"Zombie JVs in India: Legal, Strategic and FEMA Challenges"

Earlier this month, our Restructuring & Insolvency Partner, Janice Ooi, moderated a session titled ‘Corporate Rescue Mechanism 2.0 : Super Priority Financing, Prepacks & Moratorium’ at the Malaysia Insolvency Conference 2025.   The session delved into how Malaysia’s bold restructuring reforms are being applied in practice, and how courts are responding to the strategic use of corporate rescue mechanisms. With an evolving body of case law shaping Malaysia’s restructuring framework, the session explored key commercial and practical developments, the challenges that have emerged, and the factors influencing the success or difficulty of corporate rescue efforts. These discussions shed light on how Malaysia’s restructuring framework is developing and the opportunities it presents for businesses today.   We are proud of our Partners who actively contribute to conversations that drive our industry forward.   Learn more about: Our Restructuring & Insolvency Practice: https://lnkd.in/gqj-AN_C Janice Ooi: https://lnkd.in/gZ2_3b-v   #ChristopherLeeOng #CLO #RTA #RajahTannAsia #Malaysia #LawyersWhoKnowAsia #LWKA #Restructuring #Insolvency 

𝗪𝗵𝗲𝗿𝗲 𝗱𝗼𝗲𝘀 𝗽𝗿𝗲𝗽𝗮𝗿𝗮𝘁𝗶𝗼𝗻 𝗲𝗻𝗱 𝗮𝗻𝗱 𝗶𝗺𝗽𝗹𝗲𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻 𝗯𝗲𝗴𝗶𝗻? India’s 𝘊𝘰𝘮𝘱𝘦𝘵𝘪𝘵𝘪𝘰𝘯 𝘈𝘤𝘵, 2002 prohibits the implementation of mergers before regulatory approval - yet offers little clarity on what truly amounts to “coming into effect.” Our latest article examines how the Competition Commission of India (CCI) has interpreted premature implementation through cases such as 𝘉𝘩𝘢𝘳𝘵𝘪 𝘈𝘪𝘳𝘵𝘦𝘭, 𝘈𝘥𝘢𝘯𝘪 𝘎𝘳𝘦𝘦𝘯 𝘌𝘯𝘦𝘳𝘨𝘺, 𝘢𝘯𝘥 𝘜𝘭𝘵𝘳𝘢𝘛𝘦𝘤𝘩 𝘊𝘦𝘮𝘦𝘯𝘵, and why the lack of statutory precision continues to create compliance uncertainty. 𝗞𝗲𝘆 𝗵𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀 𝗳𝗿𝗼𝗺 𝗼𝘂𝗿 𝗮𝗻𝗮𝗹𝘆𝘀𝗶𝘀: • The scope of standstill obligations under Section 6(2A) • The Inherence-Proportionality Test (IPT) and its evolution • Penalties for premature conduct under Section 43A • Lessons from EU’s decisive influence test and Brazil’s clean team model • The need for codified triggers and clearer interim conduct standards Insights by Asmita Narula and Jane Kapai 𝗥𝗲𝗮𝗱 𝘁𝗵𝗲 𝗳𝘂𝗹𝗹 𝗮𝗿𝘁𝗶𝗰𝗹𝗲 𝗵𝗲𝗿𝗲: https://lnkd.in/gM8eBrc8 𝗪𝗵𝗮𝘁’𝘀 𝘆𝗼𝘂𝗿 𝘁𝗮𝗸𝗲? 𝗦𝗵𝗼𝘂𝗹𝗱 𝗜𝗻𝗱𝗶𝗮’𝘀 𝗺𝗲𝗿𝗴𝗲𝗿 𝗰𝗼𝗻𝘁𝗿𝗼𝗹 𝗳𝗿𝗮𝗺𝗲𝘄𝗼𝗿𝗸 𝗳𝗼𝗰𝘂𝘀 𝗺𝗼𝗿𝗲 𝗼𝗻 𝗰𝗹𝗮𝗿𝗶𝘁𝘆 𝗼𝗿 𝗳𝗹𝗲𝘅𝗶𝗯𝗶𝗹𝗶𝘁𝘆 𝗶𝗻 𝗱𝗲𝗳𝗶𝗻𝗶𝗻𝗴 𝘄𝗵𝗮𝘁 𝗰𝗼𝘂𝗻𝘁𝘀 𝗮𝘀 𝗚𝘂𝗻 𝗝𝘂𝗺𝗽𝗶𝗻𝗴? #CompetitionLaw #CCI #GunJumping #MergerControl #Antitrust #RegulatoryCompliance #NeetiNiyaman

Stratulat Albulescu Attorneys At Law and Andronic and Partners Advise on Catalyst Romania's EUR 1.25 Million Investment in Carfix #CEELegalMatters #Romania #Investment

