
Services for over 100 years
LAWFORU:
A Promising Legal Advisor
LawRex:
Offering Realistic and
Cost-effective Legal Consultancy
and Advisory Services and
Practical Legal Solutions
S. Jalan & Company:
A Full-service Law Firm
Providing Services at
Par with International
Standard and Requirements
Azoth Analytics: Delivering the
Customized Industry Market
Research Services for Business
Interview
with Insights Success
16
28
34
40
8. ommercial law relates to those branches of the law that deal with or affect commercial and business
Cactivities. These zones largely include contract law, agency law, and the law of sales, the law of
negotiable instruments and labor law. Much of modern commercial law, particularly as it relates to the
law of sales, negotiable instruments and contract negotiation, traces back to the trade customs that were routinely
used by merchants and traders from the middle Ages to resolve commercial disputes. These trade customs were
later recognized by merchant courts, which were then assimilated into Indian common law traditions.
In this issue of “The 10 Most Trusted Business and Commercial Law Solution Providers,” we have
ornamented some of the noticeable organizations, who have achieved trademark by providing Top- notch
Business & Commercial Law solutions and are well prepared for continuing the Business & Commercial Law
development sectors’ future.
Our magazine’s journey starts with Cover story, Clasis Law, a highly professional and process driven firm that
has the necessary systems in place to provide hassle free services to the clients. Their clients range from Fortune
500 companies to SME businesses.
We have encompassed, one of the renowned brands, LawRex, as the leading Legal Firm, provides efficient, cost-
effective and prompt legal consultancy and advisory services to their clients, LAWFORU, a legal advisory firm,
for providing a wide range of legal services ranging from name change, divorce cases, civil cases, criminal cases,
and many more. Cyril Amarchand Mangaldas, an authorized advisor, which has pre-eminence, experience and
reputation of almost a century has been unparalleled in the Indian legal fraternity and S. Jalan & Co., as a full-
service law firm advising and strategizing commercial transactions as well as contests commercial litigation and
arbitrations on behalf of its diverse clientele. Also, Gaggar & Co., Vertices Partners, Samvād Partners,
IndusLaw and SB Partners are included.
We have interviewed, Matloob Hasan, Research Director from Azoth Analytics who has given some insightful
answers highlighting the influences made by his company to take Market research assets to an innovative level.
We have also covered CXO’s on, “Prevention of Sexual Harassment [PoSH] in 2018 – A new dawn” by Vishal
Kedia, Founder Director of Complykaro Services Pvt. Ltd.
So, do flip the pages of our magazine to uncover the prominent Business and Commercial Law inspirations.
Substantial Assurance of Commercial
Law in the Future of Business
9.
10. Leading the Way in Providing
Specialized and Cutting Edge
Legal Services
“As a full-service
Indian law firm,
we truly believe in
our Vision, Scope,
Experience and
Capability”
Clasis Law
Cover Story
12. Awareness and importance
about India’s legal industry
continue to hold surprising
sway among lawyers and clients, both
inside and outside the country.
Expertise is flourishing in new practice
areas such as competition law,
environmental law, international trade
law, outbound foreign direct
investment, including restructuring and
insolvency. A growing count of firms
is also exploring alternative pricing
models, heralding a not-too-distant day
when alternate pricing arrangements
may be preferred as against the hourly
billing model. Many large and
mid-sized law firms are aiming to form
a pan-India presence, adding more
practices and expanding their reach by
acquiring smaller firms. Thanks to the
widespread availability of high-quality
and ambitious legal professionals the
industry has seen many partners leave
existing firms to start their own
enterprise.
This remarkable time of growth and
change marks the onset of a new age
for the Indian legal industry. The new
breed of mid-sized and boutique law
firms are looking to increase revenues
and control costs by creating leaner
teams and efficient billing structures.
Amongst the mid-sized firms, the one
that is known for its very quick and
effective service is Clasis Law, a
leading name in the Indian legal
market. With a full-service presence in
New Delhi and Mumbai, they provide
advice on matters relating to Indian
law and jurisdiction. Their vision,
scope, experience and capability have
built the confidence in clients to
approach them for assistance in
relation to other jurisdictions as well.
Clasis Law is recognized as a highly
professional and process driven firm
that has the necessary systems in place
to provide hassle free services to the
clients. Their clients range from
Fortune 500 companies to SMEs and
small businesses. The firm assists large
MNCs and international SMEs that
choose India as their preferred
investment destination. The firm’s
expert team of lawyers ensure that each
client receives their best attention
along with the most tenable and
cost-effective legal advice.
An Illustrious Persona - Vineet
Aneja, Founding Partner &
Managing Partner of Clasis Law.
Vineet heads the pan India operations
of the firm and the firm’s corporate
practice. His practice includes advising
on mergers and acquisitions, joint
venture, regulatory, employment, retail,
hospitality, compliance and audit and
financing. Vineet has a rich experience
of working with both Indian and
foreign companies, as well as with
government authorities. While his
experience is vast in relation to
transactions and advisory in India,
Vineet has advised clients in other
jurisdictions including Singapore, the
United States, the United Kingdom,
Finland, Middle East and Pakistan.
Client feedback over the years has
highlighted the value his advice has
added to their transactions.
Words of Inspiration
“There is no substitute for hard work.
I started my professional journey as a
lawyer from the proverbial bottom of
the pyramid and today after having
been on the top for a long time, I see
myself working as hard as when I
started, in fact more. To me the greatest
factor for success is hard work and
rigour. No amount of add-ons can ever
paper over a shoddy job done due to
lack of hard work and diligence. The
other most important factor is having
an impeccable professional integrity.
When a client knows that its lawyer’s
professional integrity and ethics are
unassailable that is when they reward
you with their trust and where there is
trust there is no dearth of good work.”
Vineet asserts.
“Fortune favours the brave!” is the
prime faith of Clasis Law. They started
small but had larger aspirations, they
took chances, risked many things, took
a beating, kept their head above water,
found the ground beneath their feet,
rose again and ultimately everything
fell in the right place. The Firm has
always punched above its weight and
that has spelled success for them.
Effective and Powerful Solutions
Recognized for its robust corporate
practice, Clasis Law has wide-ranging
experience in M&A transactions and
offers end-to-end transaction
management from deal structuring,
negotiating, and documentation to
assisting in closing of the transaction.
The scope of their corporate and M&A
advisory goes beyond the resolution of
typical legal problems. Their objective
is to collaborate with their clients and
become a partner in their business
decisions.
In addition to transaction advisory, the
firm also provides services like legal
due diligence, corporate and
compliance audits, compliance
management and corporate governance
matters. Clasis Law’s secretarial and
compliance services work to unburden
the clients from corporate compliances
“Our objective
is to collaborate
with our clients
and become
a partner in
their business
decisions”.
“Fortune favours
the brave!”
13. so that they are free to focus on their
business.
On the litigation side, Clasis Law’s
dispute resolution team has advised
and represented clients on a wide array
of commercial litigation transactions,
insolvency and bankruptcy related
disputes, domestic and international
arbitrations, enforcement of foreign
decrees and foreign arbitral awards,
debt recovery matters, international
debt issues, employment disputes,
infringement of trademarks and
passing off disputes, winding up of
companies, marine and international
trade disputes, indirect tax related
disputes, insurance and reinsurance
claims, infrastructure disputes, unfair
trade practice and consumer
complaints etc. Their distinctive
approach helps them offer practical and
technically sound litigation strategies
that keep their clients’ best interest in
mind.
The firm’s other sector specific teams
and practice verticals like
Employment, compliment their
corporate practice. Employment Law is
“
Our expert team of
lawyers ensure that
each client receives
our best attention
and is provided with
the most tenable
and cost-effective
legal advice
14. one of Clasis Law’s core practice areas and the firm’s
extensive experience includes advising on HR policies and
procedures, employee redundancies and employee transfer
transactions, employment contracts, compliance audits and
risk advisory, conducting employee training and awareness
workshops, as well as, advising on a range of contentious
issues such as hostile terminations, enforcement of
restrictive covenants, sexual harassment cases and
employee disputes.
Clasis Law services a range of practice areas including
corporate and commercial, aviation & aerospace, banking
& finance, insurance, retail, hospitality, infrastructure, real
estate, intellectual property, employment law, competition,
compliance & auditing, shipping & international trade law,
TMT, litigation & dispute resolution. The firm acts for a
diverse Indian and international client base across a number
of sectors.
Distinctive Strategy- Being Available for the Clients, at
any Hour
In the practice of law the key strategy that holds one in
good stead is that of consistently delivering results for their
clients. At Clasis Law, they meticulously ensure that every
client notwithstanding the scale or size gets the pride of
place and is provided with their best possible service at all
times. They have worked hard to retain long-standing
clients who have stayed with them long enough despite of
inducements from the market, to become their flagship
clients.