Why does SHAs have a Non-compete and a Non-solicitation clause? These aren't just standard clauses; they are fundamental to protecting the commercial value of an investment or acquisition. Primary reasons include - * Protecting business goodwill: investors and shareholders want assurance that existing promoters won’t set up or assist a competing business immediately after the deal. * Safeguarding relationships: Non-solicit clauses prevent key founders from poaching employees, customers, or vendors, preserving operational stability post-transaction. * Protecting IP and know-how: founders often hold critical business knowledge of the company; these clauses prevent leakage of proprietary processes or trade secrets. * Valuation integrity: investors invest in the company's future potential. A competing venture by the same founders could directly undermine the deal’s value. * Negotiation leverage: having enforceable personal covenants gives investors comfort that the founders’ alignment continues beyond signing. * Regulatory balance: Section 27 of the Indian Contract Act restricts restraint of trade; and hence, these clauses are crafted carefully and narrowly, like limiting in duration, geography, and scope to remain enforceable. [The focus is on reasonableness; these restrictions must protect legitimate business interests and not act as blanket restraints on profession or trade.] #CorporateLaw #MergersAndAcquisitions #ShareholdersAgreement #NonCompete #NonSolicit #PrivateEquity

Luthra and Luthra Law Offices India- Senior Partner, Harish Kumar and Associate, Ishita Chawla have recently authored an article titled, ‘𝑻𝒉𝒆 𝑰𝒏𝒔𝒐𝒍𝒗𝒆𝒏𝒄𝒚 𝑨𝒏𝒅 𝑩𝒂𝒏𝒌𝒓𝒖𝒑𝒕𝒄𝒚 𝑪𝒐𝒅𝒆 (𝑨𝒎𝒆𝒏𝒅𝒎𝒆𝒏𝒕) 𝑩𝒊𝒍𝒍, 2025: 𝑨 𝑻𝒊𝒎𝒆𝒍𝒚 𝑶𝒗𝒆𝒓𝒉𝒂𝒖𝒍’, published on Mondaq. The recently introduced 𝐈𝐧𝐬𝐨𝐥𝐯𝐞𝐧𝐜𝐲 𝐚𝐧𝐝 𝐁𝐚𝐧𝐤𝐫𝐮𝐩𝐭𝐜𝐲 𝐂𝐨𝐝𝐞 (𝐀𝐦𝐞𝐧𝐝𝐦𝐞𝐧𝐭) 𝐁𝐢𝐥𝐥, 2025 represents one of the most comprehensive overhauls of India’s insolvency framework since the IBC’s inception. From introducing a new 𝐂𝐫𝐞𝐝𝐢𝐭𝐨𝐫-𝐈𝐧𝐢𝐭𝐢𝐚𝐭𝐞𝐝 𝐈𝐧𝐬𝐨𝐥𝐯𝐞𝐧𝐜𝐲 𝐑𝐞𝐬𝐨𝐥𝐮𝐭𝐢𝐨𝐧 𝐏𝐫𝐨𝐜𝐞𝐬𝐬 (𝐂𝐈𝐈𝐑𝐏) to enabling group and cross-border insolvency frameworks, the Bill aims to make resolutions more efficient, transparent, and aligned with global best practices. 𝑻𝒉𝒊𝒔 𝒊𝒏𝒔𝒊𝒈𝒉𝒕𝒇𝒖𝒍 𝒂𝒓𝒕𝒊𝒄𝒍𝒆 𝒃𝒓𝒆𝒂𝒌𝒔 𝒅𝒐𝒘𝒏 𝒕𝒉𝒆 𝑩𝒊𝒍𝒍’𝒔 𝒌𝒆𝒚 𝒑𝒓𝒐𝒑𝒐𝒔𝒂𝒍𝒔, 𝒆𝒙𝒂𝒎𝒊𝒏𝒆𝒔 𝒕𝒉𝒆𝒊𝒓 𝒑𝒓𝒂𝒄𝒕𝒊𝒄𝒂𝒍 𝒊𝒎𝒑𝒂𝒄𝒕, 𝒂𝒏𝒅 𝒅𝒊𝒔𝒄𝒖𝒔𝒔𝒆𝒔 𝒉𝒐𝒘 𝒕𝒉𝒆𝒔𝒆 𝒓𝒆𝒇𝒐𝒓𝒎𝒔 𝒄𝒐𝒖𝒍𝒅 𝒓𝒆𝒔𝒉𝒂𝒑𝒆 𝑰𝒏𝒅𝒊𝒂’𝒔 𝒊𝒏𝒔𝒐𝒍𝒗𝒆𝒏𝒄𝒚 𝒆𝒄𝒐𝒔𝒚𝒔𝒕𝒆𝒎 𝒇𝒐𝒓 𝒕𝒉𝒆 𝒅𝒆𝒄𝒂𝒅𝒆 𝒂𝒉𝒆𝒂𝒅. Read the complete article now at https://lnkd.in/g_6af-jp #luthra #thoughtleadership #publication #mondaq #insolvency #bill #updates