Clasis Law’s lawyers are well-trained to ensure that a
client’s interface with the law firm, be it understanding of
the issue at hand, providing legal remedies, on-time and
effective deliverables, credible time-recording, quick
response time and invoicing is so seamless that it augments
the overall service experience which greatly helps in client
retention. The firm understands the importance of making
themselves available to their clients when they need them,
which is the reason why Clasis Law is regarded as one of
the most responsive law firms with the quickest turnaround
times. The journey to convert a regular client to a long-
standing client is not an easy one for it requires immense
investment of time and effort in addition to excellent
lawyering skills. Further, keeping in view the increased
pressures on in-house legal departments to save on legal
fee, Clasis Law offer their clients, flexible fee structures so
that they could choose the one that is most suitable for their
requirement.
Some Recent Notable Recognition of the Firm:
· Clasis Law is ranked amongst the Top 40 Indian Law
Firms by RSG Consulting Rankings 2017.
· Vineet Aneja is recognized as one of India's most Trusted
Corporate Lawyer by Indian Corporate Counsel
Association, 2017.
Future Outlook
Clasis Law is ready for all challenges that the markets may
throw up. They know that the Indian legal market is
constantly evolving with global firms looking to have a
share in the pie. With their experience of working closely
with international law firms over the years, they are at
home with the globally accepted systems and procedures
hence are ready to evaluate opportunities that the future
may offer.
The Firm’s members are all seasoned lawyers in their
respective fields and enjoy tremendous confidence from the
clients. The firm is presently looking to grow and
consolidate existing practice areas as well as add newer
verticals. They are working closely with many international
firms globally and would look to expand the share of work
that is referred to the firm by their friends in other
jurisdictions. Clasis Law is working to expand its
geographic footprints and some developments may be
expected by the end of the next fiscal.
Our sound commercial
understanding helps us to
provide a holistic advice to
our clients that is in line with
their business objectives.
“
15.
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17. Management BriefCompany Name
Clasis Law
www.clasislaw.com
Clasis Law is a highly successful and well recognized brand in
the Indian legal market.
Vineet Aneja
Founding Partner
& Managing Partner
Cyril Amarchand
Mangaldas
www.cyrilshroff.com
Cyril Amarchand Mangaldas was founded in May 2015 to
continue the legacy of the 100-year old Amarchand &
Mangaldas & Suresh A. Shroff & Co., whose pre-eminence,
experience and reputation of almost a century has been
unparalleled in the Indian legal fraternity.
Cyril Suresh Shroff
Managing Director
Gaggar & Co.
www.gaggarpartners.com
Gaggar & Partners is a full-service law Firm, with its principal
office in New Delhi. The Firm was established with an aim to
provide one –stop solution to its clients, delivering
comprehensive, pragmatic and quality legal services.
Vaibhav Gaggar
Managing Partner
IndusLaw
www.induslaw.com
IndusLaw specialises in syndicated loan documentation,
secured and unsecured debt transactions and cross-border
finance matters.
Anupam Prasad
Partner
Lawforu
www.lawforu.com
LAWFORU is a legal advisory firm providing a wide range of
legal services ranging from name change, divorce cases, civil
cases, criminal cases, and many more.
Sai Krishna Azad
Founder
LawRex
WWW.LAWREX.IN
LawRex, the leading Legal Firm, provides efficient, cost-
effective and prompt legal consultancy and advisory services to
their clients.
Advocate
Ashok Kr Anchalia,
CA Chandan Anchalia,
Advocate
Darpan Anchalia
S Jalan & Company
www.sjalanco.com
S. Jalan & Co. is a full-service law firm advising and
strategizing commercial transactions as well as contests
commercial litigation and arbitrations on behalf of its diverse
clientele.
Sourav Ghosh
Equity Partner
Samvād Partners
www.samvadpartners.com
Samvād Partners was formed by a merger of Narasappa,
Doraswamy & Raja and V Chambers of Law in April 2013,
creating a single, “very strong” full-service brand.
Shanu Jain
Partner
SB Partners
www.sbpartners.org
SB Partners (formerly KSB Partners) is a full service corporate
law firm having offices in Gurugram and Mumbai in India. The
firm has a reputation for its work in diverse industry segments
and practice areas including commercial laws, corporate
finance, regulatory & general corporate advisory work.
Samir Bedi
Managing Partner
Vertices Partners
www.verticespartners.com
Vertices Partners a boutique law firm which specializes in
delivering with excellence.
Vinayak Burman
Founder Partner
18. Azoth Analytics:
DeliveringtheCustomizedIndustry
MarketResearchServicesforBusiness
uccessful businesses have
Sextensive knowledge of their
customers and their competitors.
The level of complexity used in your
market research campaign is up to you,
as market research can cover a broad
spectrum of activities. You can
undertake simple activities that can be
done on your own, such as creating a
short customer satisfaction
questionnaire or studying demographic
data for your area, or undertake
complex ones that require assistance
from a professional market research
firm. Regardless of the size of your
market research budget, the time you
have available or your level of
experience, some form of market
research is possible and it can help you
to improve your business decisions.
In an interview with Insights Success,
Matloob Hasan, Research Director
at Azoth Analytics has given some
insightful answers highlighting the
influences made by his company to
take Market research assets to an
innovative level.
· Kindly tell us about your company.
Azoth Analytics is a business research
and analytics company that creates in-
depth research reports and provides
customized research solutions and
consultancy services. The verticals in
which Azoth Analytics specializes
include healthcare and pharmaceutical,
oil and gas, retail, chemicals,
part of research is time-driven, very
exhaustive in nature, needs deeper
insights and hence requires higher
budgets from the clients.
How we stand out in the crowd of
competitors? This is an interesting
question. There are two aspects to it.
One, the volume of work is increasing
in the field of research and analytics
and therefore, there is work for every
analyst firm that has the required skill
sets and capabilities. Two, most
analytics firms work on the premise of
creating data points on very superficial
level banking mostly on the secondary
sources of information. We have
positioned ourselves in a very short
period of time, as a firm that makes the
data and statistics speak about the
industry or the sector. And this has
been made possible because of the fact
that we believe in interacting with the
people who are actually operating in
that particular industry or the sector.
We interact with industry experts
(people from associations and
companies) and we get the insights
from them which are real-time and
highly updated.
· What are the current trends
followed by the Business and
Commercial Law companies?
The business research and analytics
space (in which Azoth Analytics
operate) used to be highly unorganized
around a decade ago with many small
automotive, FMCG, food & beverages
and technology.
The company was established in
October 2015 and the basic idea behind
the formation of the company was to
create an entity that can work closely
with the clients to meet their specific
research requirements. And over the
last two and a half years, we have been
able to create certain key „client
accounts‟ who value our expertise.
This has been made possible because
of our dedicated employees and the
strategic advices and recommendations
of our directors, Mr. Subhodeep Sen
and Mr. Sanjeev Srivastava.
· What kind of services and
solutions does your company provide
that makes you stand out from the
competitors?
As mentioned earlier, we are focused
on two types of services – syndicated
or off the-shelf reports and customized
research services. The syndicated
reports are targeted towards customers
who need immediate solutions or
business insights. This “immediate
requirement” could be because of the
need of knowledge on an immediate
basis about their competitors, suppliers
or the overall dynamics of the industry
in which they are operating. The gaps
in the syndicated reports are fulfilled
by our customized research solutions,
which are tailor-made and caters to the
specific research requirements. This
March 2018|16 ™
20. companies popping up like mushrooms
that grow and spread all over in humid
and moist places. But like every
industry, it has begun to take shape
over the years and moving over to
more organized and structure space.
And with it, the companies are more
focused towards certain niche
segments and specific client base. And
as a result, we are witnessing research
and analytics companies positioning
themselves in specific verticals like
Healthcare, Power, and Automotive
etc.
Also, companies are becoming more
client specific, which means focused
on certain client base like the
government or operating as vendors of
outsourced work from big consulting
firms like KPMG, Deloitte, Accenture,
Ronald Berger, Ernst & Young and
PwC. Another trend that is noteworthy
and being followed by a select few
business research and analytics firms is
leveraging their client base and
expanding their reach to the
“conference industry”, wherein highly
skilled subject experts and people from
the same industry are brought in one
platform to share knowledge and
expertise.
· Briefly, tell us about the Managing
Director of the company.
I am associated with the business
research and analytics industry since
2003 when I joined RocSearch, a
company promoted by UK-based
entrepreneurs who wanted to create a
“knowledge processing centre” in
India. After learning the fundamentals
of research and analytics, I ventured
into creating a small boutique firm
called Koncept Analytics, with two of
my colleagues. The firm specialized in
creating syndicated reports and later on
we felt the need of providing more
customized research and advisory
solutions. And then Azoth Analytics
was built in 2015. An Insan School
Kishanganj alumni, studied economics
from AMU, Aligarh, MBA from Birla
Institute of Management Technology,
New Delhi, I am back to learning,
which I love most, as I am enrolled in
the PhD programme of Faculty of
Management Studies, AMU. The title
of my research is “Factors Affecting
InFlight Service Quality, Passenger
Satisfaction and Re-Flying Intention:
An Empirical Study”.
· Kindly brief us about the unique
strategies that you use in your
company.
We are striving to create a place for
ourselves by working on projects
which requires us to work on very
niche areas of an industry and to
deliver in tighter deadlines. This
specialty has shaped our strategy to
associate with top consulting firms like
Deloitte and Roland Berger, who
outsource a certain part of their
ongoing projects. Secondly, as
mentioned earlier, we explore the
markets at a very in-depth level before
giving our recommendations.
· How do you work on your long-
term relationship with your clients?
After the completion of a project, we
take feedback from our clients related
to the quality of deliverables, the
timelines and meeting the project
scope. This is the best method to retain
a customer base. But for all practical
purposes, loyalty comes from deeper
customer satisfaction.
· Kindly brief us about the most
satisfactory experience with a client.
What kind of game-changing
services have you provided them?
Among the many projects, one
outstanding project for which we
received tremendous applause from our
client was related to the analysis of
Engineered Quartz market of the five
US regions for different patterns and
pricing bands. We believe the complete
assessment through primary interviews
at the manufacturer, distributors and
retailers level helped us to provide the
insights that the client expected.
· What are the values and factors
that you attribute your success to?
Also, suggest the one quote which
adorns your company very well.
A disciplined workforce who values
the company as much as you do is the
core of any services firm. And I firmly
believe the company’s success lies in
its employee’s dedication towards
work and quest for knowledge. “We
like to get into the skin of things and
this is what our clients expect from
us”…
· What are the future advancements
of your company and how well
equipped are you?
Becoming a vertical specialist will be
the key direction for the company and
this will require specific skills and
knowledge. We are very much focused
in this direction.
We provide our clients in-depth
reports by recording, interpreting and
analyzing information through primary
and secondary research
“
“
March 2018|18 ™
21.
22. As Customers,
Entrepreneurs and
Technologies Evolve
Technology companies have been and are at the
forefront of devising unconventional and innovative
ways of meeting the demands of today’s savvy
customer.
Here are some thoughts on the latest technology industry
trends and growth opportunities in today’s market
environment.
Where is the growth?
For much of the last few decades, the tech story has focused
on the consumer markets and that will continue. However,
as enterprises around the world look to facilitate their own
transformations through technology, the opportunities for
tech companies have broadened considerably.
OPEX optimization and the race for competitive advantage
have led businesses everywhere to adopt the new and the
cutting edge. Technologies continue to evolve as their
power and speed increase while the cost of delivering them
goes down.
Robotics, virtual and augmented reality, 3D printing and
Artificial intelligence are opening up totally novel avenues.
Cognitive technologies such as machine learning, natural
language processing, computer vision and speech and
pattern recognition present vast areas of application and
will see exponential rates of adoption in the times to come.
Blockchain and the distributed ledger technology has
significant implications not only for the financial services
industry but for any company that manages large amounts
of data
From long term licenses and contracts, enterprises are
moving towards usage based consumption – entrenched
technology players will have to transform their business
models to keep up with this change
Cyber security products and services will find increased
relevance and new markets.
How should tech companies evolve?
One of the more important trends from the perspective of
manufacturers of technology is the flexible pricing or pay as
you go model. This trend began with software as a service
(SaaS) companies that allowed customers to move away
from buying hardware and software and instead pay for
computer processing and storage on a pay as you go basis.
Gartner estimates that by 2020, 80% of software vendors
would have moved to this model.
While smaller technology manufacturers will find this shift
to reduce their sales cycles, larger organizations will have
much maneuvering to do.
Changes in regulations in geographies such as the US, will
need the Indian technology ecosystem to transition from a
service based ecosystem to a product based ecosystem.
Development of new products and tackling of new
problems will lead to increased product investments and
liquidity events – India is therefore likely to see a thriving
venture capital ecosystem in the times to come.
The rise of Internet penetration in India and constant
growth in Internet commerce will provide vast grounds of
expansion to homegrown startups and significant value
creation can be expected in the next few years.
CXO Standpoint
March 2018|20 ™
23. Ash Narain is the Founder of multiple
enterprise nancial technology
companies – including Marquee Equity,
BankerBay and ZoukTech. He presently
serves as CEO of Marquee Equity which is
the most efcient way for companies across
the world to raise institutional capital.
Marquee is used by investment banks and
emerging companies to build direct
relationships with investors within a short time
period. More information on Marquee Equity –
www.marquee-equity.com. Connect with Ash
Narain on LinkedIn - linkedin.com/in/ashnarain
Partnering to Build
The digital enablement of enterprises is a complex process
and the tech solutions needed by companies don’t come
neatly bundled out of the box. Rather, they are a
combination of technologies and knowledge bases. The
complexity involved in designing today’s technology
platforms requires deep expertise in a wide array of areas.
This is causing a historic wave of collaboration between
industries and companies that operate within them.
An example of companies working together is the
Partnership on Artificial Intelligence – which includes
companies such as Amazon, Google and Facebook.
The partnership aims to create a platform to provide
thought leadership in order to advance understanding of AI
technologies.
Companies that are open and adept to this form of learning
will be able to find a broader network of opportunities for
their products and services.
Conclusion
The last few waves of technology driven change has been
focused on the consumer markets – with big changes in
commerce, payments, travel, sharing and networking. These
spaces will continue to grow and create value.
Globally, there is a tectonic shift in how enterprises, large
and small, organize their processes, internal and external.
These processes are increasingly going to be tech driven.
Significant opportunities shall be available to new
innovators in the enterprise space.
Enterprises are increasingly deciding in favour of pay as
you go models – and their technology vendors will have to
restructure their businesses to adopt to this shift
Cognitive technologies will create new avenues of
exponential growth.
Product investments will thrive in markets like India as the
ecosystem transforms from a service based one to a product
driven one.
The next wave of value creators will seize the opportunity
to make a dent in the enterprise space by collaborating with
one another to bring inter-industry expertise to their
products and services.
About Author
Ash Narain
Founder
March 2018| 21™
24. Introduced in the Finance Act 2004, Security Transaction Tax is a tax being imposed on all transactions such as
sale/purchase transactions. This security transaction is applied on the stock exchanges at rates prescribed by the
Central Government from time to time. It is an indirect tax which was made to lower the tax on short-term capital
gains and to make the long-term capital gains released from the levy of any tax. Among all the other countries, India has
the highest taxes in stock markets. STT is the largest fee paid by traders with discount stock brokers. In some cases, it’s
over 100 times more than the brokerage itself.
Taxation of profit or loss from securities transactions depends on the activity of purchasing and selling of
shares/derivatives which is classified as an investment activity or business activity. Treatment of STT depends upon
whether the pay from these securities transactions should include in the ‘Profits and Gains of Business’ or under
“Income from Capital Gains”.
An independent study by Securities and Exchange Board of India suggested STT on protective-put and hedged-call
positions that should be reduced to give a boost to the market. Many traders would not disclose profits made in the
equity market and sidestepped tax on capital gains. But this system is changed in the last 10 years with the introduction
of STT. The tax is collected by the broker along with other transaction charges such as stamp duty and exchange house
levy and passed on to the Centre.
Finance Talk
March 2018|22 ™
25. Long and Short Term Capital Gain
To neutralize some of the negative impacts, long-term capital gains tax on equities were removed and short-term capital
gains tax reduced to 10 percent. Currently, a delivery trade in cash market attracts STT of 0.1 percent on traded turnover
levied both at the time of purchase and sale of shares. Gain or lose is subject to Short-Term Capital Gains or Long Term
Capital Gains tax depending upon the period of holding, i.e., if the holding period is equal to or greater than one year,
gains is classified as LTCG and if the holding period is less than one year, gains is classified as STCG.
STT of 0.025 percent on intra-day trades is not much but for a day trader, it is a certain increase in cost. STT can form
40-50 percent of the total transaction cost on equities. Other transaction charges include brokerage (of 0.01-0.03 percent
on intraday), stamp duty (0.002 percent in Mumbai), exchange levy (NSE’s is 0.00325 percent) and service tax.
STT on Mutual Funds
Every sale or purchase of securities which are listed on the Indian stock exchange is imposed with STT. This would
include shares, derivatives or equity-oriented mutual fund units. The rate of tax that is deducted is determined by the
central government, and it varies with different types of transactions and securities. Securities transaction tax is
deducted from equity mutual fund units at the time of redemption, when switched to other schemes, a sale of units and
not on their purchase. STT is not applicable on off-market transactions.
Who deducts the STT?
STT is a neat, efficient and easy-to-administer tax that virtually eliminates tax avoidance. Asset management company
and brokerage houses deduct STT at source while executing the transaction. If an investor redeems his mutual fund
units then AMCs are authorized to deduct at the source level, while if an investor sells his/her units to others through
stock exchange then the respective brokerage house through which the client has sold will deduct the STT at the source.