#TrilegalQuarterlyMilestones We present a roundup of legal developments in corporate law from July to September 2025. The key developments covered in this update are: • Scope of the fast-track merger route expanded to facilitate easier business reorganisations • Foreign portfolio investors-related norms streamlined for funds based in International Financial Services Centres • Regulations governing corporate insolvency resolution process amended to enhance transparency of avoidance transactions • Employees permitted to retain employee stock options post reclassification as promoters in IPO-related filings • Delisting process introduced for public sector undertakings, enhancing market confidence and encouraging private and institutional investments in the public sector Ankush Goyal | Adhunika Premkumar | Rohan Kohli | Anirudha Sapre #Trilegal #FPIRegulations #IFSCIndia #InsolvencyLawIndia #ESOPs #IPOIndia #PSUDelisting #SEBIUpdates #IBBI #MCAIndia #LegalReforms #EaseOfDoingBusiness #InvestorProtection #MergersAndAcquisitions

As businesses and capital increasingly extend across borders, insolvency proceedings that span multiple jurisdictions have become ever more complex. At the 2025 EISAR Conference, Pillsbury's own Patrick Potter, alongside Sir Alistair Norris from the High Court of England and Wales and moderator Dr. Mustafa Abdel Ghaffar from إيسار | EISAR, will explore whether harmonizing cross-border insolvency rules and regulations is a realistic solution or an aspirational goal. With Pillsbury's new Riyadh office and expanding Middle East capabilities, the firm is better positioned than ever to assist in navigating cross-border restructurings and insolvencies across major global markets. Learn more about our newest office at this link! https://lnkd.in/egfHmzhT Learn more about the 2025 EISAR Conference here! https://lnkd.in/e26C37nH #PillsburyLaw #EISAR2025 #CrossBorderLaw #LegalInnovation

We are pleased to present the September 2025 edition of ANM Global’s Insolvency & Bankruptcy Code (IBC) Newsletter, providing insights into the latest developments, regulatory updates, and key trends shaping India’s insolvency landscape. This edition covers recent judicial pronouncements, evolving enforcement mechanisms, and practical perspectives for navigating insolvency and restructuring matters. The newsletter has been authored by Mr. Gaurav Suryavanshi (Principal Associate), and Ms. Simran Kasat (Senior Associate), who bring together their expertise and research to offer a comprehensive overview of the month’s most significant IBC developments. #ANMGlobal #IBC #InsolvencyLaw #BankruptcyLaw #LegalUpdates #Newsletter #Restructuring #CorporateLaw #LegalInsights

JSA Advocates & Solicitors (JSA) is advising Nuvama Wealth Management Limited, Intensive Fiscal Services Private Limited, JM Financial Limited, and Motilal Oswal Investment Advisors Limited in relation to the proposed initial public offering of equity shares of Augmont Enterprises Limited. Read more: https://lnkd.in/daNsDDj7 The transaction is being led by Partner Arka Mookerjee, with support from the Equity Capital Markets team comprising Partner Pracheta Bhattacharya, Principal Associate Kairav Parikh, Senior Associate Vatsla Varandani, and Associates Shreya Sharma, Palak Karundia, Aditi Khandal, Ritu R Jaiswal, Sourav Jena and Johann Duckworth. #JSA #LeadingLawyers #LeadingLawFirm #CapitalMarkets #IPO #LegalAdvisory #FinancialServices #CorporateLaw

Khaitan & Co, & JSA advised on Augmont Enterprises Limited’s IPO Khaitan & Co acted as Indian legal counsel for Augmont Enterprises Ltd in connection with initial public offer of equity shares of face value of INR 5 each for cash aggregating up to INR 8,000.00 million, consisting of fresh issue of equity shares of face value of INR 5 each aggregating up to INR 6,200.00 million; and offer for sale of equity shares of face value of INR 5 each aggregating up to INR 1,800.00 million by the Promoter Selling Shareholders. The core team consisted of Partners Abhimanyu Bhattacharya, & Thomas George, Principal Associate Prathiksha Panduranga, along with Associates Tharun Vadlaptla, Sanjeev Ramakrishnan, Lakshmi Raj C, Shreya Shetty GR, & Shishir Mani Tripathi. JSA Advocates & Solicitors (JSA) is advising Nuvama Wealth Management Limited, Intensive Fiscal Services Private Limited, JM Financial Limited, and Motilal Oswal Investment Advisors Limited in relation to the proposed IPO. The transaction is being led by Partner Arka Mookerjee, with support from the Equity Capital Markets team comprising Partner Pracheta Bhattacharya, Principal Associate Kairav Parikh, Senior Associate Vatsla Varandani, & Associates Shreya Sharma, Palak Karundia, Aditi Khandal, Ritu R Jaiswal, Sourav Jena, & Johann Duckworth. More at : https://lnkd.in/drvERcAN #TheDealMatter #IPO #PreciousMetals #CapitalMarkets #Equity