STT will be applicable in the case of a transaction that takes place in the exchanges. For availing the exemption in the
case of long-term capital gain, the asset under consideration has to be subjected to STT. It is applicable on all selling
transactions for both options and futures contracts. For the purpose of STT, each future trade is valued at the actual
traded price and options trade is valued at a premium.
STT is applicable at different rates depending upon the transaction (whether purchase or sell) and the security (whether
equity or derivative). After simplifying the tax structure and reducing it further the key is to increase the participation,
which makes the market strong and less volatile.
March 2018| 23™
26. Cyril Amarchand Mangaldas:
Approach to focuses on avoiding disputes and
litigation by drafting and negotiating appropriate,
unambiguous and enforceable contracts
Delivering Exceptional Legal Services
for over 100 years
“Companies face increasing business challenges
globally, including more onerous regulations &
enforcement by local authorities in the countries
where they operate. Legal and tax professionals help clients
to develop commercial solutions for domestic and
multinational companies with controversy assistance.
Professional lawyers are very experienced in advising
companies at each stage of their business – from entity
formation, to continuity planning for business, to financing
needs etc. Counseling clients regarding the creation of
corporate policies and benefits plans as their businesses
grow and expand through merger and acquisition activity
are performed by the lawyers. With offering a broad base of
commercial business law services in multiple jurisdictions,
global reach of lawyers provide businesses facing complex
legal regulations and challenges with personalized, tailor-
made services.
Cyril Amarchand Mangaldas was founded on the basis of
delivering outstanding legal services. The firm is committed
to consistently deliver quality. That means providing timely,
innovative, integrated, relevant and solution-oriented legal
advice, which is also cost-effective. The lawyers strive to
understand clients needs and circumstances, to think’
independently and maintain honesty, fairness, integrity, and
professionalism in everything they do. It is the largest full-
service law firm in India, with over 600 lawyers, including
100+ partners, and offices in India's key business centers –
Mumbai, New Delhi, Bengaluru, Hyderabad, Ahmedabad,
and Chennai.
Cyril Amarchand Mangaldas was founded on May 11,
2015, under the leadership of Cyril Suresh Shroff, a third-
generation lawyer and the firm’s Managing Partner.
Suresh Amarchand Shroff, the second generation of the
founder family, led the Firm’s growth through the 1970s
and 1980s, securing the firm’s unparalleled and preeminent
role in India's legal sector. This was followed by a further
period of exponential growth, including the launch of
several offices from 2002 onwards. During this time, in
1994, Cyril Suresh Shroff took over as the Managing
Partner of the Mumbai and south region of AMSS, helping
to build a firm of unparalleled experience and reputation in
the Indian legal fraternity.
Mr. Shroff has over 37 years of experience in a range of
areas, including corporate and securities law, disputes,
banking, infrastructure, private client, financial regulatory
and others. He has been recognized as a “legendary figure
in the Indian legal community” and regarded as the “M&A
King of India”. Mr. Shroff has been instrumental in
advising the establishment of new family offices as well as
providing ongoing strategic advice to families with
established Family Offices. He is also a member of various
advisory boards set up by the promoters of family
businesses (formally and informally)
Mr. Shroff was member of the SEBI committee on
Corporate Governance. He is a member of the first apex
advisory committee of the IMC International ADR Centre;
a member of the Advisory Board of the Centre for Study of
the Legal Profession established by the Harvard Law
March 2018|24 ™
27. Cyril Suresh Shroff
Managing Partner
School; a member of the Advisory Board of the National
Institute of Securities Markets and on Board of IIM, Trichy.
Marking a Strong Presence through Advisory Initiatives
Market sources unanimously agree that the team has a
strong presence in almost every segment market, with one
declaring that “their credentials speak for themselves.”
Cyril Amarchand Mangaldas has won the ‘M&A Deal of the
Year (South Asia)’, ‘Energy Firm of the Year’, and ‘Private
Client Firm of the Year’ awards at The Asia Legal Awards
2018 hosted by The Asian Lawyer.
The Firm has a team of ex-regulators from key regulatory
bodies such as Mr. U.K. Sinha, former chairman of the
Securities and Exchange Board of India (SEBI), Mr. Ashok
Chawla, former chairperson of the Competition
Commission of India, Mrs. Usha Narayanan, former
Executive Director of SEBI, Mr. P. K. Bagga of the Foreign
Investment Promotion Board and Mr. Anand Sinha former
Deputy Governor of the Reserve Bank of India. The Firm is
the only law firm in India to have expertise of this kind, and
the ex-regulators very frequently assists on complex
transactions and help understand the regulatory overlay and
implications.
Cyril Amarchand Mangaldas has recently set up a
Corporate Governance Center (CAM-CGC) as part of the
firm. The initiatives of the CAM – CGC will be wide
ranging and will include providing specialized, bespoke
board advisory services, assisting companies in setting up
internal governance procedures and controls, representation
in shareholder/ activist engagements engaging with Indian
and international stakeholders and training of board
members and senior management.
Improving Legal Services through AI
In India, startups have now started providing AI-enabled
case-law research tools driven by summarization algorithms
coupled with machine-learning algorithms. For ranking and
showing the most relevant cases, such tools help to inform
lawyers on which cases are better suited to be cited in the
Courts over others. Cyril Amarchand Mangaldas is now
leveraging the power of AI for contract analysis and review.
It also provides analytics on how the network of cases is
inter-related. With the pace of innovation in Natural
Language Processing increasing, AI has become a plausible
and potential disruptive force in the legal services space.
It has adopted an Artificial Intelligence system called Kira
last year to improve its services. The system uses Artificial
Intelligence to identify, analyze, and extract clauses and
other information from contracts and documents with
utmost precision, thereby eliminating human error
substantially. This use of Artificial Intelligence by Cyril
Amarchand Mangaldas has made it the first firm in India to
improve efficiency, accuracy and the delivery speed of
certain legal services.
Awards and Accolades
Cyril Amarchand Mangaldas is praised for its market
knowledge and deep understanding of business needs. It has
been recently awarded with India: National Law firm of the
Year 2018 by most prestigious Chambers and Partners at
their Chambers and Asia Pacific Awards ceremony, and
Most Innovative Law Firm of the Year – India and M&A
Deal of the Year for Rosneft Essar Oil Deal at the IFLR
Asia Awards 2018. India Business Law Journal named as
“Best Overall Law Firms 2017 – 2018”
Looking Ahead Towards a Determined Future
Cyril Amarchand Mangaldas has deep roots, but it has the
future to be looked upon as a trusted advisor for its clients
across the globe. The Firm’s strive to understand clients’
needs and circumstances, to think independently and
maintain honesty, fairness, integrity, and professionalism in
everything they do. The Firm is looking ahead to bringing
its partners and associates together with a new blue print for
the future. Based on a strong client-focused value system, it
has a collaborative work culture and a pragmatic and
solution-oriented approach to problem solving.
March 2018| 25™
28. Trends that are Driving
in India
open
Peaks & Valleys
March 2018|26 ™
29. ndians are known for their ‘street smart’ economic
Imindset that enables them to find solutions to
impregnable challenges despite the constraints.
This is the similar ‘innovative mindset’ which is making
Indian entrepreneurs embrace analytics, digitisation, and
technology to develop platforms and deliver services and
products to the end customer creating a new online buying
behavior.
In the context, India’s retail opportunity is substantial and
affected by several factors such as the rising standards of
living, hyper-connected young population, upwardly mobile
middle class, the explosion of social media platforms,
deeper internet penetration, and increased smartphone
penetration. So, a significant growth of e-Commerce is
expected in the next two years.
Gaining Momentum of Government Initiatives
The Government of India has been active in leveraging and
embracing e-Commerce digital platforms to transform and
organize traditional offline markets such as those of
agricultural product. The Government has launched an e-
commerce platform to link the farmers with the vegetable
markets of various states to sell the agro commodities. Also,
flagship initiatives such as Start-up India, Digital India,
Skill India, and Innovation Fund are contributing to the
growth of the e-commerce industry.
Increase in the Internet Penetration
The e-commerce industry in India has been growing with
the rise in the internet penetration due to major
improvements in the telecom infrastructure. While the 3G
and 4G services are making a way into India along with
declining data tariffs, internet data spend is growing
significantly. Even when India ranks the lowest in Asia in
internet speed, the data rates in India are 3 times cheaper
than in the US and 2 times cheaper than in China.
Government schemes such as a National Optical Fiber
Network (NOFN) can significantly increase the internet
penetration in the rural communities as well as provide a
means for e-commerce companies to tap the huge market
potential there.
Growth in Smartphone Adoption
Smartphone growth has been massive over the years and is
expected to exhibit more growth in the coming years. The
smartphone’s adoption in India is propelled by several
factors such as low prices due to high competition, ease of
accessibility to content, and prevalence of internet enabled
services. According to a report, India has the highest share
of globally 41% of mobile based e-commerce sales. Almost
70-75% of the online traffic of e-commerce sites come from
mobile phones, the leading e-commerce companies stated
and thus higher revenues are coming from mobile
applications like 50% for Flipkart while 70% for Quikr.
Evolution of New Payment Solutions
Cash on Delivery (CoD) has been the most popular mode of
payment for Indian e-commerce transactions. Cash
transactions result in high administration cost even for the
e-commerce companies. Hence, to address these challenges,
new digital payment solutions are evolving. Further, the
Indian government’s initiative has extended banking
facilities through the ‘Jan Dhan Yojana’ scheme which has
added over 110 million debit cards thereby providing these
customers access to electronic payments. The electronic
wallets have been launched and also digital payment
products from traditional banks for faster transactions to
ease the payment process in e-commerce.
Partnerships of Logistics Space with Hyper-local
Companies and India Post
Customers are getting next-day delivery of products. Due to
the challenges in terms of return orders, higher standards of
customer service, and handling huge volumes of delivery,
the industry has seen the rise of several third-party logistics
service providers that handles last-mile deliveries. There is
an increasing number of partnerships of e-commerce
companies with the third-party logistics service providers in
order to reach mainly in tier two and three cities. Also
leading e-commerce players have their own logistics arms
for enhanced customer experience and for greater control
on deliveries.
GST to Enhance the Growth of e-Commerce
GST is expected to enforce a single comprehensive indirect
tax regime that will be applicable across on the supply of
goods and services across all states. The implementation of
GST is expected to include the service tax, central excise
duty, and additional customs duty at the central level and
CST, VAT, and entry tax at the state level. It will enhance an
operational efficiency of the e-commerce industry in the
many ways like the transparency and simplification of taxes
across the borders in India, elimination of the incidence of
double-taxation, and improvement in the efficiency of the
supply chain
The e-commerce is changing the lives of millions, but there
are also a number of people who prefer offline shopping. If
e-commerce is to make a huge impact in the coming years
then these trends will definitely affect the business.
March 2018| 27™
30. LAWFORU:
We provide fair
and honest legal
services to our
clients.
A Promising Legal Advisor
“
Transforming an idea into leading a law firm in this
modern technology-driven and highly competitive
world is not mere cake walk. Performing
innovatively and thinking out of the box is the need of the
hour. The major trends currently shaping the law
enforcement field include: community oriented policing,
technology usage, leadership and organizational changes,
increased accountability, oversight of police departments,
and police response to minor crimes. Law firms have to
follow these trends and perform accordingly to succeed and
excel among competitors.
O LAWFORUne such leading law firm is . It provides many
types of legal services that include name change, divorce
cases, family cases, criminal and civil cases, violation of
human rights, promissory note case dealings, and property
law cases.
The Founder of LAWFORU
Mr. Sai Krishna Azad Founder LAWFORUis the of . He
established the company to take the law to the people. He is
one of the best high court lawyers in Hyderabad
(Telangana) and Andhra Pradesh. He has wide and rich, 15
years of experience in Family, Civil and Criminal cases in
Hyderabad. He has also dealt with many cases like divorce,
property case, name change, family case, criminal & civil
cases, violation of human rights, will, promissory note and
so on. He has been practicing in Hyderabad High Court
since 2003, and has become the number one family lawyer
in 2018. “Every Case is a new challenge to me, and I
always set out to improve in terms of justice, law and
morality” saysMr. Sai Krishna Azad
Mr. Sai Krishna Azad is fantastic in human relations as
well as dealing with law procedures. He actively
participates in solving the problems of the common man.
He provides quick solutions to legal queries of clients and
replies back within 24 hours to address a query and offers
free and quick consultation, from his website, through quick
phone calls or appointments. Many times, in law cases it is
advisable to negotiate outside the court premises with a
good attorney and having an experienced person to win the
case in the court hall. Azad is efficient on both the sides of
March 2018|28 ™
31. Sai Krishna Azad
Founder
the coin. He is excellent and well versed in his profession
and is called in many TV shows to offer his expert guidance
to the viewers.
Facing Challenges Head-On
The company believes in accomplishing all the objectives
by facing challenges and successfully overcoming them.
Mr. Sai Krishna Azad states that dealing divorce cases has
been the biggest challenge in his career. The company
initially tried to unite both parties and the case took months
to solve. But now with their expertise in divorce cases, they
are capable of dealing with it within months.
“A lawyer is your representative in the court of law to seek
your justice. Be careful with your representative, as it is
justice which is at stake” says Mr. Sai Krishna Azad.
The company believes that being in the profession of law
each and every case is a challenging one for them. The next
biggest challenge for the company has been dealing with
criminal and civil cases. It fights with the government in
many cases to help poor and middle class people. For
example, in a recent case where a person died in metro
underground work, the company contended with the
government and helped his family to get an amount of 4
lakhs.
Quality and Affordability: The Hallmarks of
LAWFORU
The company aims at providing service of the highest
quality at an affordable rate. Having an experience of 15
years, it maintains strong human relations. Its strong client
testimonials speak for it. LAWFORU is available 24/7 and
maintains an online presence through websites and social
media. It efficiently handles the team and ensures to hire
professional advocates who provide high comfort levels to
the clients.
Major Achievements
LAWFORU has achieved many milestones throughout its
successful journey. It is currently working on Musi River
Hyderabad pollution case, NRI Family Law & NRI
properties, and the Tekkali land issue (70 families are
suffering from this case).
The company had an amazing experience with a client in
“ ”. The client was a railway coolie, whoGold Biscuits Case
found a packet full of gold biscuits while going home. He
took the packet and gave it to the nearest police station.
Two days later, the police called him, kept him in jail and
started beating him stating that the packet contained 30 gold
biscuits, but there were only 24. The policemen started
threatening and beating him, and eventually, he lost his job
as a railway coolie.
The client approached LAWFORU, who solved the case
within 2 months helped him regain his job.
Future Plans
The company is presently operating in Hyderabad,
Telangana and Andhra Pradesh. It intends to expand its
services throughout India. LAWFORU is interacting with
the best and famous advocates in each and every location of
India, and is offering them a membership.
www.lawforu.com
March 2018| 29™
32. increasing the sectoral limit for the
existing sectors and have simplified the
conditions of the FDI policy with a
view to make investor friendly.
FACTORS THAT LED TO EASE
OF DOING BUSINESS IN INDIA
• Political Stability and Security
Foreign Direct Investment is
considered to be the most important
factor for economic growth in the
country. This is however depends upon
the political stability of the country
which includes the absence of
violence, longevity of the Indian
Government, legitimacy and effective
decision making which in turn impact
the development in the country.
Considering these factors, India is now
recognized as one of the largest
economy in the world because of the
stabled economic policy and smooth
access to foreign markets which
provides the way for ease of doing
business in India.
• Unexplored Markets
The investment in India is also
dependent upon the large section of
markets which were remained
unexplored. This could be explained by
an example i.e. the setting up of the
BPO Call Centre where the foreign
investors had the large scope for
Since the year 2014, the
Government of India has
launched many effective reforms
for setting up of business in India and
paved the smooth platform to create
the business friendly environment for
the global investors who intend to
invest in the Indian Market. Such
remarkable efforts can be evidently
seen from starting up of the business to
the trading across borders, protecting
the minority investors. As per the
World Bank Report of Ease of Doing
Business, 2018, India ranked 100th out
of the 190 Countries which were
surveyed which 30 place jump as
compare to the last year’s ranking. The
Report says that “India stands out this
year as one of 10 economies that
improved the most in areas measured
by Doing Business”. Several measures
have been adopted the Indian
Government to boost its ranking such
as online system for obtaining the
construction permit, implementing the
Insolvency and Bankruptcy Code,
registering the property, enforcing the
contracts etc.
With the introduction of regulatory
reforms for operating the Businesses in
India, many new sectors have been
opened up for Foreign Investment in
India. Such reforms have focused on
the Ease of Doing Business in India by
exploring the domestic markets by
which the service was rendered with
the help of one call only.
• Labour Force: Talent & Skills
The labour force in the Indian Market
has also contributed in the economic
development of the country. These
labour are available in terms of skilled
and unskilled human resources by
which the foreign investors take
advantage of cheap and skilled labors.
Further, The Ministry of Labor &
Employment has taken the effective
steps not only in developments of the
technology but has adopted many
changes in the laws and regulation
which provides better clarity and
alleviation in conducting businesses.
FOREIGN DIRECT INVESTMENT
To start with the Investment in India,
the two routes i.e. the Automatic Route
and the Government Route are known
as Entry Routes. As per the Automatic
Route, the nonresident investor who
wants to invest in India doesn’t require
the approval from the Government and
with respect to the Government Route;
the prior approval is mandatorily
required. The Foreign Investment
Facilitation Portal (FIFP) is the online
portal introduced by Indian
Government which facilitates the
BUSINESS
IN INDIA
EASY OF DOING
Business Things
March 2018|30 ™
33. single clearance of applications. Once
the application is submitted, it shall be
directed to the concerned Department
for processing in accordance with the
Standard Operation Procedure.
Please note that the approval from
FIPB (Foreign Investment Promotion
Board) has been abolished and the new
interface (FIFP) has been launched
which makes the process easier and
simpler with the single click only.
ENTRY INTO INDIA
There are several structures through
which the Foreign Investors can carry
out the business in India. These are as
mentioned below:
Liaison Office
These offices are set up by the foreign
corporations to carry out the liaison
activity in India. In other words, it can
be defined as a channel to facilitate the
business promotion by establishing the
permanent presence in India. However,
all the expenses incurred in the Indian
office are remitted from the Head
Office.
Branch Office
The branch office is setup by the
Foreign Company in India with the
approval of RBI and undertakes the
permitted commercial activities. It can
also carry the additional activities,
subject to the permission of the RBI.
The expenses incurred in the
operations of the branch offices can be
incurred by the Indian office as
permitted by RBI, in case the Indian
office does not receive any revenue
from the Indian operations then the
amount will be remitted by the Parent
Company.
Project Office
The Project office can be set up in
India only after entering into the
contract with the Indian Company and
thereafter execute the specific project,
subject to the approval of RBI and the
fulfillment of other conditions. The
project office is prohibited to carry out
any other activities other than the
project.
Local Indian Subsidiary
Foreign Companies which can be set
up as Wholly Owned Subsidiaries in
the form of Private Companies, subject
to the FDI regulations. The shares of
these subsidiaries can be held by the
foreign companies thus, considered to
be the easiest and preferred route for
the investment in India.
Limited Liability Partnership
An LLP is regulated by the Limited
Liability Partnership Act, 2008 which
came into force on 1 April, 2009. FDI
is permitted in an LLP subject to the
prior approval of the Government
however, in case of Automatic Route,
100% FDI is permitted in an LLP.
There are various sectors in the LLPs
are not allowed to operate such as
agricultural activity, plantation, print
media or real estate business.
LEGALAND REGULATORY
REFORMS IN EASE OF DOING
BUSINESS IN INDIA
• Insolvency Code
With the introduction of Insolvency
and Bankruptcy Code 2016, India has
recognized the rights of foreign
creditors to participate in the
proceedings of the Winding up of
companies. The Code provides easy
exit mechanism with 180 day time
bound process which resolves the
insolvency dispute as compare to early
passage of the Code which took 4-3
years in India to liquidate the business.
The Code is considered to be the key
reform which facilitates the ease of
doing business and ensures the
optimum utilization of resources within
a firm or releasing the unutilized
resources for the closure of the firm.
• Impact of Goods and Services Tax
(GST)
With the introduction of Goods and
Services Tax (GST), it will attract more
About the Author
Gautam Khurana is an India
lawyer, registered with Bar Council
of India. He is the Founder &
Managing Partner at India Law
Ofces. He specializes in Foreign
Inward Investments and Corporate
Laws in India, with extensive
experience in acquisitions &
takeovers, corporate laws, cross
border litigation & arbitration,
Insolvency and bankruptcy, project &
structured nancing and direct &
indirect taxes both domestic &
overseas jurisdictions.
He is currently on the board of the
reputed Indian as well as
International companies and has
advised clients across diverse sectors
on all aspects pertaining to joint
ventures, inbound investments and
acquisitions. He is a frequent
speaker in many Domestic &
International Conferences & has
spoken about business, commercial
& legal matters in India & Europe.
He regularly contributes to Jordan
Publishing-Lexis Nexis on
International Corporate Procedures
& World Bank Survey on Ease of
doing business.
Gautam Khurana
Founder & Managing Partner
India Law Ofces
March 2018| 31™
34. FDI because of the transparency in the
tax reforms and ease of doing business.
This will further reduce the logistics
cost, cost in tax and regulatory
compliance, efficiency of supply chain
which would create the platform for
the foreign investors to enter into the
Domestic Market and can also lead to
the increase the export import trade.
• Transfer Pricing
In a move to boost Ease of Doing
Business in the Indian Marker, the
Government has introduced the Mutual
Agreement Procedures and Advance
Pricing Agreements with all the
countries. Such change in the
regulations have lowered down the
compliance for domestic transfer
pricing and also increased the
international transactions.
CENTRAL GOVERNMENT
INITIATIVES
• Starting a Business in India
With respect to the incorporation of
Companies, the Ministry of Corporate
Affairs have launched a new interface
which is known as SPICe i.e.
Simplified Proforma for Incorporating
a Company electronically) through
which the company can be
incorporated within 1 day. The
concerned ministry has reduced the fee
for incorporation of Company and also
the requirement for company seal has
also been eliminated at the time of
incorporating a company. Further, the
Government has also abolished FIPB
to simplify the FDI proposals and have
introduced the new network interface
for submitting the single application.
• Construction Permits
Various Municipal Corporations in
India have initiated the single window
approval system for issuing the
building permits with the various
features such as Common Application
Form, digital signature and online
scrutiny of the building plans and maps
eliminating the need of the physical
submission of the documents. Also, the
site inspection for construction permits
has been minimized by way of self-
certification and introducing third party
certification.
• Trading Across Borders
The Central Board of Excise and
Customs (CBEC) has formulated the
Single Window Project' Mechanism
with a view to facilitate trade. Now, the
importers and exporters can submit
their declarations through online mode
with digital signature. The documents
for the filing purposes have been
reduced to three which includes Bill of
Lading, Invoice cum Packing List and
Import Declaration.
• Enforcing Contracts
The Commercial Courts, Commercial
Division and Commercial Appellate
Division of High Courts Act 2015, has
been enacted and are already in Delhi
and Bombay High Court with a view to
render the Speedy and Time Bound
disposal of commercial disputes.
Further, the Government also proposed
to set up the courts for electronic filing
of complaints, summons and payments.
• Electricity
The distribution companies have
stipulated that the electricity
connection will be provided within 15
days and the number of documents
which were required to be obtained for
such electricity connection shall be
reduced to 2. With respect to the
industrial electricity connection, the
NOC/Consent for setting up the new
projects is not mandatorily required.
Thus, all the above discussed reforms
would attract the foreign investment
and are considered to be the big boost
to the India’s business environment
across the globe. Through these
opportunities which were introduced
by the Indian Government, it has paved
the way for foreign investors,
particularly Micro Small Medium
Enterprises (MSME) sector in doing
investment in the country.
About the Author
Ritika Sharma is an Advocate,
working with India Law
Ofces, having an experience in
corporate and commercial
areas. She has assisted several
clients on various sectors
including the Arbitration, Double
Taxation matters, Anti-Dumping
matters, Marine Insurance and
Corporate Litigation. Apart from
the professional work, she has
participated and presented
research papers at various
National and International
Conferences in the areas of
Corporate Laws, Intellectual
Property Rights and Other
Economic Legislations.
She has completed her masters
in International Trade Laws from
National University of Advanced
Legal Studies, Kerala and is
enrolled with Bar Council of
Delhi in the year 2011 and
holds the Certicate of Practice
issued by the Bar Council of
India.
Ritika Sharma
Advocate
India Law Ofces
March 2018|32 ™
35.
36. LawRex:
We provide prompt, efficient,
cost-effective and quality services
and practical legal solutions.
Offering Realistic and Cost-effective Legal Consultancy
and Advisory Services and Practical Legal Solutions
“aws and regulations are the backbone of democratic
LIndia. A well-functioning legal services sector
ensures that they are properly implemented and
complied with. For the legal services sector to deliver
services, environment that create a level-playing field, and
promote competition and innovation to the benefit of
consumers, are imperative. That said, environment that is
not congenial can be dangerous and stifle growth and legal
professionals and law firms contribute a lot towards
creating and maintaining such congenial environment.
LawRex, headed by Ashok Kr Anchalia , Advocate,
provides practical, efficient, cost-effective and prompt legal
consultancy and advisory services to its clients which are
primarily constructive, forward looking and preventive. In
LawRex, they provide and structure legal solutions and
strategy with due emphasis on practical and commercial
aspects of the same, basically in the field of Joint Ventures,
Foreign Direct Investments, Overseas Direct Investments,
National & Transnational, Corporate/Capital Restructuring,
Mergers and Acquisitions.
They also do the Tax Planning in relation to cross-border
transactions and investments on considering and with
specific reference to Double Taxation Avoidance
Agreements that India has with various countries as well as
tax laws of various jurisdiction; Transfer Pricing and
Permanent Establishment, Listing of Securities in national
and international stock exchanges including documentation
pertaining to Initial Public Offerings as well as FCCB under
ADR/GDR route, raising of External Commercial
Borrowing, protection of Intellectual Property rights,
matters pertaining to Reserve Bank of India and other
governmental and regulatory approvals for FDI / ODI,
ECB, Compounding, etc.
For dispute resolution, LawRex provides effective legal
advisory and representation services for national and
international commercial arbitrations both adhoc and
institutional (like ICC Paris, SIAC Singapore, LMAA
London, LCAA London), matters under Insolvency &
Bankruptcy Code 2016 in NCLT and NCLAT,
commercial/civil legal proceedings in various courts in
India, etc. The expert team at LawRex has diverse
educational background and experience which include
persons having multiple specialized educational and
professional qualifications like Chartered Accountancy,
Business Management, etc., apart from qualification of
Law. LawRex has the distinction of having a wide clientele
base from all sectors of industry and from India and abroad.
Multinationals having presence in more than 25 countries,
corporate giants listed in reputed Stock Exchanges like
LSE, NYSE and NASDAQ, International Charitable and
Educational Organizations have reposed their faith and
confidence in Ashok Kr Anchalia to avail his legal advisory
and consultancy services on continuous and sustained basis.
About the Intellectual Leader of LawRex
With an extensive experience in Legal Advisory, LawRex is
headed by Ashok Kr Anchalia. He is a Commerce Graduate
from St. Xavier’s College, Calcutta, Law Graduate from
March 2018|34 ™
37. Advocate Ashok Kr Anchalia along with
his sons, CA Chandan Anchalia &
Advocate Darpan Anchalia
Bangalore University and Master of Business
Administration (Finance) from Indian Institute of Social
Welfare & Business Management, Calcutta, India’s oldest
Management Education Institute. Ashok Kr Anchalia is
known to his clients for his personalized and practical legal
consultancy and advisory services, in a prompt, efficient
and cost-effective manner.
Ashok Kr Anchalia, apart from his other team members, is
ably assisted by his two sons, A. Chandan Anchalia,
B.Com, LLB, A.C.A. (focusing on matters involving
International Taxation, Mergers & Acquisitions and
Finance) and Darpan Anchalia, B.Com, LLB, A.C.A.
(assisting as a Lawyer), both of whom individually have
over decade experience across various consulting firms
including Big 4 accounting and audit firms.
Changing Challenges into Opportunities
At LawRex, they faced the biggest challenge in their
practice with clients wanting efficient and cost-effective
practical legal solutions while fully taking into
consideration commercial aspects whenever involved.
Provision of such commercially prudent practical legal
solutions in a timely and cost-effective manner to their
clients is the biggest challenge that LawRex has been able
to successfully meet. Opportunities for LawRex arise from
the fact that Ashok Kr Anchalia is an independent
professional Director in more than a dozen Indian
companies where he represents the foreign investors /
stakeholders. Such companies create captive client base for
all legal issues, compliances and solutions that may arise in
a corporate life. This apart, reference through satisfied
clients opens up further opportunities. Further, one has to
keep himself fully abreast of latest developments, changes,
modifications, etc. in law the legal framework and legal
process through amendments, enactments, judicial
pronouncements, etc. Such challenges open up
opportunities by themselves. Just to cite a few as example,
introduction of Companies Act, 2013 opened up various
new opportunities and similarly introduction of Insolvency
and Bankruptcy Code 2016 has given rise to tremendous
opportunities under the Code, opportunities with the
creation of NCLT, NCLAT, etc., to legal practitioners and
LawRex is no exception.
Empowering Clients with Best Legal Strategies
The following words of appreciation from the Chairman of
a reputed Australian Company, on whose behalf a joint
venture of more than US$ 25 million was forged with the
legal assistance of Ashok Kr Anchalia fully reveal the
competence of LawRex. “We are of the view that your
knowledge and application of law of India in second to
none and we feel very reassured to be in your hands.
Further it is apparent that you have an extensive
commercial knowledge to compliment your legal skills, both
of which were amply and expertly demonstrated on
Wednesday.”
Amongst LawRex’s clients Ashok Kr Anchalia is highly
respected not only for his competence in the legal field, but
for the person that he is and this is what a renowned
scientist and inventor from USA holding several
pharmaceutical patents to his credit has to say about Ashok
Kr Anchalia, “Dear Ashok bhai, you are a personification
of ancient Indian wisdom, ethics and intelligence”.
Future Advancements
Looking forward, LawRex is working on various
complicated legal advisory projects including cross border
acquisitions, FDI into India, advising on investing overseas
by Indian corporates, setting-up Indian operations on behalf
of foreign industrial group, entrepreneurs, corporates, etc.,
apart from various high value commercial arbitration and
complex litigations in India and abroad as well as
Insolvency & Bankruptcy Code mattes in NCLT and
NCLAT. Although, LawRex primarily has practice areas in
civil, commercial and tax field, is in the process of
branching out to other areas of practice including criminal
matters and intellectual property Rights. LawRex is
succinctly building up its core competence and team in this
regard.
WWW.LAWREX.IN
March 2018| 35™
38. Fostering
Twists Turns
of NBFCs
In India, the NBFC sector has
experienced a substantial
revolution over the past few years.
It has come to be accepted as one of
the systematically significant modules
of the financial system and has shown
reliable year-on-year evolution. NBFC
composes a precarious role in the core
expansion of infrastructure, wealth
creation opportunities, transport,
employment generation and financial
support for economically weaker
segments; they also create a vast
influence to the state exchequer.
In order to play in the fluctuating
advancing landscape, NBFCs must
understand the mammoth value of
substitute data and build investments in
technology and analytics to progress an
advanced credit scoring model that
powers both nontraditional and
traditional data sources. NBFCs will
have to advance behavior-based credit
risk models on the positions of those
advanced by online lenders, which
integrate the social graph, employment
history, personal network and
educational background of the debtor
into their credit scoring rules.
Customers who are experienced to
attain credit, but are impotent to do so
because of their credit score will
precisely benefit from the use of
marginal credit scoring mechanisms
that work besides the NBFC’s
traditional credit underwriting model.
This will familiarize spur product
innovation, healthy competition and
eventually help support the Indian
government’s outline of complete
financial inclusion.
Growing outline of NBFCs
Over the years, NBFCs have appeared
as essential financial intermediaries,
mostly in the retail and small-scale
sector, in under-served zones and un-
banked regions. NBFCs have evolved
out to be evolution engines in a ground
where amplified prominence is
consigned to financial insertion. The
developing significance of the NBFC
segment in the Indian financial system
has directed to a moving scenery of the
NBFC structure. The progression of
the regulatory framework for NBFCs
in India has moved out through a
cyclical phase–from streamlined
regulations too stringent and all-
embracing regulations and finally
towards validation as part of the newly
studied NBFC regulatory framework.
Accumulation of resources of
various NBFCs in a cluster
It has been proposed that various
NBFCs that are guided by a mutual set
of promoters should not, for regulatory
and supervisory determinations, be
viewed on an impartial basis but in
aggregate. In line with the
&
March 2018|36 ™
39. commendation, the revised regulatory
framework offers for the aggregation
of total assets of all NBFCs in the
group to regulate the categorization
and administration of an NBFC as an
NBFC-ND. If the integrated asset size
of all NBFCs within the group is more,
each NBFC in the group will have to
fulfill with the regulations applicable to
NBFCs-ND-SI.
NBFCs have been frolicking with an
identical key role from the
macroeconomic standpoint and as a
core compound in the Indian financial
system. NBFCs are positively evolving
as improved substitutes to the
conservative banks for meeting the
financial desires of various sectors.
However, to endure and to persistently
cultivate, NBFCs have to emphasize on
their main strengths while refining on
weaknesses. They will have to be very
energetic and continuously striving to
search for new services and product in
order to continue in this ever-
competitive financial market. Due to
the groundbreaking and vigorous
nature of the NBFC sector, there is an
essential reform to the regulatory
framework.
Streamlining of guidelines for core
investment companies
The core investment companies’
regulations were distributed by the RBI
as a welcome move, with the objective
to streamline the NBFC framework
and regulations that relate to assembly
holding companies. However, since its
initiation, the industry is struggling to
get a whole clarity on this framework
and, thereby, the structure has not
completely taken off well. There are
still concernes with regards to the
description of a core investment
company. Also, with the prevailing
situations for a thing to succeed as a
core investment company, it may be
challenging for that entity to
commence any other business activity
of the assumed entity. For occurrence,
there could be some group holding
companies which not only keep shares
of the group companies but also accept
other business actions in the same
entity.
The NBFC piece is a facilitator to the
economic expansion of the country.
The RBI is persistently struggling to
convey essential fluctuations in the
NBFC regulatory space to proactively
deliver regulatory support to the
section and also to safeguard financial
stability in the protracted run.The
approaching changes in the pipeline
will further fortify the sturdiness of the
NBFC sector and consent them to
activate in an empowering regulatory
environment.
March 2018| 37™
Evolution
40.
41.
42. S.Jalan&Company:
We offer unparalleled services
in Litigation, Arbitration and
Transactional Advisory Services
and are known for the service we
offer and by the company we keep.
A Full-service Law Firm Providing Services at Par
with International Standard and Requirements
“
A70 year old full service law firm hailing from
Kolkata, has multi-S. Jalan & Company
locational presence with full-service offices in
New Delhi, Kolkata, Chandigarh, Mumbai, Ranchi and
Bangalore where it enjoys a coveted niche.
Today, the Firm is headed by 7 equity partners. The Firm
advises and strategizes commercial transactions as well as
contests commercial litigation and arbitrations on behalf of
its clients. The Firm s diverse client portfolios comprises’
business houses and industries of repute spread out across
the globe in the infrastructure sector, real estate sector,
manufacturing sector, FMCG sector, banking and financial
sector, HNIs etc. The knowledge database, teams
dedicated to round the clock service and practice area
specific experts enables the Firm to provide services at par
with international standards and requirements.
Founder of S. Jalan & Co.
T Late Mr.he Founder of S. Jalan & Company,
Shyamanand Jalan, was a senior solicitor and a legal
luminary, both for his involvement as a solicitor in the
Calcutta High Court and for his work as a leading real
estate law expert. At the same time, Mr. Jalan was a
thespian and a patron of Hindi Theatre in India. He was a
recipient of the Sangeet Natak Akademi Award for
Direction in 1972.
The Spirited and Dynamic Partner of S. Jalan & Co.
Mr. Sourav Ghosh has been an Equity Partner of the
Firm for more than 14 years and he has been instrumental
in expansion of the Firm pan India. His enterprise and
vision has steered the Firm to great heights including
successfully branching out the operations of the Firm from
Kolkata to pan India. He is a reputed Solicitor in the legal
fraternity and also the industrial circle in India.
Mr. Ghosh, at a very young age has built a reputation for
himself as an entrepreneurial lawyer and advises the
business houses not only for legal solutions but also about
business oriented legal solutions. His repertoire of clients
includes multinational corporations associated with him
March 2018|40 ™
43. Sourav Ghosh
Equity Partner
for advisory, litigation and transactional work. Under his
aegis in the past 10 years, a plethora of corporate houses
have associated with the Firm as clientele and they
continue to retain the services of the Firm. His expertise
lies in business and commercial laws, real estate laws and
dispute resolution. As a lawyer, he has dealt with a variety
of matters like international arbitration in Singapore,
Seoul, Jakarta and Hong Kong, mining documentation,
international acquisition of companies, coal mine takeover
etc. He has travelled extensively across the globe as a
lawyer and continues to travel throughout India for his
diverse clientele spread across the country.
Mr. Ghosh believes in organic growth of the Firm, that
young lawyers joining as freshers should elevate
themselves over time to equity partners within the Firm.
This philosophy has found success as some Equity
Partners and many Associate Partners working with the
Firm today have all grown in the Firm over time.
Prompt and Proficient Delivery of Services
The Firm is led by spirited and dynamic partners
supported by enthusiastic lawyers whose learning of the
law and practical application thereof for professional
assignments is par excellence. The Firm follows the
shortest possible turnaround time in delivery of legal
services, which gives it a unique competitive edge. The
Firm's multi-locational presence ensures a seamless
network of lawyers across India, which caters to every
legal requirement of clients. With lawyers dedicated to
research on the latest developments in the field of law,
there is continual knowledge sharing amongst the teams
spread across all the offices, which allows for prompt and
proficient delivery of services.
Satisfactory Experience with a Client
S. Jalan & Co. has acted as a legal counsel for a leading
nationalized bank of India in Strategic Debt Restructuring
of 3 mining companies. The Firm has been successful in
freeing from legal tangles and encumbrances a real estate
project having investments of more than INR 400 Crores.
The property was mired in a 50 year old litigation between
360 odd parties and the Firm, in a year’s time, secured a
favorable order from the Hon’ble Supreme Court of India.
Such judgment has been reported in various journals
throughout the country and today the project is one of the
most sought after residential projects in Kolkata.
The Future Aspiration
According to Mr. Ghosh, as the law is evolving every day,
traditional practices have to evolve to service oriented
practices. More and more tribunals are being set up and
the judicial framework is moving away from set norms.
The High Courts and the Supreme Court are now acting
more as constitutional courts and litigation lawyers now
have a wider field to develop specialized practice. The
Firm has set up a strong practice to cater to matters in
various benches of the National Company Law Tribunals
for company law matters as well as matters under the
Insolvency and Bankruptcy Code across all the benches in
India and represents financial creditors, operational
creditors and corporate debtors.
Keeping in mind such avenues and opportunities, the Firm
expanded to multiple locations and is now continuing to
carry on city wise expansion of practice. The Firm is also
opening up new departments of practice within existing
offices to cater to the demands of the day.
March 2018| 41™
44. Prevention of
Sexual Harassment
[PoSH] in 2018 – A new dawn
017 has been a watershed year at least for sexual
2harassment in the corporate world; be it Hollywood,
media, tech companies and businesses at large. The
#Metoo and #TimesUp campaign in late 2017 has brought
much needed focus to the problem of rampant sexual
harassmentacross theworld.
The #Metoo campaign also saw several women in India
coming out and sharing their stories of sexual harassment
forcing businesses to finally take notice of the same. Though
the Sexual Harassment of Women at Workplace (Prevention,
Prohibition & Redressal)Act, 2013 has been in force for last 4
years (apart from Vishakha guidelines being applicable for 16
prior years), the adoption of the law has been slow amongst
businesses tosay theleast.
This law is amongst the first wherein the focus is upon
behavioural change through periodic mandatory awareness
programmes for sensitising employees so that they
unknowingly do not indulge in unacceptable behaviour as
well as at the same time making them aware about the adverse
consequences of lodging false complaints. It further also
mandates skill building of Internal Complaints Committee
(ICC) members since they carry the mantle of dispensing
justice to both parties after following principles of natural
justice.
A lot of people have a wrong belief that only if you touch a
woman or talk to her inappropriately and deliberately, will it
amount to sexual harassment. Once during a hearing in the
Supreme Court of India on being interrupted by a female
Senior Counsel during arguments, a male Senior Counsel had
joking commented that the interjections by the learned senior
Counsel are always delightful; for which the female advocate
has immediately objected to it being sexual coloured and the
Hon'ble Courthadobservedthatshe maywellberight.
What corporates fail to understand is that the entire focus of
the law is towards prevention of sexual harassment of women
at the workplace and despite all efforts to prevent it, in case
any woman believes that she was sexual harassed, she can
seek redressal from the businesses’ Internal Complaints
Committee (ICC). In case the business employs less than 10
workers, they don’t have to form an ICC and instead any
complaint with respect to their employees would be hear by
the Local Complaints Committee (LCC) to be formed in
every district by government authorities. The ICC/LCC shall
make its recommendation only after giving both parties a fair
opportunitytopresenttheircase.
In fact compliance by the business with all the obligations
underthelawislikehavinganinsurancepolicywhereinthe
March 2018|42 ™
45. company and its management will not be held liable thereafter
evenincaseanysexualharassmentoccurs.
Non compliance by organisations till now have resulted in
CEOs being summoned personally by criminal courts and
corporates being fined for non compliance with the law, FIRs
being filed against senior officials under Indian Penal Code
for abetting criminal offence of sexual harassment and
businesses being liable to pay damages to the complainant in
croresunderlawoftorts.
Businesses also run the risk of cancellation of their
registration and/or operating licences in case of repeated
offences.
Experience has shown that general apprehension amongst
employees of law being discriminatory (why only for women
and not for men) as well as susceptible to misuse by women
has been the major impediments for mass implementation
though the same are unwarranted in the Indian context and
duetoadequatesafeguardsbeingprovidedinthelaw.
The misconception stems more from the perspective of
criminal law wherein an accused may be arrested by the police
during investigation on account of an FIR being filed by the
women for alleged sexual harassment. A woman can choose
to simultaneously pursue her right to civil as well as criminal
remedy.
The Ministry of Women & Child Development, Government
of India has recently launched a comprehensive online
complaint Management System [She-Box] for women
working in both public and private organizations to oversee
complaints of sexual harassment at workplace thereby
pushing for betterenforcementof thelaw.
Several challenges still remain; the most prominent being
ignorance of law amongst employees and women in general
due to which in case of sexual harassment, women see no
other option but to complain to the police. Several state
governments too are yet to appoint all functionaries for
effectiveimplementationof thelaw.
Vishal Kedia, Founder Director of
Complykaro Services Pvt Ltd is an
eminent trainer, speaker & author
and winner of Leading CEO of
the Year Award & Global
Diversity & Inclusion Leadership
Award. Complykaro empanelled
by Government of India as a
Resource Company for providing
PoSH training.
Law Movements
Vishal Kedia
Founder Director
March 2018| 43™
